# EDGAR Filing Document

**Accession Number:** 0001100663
**File Stem:** 0001193125-25-229664
**Filing Date:** 2025-10
**Character Count:** 4061479
**Document Hash:** 73cdeeb80366f078a9b23ccfc539e142
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-229664.hdr.sgml**: 20251003

**ACCESSION NUMBER**: 0001193125-25-229664

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 78

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20251003

**DATE AS OF CHANGE**: 20251003

**EFFECTIVENESS DATE**: 20251003

**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:** 251373035

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ISHARES TRUST
- **DATE OF NAME CHANGE:** 19991213

## Series and Classes Contracts Data

### iShares MSCI EAFE ETF (Series ID: S000004351)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000012081 | iShares MSCI EAFE ETF | EFA             |

### iShares China Large-Cap ETF (Series ID: S000004364)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000012094 | iShares China Large-Cap ETF | FXI             |

### iShares MSCI EAFE Growth ETF (Series ID: S000004437)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000012200 | iShares MSCI EAFE Growth ETF | EFG             |

### iShares MSCI EAFE Value ETF (Series ID: S000004438)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000012201 | iShares MSCI EAFE Value ETF | EFV             |

### iShares MSCI Europe Small-Cap ETF (Series ID: S000018145)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000050168 | iShares MSCI Europe Small-Cap ETF | IEUS            |

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

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

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

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

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

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

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

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

### iShares MSCI All Country Asia ex Japan ETF (Series ID: S000022496)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000065072 | iShares MSCI All Country Asia ex Japan ETF | AAXJ            |

### iShares MSCI Europe Financials ETF (Series ID: S000027327)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000082529 | iShares MSCI Europe Financials ETF | EUFN            |

### iShares MSCI EAFE Min Vol Factor ETF (Series ID: S000031837)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000099140 | iShares MSCI EAFE Min Vol Factor ETF | EFAV            |

### iShares Core MSCI EAFE ETF (Series ID: S000038930)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000119715 | iShares Core MSCI EAFE ETF | IEFA            |

### iShares Core MSCI Total International Stock ETF (Series ID: S000038931)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000119716 | iShares Core MSCI Total International Stock ETF | IXUS            |

### iShares Currency Hedged MSCI EAFE ETF (Series ID: S000043040)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000133231 | iShares Currency Hedged MSCI EAFE ETF | HEFA            |

### iShares Core MSCI Europe ETF (Series ID: S000045102)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000140337 | iShares Core MSCI Europe ETF | IEUR            |

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

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

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

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

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

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

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

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

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

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

### iShares Future Exponential Technologies ETF (Series ID: S000048311)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000152570 | iShares Future Exponential Technologies ETF | XT              |

### iShares Global Equity Factor ETF (Series ID: S000048622)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000153270 | iShares Global Equity Factor ETF | GLOF            |

### iShares International Equity Factor ETF (Series ID: S000049024)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000154547 | iShares International Equity Factor ETF | INTF            |

### iShares International Small-Cap Equity Factor ETF (Series ID: S000049025)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000154548 | iShares International Small-Cap Equity Factor ETF | ISCF            |

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

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

### iShares Currency Hedged MSCI ACWI ex U.S. ETF (Series ID: S000049792)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000157303 | iShares Currency Hedged MSCI ACWI ex U.S. ETF | HAWX            |

### iShares Currency Hedged MSCI EAFE Small-Cap ETF (Series ID: S000049795)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000157306 | iShares Currency Hedged MSCI EAFE Small-Cap ETF | HSCZ            |

### iShares Core MSCI International Developed Markets ETF (Series ID: S000056604)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000179059 | iShares Core MSCI International Developed Markets ETF | IDEV            |

### iShares Self-Driving EV and Tech ETF (Series ID: S000063520)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000205801 | iShares Self-Driving EV and Tech ETF | IDRV            |

### iShares Future Cloud 5G and Tech ETF (Series ID: S000065014)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000210492 | iShares Future Cloud 5G and Tech ETF | IDAT            |

### iShares Cybersecurity and Tech ETF (Series ID: S000065015)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000210493 | iShares Cybersecurity and Tech ETF | IHAK            |

### iShares Genomics Immunology and Healthcare ETF (Series ID: S000065599)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000212225 | iShares Genomics Immunology and Healthcare ETF | IDNA            |

### iShares Neuroscience and Healthcare ETF (Series ID: S000076483)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000236410 | iShares Neuroscience and Healthcare ETF | IBRN            |

### iShares Breakthrough Environmental Solutions ETF (Series ID: S000079480)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000240517 | iShares Breakthrough Environmental Solutions ETF | ETEC            |

### iShares Energy Storage & Materials ETF (Series ID: S000083386)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000246989 | iShares Energy Storage & Materials ETF | IBAT            |

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

#### FORM N-CSR

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

811-09729

Name of Fund:

iShares Trust

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

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

Registrant's telephone number, including area code:

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

Date of fiscal year end:

7/31/2025

Date of reporting period:

7/31/2025

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](g68177images_5226.jpg)

### iShares Breakthrough Environmental Solutions ETF

### ETEC \| NASDAQ

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

------

This annual shareholder report contains important information about iShares Breakthrough Environmental Solutions ETF (the "Fund") for the period of August 1, 2024 to July 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 Breakthrough Environmental Solutions ETF | $47 | 0.47% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 1.59%. 

* For the same period, the MSCI All Country World Index (Net) returned 15.87% and the Morningstar Global Emerging Green Technologies Select Index (Net) returned 2.28%. 

What contributed to performance?

As a long-time leader in renewable energy and environmental technologies, German stocks were the top contributors to the Fund's return during the reporting period. A heavy electrical equipment maker gained amid increased demand for its electrification and grid technologies. The firm continues to make significant progress in reducing CO₂e emissions from its operations. In China, electric vehicle ("EV") makers experienced robust vehicle deliveries and technological advancements while making progress towards its sustainability objectives.

What detracted from performance?

Information technology stocks in the United States were the largest detractors from the Fund's return during the reporting period. The potential elimination of the tax credit designed to encourage the installation of clean energy systems at the end of 2025 pressured solar renewable companies within the semiconductor materials and equipment segment. A leading Japanese manufacturer specializing in industrial automation and robotics detracted amid weak demand and geopolitical risks, including tariff policies.

*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 28, 2023 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g68177chartimages_6194621.jpg)

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

---

| | | |
|:---|:---|:---|
| **Average annual total returns** |  |  |
|  | *1 Year* | *Since Fund<br>Inception* |
| Fund NAV | 1.59% | (5.06)% |
| MSCI All Country World Index (Net) | 15.87 | 20.26 |
| Morningstar Global Emerging Green Technologies Select Index (Net) | 2.28 | (4.48) |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$3368220 |
| Number of Portfolio Holdings | &nbsp;&nbsp;48 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$14953 |
| Portfolio Turnover Rate | &nbsp;&nbsp;61% |

---

The inception date of the Fund was March 28, 2023.

**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 July 31, 2025)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Semiconductors & Semiconductor Equipment | 37.9% |
| Machinery | 18.7% |
| Electrical Equipment | 17.9% |
| Automobiles | 14.4% |
| Automobile Components | 6.4% |
| Chemicals | 4.1% |
| Electronic Equipment, Instruments & Components | 0.6% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| United States | 33.8% |
| China | 28.7% |
| Japan | 19.4% |
| Germany | 5.7% |
| Finland | 4.1% |
| Denmark | 3.4% |
| Taiwan | 2.8% |
| South Korea | 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., Morningstar, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g68177images_5227.jpg)

iShares Breakthrough Environmental Solutions ETF

Annual Shareholder Report — July 31, 2025

ETEC-07/25-AR

![TSR - BLK iShares Logo](g68177images_5226.jpg)

### iShares China Large-Cap ETF

### FXI \| NYSE Arca

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

------

This annual shareholder report contains important information about iShares China Large-Cap ETF (the "Fund") for the period of August 1, 2024 to July 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 China Large-Cap ETF | $91 | 0.73% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 49.48%. 

* For the same period, the FTSE Emerging All Cap Index (Net) returned 16.34% and the FTSE China 50 Index (Net) returned 50.03%. 

What contributed to performance?

Large-cap Chinese banks were the leading contributors to the Fund's return during the reporting period. The Chinese government's historical stimulus measures included capital injections, liquidity support, relaxed lending rules, and lower reserve requirements in an effort to boost banks' lending capacity and strengthen balance sheets. Insurance companies were also substantial contributors, driven by increased policy sales, positive market sentiment, and government support. In the consumer discretionary sector, broadline retailers gained amid strong performance from e-commerce providers. Automobile manufacturers advanced as the country's electric vehicle market saw significant strength driven due to government policies, technological advancements, and increasing consumer demand. In the communications sector, the interactive media and services space gained as artificial intelligence integrations and increased user engagement drove strong gaming sales.

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: August 1, 2015 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g68177chartimages_6195610.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 49.48% | 0.26% | 1.71% |
| FTSE Emerging All Cap Index (Net) | 16.34 | 6.32 | 6.02 |
| FTSE China 50 Index (Net) | 50.03 | 1.06 | 2.50 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$6325517555 |
| Number of Portfolio Holdings | &nbsp;&nbsp;53 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$49053297 |
| Portfolio Turnover Rate | &nbsp;&nbsp;26% |

---

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 July 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Consumer Discretionary | 31.2% |
| Financials | 30.4% |
| Communication Services | 18.4% |
| Information Technology | 8.0% |
| Energy | 4.4% |
| Health Care | 2.1% |
| Materials | 1.8% |
| Industrials | 1.5% |
| Real Estate | 1.0% |
| Consumer Staples | 0.9% |
| Utilities | 0.3% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Tencent Holdings Ltd. | 9.5% |
| Alibaba Group Holding Ltd. | 9.2% |
| Xiaomi Corp., Class B | 7.8% |
| China Construction Bank Corp., Class H | 6.2% |
| Meituan, Class B | 5.2% |
| Industrial & Commercial Bank of China Ltd., Class H | 4.3% |
| Ping An Insurance Group Co. of China Ltd., Class H | 3.9% |
| BYD Co. Ltd., Class H | 3.8% |
| NetEase Inc. | 3.8% |
| Bank of China Ltd., Class H | 3.5% |

---

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

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

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited 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](g68177images_5227.jpg)

iShares China Large-Cap ETF

Annual Shareholder Report — July 31, 2025

FXI-07/25-AR

![TSR - BLK iShares Logo](g68177images_5226.jpg)

### iShares Core MSCI EAFE ETF

### IEFA \| Cboe BZX Exchange

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Core MSCI EAFE ETF | $7 | 0.07% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 12.65%. 

* For the same period, the MSCI ACWI ex USA Index (Net) returned 14.73% and the MSCI EAFE IMI Index (Net) returned 13.21%. 

What contributed to performance?

During the reporting period, German stocks were driven by strong corporate earnings from global-facing companies. In particular, financials benefited the Fund's return due to strong trading volume and solid investment banking revenue, while optimism surrounding a historic fiscal stimulus plan targeting infrastructure and defense supported firms in the industrials space. In the United Kingdom, banks benefited from strong balance sheets, robust performance from investment banking units, and solid trading activity. Capital markets firms were aided by broader market optimism, sustained investment income, and fee growth in wealth and asset management. Japanese equities also contributed, supported by sustained corporate governance reforms and renewed confidence among both domestic and foreign investors. In particular, industrials stocks gained, particularly among capital goods companies.

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: August 1, 2015 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g68177chartimages_6195283.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 12.65% | 10.17% | 6.31% |
| MSCI ACWI ex USA Index (Net) | 14.73 | 9.11 | 6.12 |
| MSCI EAFE IMI Index (Net) | 13.21 | 10.07 | 6.17 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$140934689802 |
| Number of Portfolio Holdings | &nbsp;&nbsp;2609 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$89060409 |
| Portfolio Turnover Rate | &nbsp;&nbsp;3% |

---

 **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 July 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 22.9% |
| Industrials | 20.0% |
| Health Care | 10.3% |
| Consumer Discretionary | 10.1% |
| Information Technology | 8.1% |
| Consumer Staples | 7.5% |
| Materials | 6.1% |
| Communication Services | 5.1% |
| Utilities | 3.4% |
| Energy | 3.3% |
| Real Estate | 3.2% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Japan | 23.6% |
| United Kingdom | 14.8% |
| France | 10.0% |
| Germany | 9.5% |
| Switzerland | 8.8% |
| Australia | 7.5% |
| Netherlands | 4.1% |
| Sweden | 3.6% |
| Italy | 3.2% |
| Spain | 3.2% |
| Other<sup>#</sup> | 11.7% |

---

<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](g68177images_5227.jpg)

iShares Core MSCI EAFE ETF

Annual Shareholder Report — July 31, 2025

IEFA-07/25-AR

![TSR - BLK iShares Logo](g68177images_5226.jpg)

### iShares Core MSCI Europe ETF

### IEUR \| NYSE Arca

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Core MSCI Europe ETF | $11 | 0.10% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 13.59%. 

* For the same period, the MSCI ACWI ex USA Index (Net) returned 14.73% and the MSCI Europe IMI (Net) returned 13.97%. 

What contributed to performance?

During the reporting period, German stocks were driven by strong corporate earnings from global-facing companies. In particular, capital goods companies contributed to the Fund's return due to optimism surrounding a historic fiscal stimulus plan targeting infrastructure and defense spending. Meanwhile, diversified capital markets companies benefited from strong trading volume and solid investment banking revenue. Insurance names were supported by growth across business lines. In the United Kingdom, banks benefited from strong balance sheets, robust performance from investment banking units, and solid trading activity. Aerospace and defense firms in France were also supported by increased national defense spending.

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: August 1, 2015 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g68177chartimages_6195169.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 13.59% | 11.03% | 6.46% |
| MSCI ACWI ex USA Index (Net) | 14.73 | 9.11 | 6.12 |
| MSCI Europe IMI (Net) | 13.97 | 10.85 | 6.27 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$6719153481 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1011 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$4584055 |
| Portfolio Turnover Rate | &nbsp;&nbsp;4% |

---

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

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

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 22.9% |
| Industrials | 20.2% |
| Health Care | 12.5% |
| Consumer Staples | 9.1% |
| Consumer Discretionary | 8.4% |
| Information Technology | 6.9% |
| Materials | 5.6% |
| Energy | 4.3% |
| Communication Services | 4.3% |
| Utilities | 4.2% |
| Real Estate | 1.6% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United Kingdom | 23.3% |
| France | 15.9% |
| Germany | 15.0% |
| Switzerland | 13.9% |
| Netherlands | 6.4% |
| Sweden | 5.6% |
| Italy | 5.1% |
| Spain | 5.0% |
| Denmark | 3.0% |
| Belgium | 1.8% |
| Other<sup>#</sup> | 5.0% |

---

<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](g68177images_5227.jpg)

iShares Core MSCI Europe ETF

Annual Shareholder Report — July 31, 2025

IEUR-07/25-AR

![TSR - BLK iShares Logo](g68177images_5226.jpg)

### iShares Core MSCI International Developed Markets ETF

### IDEV \| NYSE Arca

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Core MSCI International Developed Markets ETF | $4 | 0.04% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 13.63%. 

* For the same period, the MSCI ACWI ex USA Index (Net) returned 14.73% and the MSCI World ex USA Investable Market Index (Net) returned 14.10%. 

What contributed to performance?

During the reporting period, German stocks contributed to the Fund's return, 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. In the financials sector, insurance names were supported by growth across business lines. In Canada, financials stocks advanced on the back of central bank rate cuts aimed at supporting growth, as did strong U.S. economic growth, Canada's largest trading partner. Financials stocks from the United Kingdom were another contributor. Banks benefited from strong balance sheets, robust performance from investment banking units, and solid trading activity.

What detracted from performance?

Detracting from the Fund's return during the reporting period was a Danish healthcare company. 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: March 21, 2017 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g68177chartimages_6194801.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 | 13.63% | 10.54% | 7.70% |
| MSCI ACWI ex USA Index (Net) | 14.73 | 9.11 | 7.01 |
| MSCI World ex USA Investable Market Index (Net) | 14.10 | 10.41 | 7.49 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$19957116100 |
| Number of Portfolio Holdings | &nbsp;&nbsp;2245 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$6705344 |
| Portfolio Turnover Rate | &nbsp;&nbsp;3% |

---

The inception date of the Fund was March 21, 2017.

 **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 July 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 24.1% |
| Industrials | 19.0% |
| Consumer Discretionary | 9.4% |
| Health Care | 9.1% |
| Information Technology | 8.3% |
| Consumer Staples | 7.1% |
| Materials | 7.0% |
| Energy | 4.8% |
| Communication Services | 4.7% |
| Utilities | 3.4% |
| Real Estate | 3.1% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Japan | 21.0% |
| United Kingdom | 13.1% |
| Canada | 11.3% |
| France | 8.9% |
| Germany | 8.4% |
| Switzerland | 7.8% |
| Australia | 6.6% |
| Netherlands | 3.6% |
| Sweden | 3.2% |
| Italy | 2.9% |
| Other<sup>#</sup> | 13.2% |

---

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

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

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

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

![TSR - BLK iShares Logo Footer](g68177images_5227.jpg)

iShares Core MSCI International Developed Markets ETF

Annual Shareholder Report — July 31, 2025

IDEV-07/25-AR

![TSR - BLK iShares Logo](g68177images_5226.jpg)

### iShares Core MSCI Pacific ETF

### IPAC \| NYSE Arca

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Core MSCI Pacific ETF | $9 | 0.09% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 9.94%. 

* For the same period, the MSCI ACWI ex USA Index (Net) returned 14.73% and the MSCI Pacific IMI (Net) returned 10.75%. 

What contributed to performance?

Japanese equities were the largest contributors to the Fund's return during the reporting period. In the industrials sector, companies in the capital goods space were supported by a recovering domestic economy, positive inflation trends, and corporate reforms. As the Bank of Japan raised interest rates, banks benefited from the country's return to monetary policy normalization and moderate inflation. In Australia, diversified banks benefited from solid lending growth across business and retail customers. Hong Kong equities gained amid supportive policies and economic stimulus from mainland China. Financials stocks contributed amid resilient capital markets and improved investor sentiment.

What detracted from performance?

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

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

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

Initial investment of $10,000

![Fund Performance - Growth of 10K](g68177chartimages_6195168.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 9.94% | 8.46% | 5.94% |
| MSCI ACWI ex USA Index (Net) | 14.73 | 9.11 | 6.12 |
| MSCI Pacific IMI (Net) | 10.75 | 8.56 | 5.96 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1748241714 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1367 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1808691 |
| 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 July 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 22.5% |
| Industrials | 20.3% |
| Consumer Discretionary | 13.5% |
| Information Technology | 9.3% |
| Materials | 7.2% |
| Communication Services | 6.7% |
| Health Care | 6.4% |
| Real Estate | 5.9% |
| Consumer Staples | 4.9% |
| Utilities | 1.9% |
| Energy | 1.4% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Japan | 67.0% |
| Australia | 21.2% |
| Hong Kong | 5.9% |
| Singapore | 5.2% |
| New Zealand | 0.7% |
| China | 0.0 %(b) |
| Canada | 0.0 %(b) |

---

---

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

---

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

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

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

![TSR - BLK iShares Logo Footer](g68177images_5227.jpg)

iShares Core MSCI Pacific ETF

Annual Shareholder Report — July 31, 2025

IPAC-07/25-AR

![TSR - BLK iShares Logo](g68177images_5226.jpg)

### iShares Core MSCI Total International Stock ETF

### IXUS \| NASDAQ

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Core MSCI Total International Stock ETF | $8 | 0.07% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 14.30%. 

* For the same period, the MSCI ACWI ex USA Index (Net) returned 14.73% and the MSCI ACWI ex USA IMI (Net) returned 14.67%. 

What contributed to performance?

Chinese equities were the largest contributors to the Fund's return during the reporting period. While tariff tensions increased volatility, equities were supported by government stimulus and improved investor sentiment. Notably, a multinational technology and entertainment conglomerate in the interactive media and services sector gained due to notable growth in its gaming and advertising units. In the financials sector, larger banks benefited from the country's historic stimulus efforts, which included capital injections and other active interventions to support the banking sector. In Germany, a historic fiscal stimulus plan targeting infrastructure and defense supported firms in the industrials space. In Canada, equities advanced on the back of central bank rate cuts aimed at supporting growth, as did strong U.S. economic growth, Canada's largest trading partner. In the financials sector, banks advanced on solid earnings and steady dividends.

What detracted from performance?

Detracting from the Fund's return during the reporting period was a Danish healthcare company. 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: August 1, 2015 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g68177chartimages_6195238.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 14.30% | 9.21% | 6.32% |
| MSCI ACWI ex USA Index (Net) | 14.73 | 9.11 | 6.12 |
| MSCI ACWI ex USA IMI (Net) | 14.67 | 9.18 | 6.21 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$45695162079 |
| Number of Portfolio Holdings | &nbsp;&nbsp;4213 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$28168630 |
| Portfolio Turnover Rate | &nbsp;&nbsp;3% |

---

 **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 July 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 23.5% |
| Industrials | 15.9% |
| Information Technology | 12.8% |
| Consumer Discretionary | 10.3% |
| Health Care | 7.8% |
| Materials | 6.9% |
| Consumer Staples | 6.3% |
| Communication Services | 6.1% |
| Energy | 4.5% |
| Utilities | 3.1% |
| Real Estate<sup>\*</sup> | 2.8% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Japan | 14.7% |
| United Kingdom | 9.2% |
| China | 8.0% |
| Canada | 7.9% |
| France | 6.2% |
| Germany | 5.9% |
| Taiwan | 5.8% |
| Switzerland | 5.6% |
| India | 5.4% |
| Australia | 4.7% |
| Other<sup>#</sup> | 26.6% |

---

---

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

---

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

#### 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](g68177images_5227.jpg)

iShares Core MSCI Total International Stock ETF

Annual Shareholder Report — July 31, 2025

IXUS-07/25-AR

![TSR - BLK iShares Logo](g68177images_5226.jpg)

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

### HAWX \| NYSE Arca

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

------

This annual shareholder report contains important information about iShares Currency Hedged MSCI ACWI ex U.S. ETF (the "Fund") for the period of August 1, 2024 to July 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 ACWI ex U.S. 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 July 31, 2025, the Fund returned 13.82%. 

* For the same period, the MSCI ACWI ex USA Index (Net) returned 14.73% and the MSCI ACWI ex USA 100% Hedged to USD Index (Net) returned 13.51%. 

What contributed to performance?

Chinese equities were the primary contributor to the Fund's return during the reporting period. Investor sentiment improved due to government stimulus to stimulate the economy and boost demand even amid rising trade tensions. Notably, a multinational technology and entertainment conglomerate in the interactive media and services sector gained due to strong growth in its gaming and advertising units. Among financials stocks, rising dividend payouts and historically low valuations further supported diversified banks. In Germany, optimism surrounding a historic fiscal stimulus plan targeting infrastructure and defense supported firms in the industrials space. In the United Kingdom, banking stocks 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: August 1, 2015 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g68177chartimages_6194873.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 13.82% | 12.32% | 8.07% |
| MSCI ACWI ex USA Index (Net) | 14.73 | 9.11 | 6.12 |
| MSCI ACWI ex USA 100% Hedged to USD Index (Net) | 13.51 | 12.35 | 8.23 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$258568015 |
| Number of Portfolio Holdings | &nbsp;&nbsp;225 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$65886 |
| 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 July 31, 2025)

Portfolio composition

---

| | |
|:---|:---|
| *Asset Type* | *Percent of*<br> *Net Assets* |
| Investment Companies | 99.9% |
| Short-term Investments | 0.2% |
| Forward foreign currency exchange contracts, net cumulative appreciation | 2.6% |
| Other assets less liabilities | (2.7)% |

---

---

| | |
|:---|:---|
| **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 | 25.4% |
| Industrials | 14.9% |
| Information Technology | 13.2% |
| Consumer Discretionary | 10.1% |
| Health Care | 7.9% |
| Consumer Staples | 6.5% |
| Communication Services | 6.4% |
| Materials | 6.2% |
| Energy | 4.6% |
| Utilities | 3.1% |
| Real Estate | 1.7% |

---

<sup><sup>(a)</sup></sup> <sup>The underlying fund is iShares MSCI ACWI ex U.S. 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](g68177images_5227.jpg)

iShares Currency Hedged MSCI ACWI ex U.S. ETF

Annual Shareholder Report — July 31, 2025

HAWX-07/25-AR

![TSR - BLK iShares Logo](g68177images_5226.jpg)

### iShares Currency Hedged MSCI EAFE ETF

### HEFA \| Cboe BZX Exchange

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

------

This annual shareholder report contains important information about iShares Currency Hedged MSCI EAFE ETF (the "Fund") for the period of August 1, 2024 to July 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 EAFE 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 July 31, 2025, the Fund returned 11.04%. 

* For the same period, the MSCI ACWI ex USA Index (Net) returned 14.73% and the MSCI EAFE<sup>®</sup> 100% Hedged to USD Index (Net) returned 11.14%. 

What contributed to performance?

German stocks were the largest contributors to the Fund's performance during the reporting period. Aerospace and defense companies in the industrials sector were boosted after the country passed legislation that removed a borrowing restriction for military spending, fueling companies that manufacture engines and those that develop ammunition and air defense systems. Financials stocks in the United Kingdom also contributed, as banks benefited from strong balance sheets, robust performance from investment banking units, and solid trading activity. In France, aerospace and defense companies in the industrials sector gained, as the country announced plans to increase military spending.

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: August 1, 2015 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g68177chartimages_6195225.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 11.04% | 14.68% | 8.66% |
| MSCI ACWI ex USA Index (Net) | 14.73 | 9.11 | 6.12 |
| MSCI EAFE<sup>®</sup> 100% Hedged to USD Index (Net) | 11.14 | 14.76 | 8.81 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$6361538051 |
| Number of Portfolio Holdings | &nbsp;&nbsp;167 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1843133 |
| Portfolio Turnover Rate | &nbsp;&nbsp;14% |

---

 **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 July 31, 2025)

Portfolio composition

---

| | |
|:---|:---|
| *Asset Type* | *Percent of*<br> *Net Assets* |
| Investment Companies | 99.8% |
| Short-term Investments | 10.2% |
| Forward foreign currency exchange contracts, net cumulative appreciation | 3.1% |
| Other assets less liabilities | (13.1)% |

---

---

| | |
|:---|:---|
| **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 | 24.6% |
| Industrials | 19.4% |
| Health Care | 11.0% |
| Consumer Discretionary | 9.6% |
| Consumer Staples | 7.9% |
| Information Technology | 7.9% |
| Materials | 5.6% |
| Communication Services | 5.2% |
| Utilities | 3.5% |
| Energy | 3.4% |
| Real Estate | 1.9% |

---

<sup><sup>(a)</sup></sup> <sup>The underlying fund is iShares MSCI EAFE 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](g68177images_5227.jpg)

iShares Currency Hedged MSCI EAFE ETF

Annual Shareholder Report — July 31, 2025

HEFA-07/25-AR

![TSR - BLK iShares Logo](g68177images_5226.jpg)

### iShares Currency Hedged MSCI EAFE Small-Cap ETF

### HSCZ \| NYSE Arca

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

------

This annual shareholder report contains important information about iShares Currency Hedged MSCI EAFE Small-Cap ETF (the "Fund") for the period of August 1, 2024 to July 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 EAFE Small-Cap 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 July 31, 2025, the Fund returned 15.65%. 

* For the same period, the MSCI ACWI ex USA Index (Net) returned 14.73% and the MSCI EAFE Small Cap 100% Hedged to USD Index (Net) returned 15.35%. 

What contributed to performance?

Japanese small-cap stocks were among the largest contributors to the Fund's return during the reporting period. The country benefited from continued stock buybacks and mild inflation supporting wage gains and consumer confidence. A trade agreement between the U.S. and Japan announced late in the reporting period further boosted equities, as the lower-than-expected tariffs removed a major uncertainty on the broader industrial sector. The machinery segment was further supported by increased demand and efforts to integrate advanced technology. Meanwhile, consumer discretionary stocks benefited from strong domestic demand. Despite ongoing tensions, Israeli stocks gained, driven largely by foreign investment flows. In particular, financial firms experienced positive trends. Also contributing were financial stocks in the United Kingdom. Banks benefited from strong balance sheets and robust performance from wealth and asset management units, while capital markets firms were aided by sustained investment income and fee growth in wealth and asset management.

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: August 1, 2015 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g68177chartimages_6194860.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 15.65% | 13.80% | 9.31% |
| MSCI ACWI ex USA Index (Net) | 14.73 | 9.11 | 6.12 |
| MSCI EAFE Small Cap 100% Hedged to USD Index (Net) | 15.35 | 13.92 | 9.56 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$162577702 |
| Number of Portfolio Holdings | &nbsp;&nbsp;115 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$45728 |
| Portfolio Turnover Rate | &nbsp;&nbsp;16% |

---

 **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 July 31, 2025)

Portfolio composition

---

| | |
|:---|:---|
| *Asset Type* | *Percent of*<br> *Net Assets* |
| Investment Companies | 99.8% |
| Short-term Investments | 0.1% |
| Forward foreign currency exchange contracts, net cumulative appreciation | 3.2% |
| Other assets less liabilities | (3.1)% |

---

---

| | |
|:---|:---|
| **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 | 24.0% |
| Financials | 13.1% |
| Consumer Discretionary | 12.9% |
| Real Estate | 11.2% |
| Materials | 9.2% |
| Information Technology | 8.9% |
| Health Care | 5.6% |
| Consumer Staples | 5.5% |
| Communication Services | 4.4% |
| Energy | 2.8% |
| Utilities | 2.4% |

---

<sup><sup>(a)</sup></sup> <sup>The underlying fund is iShares MSCI EAFE Small-Cap 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](g68177images_5227.jpg)

iShares Currency Hedged MSCI EAFE Small-Cap ETF

Annual Shareholder Report — July 31, 2025

HSCZ-07/25-AR

![TSR - BLK iShares Logo](g68177images_5226.jpg)

### iShares Cybersecurity and Tech ETF

### IHAK \| NYSE Arca

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

------

This annual shareholder report contains important information about iShares Cybersecurity and Tech ETF (the "Fund") for the period of August 1, 2024 to July 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 Cybersecurity and Tech ETF | $49 | 0.47% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 9.03%. 

* For the same period, the MSCI All Country World Index (Net) returned 15.87% and the NYSE FactSet Global Cyber Security Index (Net) returned 9.57%. 

What contributed to performance?

In the United States, information technology stocks contributed the most to the Fund's return, most notably in the systems software space. Escalating cyber threats, including phishing, malware, and ransomware, supported prominent cybersecurity firms. These firms increasingly integrated artificial intelligence ("AI") into their solutions to improve efficiency. In the technology hardware and equipment segment, a firm that provides network security applications to protect homes from malicious websites and viruses, as well as advanced screen time and content controls for parents, also contributed. In Taiwan, a network and communication equipment manufacturer that provides hardware and software solutions for data centers and enterprise networks benefited from robust demand for its network switches, which are geared towards handling the high demands of cloud data centers. Further, in Israel, an identity security solutions provider gained amid growing demand for its protection solutions.

What detracted from performance?

An Indian technology company specializing in digital public infrastructure detracted from the Fund's performance during the reporting period. The company's shares declined after it was eliminated from the bidding process for a domestic government project.

 *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 11, 2019 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g68177chartimages_6194694.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 | 9.03% | 8.88% | 12.72% |
| MSCI All Country World Index (Net) | 15.87 | 12.79 | 11.97 |
| NYSE FactSet Global Cyber Security Index (Net) | 9.57 | 8.95 | 12.85 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$916852785 |
| Number of Portfolio Holdings | &nbsp;&nbsp;36 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$4324912 |
| Portfolio Turnover Rate | &nbsp;&nbsp;25% |

---

The inception date of the Fund was June 11, 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 July 31, 2025)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Software | 63.5% |
| Professional Services | 15.0% |
| IT Services | 11.5% |
| Communications Equipment | 10.0% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 70.9% |
| Israel | 9.0% |
| Taiwan | 5.2% |
| Japan | 4.7% |
| Canada | 3.1% |
| Germany | 1.9% |
| Denmark | 1.9% |
| Malaysia | 1.6% |
| United Kingdom | 0.7% |
| South Korea | 0.5% |
| India | 0.5% |

---

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

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

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

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

![TSR - BLK iShares Logo Footer](g68177images_5227.jpg)

iShares Cybersecurity and Tech ETF

Annual Shareholder Report — July 31, 2025

IHAK-07/25-AR

![TSR - BLK iShares Logo](g68177images_5226.jpg)

### iShares Energy Storage & Materials ETF

### IBAT \| NASDAQ

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

------

This annual shareholder report contains important information about iShares Energy Storage & Materials ETF (the "Fund") for the period of August 1, 2024 to July 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 Energy Storage & Materials ETF | $47 | 0.47% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned (0.53)%. 

* For the same period, the STOXX Global Total Market Index (Net) returned 14.67% and the STOXX Global Energy Storage and Materials Index (Net) returned 0.26%. 

What contributed to performance?

Energy storage and materials stocks in China contributed to the Fund's return. Specifically, a leading battery manufacturer for electric vehicles and energy storage benefited from robust global growth in those markets. In Taiwan, a lithium battery module manufacturer and a global power and thermal management provider, both supplying critical infrastructure to data centers, advanced on robust data center growth.

What detracted from performance?

In Japan, an electronics component maker that provides ceramic capacitors for smartphones declined sharply due to slowing demand amid tariff prospects. The company was further pressured by a stronger yen, which increased the cost of Japanese exports. Also detracting was a specialty chemicals firm in the materials sector, which also faced declining demand and currency losses. In the United States, the potential elimination of the tax credit designed to encourage the installation of clean energy systems at the end of 2025 pressured solar renewable companies within the semiconductor materials and equipment segment. Broad concerns about the memory chip market, potential impacts of trade tariffs, and delays in supplying chips to key customers pressured an electronic components maker from Korea.

 *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 19, 2024 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g68177chartimages_6194574.jpg)

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

---

| | | |
|:---|:---|:---|
| **Average annual total returns** |  |  |
|  | *1 Year* | *Since Fund<br> Inception* |
| Fund NAV | (0.53)% | (2.96)% |
| STOXX Global Total Market Index (Net) | 14.67 | 15.55 |
| STOXX Global Energy Storage and Materials Index (Net) | 0.26 | (2.38) |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$6584202 |
| Number of Portfolio Holdings | &nbsp;&nbsp;65 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$29702 |
| Portfolio Turnover Rate | &nbsp;&nbsp;23% |

---

The inception date of the Fund was March 19, 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 July 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Materials | 40.1% |
| Industrials | 38.7% |
| Information Technology | 17.8% |
| Consumer Discretionary | 3.4% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 26.6% |
| Japan | 24.5% |
| South Korea | 18.3% |
| China | 9.6% |
| France | 8.0% |
| Germany | 5.6% |
| Taiwan | 3.2% |
| Switzerland | 3.1% |
| Belgium | 0.3% |
| Norway | 0.3% |
| Other<sup>#</sup> | 0.5% |

---

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

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

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by STOXX Ltd. 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](g68177images_5227.jpg)

iShares Energy Storage & Materials ETF

Annual Shareholder Report — July 31, 2025

IBAT-07/25-AR

![TSR - BLK iShares Logo](g68177images_5226.jpg)

### iShares Exponential Technologies ETF

### XT \| NASDAQ

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

------

This annual shareholder report contains important information about iShares Exponential Technologies ETF (the "Fund") for the period of August 1, 2024 to July 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 Exponential Technologies ETF | $50 | 0.47% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 12.07%. 

* For the same period, the MSCI All Country World Index (Net) returned 15.87% and the Morningstar Exponential Technologies Index (Net) returned 12.67%. 

What contributed to performance?

During the reporting period, U.S. software stocks in the information technology sector were the leading contributors to the Fund's return. An application software company specializing in data analysis and artificial intelligence ("AI") experienced robust growth across its government and commercial sectors. Meanwhile, systems software firms benefited from strong demand in cloud-delivered businesses, including cybersecurity, and increasing adoption of AI technologies. Chinese firms engaged in exponential technologies also gained, including an electric vehicle maker due to international market expansion. Additionally, a biotechnology company benefited from positive clinical results and approval by Chinese regulators for a first of its kind drug class targeting both diabetes and weight-loss.

What detracted from performance?

In Japan, electrical component companies detracted from the Fund's performance during the reporting period. Manufacturers of ceramic capacitors for smartphones faced headwinds from slowing global demand and uncertainty over tariffs, with profitability further squeezed by a stronger yen that raised the cost of exports.

 *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: August 1, 2015 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g68177chartimages_6195039.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 12.07% | 7.63% | 10.95% |
| MSCI All Country World Index (Net) | 15.87 | 12.79 | 10.05 |
| Morningstar Exponential Technologies Index (Net) | 12.67 | 8.06 | 11.30 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$3410769542 |
| Number of Portfolio Holdings | &nbsp;&nbsp;201 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$15106141 |
| Portfolio Turnover Rate | &nbsp;&nbsp;43% |

---

 **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 July 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 54.6% |
| Health Care | 15.4% |
| Industrials | 6.7% |
| Utilities | 5.2% |
| Financials | 4.9% |
| Consumer Discretionary | 4.9% |
| Communication Services | 3.7% |
| Materials | 2.7% |
| Real Estate | 1.5% |
| Consumer Staples | 0.4% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 53.2% |
| China | 9.9% |
| Japan | 5.3% |
| Taiwan | 3.9% |
| Australia | 3.0% |
| Germany | 3.0% |
| Canada | 2.9% |
| United Kingdom | 2.6% |
| Netherlands | 2.5% |
| South Korea | 2.4% |
| Other<sup>#</sup> | 11.3% |

---

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

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

The Fund announced on July 24, 2025 that the name of the Fund would change from iShares Exponential Technologies ETF to iShares Future Exponential Technologies ETF. In addition, the Fund also announced certain updates to the Underlying Index, which include moving to a modified float-adjusted market capitalization weighting scheme (from equal weighting), adding caps to individual security weight (4%) and theme exposure weight (25%), adopting a quarterly rebalancing schedule (from annual), and targeting an updated set of exponential technology themes. These changes became effective on September 22, 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., Morningstar, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g68177images_5227.jpg)

iShares Exponential Technologies ETF

Annual Shareholder Report — July 31, 2025

XT-07/25-AR

![TSR - BLK iShares Logo](g68177images_5226.jpg)

### iShares Future Cloud 5G and Tech ETF

### IDAT \| NYSE Arca

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

------

This annual shareholder report contains important information about iShares Future Cloud 5G and Tech ETF (the "Fund") for the period of August 1, 2024 to July 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 Future Cloud 5G and Tech ETF | $52 | 0.47% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 20.65%. 

* For the same period, the MSCI All Country World Index (Net) returned 15.87% and the Morningstar Global Digital Infrastructure & Connectivity Index (Net) returned 21.41%. 

What contributed to performance?

During the reporting period, technology hardware stocks in the U.S. information technology sector contributed the most to the Fund's return. Firms in the technology hardware, storage, and peripherals segment were buoyed by enthusiasm for artificial intelligence ("AI") and the associated demand for high-performance computing and storage solutions. In the communications equipment space, companies leveraged AI to automate network management, enhance product capabilities, and deliver more efficient and intelligent solutions to enterprise and consumer markets. Semiconductor stocks gained amid continued demand for AI and generative AI workloads, data center expansions, and continued innovation in chips and network solutions. Also contributing was a cloud-based customer engagement platform in the internet services and infrastructure space that benefited from strategic partnerships, increasing demand for innovative solutions, and new product launches.

What detracted from performance?

Electrical component companies from Japan detracted from the Fund's performance during the reporting period. Manufacturers of ceramic capacitors for smartphones faced headwinds from slowing global demand and uncertainty over tariffs, with profitability further squeezed by a stronger yen that raised the cost of exports.

 *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 8, 2021 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g68177chartimages_6194634.jpg)

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

---

| | | |
|:---|:---|:---|
| **Average annual total returns** |  |  |
|  | *1 Year* | *Since Fund<br> Inception* |
| Fund NAV | 20.65% | 10.53% |
| MSCI All Country World Index (Net) | 15.87 | 8.21 |
| Morningstar Global Digital Infrastructure<br> & Connectivity Index (Net) | 21.41 | 10.75 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$8835687 |
| Number of Portfolio Holdings | &nbsp;&nbsp;50 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$36607 |
| Portfolio Turnover Rate | &nbsp;&nbsp;32% |

---

The inception date of the Fund was June 8, 2021.

 **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 July 31, 2025)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Semiconductors & Semiconductor Equipment | 34.2% |
| Technology Hardware, Storage & Peripherals | 13.6% |
| Communications Equipment | 11.2% |
| Electronic Equipment, Instruments & Components | 9.2% |
| Software | 8.2% |
| Specialized REITs | 7.5% |
| Diversified Telecommunication Services | 6.4% |
| IT Services | 3.5% |
| Electrical Equipment | 2.8% |
| Chemicals | 2.1% |
| Media | 1.3% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 79.2% |
| Taiwan | 3.6% |
| Germany | 2.7% |
| Spain | 2.4% |
| Finland | 2.2% |
| Japan | 2.2% |
| Sweden | 2.1% |
| China | 1.8% |
| Italy | 1.3% |
| Norway | 0.7% |
| Other<sup>#</sup> | 1.8% |

---

<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 July 31, 2024.

On June 11, 2025, the Board of Trustees of the Fund approved the liquidation of the Fund. After the close of business on August 18, 2025, the Fund no longer accepted creation orders. Trading in the Fund halted prior to market open on August 19, 2025. Proceeds of the liquidation were sent to shareholders on August 21, 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., Morningstar, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g68177images_5227.jpg)

iShares Future Cloud 5G and Tech ETF

Annual Shareholder Report — July 31, 2025

IDAT-07/25-AR

![TSR - BLK iShares Logo](g68177images_5226.jpg)

### iShares Genomics Immunology and Healthcare ETF

### IDNA \| NYSE Arca

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

------

This annual shareholder report contains important information about iShares Genomics Immunology and Healthcare ETF (the "Fund") for the period of August 1, 2024 to July 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 Genomics Immunology and Healthcare ETF | $44 | 0.47% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned (13.72)%. 

* For the same period, the MSCI All Country World Index (Net) returned 15.87% and the NYSE FactSet Global Genomics and Immuno Biopharma Index (Net) returned (13.25)%. 

What contributed to performance?

A China-oriented global oncology company contributed to the Fund's return during the reporting period due to its continued success in developing and delivering innovative cancer therapies. In addition, the company's redomiciliation and rebranding to Switzerland was positively received by investors.

What detracted from performance?

U.S. biotechnology stocks were the largest detractors from the Fund's return, pressured by steep federal funding cuts, abrupt leadership changes at the U.S. Food and Drug Administration ("FDA"), and policy uncertainty. Further, gene therapy and vaccine makers were particularly affected by the broader shift in the administration's approach toward the sector. Heightened scrutiny and evolving regulatory priorities created uncertainty around approvals, disrupted development timelines, and declining investor sentiment. Also weighing on biotechnology companies were funding challenges, as these firms typically remain unprofitable until they secure regulatory approvals and bring therapies to market. Several firms were also negatively pressured by increasing competition and as clinical trials missed their primary endpoints.

 *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 11, 2019 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g68177chartimages_6194681.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 | (13.72)% | (9.98)% | (1.52)% |
| MSCI All Country World Index (Net) | 15.87 | 12.79 | 11.97 |
| NYSE FactSet Global Genomics and Immuno Biopharma Index (Net) | (13.25) | (9.72) | (1.33) |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$109105386 |
| Number of Portfolio Holdings | &nbsp;&nbsp;47 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$578777 |
| Portfolio Turnover Rate | &nbsp;&nbsp;49% |

---

The inception date of the Fund was June 11, 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 July 31, 2025)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Biotechnology | 71.4% |
| Pharmaceuticals | 24.2% |
| Life Sciences Tools & Services | 3.2% |
| Chemicals | 1.2% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 61.0% |
| Switzerland | 8.8% |
| United Kingdom | 8.5% |
| France | 4.9% |
| Japan | 4.2% |
| Germany | 4.1% |
| Denmark | 4.1% |
| Canada | 2.4% |
| South Korea | 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., ICE Data Indices, LLC and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g68177images_5227.jpg)

iShares Genomics Immunology and Healthcare ETF

Annual Shareholder Report — July 31, 2025

IDNA-07/25-AR

![TSR - BLK iShares Logo](g68177images_5226.jpg)

### iShares Global Equity Factor ETF

### GLOF \| NYSE Arca

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

------

This annual shareholder report contains important information about iShares Global Equity Factor ETF (the "Fund") for the period of August 1, 2024 to July 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 Global Equity Factor ETF | $22 | 0.20% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 16.40%. 

* For the same period, the S&P Global Broad Market Index (Net) returned 15.04% and the STOXX Global Equity Factor Index (Spliced) returned 16.06%. 

What contributed to performance?

During the reporting period, stocks in the U.S. information technology sector were the largest drivers of the Fund's return. Semiconductor stocks gained amid unprecedented demand for artificial intelligence ("AI") and generative AI, data center expansions, and continued innovation in chips and network solutions. Meanwhile, systems software firms benefited from strong growth in their respective cloud businesses and increasing adoption of AI technologies. Stocks in the financials sector were notable contributors, benefiting from resilient equity markets, rising assets under management, strong trends in wealth management, and high trading volumes. Japanese equities also contributed, supported by sustained corporate governance reforms and renewed confidence among both domestic and foreign investors.

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. U.S. healthcare stocks were also modest detractors from the Fund's return during the reporting period, pressured by increasing regulatory scrutiny and policy upheaval.

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

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

Initial investment of $10,000

![Fund Performance - Growth of 10K](g68177chartimages_6194992.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 16.40% | 13.21% | 9.44% |
| S&P Global Broad Market Index (Net) | 15.04 | 12.34 | 9.63 |
| STOXX Global Equity Factor Index (Spliced) | 16.06 | 13.21 | 9.53 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$146293125 |
| Number of Portfolio Holdings | &nbsp;&nbsp;608 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$232065 |
| Portfolio Turnover Rate | &nbsp;&nbsp;25% |

---

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

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

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

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 27.4% |
| Financials | 18.3% |
| Consumer Discretionary | 12.6% |
| Industrials | 9.3% |
| Health Care | 8.0% |
| Communication Services | 7.1% |
| Consumer Staples | 6.8% |
| Energy | 3.4% |
| Utilities | 2.9% |
| Materials | 2.8% |
| Real Estate | 1.4% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 61.7% |
| Japan | 6.3% |
| China | 3.5% |
| United Kingdom | 2.9% |
| Canada | 2.9% |
| Switzerland | 2.4% |
| Taiwan | 2.1% |
| Australia | 1.8% |
| South Korea | 1.8% |
| France | 1.5% |
| Other<sup>#</sup> | 13.1% |

---

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

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

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

![TSR - BLK iShares Logo Footer](g68177images_5227.jpg)

iShares Global Equity Factor ETF

Annual Shareholder Report — July 31, 2025

GLOF-07/25-AR

![TSR - BLK iShares Logo](g68177images_5226.jpg)

### iShares International Equity Factor ETF

### INTF \| NYSE Arca

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

------

This annual shareholder report contains important information about iShares International Equity Factor ETF (the "Fund") for the period of August 1, 2024 to July 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 International Equity Factor ETF | $17 | 0.16% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 15.07%. 

* For the same period, the S&P Developed ex US Broad Market Index (Net) returned 14.03% and the STOXX International Equity Factor Index (Spliced) returned 15.58%. 

What contributed to performance?

Japanese equities led contributors during the reporting period, supported by sustained corporate governance reforms and renewed confidence among both domestic and foreign investors. In the industrials sector, electrical equipment companies benefited due to their role in supplying essential components for data centers, which are critical for artificial intelligence. In Germany, stocks were driven by strong corporate earnings from global-facing companies. In particular, financials benefited from strong trading volume and solid investment banking revenue, while optimism around a historic fiscal stimulus plan targeting infrastructure and defense supported industrials firms. In the United Kingdom, companies in the financials sector were lifted by 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: August 1, 2015 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g68177chartimages_6194979.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 15.07% | 10.91% | 6.32% |
| S&P Developed ex US Broad Market Index (Net) | 14.03 | 10.03 | 6.33 |
| STOXX International Equity Factor Index (Spliced) | 15.58 | 10.93 | 6.43 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$2202454503 |
| Number of Portfolio Holdings | &nbsp;&nbsp;464 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$2197505 |
| Portfolio Turnover Rate | &nbsp;&nbsp;21% |

---

The performance of the STOXX International Equity Factor Index (Spliced) in this report reflects the performance of the MSCI World ex USA Diversified Multiple-Factor Index (Net) through May 31, 2022 and, beginning on June 1, 2022, the performance of the STOXX International Equity Factor Index (Net).

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

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

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 26.6% |
| Industrials | 18.5% |
| Consumer Discretionary | 11.8% |
| Health Care | 7.8% |
| Information Technology | 7.4% |
| Consumer Staples | 7.3% |
| Materials | 5.7% |
| Energy | 4.3% |
| Utilities | 4.1% |
| Communication Services | 3.5% |
| Real Estate | 3.0% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Japan | 23.1% |
| United Kingdom | 12.3% |
| Switzerland | 8.5% |
| France | 8.0% |
| Germany | 7.7% |
| Australia | 7.2% |
| Canada | 6.4% |
| Italy | 4.8% |
| Netherlands | 4.3% |
| Sweden | 3.0% |
| Other<sup>#</sup> | 14.7% |

---

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

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

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

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

![TSR - BLK iShares Logo Footer](g68177images_5227.jpg)

iShares International Equity Factor ETF

Annual Shareholder Report — July 31, 2025

INTF-07/25-AR

![TSR - BLK iShares Logo](g68177images_5226.jpg)

### iShares International Small-Cap Equity Factor ETF

### ISCF \| NYSE Arca

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

------

This annual shareholder report contains important information about iShares International Small-Cap Equity Factor ETF (the "Fund") for the period of August 1, 2024 to July 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 International Small-Cap Equity Factor ETF | $26 | 0.24% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 19.06%. 

* For the same period, the S&P Developed ex US Broad Market Index (Net) returned 14.03% and the STOXX International Small-Cap Equity Factor Index (Spliced) returned 19.92%. 

What contributed to performance?

Japanese small capitalization stocks contributed the most to the Fund's return during the reporting period, supported by sustained corporate governance reforms and renewed confidence among both domestic and foreign investors. In the industrials sector, construction and engineering firms benefited from growing demand for energy-saving solutions and government initiatives. In Canada, equities advanced on the back of central bank rate cuts aimed at supporting growth, as did strong U.S. economic growth, Canada's largest trading partner. Financials and industrials stocks were notable contributors. In Germany, small capitalization industrials stocks were supported by increased exports in anticipation of potential tariffs from the United States, as well as improving economic growth.

What detracted from performance?

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

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

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

Initial investment of $10,000

![Fund Performance - Growth of 10K](g68177chartimages_6194932.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 19.06% | 10.17% | 7.52% |
| S&P Developed ex US Broad Market Index (Net) | 14.03 | 10.03 | 6.33 |
| STOXX International Small-Cap Equity Factor Index (Spliced) | 19.92 | 10.42 | 7.79 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$411017080 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1061 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1040725 |
| Portfolio Turnover Rate | &nbsp;&nbsp;30% |

---

The performance of the STOXX International Small-Cap Equity Factor Index (Spliced) in this report reflects the performance of the MSCI World ex USA Small Cap Diversified Multiple-Factor Index (Net) through February 28, 2023 and, beginning on March 1, 2023, the performance of the STOXX International Small-Cap Equity Factor Index (Net).

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

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

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Industrials | 21.4% |
| Financials | 15.2% |
| Consumer Discretionary | 14.5% |
| Information Technology | 9.4% |
| Real Estate | 9.4% |
| Materials | 9.2% |
| Health Care | 5.0% |
| Communication Services | 4.6% |
| Energy | 4.1% |
| Consumer Staples | 3.6% |
| Utilities<sup>\*</sup> | 3.6% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Japan | 25.0% |
| United Kingdom | 13.4% |
| Canada | 8.9% |
| Australia | 6.7% |
| Switzerland | 6.7% |
| Germany | 6.2% |
| France | 5.5% |
| Sweden | 3.6% |
| Italy | 3.3% |
| Spain | 3.1% |
| Other<sup>#</sup> | 17.6% |

---

---

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

---

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

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

![TSR - BLK iShares Logo Footer](g68177images_5227.jpg)

iShares International Small-Cap Equity Factor ETF

Annual Shareholder Report — July 31, 2025

ISCF-07/25-AR

![TSR - BLK iShares Logo](g68177images_5226.jpg)

### iShares MSCI ACWI ETF

### ACWI \| NASDAQ

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

------

This annual shareholder report contains important information about iShares MSCI ACWI ETF (the "Fund") for the period of August 1, 2024 to July 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 ACWI ETF | $35 | 0.32% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 15.70%. 

* For the same period, the MSCI All Country World Index (Net) returned 15.87%. 

What contributed to performance?

U.S. equities were the largest contributor to the Fund's return during the reporting period. Donald Trump's election triggered a notable rally, as investors anticipated pro-business policies such as tax cuts and deregulation. However, market volatility spiked amid trade tensions and regulatory uncertainty. Leading returns were semiconductors and semiconductor equipment and software stocks in the information technology sector, amid unprecedented demand for artificial intelligence ("AI") and generative AI, data center expansions, and continued innovation in chips and network solutions. Meanwhile, systems software firms benefited from strong growth in their respective cloud businesses and increasing adoption of AI technologies. Financial services firms were beneficiaries of resilient equity markets, recovering investor sentiment, rising assets under management, and high trading volumes. Communications firms, particularly those in the interactive media and services segment, were supported by solid digital advertising revenue growth, fueled by AI investments that improved ad targeting and performance.

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 political upheaval. Managed healthcare firms faced additional challenges due to rising utilization and medical costs, as well as changes in reimbursement levels.

 *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: August 1, 2015 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g68177chartimages_6195424.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 15.70% | 12.77% | 10.17% |
| MSCI All Country World Index (Net) | 15.87 | 12.79 | 10.05 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$22036393523 |
| Number of Portfolio Holdings | &nbsp;&nbsp;2250 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$62257717 |
| Portfolio Turnover Rate | &nbsp;&nbsp;3% |

---

 **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 July 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 26.6% |
| Financials | 17.7% |
| Industrials | 11.0% |
| Consumer Discretionary | 10.4% |
| Communication Services | 8.7% |
| Health Care | 8.5% |
| Consumer Staples | 5.6% |
| Energy | 3.6% |
| Materials | 3.4% |
| Utilities | 2.6% |
| Real Estate | 1.9% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 65.1% |
| Japan | 4.7% |
| United Kingdom | 3.3% |
| China | 3.1% |
| Canada | 2.8% |
| France | 2.4% |
| Germany | 2.2% |
| Switzerland | 2.1% |
| Taiwan | 2.0% |
| India | 1.8% |
| Other<sup>#</sup> | 10.5% |

---

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

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

#### 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](g68177images_5227.jpg)

iShares MSCI ACWI ETF

Annual Shareholder Report — July 31, 2025

ACWI-07/25-AR

![TSR - BLK iShares Logo](g68177images_5226.jpg)

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

### ACWX \| NASDAQ

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

------

This annual shareholder report contains important information about iShares MSCI ACWI ex U.S. ETF (the "Fund") for the period of August 1, 2024 to July 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 ACWI ex U.S. ETF | $34 | 0.32% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 14.02%. 

* For the same period, the MSCI ACWI ex USA Index (Net) returned 14.73%. 

What contributed to performance?

Chinese equities were the primary contributor to the Fund's return during the reporting period. Investor sentiment improved due to government stimulus to stimulate the economy and boost demand even amid rising trade tensions. Notably, a multinational technology and entertainment conglomerate in the interactive media and services sector gained due to strong growth in its gaming and advertising units. Among financials stocks, rising dividend payouts and historically low valuations further supported diversified banks. In Germany, optimism surrounding a historic fiscal stimulus plan targeting infrastructure and defense supported firms in the industrials space. In the United Kingdom, banking stocks 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: August 1, 2015 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g68177chartimages_6195411.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 14.02% | 8.87% | 5.93% |
| MSCI ACWI ex USA Index (Net) | 14.73 | 9.11 | 6.12 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$6363046165 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1724 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$16546982 |
| 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 July 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 25.4% |
| Industrials | 14.9% |
| Information Technology | 13.2% |
| Consumer Discretionary | 10.1% |
| Health Care | 7.9% |
| Consumer Staples | 6.5% |
| Communication Services | 6.4% |
| Materials | 6.2% |
| Energy | 4.6% |
| Utilities | 3.1% |
| Real Estate | 1.7% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Japan | 13.4% |
| United Kingdom | 9.3% |
| China | 8.7% |
| Canada | 8.1% |
| France | 6.9% |
| Germany | 6.4% |
| Switzerland | 5.9% |
| Taiwan | 5.8% |
| India | 5.1% |
| Australia | 4.4% |
| Other<sup>#</sup> | 26.0% |

---

<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](g68177images_5227.jpg)

iShares MSCI ACWI ex U.S. ETF

Annual Shareholder Report — July 31, 2025

ACWX-07/25-AR

![TSR - BLK iShares Logo](g68177images_5226.jpg)

### iShares MSCI ACWI Low Carbon Target ETF

### CRBN \| NYSE Arca

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

------

This annual shareholder report contains important information about iShares MSCI ACWI Low Carbon Target ETF (the "Fund") for the period of August 1, 2024 to July 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 ACWI Low Carbon Target ETF | $22 | 0.20% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 16.46%. 

* For the same period, the MSCI All Country World Index (Net) returned 15.87% and the MSCI ACWI Low Carbon Target Index (Net) returned 16.61%. 

What contributed to performance?

U.S. equities were the largest contributor to the Fund's return during the reporting period. Leading returns were stocks in the information technology sector, including semiconductor stocks, which gained amid high demand for artificial intelligence ("AI") and generative AI, data center expansions, and continued innovation in chips and network solutions. Systems software firms also contributed, due to strong growth in their respective cloud businesses and increasing adoption of AI technologies. Financial services firms were beneficiaries of resilient equity markets, recovering investor sentiment, rising assets under management, and high trading volumes. Communications firms, particularly those in the interactive media and services segment, were supported by solid digital advertising revenue growth, fueled by AI investments that improved ad targeting and performance.

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 political upheaval. Additionally, managed healthcare firms faced additional challenges due to rising utilization and medical costs, as well as changes in reimbursement levels.

*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: August 1, 2015 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g68177chartimages_6195110.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 16.46% | 12.97% | 10.25% |
| MSCI All Country World Index (Net) | 15.87 | 12.79 | 10.05 |
| MSCI ACWI Low Carbon Target Index (Net) | 16.61 | 12.79 | 10.05 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1024863989 |
| Number of Portfolio Holdings | &nbsp;&nbsp;985 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1963195 |
| Portfolio Turnover Rate | &nbsp;&nbsp;21% |

---

**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 July 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Information Technology | 27.0% |
| Financials | 19.8% |
| Industrials | 10.6% |
| Communication Services | 9.8% |
| Consumer Discretionary | 9.7% |
| Health Care | 8.8% |
| Consumer Staples | 5.2% |
| Real Estate | 2.8% |
| Utilities | 2.2% |
| Materials | 2.2% |
| Energy | 1.9% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| United States | 64.7% |
| Japan | 4.7% |
| China | 3.5% |
| Canada | 3.0% |
| United Kingdom | 2.8% |
| France | 2.3% |
| Taiwan | 2.1% |
| Germany | 2.0% |
| Switzerland | 2.0% |
| India | 1.7% |
| Other<sup>#</sup> | 11.2% |

---

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

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

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

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

![TSR - BLK iShares Logo Footer](g68177images_5227.jpg)

iShares MSCI ACWI Low Carbon Target ETF

Annual Shareholder Report — July 31, 2025

CRBN-07/25-AR

![TSR - BLK iShares Logo](g68177images_5226.jpg)

### iShares MSCI All Country Asia ex Japan ETF

### AAXJ \| NASDAQ

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

------

This annual shareholder report contains important information about iShares MSCI All Country Asia ex Japan ETF (the "Fund") for the period of August 1, 2024 to July 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 All Country Asia ex Japan ETF | $75 | 0.69% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 18.57%. 

* For the same period, the MSCI Emerging Markets Index (Net) returned 17.18% and the MSCI AC Asia ex Japan Index (Net) returned 19.96%. 

What contributed to performance?

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

What detracted from performance?

Indian stocks detracted from the Fund's return 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: August 1, 2015 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g68177chartimages_6195366.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 18.57% | 4.18% | 5.52% |
| MSCI Emerging Markets Index (Net) | 17.18 | 5.40 | 5.77 |
| MSCI AC Asia ex Japan Index (Net) | 19.96 | 5.23 | 6.37 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$2787471817 |
| Number of Portfolio Holdings | &nbsp;&nbsp;924 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$17327069 |
| Portfolio Turnover Rate | &nbsp;&nbsp;10% |

---

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 July 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 27.6% |
| Financials | 22.0% |
| Consumer Discretionary | 13.4% |
| Communication Services | 11.1% |
| Industrials | 7.7% |
| Health Care | 3.7% |
| Materials | 3.6% |
| Consumer Staples | 3.5% |
| Energy | 3.0% |
| Utilities | 2.3% |
| Real Estate | 2.1% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| China | 32.9% |
| Taiwan | 21.9% |
| India | 19.0% |
| South Korea | 12.3% |
| Hong Kong | 5.0% |
| Singapore | 4.2% |
| Malaysia | 1.4% |
| Thailand | 1.3% |
| Indonesia | 1.3% |
| Philippines | 0.5% |
| Switzerland | 0.2% |

---

<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](g68177images_5227.jpg)

iShares MSCI All Country Asia ex Japan ETF

Annual Shareholder Report — July 31, 2025

AAXJ-07/25-AR

![TSR - BLK iShares Logo](g68177images_5226.jpg)

### iShares MSCI China A ETF

### CNYA \| Cboe BZX Exchange

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

------

This annual shareholder report contains important information about iShares MSCI China A ETF (the "Fund") for the period of August 1, 2024 to July 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 China A ETF | $66 | 0.60% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 19.34%. 

* For the same period, the MSCI Emerging Markets Index (Net) returned 17.18% and the MSCI China A Inclusion Index (Spliced) returned 20.57%. 

What contributed to performance?

Chinese banks were the leading contributors to the Fund's return during the reporting period. These banks benefited from efforts to boost lending capacity and strengthen balance sheets due to 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, positive market sentiment, and government support. In the information technology sector, technology hardware stocks that provide the manufacturing and infrastructure for artificial intelligence ("AI") gained amid a surge in demand. Semiconductor companies were buoyed by robust domestic demand and government investments to reduce reliance on foreign technology and building a self-sufficient domestic supply chain. Also contributing were firms in the industrials sector that provide the electrical components needed to power AI.

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: June 13, 2016 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g68177chartimages_6194814.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 | 19.34% | (1.65)% | 4.53% |
| MSCI Emerging Markets Index (Net) | 17.18 | 5.40 | 7.41 |
| MSCI China A Inclusion Index (Spliced) | 20.57 | (1.22) | 4.09 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$198091406 |
| Number of Portfolio Holdings | &nbsp;&nbsp;397 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1534902 |
| Portfolio Turnover Rate | &nbsp;&nbsp;48% |

---

The inception date of the Fund was June 13, 2016.

The performance of the MSCI China A Inclusion Index (Spliced) in this report reflects the performance of the MSCI China A International Index (Net) through April 25, 2018 and, beginning on April 26, 2018, the performance of the MSCI China A Inclusion 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 July 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 25.0% |
| Information Technology | 17.9% |
| Industrials | 14.8% |
| Consumer Staples | 10.5% |
| Materials | 9.2% |
| Consumer Discretionary | 6.8% |
| Health Care | 6.4% |
| Utilities | 4.3% |
| Energy | 3.0% |
| Communication Services | 1.2% |
| Real Estate | 0.9% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Kweichow Moutai Co. Ltd., Class A | 4.4% |
| Contemporary Amperex Technology Co. Ltd., Class A | 2.8% |
| China Merchants Bank Co. Ltd., Class A | 2.3% |
| China Yangtze Power Co. Ltd., Class A | 1.7% |
| Ping An Insurance Group Co. of China Ltd., Class A | 1.5% |
| BYD Co. Ltd., Class A | 1.4% |
| Agricultural Bank of China Ltd., Class A | 1.3% |
| Industrial & Commercial Bank of China Ltd., Class A | 1.2% |
| Wuliangye Yibin Co. Ltd., Class A | 1.2% |
| Industrial Bank Co. Ltd., Class A | 1.2% |

---

<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 July 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after July 31, 2025 at **blackrock.com/fundreports** or upon request by contacting us at 1-800-iShares (1-800-474-2737).

The net expense ratio increased from the prior fiscal year end primarily due to the elimination of a voluntary fee waiver during the prior fiscal year.

#### 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](g68177images_5227.jpg)

iShares MSCI China A ETF

Annual Shareholder Report — July 31, 2025

CNYA-07/25-AR

![TSR - BLK iShares Logo](g68177images_5226.jpg)

### iShares MSCI EAFE ETF

### EFA \| NYSE Arca

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

------

This annual shareholder report contains important information about iShares MSCI EAFE ETF (the "Fund") for the period of August 1, 2024 to July 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 EAFE ETF | $34 | 0.32% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 11.92%. 

* For the same period, the MSCI ACWI ex USA Index (Net) returned 14.73% and the MSCI EAFE Index (Net) returned 12.77%. 

What contributed to performance?

German stocks were the largest contributors to the Fund's performance during the reporting period. Aerospace and defense companies in the industrials sector were boosted after the country passed legislation that removed a borrowing restriction for military spending, fueling companies that manufacture engines and those that develop ammunition and air defense systems. Financials stocks in the United Kingdom also contributed, as banks benefited from strong balance sheets, robust performance from investment banking units, and solid trading activity. In France, aerospace and defense companies in the industrials sector gained, as the country announced plans to increase military spending.

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: August 1, 2015 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g68177chartimages_6195655.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 11.92% | 10.22% | 6.05% |
| MSCI ACWI ex USA Index (Net) | 14.73 | 9.11 | 6.12 |
| MSCI EAFE Index (Net) | 12.77 | 10.34 | 6.14 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$62879327052 |
| Number of Portfolio Holdings | &nbsp;&nbsp;701 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$182022209 |
| Portfolio Turnover Rate | &nbsp;&nbsp;4% |

---

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

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

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 24.6% |
| Industrials | 19.4% |
| Health Care | 11.0% |
| Consumer Discretionary | 9.6% |
| Information Technology | 7.9% |
| Consumer Staples | 7.9% |
| Materials | 5.6% |
| Communication Services | 5.2% |
| Utilities | 3.5% |
| Energy | 3.4% |
| Real Estate | 1.9% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Japan | 21.6% |
| United Kingdom | 15.0% |
| France | 11.2% |
| Germany | 10.4% |
| Switzerland | 9.5% |
| Australia | 7.0% |
| Netherlands | 4.5% |
| Spain | 3.5% |
| Sweden | 3.3% |
| Italy | 3.2% |
| Other<sup>#</sup> | 10.8% |

---

<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](g68177images_5227.jpg)

iShares MSCI EAFE ETF

Annual Shareholder Report — July 31, 2025

EFA-07/25-AR

![TSR - BLK iShares Logo](g68177images_5226.jpg)

### iShares MSCI EAFE Growth ETF

### EFG \| Cboe BZX Exchange

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

------

This annual shareholder report contains important information about iShares MSCI EAFE Growth ETF (the "Fund") for the period of August 1, 2024 to July 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 EAFE Growth ETF | $35 | 0.34% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 5.51%. 

* For the same period, the MSCI ACWI ex USA Index (Net) returned 14.73% and the MSCI EAFE Growth Index (Net) returned 6.73%. 

What contributed to performance?

Growth stocks from Germany were the largest contributors to the Fund's return during the reporting period, particularly aerospace and defense companies in the industrials sector. The country passed legislation that removed a borrowing restriction for military spending, fueling companies that manufacture engines and those that develop ammunition and air defense systems. Software and services companies also gained, benefiting from increasing revenue from cloud services and artificial intelligence integration. In the United Kingdom, key players in the aerospace and defense space were supported by increased defense spending in response to geopolitical tensions. Meanwhile in France, manufacturers of aircraft, systems, and related equipment benefited from growing air travel demand alongside rising defense spending.

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. Additionally, macroeconomic concerns and the potential impacts of trade tariffs negatively pressured a Dutch semiconductor materials and equipment company.

 *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: August 1, 2015 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g68177chartimages_6195597.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 5.51% | 5.93% | 5.80% |
| MSCI ACWI ex USA Index (Net) | 14.73 | 9.11 | 6.12 |
| MSCI EAFE Growth Index (Net) | 6.73 | 6.31 | 6.13 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$12605800135 |
| Number of Portfolio Holdings | &nbsp;&nbsp;366 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$48843979 |
| Portfolio Turnover Rate | &nbsp;&nbsp;23% |

---

 **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 July 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Industrials | 28.3% |
| Health Care | 14.2% |
| Information Technology | 13.8% |
| Financials | 12.6% |
| Consumer Discretionary | 12.3% |
| Consumer Staples | 7.3% |
| Communication Services | 5.3% |
| Materials | 3.9% |
| Utilities | 1.5% |
| Real Estate | 0.6% |
| Energy | 0.2% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Japan | 21.9% |
| France | 12.7% |
| United Kingdom | 12.2% |
| Germany | 10.4% |
| Switzerland | 9.7% |
| Australia | 7.1% |
| Netherlands | 5.5% |
| Sweden | 3.9% |
| Denmark | 3.2% |
| Spain | 2.5% |
| Other<sup>#</sup> | 10.9% |

---

<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 July 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after July 31, 2025 at **blackrock.com/fundreports** or upon request by contacting us at 1-800-iShares (1-800-474-2737).

Effective August 1, 2024, the investment management agreement was amended to add an additional breakpoint of 0.2793% per annum of net assets in excess of $13.5 billion.

#### 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](g68177images_5227.jpg)

iShares MSCI EAFE Growth ETF

Annual Shareholder Report — July 31, 2025

EFG-07/25-AR

![TSR - BLK iShares Logo](g68177images_5226.jpg)

### iShares MSCI EAFE Min Vol Factor ETF

### EFAV \| Cboe BZX Exchange

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

------

This annual shareholder report contains important information about iShares MSCI EAFE Min Vol Factor ETF (the "Fund") for the period of August 1, 2024 to July 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 EAFE Min Vol Factor ETF | $21 | 0.20% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 14.84%. 

* For the same period, the MSCI All Country World Index (Net) returned 15.87% and the MSCI EAFE Minimum Volatility Index (Net) returned 15.21%. 

What contributed to performance?

Equities in Singapore were the largest contributors to the Fund's return during the reporting period. Despite rising trade tensions, solid economic growth and steady labor markets buoyed markets, particularly in the financials sector. Banks and a financial exchange operator gained amid wealth management growth and heightened trading activity. In Switzerland, insurance firms were notable contributors. Both multi-line and reinsurance companies were supported by growth across business units. Japanese equities also contributed, supported by sustained corporate governance reforms and renewed confidence among both domestic and foreign investors. Software and services stocks gained on growing demand for digital solutions.

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: August 1, 2015 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g68177chartimages_6195296.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 14.84% | 6.90% | 4.97% |
| MSCI All Country World Index (Net) | 15.87 | 12.79 | 10.05 |
| MSCI EAFE Minimum Volatility Index (Net) | 15.21 | 6.90 | 4.99 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$5203493090 |
| Number of Portfolio Holdings | &nbsp;&nbsp;237 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$11346869 |
| 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 July 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Financials | 19.4% |
| Industrials | 14.4% |
| Health Care | 13.3% |
| Consumer Staples | 12.5% |
| Communication Services | 10.2% |
| Utilities | 8.5% |
| Consumer Discretionary | 5.8% |
| Information Technology | 5.3% |
| Energy | 5.2% |
| Real Estate | 3.1% |
| Materials | 2.3% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| Japan | 26.4% |
| Switzerland | 11.6% |
| United Kingdom | 9.6% |
| France | 7.1% |
| Hong Kong | 6.2% |
| Germany | 5.9% |
| Singapore | 5.6% |
| Spain | 4.6% |
| Netherlands | 4.0% |
| Australia | 3.8% |
| Other<sup>#</sup> | 15.2% |

---

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

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

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

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

![TSR - BLK iShares Logo Footer](g68177images_5227.jpg)

iShares MSCI EAFE Min Vol Factor ETF

Annual Shareholder Report — July 31, 2025

EFAV-07/25-AR

![TSR - BLK iShares Logo](g68177images_5226.jpg)

### iShares MSCI EAFE Small-Cap ETF

### SCZ \| NASDAQ

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

------

This annual shareholder report contains important information about iShares MSCI EAFE Small-Cap ETF (the "Fund") for the period of August 1, 2024 to July 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 EAFE Small-Cap ETF | $43 | 0.40% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 14.80%. 

* For the same period, the MSCI ACWI ex USA Index (Net) returned 14.73% and the MSCI EAFE Small Cap Index (Net) returned 15.76%. 

What contributed to performance?

Japanese small-cap stocks were among the largest contributors to the Fund's return during the reporting period. The country benefited from continued stock buybacks and mild inflation supporting wage gains and consumer confidence. A trade agreement between the U.S. and Japan announced late in the reporting period further boosted equities, as the lower-than-expected tariffs removed a major uncertainty on the broader industrial sector. The machinery segment was further supported by increased demand and efforts to integrate advanced technology. Meanwhile, consumer discretionary stocks benefited from strong domestic demand. Despite ongoing tensions, Israeli stocks gained, driven largely by foreign investment flows. In particular, financial firms experienced positive trends. Also contributing were financial stocks in the United Kingdom. Banks benefited from strong balance sheets and robust performance from wealth and asset management units, while capital markets firms were aided by sustained investment income and fee growth in wealth and asset management.

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: August 1, 2015 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g68177chartimages_6195482.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 14.80% | 8.34% | 6.25% |
| MSCI ACWI ex USA Index (Net) | 14.73 | 9.11 | 6.12 |
| MSCI EAFE Small Cap Index (Net) | 15.76 | 8.54 | 6.41 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$10165563522 |
| Number of Portfolio Holdings | &nbsp;&nbsp;2012 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$36346182 |
| Portfolio Turnover Rate | &nbsp;&nbsp;18% |

---

 **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 July 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Industrials | 24.0% |
| Financials | 13.1% |
| Consumer Discretionary | 12.9% |
| Real Estate | 11.2% |
| Materials | 9.2% |
| Information Technology | 8.9% |
| Health Care | 5.6% |
| Consumer Staples | 5.5% |
| Communication Services | 4.4% |
| Energy | 2.8% |
| Utilities | 2.4% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Japan | 35.4% |
| United Kingdom | 13.3% |
| Australia | 10.1% |
| Sweden | 5.2% |
| Switzerland | 5.0% |
| Germany | 4.3% |
| Israel | 4.1% |
| France | 3.6% |
| Italy | 3.3% |
| Norway | 2.1% |
| 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>

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

Effective December 11, 2024, the investment management agreement was amended to disclose the breakpoint fees to the sixth decimal place.

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

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

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

![TSR - BLK iShares Logo Footer](g68177images_5227.jpg)

iShares MSCI EAFE Small-Cap ETF

Annual Shareholder Report — July 31, 2025

SCZ-07/25-AR

![TSR - BLK iShares Logo](g68177images_5226.jpg)

### iShares MSCI EAFE Value ETF

### EFV \| Cboe BZX Exchange

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

------

This annual shareholder report contains important information about iShares MSCI EAFE Value ETF (the "Fund") for the period of August 1, 2024 to July 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 EAFE Value ETF | $34 | 0.31% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 18.42%. 

* For the same period, the MSCI ACWI ex USA Index returned (Net) 14.73% and the MSCI EAFE Value Index (Net) returned 18.98%. 

What contributed to performance?

During the reporting period, value-oriented companies within the financial sector contributed the most to the Fund's return. In Germany, stocks were driven by strong corporate earnings from global-facing companies. Insurance names were supported by growth across business lines, while diversified capital markets companies benefited from strong trading volume and solid investment banking revenue. In the United Kingdom, banks benefited from strong balance sheets, robust performance from investment banking units, and solid trading activity. Spanish banks were supported by strong domestic economic growth, favorable interest rate dynamics and improved banking sector fundamentals.

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: August 1, 2015 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g68177chartimages_6195552.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 18.42% | 14.19% | 5.77% |
| MSCI ACWI ex USA Index (Net) | 14.73 | 9.11 | 6.12 |
| MSCI EAFE Value Index (Net) | 18.98 | 14.31 | 5.90 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$25969608394 |
| Number of Portfolio Holdings | &nbsp;&nbsp;431 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$63833960 |
| Portfolio Turnover Rate | &nbsp;&nbsp;23% |

---

 **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 July 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 36.5% |
| Industrials | 10.5% |
| Consumer Staples | 8.4% |
| Health Care | 7.8% |
| Materials | 7.3% |
| Consumer Discretionary | 7.0% |
| Energy | 6.5% |
| Utilities | 5.5% |
| Communication Services | 5.2% |
| Real Estate | 3.2% |
| Information Technology | 2.1% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Japan | 21.4% |
| United Kingdom | 17.8% |
| Germany | 10.4% |
| France | 9.7% |
| Switzerland | 9.2% |
| Australia | 6.9% |
| Italy | 4.5% |
| Spain | 4.4% |
| Netherlands | 3.5% |
| Sweden | 2.8% |
| Other<sup>#</sup> | 9.4% |

---

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

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

Effective August 1, 2024, the investment management agreement was amended to add an additional breakpoint of 0.2394% per annum of net assets in excess of $18 billion.

#### 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](g68177images_5227.jpg)

iShares MSCI EAFE Value ETF

Annual Shareholder Report — July 31, 2025

EFV-07/25-AR

![TSR - BLK iShares Logo](g68177images_5226.jpg)

### iShares MSCI Europe Financials ETF

### EUFN \| NASDAQ

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

------

This annual shareholder report contains important information about iShares MSCI Europe Financials ETF (the "Fund") for the period of August 1, 2024 to July 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 Europe Financials ETF | $60 | 0.49% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 43.73%. 

* For the same period, the MSCI ACWI ex USA Index (Net) returned 14.73% and the MSCI Europe Financials Index (Net) returned 44.76%. 

What contributed to performance?

The largest contributor to the Fund's return were financials stocks from the United Kingdom. Banks benefited from strong balance sheets, robust performance from investment banking units, and solid trading activity. Capital markets firms were aided by broader market optimism, sustained investment income, and fee growth in wealth and asset management. Insurance firms also aided performance, supported by strong financial performance, strategic initiatives, and positive market sentiment. In Germany, diversified capital markets companies benefited from robust trading volume and solid investment banking revenue, while insurance names were supported by growth across business lines. Meanwhile, Italian banks benefited from strong fee and trading income, as well as increased wealth management capabilities.

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: August 1, 2015 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g68177chartimages_6195353.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 43.73% | 22.53% | 7.51% |
| MSCI ACWI ex USA Index (Net) | 14.73 | 9.11 | 6.12 |
| MSCI Europe Financials Index (Net) | 44.76 | 22.67 | 7.64 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$4084323616 |
| Number of Portfolio Holdings | &nbsp;&nbsp;87 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$12414005 |
| Portfolio Turnover Rate | &nbsp;&nbsp;5% |

---

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 July 31, 2025)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Banks | 52.2% |
| Insurance | 27.3% |
| Capital Markets | 14.9% |
| Financial Services | 5.6% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| United Kingdom | 23.1% |
| Germany | 14.4% |
| Switzerland | 12.9% |
| Italy | 10.5% |
| Spain | 10.2% |
| France | 9.4% |
| Sweden | 6.6% |
| Netherlands | 6.2% |
| Belgium | 1.6% |
| Denmark | 1.2% |
| Other<sup>#</sup> | 3.9% |

---

<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](g68177images_5227.jpg)

iShares MSCI Europe Financials ETF

Annual Shareholder Report — July 31, 2025

EUFN-07/25-AR

![TSR - BLK iShares Logo](g68177images_5226.jpg)

### iShares MSCI Europe Small-Cap ETF

### IEUS \| NASDAQ

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

------

This annual shareholder report contains important information about iShares MSCI Europe Small-Cap ETF (the "Fund") for the period of August 1, 2024 to July 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 Europe Small-Cap ETF | $44 | 0.41% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 14.32%. 

* For the same period, the MSCI ACWI ex USA Index (Net) returned 14.73% and the MSCI Europe Small Cap Index (Net) returned 15.09%. 

What contributed to performance?

The largest contributors to the Fund's return were financials stocks from the United Kingdom. Capital markets firms were aided by broader market optimism, solid net inflows, and robust fee income, while property and casualty insurers benefited from healthy underwriting results and strong performance across business lines. The industrials sector in both Germany and Switzerland benefited as companies rushed to export goods in anticipation of potential tariffs from the United States. Swiss capital goods providers were helped by growth in the data center industry, while in Germany capital goods firms gained on robust defense spending after the country passed legislation removing a borrowing restriction for military expenditures.

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: August 1, 2015 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g68177chartimages_6195539.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 14.32% | 8.72% | 6.23% |
| MSCI ACWI ex USA Index (Net) | 14.73 | 9.11 | 6.12 |
| MSCI Europe Small Cap Index (Net) | 15.09 | 8.85 | 6.30 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$147013500 |
| Number of Portfolio Holdings | &nbsp;&nbsp;838 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$401339 |
| Portfolio Turnover Rate | &nbsp;&nbsp;18% |

---

 **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 July 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Industrials | 26.1% |
| Financials | 16.2% |
| Consumer Discretionary | 11.8% |
| Real Estate | 9.1% |
| Health Care | 7.3% |
| Materials | 7.3% |
| Information Technology | 6.7% |
| Communication Services | 5.4% |
| Consumer Staples | 3.9% |
| Energy | 3.6% |
| Utilities<sup>\*</sup> | 2.6% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United Kingdom | 29.0% |
| Sweden | 11.2% |
| Switzerland | 10.8% |
| Germany | 9.4% |
| France | 7.8% |
| Italy | 7.1% |
| Norway | 4.6% |
| Denmark | 4.0% |
| Belgium | 3.3% |
| Spain | 3.2% |
| Other<sup>#</sup> | 9.6% |

---

---

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

---

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

#### 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](g68177images_5227.jpg)

iShares MSCI Europe Small-Cap ETF

Annual Shareholder Report — July 31, 2025

IEUS-07/25-AR

![TSR - BLK iShares Logo](g68177images_5226.jpg)

### iShares MSCI Intl Momentum Factor ETF

### IMTM \| NYSE Arca

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

------

This annual shareholder report contains important information about iShares MSCI Intl Momentum Factor ETF (the "Fund") for the period of August 1, 2024 to July 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 Intl Momentum Factor ETF | $32 | 0.30% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 16.16%. 

* For the same period, the MSCI ACWI ex USA Index (Net) returned 14.73% and the MSCI World ex USA Momentum Index (Net) returned 16.83%. 

What contributed to performance?

Stocks with momentum characteristics advanced across regions during the reporting period. Most notably, industrials stocks from Germany contributed to the Fund's return. This included a heavy electrical equipment maker that gained amid increased demand for electrification and grid technologies, fueled by the artificial intelligence boom and the growing power needs for data centers. Additionally, aerospace and defense names rose following a historic fiscal stimulus plan to increase defense spending. In Canada, equities advanced on the back of central bank rate cuts aimed at supporting growth, as did strong U.S. economic growth, Canada's largest trading partner. In the financials sector, banks advanced on solid earnings and steady dividends. Banks in the United Kingdom were supported by 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: August 1, 2015 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g68177chartimages_6195097.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 16.16% | 9.45% | 7.64% |
| MSCI ACWI ex USA Index (Net) | 14.73 | 9.11 | 6.12 |
| MSCI World ex USA Momentum Index (Net) | 16.83 | 9.79 | 7.92 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$3065285614 |
| Number of Portfolio Holdings | &nbsp;&nbsp;306 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$7436771 |
| Portfolio Turnover Rate | &nbsp;&nbsp;109% |

---

 **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 July 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 38.2% |
| Industrials | 17.3% |
| Communication Services | 8.5% |
| Information Technology | 6.9% |
| Consumer Staples | 6.7% |
| Health Care | 6.2% |
| Consumer Discretionary | 5.3% |
| Materials | 4.4% |
| Utilities | 4.1% |
| Energy | 1.7% |
| Real Estate | 0.7% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Germany | 16.8% |
| United Kingdom | 13.6% |
| Japan | 13.6% |
| Canada | 13.4% |
| Switzerland | 7.4% |
| France | 6.3% |
| Australia | 5.8% |
| Spain | 5.5% |
| Italy | 4.4% |
| Singapore | 2.7% |
| Other<sup>#</sup> | 10.5% |

---

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

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

#### 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](g68177images_5227.jpg)

iShares MSCI Intl Momentum Factor ETF

Annual Shareholder Report — July 31, 2025

IMTM-07/25-AR

![TSR - BLK iShares Logo](g68177images_5226.jpg)

### iShares MSCI Intl Quality Factor ETF

### IQLT \| NYSE Arca

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

------

This annual shareholder report contains important information about iShares MSCI Intl Quality Factor ETF (the "Fund") for the period of August 1, 2024 to July 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 Intl Quality Factor ETF | $31 | 0.30% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 7.50%. 

* For the same period, the MSCI ACWI ex USA Index (Net) returned 14.73% and the MSCI World ex USA Sector Neutral Quality Index (Net) returned 8.51%. 

What contributed to performance?

Stocks with quality characteristics advanced across several regions during the reporting period, particularly in the insurance segment, supported by their relatively stable cash flows and attractive dividends amid heightened market volatility. In Germany, a large multi-line insurance firm gained due to increased business volume, strength across business segments, and a robust dividend policy. Meanwhile, reinsurance companies, which help primary insurers manage risk by covering large or catastrophic losses, experienced strong operational performance. In the United Kingdom, companies in the financials space benefited from strong balance sheets, robust performance from investment banking units, and solid trading activity. Insurance and reinsurance firms from Switzerland posted solid gains across business lines, strong underwriting margins, and attractive dividend policies.

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: August 1, 2015 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g68177chartimages_6195052.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 7.50% | 9.14% | 6.99% |
| MSCI ACWI ex USA Index (Net) | 14.73 | 9.11 | 6.12 |
| MSCI World ex USA Sector Neutral Quality Index (Net) | 8.51 | 9.37 | 7.19 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$11645834967 |
| Number of Portfolio Holdings | &nbsp;&nbsp;308 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$27204826 |
| Portfolio Turnover Rate | &nbsp;&nbsp;20% |

---

 **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 July 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 25.6% |
| Industrials | 18.2% |
| Health Care | 9.6% |
| Consumer Discretionary | 8.9% |
| Information Technology | 8.7% |
| Consumer Staples | 7.5% |
| Materials | 6.5% |
| Energy | 5.1% |
| Communication Services | 4.7% |
| Utilities | 3.4% |
| Real Estate | 1.8% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United Kingdom | 17.8% |
| Switzerland | 14.7% |
| Japan | 12.8% |
| France | 7.9% |
| Canada | 7.4% |
| Germany | 7.3% |
| Netherlands | 6.8% |
| Australia | 5.6% |
| Sweden | 3.5% |
| Hong Kong | 2.8% |
| Other<sup>#</sup> | 13.4% |

---

<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](g68177images_5227.jpg)

iShares MSCI Intl Quality Factor ETF

Annual Shareholder Report — July 31, 2025

IQLT-07/25-AR

![TSR - BLK iShares Logo](g68177images_5226.jpg)

### iShares MSCI Intl Value Factor ETF

### IVLU \| NYSE Arca

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

------

This annual shareholder report contains important information about iShares MSCI Intl Value Factor ETF (the "Fund") for the period of August 1, 2024 to July 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 Intl Value Factor ETF | $34 | 0.31% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 19.49%. 

* For the same period, the MSCI ACWI ex USA Index (Net) returned 14.73% and the MSCI World ex USA Enhanced Value Index (Net) returned 19.83%. 

What contributed to performance?

During the reporting period, stocks with value characteristics contributed to the Fund's return. In the United Kingdom, diversified banks were supported by strong balance sheets, robust performance from investment banking units, and solid trading activity. In the consumer staples sector, tobacco companies gained due to their attractive dividend yields and as they diversified their product lines. Industrials stocks from Germany also contributed to the Fund's return, including a heavy electrical equipment maker that gained amid increased demand for its electrification and grid technologies, fueled by the artificial intelligence boom and the growing power needs for data centers. Additionally, a diversified capital markets company benefited from revenue growth across its business units and operational efficiency improvements. The French financials sector also contributed, helped by increased distributions to shareholders, strong trading activity, and solid investment banking revenue.

What detracted from performance?

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

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

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

Initial investment of $10,000

![Fund Performance - Growth of 10K](g68177chartimages_6194919.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 19.49% | 15.80% | 6.29% |
| MSCI ACWI ex USA Index (Net) | 14.73 | 9.11 | 6.12 |
| MSCI World ex USA Enhanced Value Index (Net) | 19.83 | 16.01 | 6.40 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$2346703745 |
| Number of Portfolio Holdings | &nbsp;&nbsp;356 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$5797193 |
| Portfolio Turnover Rate | &nbsp;&nbsp;16% |

---

 **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 July 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 26.3% |
| Industrials | 18.0% |
| Health Care | 9.8% |
| Consumer Discretionary | 8.8% |
| Consumer Staples | 8.0% |
| Information Technology | 7.9% |
| Materials | 6.4% |
| Energy | 4.9% |
| Communication Services | 4.7% |
| Utilities | 3.5% |
| Real Estate | 1.7% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Japan | 29.6% |
| United Kingdom | 16.4% |
| Germany | 11.7% |
| France | 11.5% |
| Spain | 4.3% |
| Switzerland | 4.0% |
| Italy | 3.9% |
| Canada | 3.1% |
| Netherlands | 2.9% |
| Hong Kong | 2.4% |
| Other<sup>#</sup> | 10.2% |

---

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

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

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

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

![TSR - BLK iShares Logo Footer](g68177images_5227.jpg)

iShares MSCI Intl Value Factor ETF

Annual Shareholder Report — July 31, 2025

IVLU-07/25-AR

![TSR - BLK iShares Logo](g68177images_5226.jpg)

### iShares MSCI Kokusai ETF

### TOK \| NYSE Arca

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

------

This annual shareholder report contains important information about iShares MSCI Kokusai ETF (the "Fund") for the period of August 1, 2024 to July 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 Kokusai ETF | $27 | 0.25% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 16.27%. 

* For the same period, the MSCI All Country World Index (Net) returned 15.87% and the MSCI Kokusai Index (Net) returned 16.31%. 

What contributed to performance?

Information technology stocks in the United States were the largest drivers of the Fund's return during the reporting period. Semiconductors and semiconductor equipment stocks were buoyed by unprecedented demand for artificial intelligence ("AI") and generative AI, data center expansions, and continued innovation in chips and network solutions. Further, systems software firms benefited from strong growth in their respective cloud businesses and increasing adoption of AI technologies. U.S. financial services firms benefited from resilient equity markets, recovering investor sentiment, rising assets under management, and high trading volumes. Communications firms, particularly those in the interactive media and services segment, were supported by solid digital advertising revenue growth fueled by AI investments that improved ad targeting and performance.

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 political upheaval. Managed healthcare firms faced additional challenges due to rising utilization and medical costs, as well as changes in reimbursement levels.

*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: August 1, 2015 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g68177chartimages_6195469.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 16.27% | 14.39% | 11.24% |
| MSCI All Country World Index (Net) | 15.87 | 12.79 | 10.05 |
| MSCI Kokusai Index (Net) | 16.31 | 14.11 | 10.98 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$223665278 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1143 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$556283 |
| Portfolio Turnover Rate | &nbsp;&nbsp;3% |

---

**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 July 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Information Technology | 27.6% |
| Financials | 17.0% |
| Industrials | 10.7% |
| Consumer Discretionary | 9.7% |
| Health Care | 9.2% |
| Communication Services | 8.5% |
| Consumer Staples | 5.8% |
| Energy | 3.7% |
| Materials | 3.1% |
| Utilities | 2.7% |
| Real Estate | 2.0% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| United States | 76.8% |
| United Kingdom | 3.8% |
| Canada | 3.4% |
| France | 2.9% |
| Germany | 2.6% |
| Switzerland | 2.4% |
| Australia | 1.8% |
| Netherlands | 1.1% |
| Spain | 0.9% |
| Sweden | 0.8% |
| Other<sup>#</sup> | 3.5% |

---

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

#### Material Fund Changes
This is a summary of certain changes to the Fund since July 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after July 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](g68177images_5227.jpg)

iShares MSCI Kokusai ETF

Annual Shareholder Report — July 31, 2025

TOK-07/25-AR

![TSR - BLK iShares Logo](g68177images_5226.jpg)

### iShares Neuroscience and Healthcare ETF

### IBRN \| NYSE Arca

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

------

This annual shareholder report contains important information about iShares Neuroscience and Healthcare ETF (the "Fund") for the period of August 1, 2024 to July 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 Neuroscience and Healthcare ETF | $45 | 0.47% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned (8.93)%. 

* For the same period, the MSCI All Country World Index (Net) returned 15.87% and the NYSE FactSet Global Neuro Biopharma and MedTech Index (Net) returned (8.48)%. 

What contributed to performance?

A Swedish company that provides communication solutions for people with disabilities was among the leading contributors to the Fund's return during the reporting period. The firm benefited from attractive acquisitions, technology developments, and strong product launches, including an iPad-based speech generating device for conditions such as autism. Additionally, a Belgian biotechnology company specializing in autoimmune disease treatments climbed following progress in its clinical pipeline and a key drug approval.

What detracted from performance?

U.S. biotechnology stocks detracted the most from the Fund's return. During the reporting period, the sector faced increasing challenges amid steep funding cuts, abrupt leadership changes at the Food and Drug Administration ("FDA"), and policy upheaval. Generally, companies involved in gene therapy faltered due to decreased funding. In addition, a company engineering genetic solutions for rare diseases plummeted following the deaths of several patients linked to their gene therapy, causing a pause in clinical trials. Mixed clinical trial data, regulatory delays, and the possibility of a securities investigation pushed a company developing therapies for genetically driven, neuromuscular diseases lower. In the pharmaceuticals segment, several companies faltered due to failed clinical trials and requests for additional information from the FDA, which signifies a delay in the approval process.

 *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: August 24, 2022 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g68177chartimages_6194754.jpg)

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

---

| | | |
|:---|:---|:---|
| **Average annual total returns** |  |  |
|  | *1 Year* | *Since Fund<br> Inception* |
| Fund NAV | (8.93)% | (2.52)% |
| MSCI All Country World Index (Net) | 15.87 | 15.74 |
| NYSE FactSet Global Neuro Biopharma and MedTech Index (Net) | (8.48) | (2.30) |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$3498883 |
| Number of Portfolio Holdings | &nbsp;&nbsp;54 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$17227 |
| Portfolio Turnover Rate | &nbsp;&nbsp;52% |

---

The inception date of the Fund was August 24, 2022.

 **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 July 31, 2025)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Biotechnology | 66.9% |
| Pharmaceuticals | 24.3% |
| Health Care Equipment & Supplies | 5.9% |
| Technology Hardware, Storage & Peripherals | 2.9% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 74.4% |
| Sweden | 4.9% |
| Netherlands | 4.7% |
| South Korea | 4.3% |
| Denmark | 3.2% |
| Australia | 2.8% |
| Japan | 1.8% |
| Switzerland | 1.5% |
| France | 0.9% |
| China | 0.9% |
| Canada | 0.6% |

---

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

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

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

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

![TSR - BLK iShares Logo Footer](g68177images_5227.jpg)

iShares Neuroscience and Healthcare ETF

Annual Shareholder Report — July 31, 2025

IBRN-07/25-AR

![TSR - BLK iShares Logo](g68177images_5226.jpg)

### iShares Self-Driving EV and Tech ETF

### IDRV \| NYSE Arca

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

------

This annual shareholder report contains important information about iShares Self-Driving EV and Tech ETF (the "Fund") for the period of August 1, 2024 to July 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 Self-Driving EV and Tech ETF | $51 | 0.48% |

---

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 13.73%. 

* For the same period, the MSCI All Country World Index (Net) returned 15.87% and the NYSE FactSet Global Autonomous Driving and Electric Vehicle Index (Net) returned 13.66%. 

What contributed to performance?

Electric vehicle ("EV") manufacturers in China were the leading contributors to the Fund's performance during the reporting period. The country's EV market has seen significant strength driven by government policies, technological advancements, and increasing consumer demand. Subsidies, tax breaks, and investment in charging infrastructure have boosted both production and sales. Furthermore, innovative models, advancements in battery technology and competitive pricing have made EVs more accessible and affordable. An American multinational automotive and clean energy company benefited from the company's progress toward a self-driving taxi and as the company's CEO refocused his energies on the business. In Korea, an automobile manufacturer also contributed after experiencing a growth in sales due to increased demand for hybrid and electric vehicles.

What detracted from performance?

An Australian miner that is a leading lithium producer detracted from the Fund's return during the reporting period. Lithium is crucial for EVs, as it offers high-energy density, lightweight design, and a long lifespan. Prices of the critical mineral have fallen sharply due to oversupply and slowing demand, sending shares of the miner lower. Meanwhile, in Japan, automobile and component companies were pressured by geopolitical tensions, the impact of U.S. tariffs, and the significant appreciation of the yen.

 *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 16, 2019 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g68177chartimages_6194741.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 | 13.73% | 3.85% | 5.99% |
| MSCI All Country World Index (Net) | 15.87 | 12.79 | 11.45 |
| NYSE FactSet Global Autonomous Driving and Electric Vehicle Index (Net) | 13.66 | 3.58 | 5.79 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$150551745 |
| Number of Portfolio Holdings | &nbsp;&nbsp;50 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$776379 |
| Portfolio Turnover Rate | &nbsp;&nbsp;51% |

---

The inception date of the Fund was April 16, 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 July 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Consumer Discretionary | 63.7% |
| Materials | 15.9% |
| Industrials | 11.4% |
| Information Technology | 9.0% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 31.8% |
| China | 23.2% |
| South Korea | 16.9% |
| Germany | 9.8% |
| France | 3.5% |
| Chile | 3.4% |
| Switzerland | 2.8% |
| United Kingdom | 2.0% |
| Australia | 1.9% |
| Japan | 1.4% |
| Other<sup>#</sup> | 3.3% |

---

<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., ICE Data Indices, LLC and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g68177images_5227.jpg)

iShares Self-Driving EV and Tech ETF

Annual Shareholder Report — July 31, 2025

IDRV-07/25-AR

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&nbsp;&nbsp;&nbsp;&nbsp;&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-six series of the registrant for which the fiscal year-end is July 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;&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 $624,000 for the fiscal year ended July 31, 2024 and $577,000 for the fiscal year ended July 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&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 July 31, 2024 and July 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;&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 $349,200 for the fiscal year ended July 31, 2024 and $349,200 for the fiscal year ended July 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;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u> – There were no other fees billed in each of the fiscal years ended July 31, 2024 and July 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) Audit Committee Pre-Approval Policies and Procedures:

The registrant's audit committee charter, as amended, provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the principal accountant to annually audit and provide their opinion on the registrant's financial statements. The audit committee must also approve, prior to appointment, the engagement of the principal accountant to provide non-audit services to the registrant or to any entity controlling, controlled by or under common control with the registrant's investment adviser ("Adviser Affiliate") that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&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 $349,200 for the fiscal year ended July 31, 2024 and $349,200 for the fiscal year ended July 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable

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

------

Item 6 – Investments

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;(b) The registrant's Financial Highlights are attached herewith.

------

July 31, 2025

![](g68177img5d6b58bd1.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 China Large-Cap ETF \| FXI \| NYSE Arca |
| • iShares MSCI China A ETF \| CNYA \| Cboe BZX Exchange |

---

------

**Table of Contents**

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

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_24324206-5c1d-4698-9386-517225e73202_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_24324206-5c1d-4698-9386-517225e73202_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 13 |
| [Statements of Operations](#xx_24324206-5c1d-4698-9386-517225e73202_FS-Footer-iSharesReport_2)  | &nbsp;&nbsp; 14 |
| [Statements of Changes in Net Assets](#xx_24324206-5c1d-4698-9386-517225e73202_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 15 |
| [Financial Highlights](#xx_24324206-5c1d-4698-9386-517225e73202_FS-Footer-iSharesReport_4)  | &nbsp;&nbsp; 16 |
| [Notes to Financial Statements](#xx_24324206-5c1d-4698-9386-517225e73202_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 18 |
| [Report of Independent Registered Public Accounting Firm](#xx_24324206-5c1d-4698-9386-517225e73202_opinion-Footer-iSharesReport-124_1)  | &nbsp;&nbsp; 26 |
| [Important Tax Information](#xx_24324206-5c1d-4698-9386-517225e73202_Tax-annual-Footer-iSharesReport_1)  | &nbsp;&nbsp; 27 |
| [Additional Information](#xx_24324206-5c1d-4698-9386-517225e73202_SAI-Footer-iSharesReport-124_1)  | &nbsp;&nbsp; 28 |
| [Board Review and Approval of Investment Advisory Contract](#xx_24324206-5c1d-4698-9386-517225e73202_15Cheader-Footer-iSharesReport-124_1)  | &nbsp;&nbsp; 30 |
| [Glossary of Terms Used in these Financial Statements](#xx_24324206-5c1d-4698-9386-517225e73202_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 35 |

---

------

Schedule of Investments

July 31, 2025

**iShares® China Large-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 — 0.1%** | **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** |
| SF Holding Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 984200 | $5471427 |
| **Automobiles — 5.5%** | **Automobiles — 5.5%** | **Automobiles — 5.5%** |
| BYD Co. Ltd., Class H | &nbsp;&nbsp; 16412000 | 239629132 |
| Great Wall Motor Co. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 12886500 | 21029839 |
| Li Auto Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 6823000 | 89324707 |
|  |  | 349983678 |
| **Banks — 20.4%** | **Banks — 20.4%** | **Banks — 20.4%** |
| Agricultural Bank of China Ltd., Class H | &nbsp;&nbsp; 174068000 | 114034741 |
| Bank of China Ltd., Class H | &nbsp;&nbsp; 383772000 | 221518283 |
| Bank of Communications Co. Ltd., Class H | &nbsp;&nbsp; 41244200 | 37155555 |
| China CITIC Bank Corp. Ltd., Class H | &nbsp;&nbsp; 50458000 | 46881607 |
| China Construction Bank Corp., Class H | &nbsp;&nbsp; 383057320 | 391792247 |
| China Everbright Bank Co. Ltd., Class H | &nbsp;&nbsp; 17623000 | 8281306 |
| China Merchants Bank Co. Ltd., Class H | &nbsp;&nbsp; 21429438 | 139058678 |
| China Minsheng Banking Corp. Ltd., Class H | &nbsp;&nbsp; 36730100 | 22107426 |
| Industrial & Commercial Bank of China Ltd., <br> Class H<br>| &nbsp;&nbsp; 354809995 | 271864186 |
| Postal Savings Bank of China Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 53461000 | 37765402 |
|  |  | 1290459431 |
| **Beverages — 0.9%** | **Beverages — 0.9%** | **Beverages — 0.9%** |
| Nongfu Spring Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 10140600 | 58588781 |
| **Biotechnology — 1.8%** | **Biotechnology — 1.8%** | **Biotechnology — 1.8%** |
| BeOne Medicines Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 4930200 | 112085195 |
| **Broadline Retail — 12.5%** | **Broadline Retail — 12.5%** | **Broadline Retail — 12.5%** |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 38649000 | 581078646 |
| JD.com Inc., Class A | &nbsp;&nbsp; 13436150 | 211779693 |
|  |  | 792858339 |
| **Capital Markets — 1.2%** | **Capital Markets — 1.2%** | **Capital Markets — 1.2%** |
| CITIC Securities Co. Ltd., Class H | &nbsp;&nbsp; 9001200 | 31626549 |
| CSC Financial Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 4610500 | 7369194 |
| Guotai Haitong Securities Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 16055000 | 34658393 |
|  |  | 73654136 |
| **Communications Equipment — 0.2%** | **Communications Equipment — 0.2%** | **Communications Equipment — 0.2%** |
| ZTE Corp., Class H<sup>(a)</sup> | &nbsp;&nbsp; 4278200 | 13498635 |
| **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** |
| China Tower Corp. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 26447600 | 37008521 |
| **Entertainment — 3.7%** | **Entertainment — 3.7%** | **Entertainment — 3.7%** |
| NetEase Inc. | &nbsp;&nbsp; 9040900 | 236349371 |
| **Hotels, Restaurants & Leisure — 8.6%** | **Hotels, Restaurants & Leisure — 8.6%** | **Hotels, Restaurants & Leisure — 8.6%** |
| Meituan, Class B<sup>(b)(c)</sup> | &nbsp;&nbsp; 21204720 | 327136647 |
| Trip.com Group Ltd. | &nbsp;&nbsp; 3514950 | 218216673 |
|  |  | 545353320 |
| **Household Durables — 1.2%** | **Household Durables — 1.2%** | **Household Durables — 1.2%** |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 13122600 | 41341130 |
| Midea Group Co. Ltd., Class H | &nbsp;&nbsp; 3454600 | 33472377 |
|  |  | 74813507 |
| **Independent Power and Renewable Electricity Producers — 0.3%** | **Independent Power and Renewable Electricity Producers — 0.3%** | **Independent Power and Renewable Electricity Producers — 0.3%** |
| CGN Power Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 58431000 | 21950897 |
| **Industrial Conglomerates — 0.7%** | **Industrial Conglomerates — 0.7%** | **Industrial Conglomerates — 0.7%** |
| CITIC Ltd. | &nbsp;&nbsp; 27995000 | 41997346 |
| **Insurance — 8.6%** | **Insurance — 8.6%** | **Insurance — 8.6%** |
| China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 42138000 | 121720224 |
| China Pacific Insurance Group Co. Ltd., Class H | &nbsp;&nbsp; 14597800 | 58791414 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| People's Insurance Co. Group of China Ltd. (The), <br> Class H<br>| &nbsp;&nbsp; 49464000 | $38001603 |
| PICC Property & Casualty Co. Ltd., Class H | &nbsp;&nbsp; 39072000 | 81097127 |
| Ping An Insurance Group Co. of China Ltd., Class H | &nbsp;&nbsp; 35503000 | 243740903 |
|  |  | 543351271 |
| **Interactive Media & Services — 14.0%** | **Interactive Media & Services — 14.0%** | **Interactive Media & Services — 14.0%** |
| Baidu Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 12387150 | 135531947 |
| Kuaishou Technology<sup>(b)(c)</sup> | &nbsp;&nbsp; 15747000 | 153754515 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 8487600 | 594235527 |
|  |  | 883521989 |
| **Life Sciences Tools & Services — 0.3%** | **Life Sciences Tools & Services — 0.3%** | **Life Sciences Tools & Services — 0.3%** |
| WuXi AppTec Co. Ltd., Class H<sup>(a)(c)</sup> | &nbsp;&nbsp; 1686552 | 22497286 |
| **Machinery — 0.3%** | **Machinery — 0.3%** | **Machinery — 0.3%** |
| CRRC Corp. Ltd., Class H | &nbsp;&nbsp; 23738000 | 16449427 |
| **Marine Transportation — 0.5%** | **Marine Transportation — 0.5%** | **Marine Transportation — 0.5%** |
| Cosco Shipping Holdings Co. Ltd., Class H | &nbsp;&nbsp; 15802600 | 28886207 |
| **Metals & Mining — 1.8%** | **Metals & Mining — 1.8%** | **Metals & Mining — 1.8%** |
| CMOC Group Ltd., Class H | &nbsp;&nbsp; 20595000 | 23378061 |
| Zijin Mining Group Co. Ltd., Class H | &nbsp;&nbsp; 33800000 | 89626065 |
|  |  | 113004126 |
| **Oil, Gas & Consumable Fuels — 4.3%** | **Oil, Gas & Consumable Fuels — 4.3%** | **Oil, Gas & Consumable Fuels — 4.3%** |
| China Petroleum & Chemical Corp., Class H | &nbsp;&nbsp; 130282600 | 76452734 |
| China Shenhua Energy Co. Ltd., Class H | &nbsp;&nbsp; 19126000 | 82894925 |
| PetroChina Co. Ltd., Class H | &nbsp;&nbsp; 117828000 | 115145199 |
|  |  | 274492858 |
| **Real Estate Management & Development — 0.9%** | **Real Estate Management & Development — 0.9%** | **Real Estate Management & Development — 0.9%** |
| China Resources Land Ltd. | &nbsp;&nbsp; 16333333 | 59893796 |
| **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** |
| Pop Mart International Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 3769200 | 117575918 |
| **Technology Hardware, Storage & Peripherals — 7.7%** | **Technology Hardware, Storage & Peripherals — 7.7%** | **Technology Hardware, Storage & Peripherals — 7.7%** |
| Xiaomi Corp., Class B<sup>(b)(c)</sup> | &nbsp;&nbsp; 72494600 | 487740067 |
| **Textiles, Apparel & Luxury Goods — 1.3%** | **Textiles, Apparel & Luxury Goods — 1.3%** | **Textiles, Apparel & Luxury Goods — 1.3%** |
| ANTA Sports Products Ltd. | &nbsp;&nbsp; 7041000 | 80817190 |
| **Total Long-Term Investments — 99.3%** <br>**(Cost: $5,929,574,523)** | **Total Long-Term Investments — 99.3%** <br>**(Cost: $5,929,574,523)** | 6282302719 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.6%** | **Money Market Funds — 0.6%** | **Money Market Funds — 0.6%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 33089438 | 33102674 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.30%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 6930000 | 6930000 |
| **Total Short-Term Securities — 0.6%** <br>**(Cost: $40,032,493)** | **Total Short-Term Securities — 0.6%** <br>**(Cost: $40,032,493)** | 40032674 |
| **Total Investments — 99.9%** <br>**(Cost: $5,969,607,016)** | **Total Investments — 99.9%** <br>**(Cost: $5,969,607,016)** | 6322335393 |
| **Other Assets Less Liabilities — 0.1%** | **Other Assets Less Liabilities — 0.1%** | 3182162 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $6325517555 |

---

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

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

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

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

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® China Large-Cap ETF**

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

<sup>(d)</sup> Affiliate of the Fund. <br> <sup>(e)</sup> Annualized 7-day yield as of period end.

&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 July 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>*07/31/24*<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>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<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>| $11232848<br> $21880168 <br><sup>(a)</sup><br>| $— | $(8832)<br>| $(1510)<br>| $33102674 | 33089438 | $1005393 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| 4100000<br> 2830000 <br><sup>(a)</sup><br>|  |  |  | 6930000 | 6930000 | 204760 |  |
|  |  |  | $(8832) | $(1510) | $40032674 |  | $1210153 | $— |

---

&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 China H50 Index | 1217 | 08/28/25 | &nbsp;&nbsp; $41511 | $(1439004) |

---

**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; $1439004 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1439004 |

---

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

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts 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 July 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; $9943265 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9943265 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1562810)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1562810)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® China Large-Cap ETF**

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $27865308 |

---

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; $6282302719 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6282302719 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 40032674 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 40032674 |
|  | &nbsp;&nbsp; $40032674 | &nbsp;&nbsp; $6282302719 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6322335393 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1439004)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1439004)<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

July 31, 2025

**iShares® MSCI China A ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 0.6%** | **Aerospace & Defense — 0.6%** | **Aerospace & Defense — 0.6%** |
| AECC Aviation Power Co. Ltd., Class A | &nbsp;&nbsp; 93598 | $549462 |
| Avicopter PLC, Class A | &nbsp;&nbsp; 30399 | 166639 |
| Kuang-Chi Technologies Co. Ltd., Class A | &nbsp;&nbsp; 67040 | 378852 |
|  |  | 1094953 |
| **Air Freight & Logistics — 0.7%** | **Air Freight & Logistics — 0.7%** | **Air Freight & Logistics — 0.7%** |
| SF Holding Co. Ltd., Class A | &nbsp;&nbsp; 173415 | 1104232 |
| YTO Express Group Co. Ltd., Class A | &nbsp;&nbsp; 122744 | 250351 |
|  |  | 1354583 |
| **Automobile Components — 1.1%** | **Automobile Components — 1.1%** | **Automobile Components — 1.1%** |
| Bethel Automotive Safety Systems Co. Ltd., Class A | &nbsp;&nbsp; 21920 | 142732 |
| Changzhou Xingyu Automotive Lighting Systems Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 8697 | 142743 |
| Fuyao Glass Industry Group Co. Ltd., Class A | &nbsp;&nbsp; 66500 | 503344 |
| Huayu Automotive Systems Co. Ltd., Class A | &nbsp;&nbsp; 107200 | 260714 |
| Huizhou Desay Sv Automotive Co. Ltd., Class A | &nbsp;&nbsp; 20400 | 286462 |
| Ningbo Tuopu Group Co. Ltd., Class A | &nbsp;&nbsp; 61137 | 387815 |
| Sailun Group Co. Ltd., Class A | &nbsp;&nbsp; 119700 | 213466 |
| Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A | &nbsp;&nbsp; 79800 | 182481 |
|  |  | 2119757 |
| **Automobiles — 3.1%** | **Automobiles — 3.1%** | **Automobiles — 3.1%** |
| Anhui Jianghuai Automobile Group Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 79800 | 546548 |
| BAIC BluePark New Energy Technology Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 199500 | 223952 |
| BYD Co. Ltd., Class A | &nbsp;&nbsp; 191018 | 2770817 |
| Chongqing Changan Automobile Co. Ltd., Class A | &nbsp;&nbsp; 295638 | 526184 |
| Great Wall Motor Co. Ltd., Class A | &nbsp;&nbsp; 93163 | 278822 |
| Guangzhou Automobile Group Co. Ltd., Class A | &nbsp;&nbsp; 212800 | 222231 |
| SAIC Motor Corp. Ltd., Class A | &nbsp;&nbsp; 266806 | 633940 |
| Seres Group Co. Ltd., Class A | &nbsp;&nbsp; 58300 | 1022222 |
|  |  | 6224716 |
| **Banks — 14.4%** | **Banks — 14.4%** | **Banks — 14.4%** |
| Agricultural Bank of China Ltd., Class A | &nbsp;&nbsp; 3005800 | 2624878 |
| Bank of Beijing Co. Ltd., Class A | &nbsp;&nbsp; 739300 | 661092 |
| Bank of Changsha Co. Ltd., Class A | &nbsp;&nbsp; 146700 | 200836 |
| Bank of Chengdu Co. Ltd., Class A | &nbsp;&nbsp; 146577 | 375154 |
| Bank of China Ltd., Class A | &nbsp;&nbsp; 1396500 | 1074982 |
| Bank of Communications Co. Ltd., Class A | &nbsp;&nbsp; 1875302 | 1988444 |
| Bank of Hangzhou Co. Ltd., Class A | &nbsp;&nbsp; 226188 | 502949 |
| Bank of Jiangsu Co. Ltd., Class A | &nbsp;&nbsp; 651700 | 1020614 |
| Bank of Nanjing Co. Ltd., Class A | &nbsp;&nbsp; 387380 | 616343 |
| Bank of Ningbo Co. Ltd., Class A | &nbsp;&nbsp; 230221 | 888516 |
| Bank of Shanghai Co. Ltd., Class A | &nbsp;&nbsp; 505869 | 717355 |
| Bank of Suzhou Co. Ltd., Class A | &nbsp;&nbsp; 159600 | 188860 |
| China Construction Bank Corp., Class A | &nbsp;&nbsp; 744800 | 971644 |
| China Everbright Bank Co. Ltd., Class A | &nbsp;&nbsp; 1635900 | 918295 |
| China Merchants Bank Co. Ltd., Class A | &nbsp;&nbsp; 731502 | 4506531 |
| China Minsheng Banking Corp. Ltd., Class A | &nbsp;&nbsp; 1251480 | 847810 |
| China Zheshang Bank Co. Ltd., Class A | &nbsp;&nbsp; 758100 | 356136 |
| Chongqing Rural Commercial Bank Co. Ltd., Class A | &nbsp;&nbsp; 310030 | 291374 |
| CNPC Capital Co. Ltd., Class A | &nbsp;&nbsp; 292940 | 350458 |
| Huaxia Bank Co. Ltd., Class A | &nbsp;&nbsp; 465760 | 513121 |
| Industrial & Commercial Bank of China Ltd., Class A | &nbsp;&nbsp; 2212600 | 2318851 |
| Industrial Bank Co. Ltd., Class A | &nbsp;&nbsp; 731547 | 2293471 |
| Ping An Bank Co. Ltd., Class A | &nbsp;&nbsp; 678756 | 1150308 |
| Postal Savings Bank of China Co. Ltd., Class A | &nbsp;&nbsp; 1064000 | 846493 |
| Shanghai Pudong Development Bank Co. Ltd., Class A | &nbsp;&nbsp; 1034020 | 1834329 |
| Shanghai Rural Commercial Bank Co. Ltd., Class A | &nbsp;&nbsp; 345800 | 435913 |
|  |  | 28494757 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Beverages — 7.7%** | **Beverages — 7.7%** | **Beverages — 7.7%** |
| Anhui Gujing Distillery Co. Ltd., Class A | &nbsp;&nbsp; 14199 | $270989 |
| Anhui Yingjia Distillery Co. Ltd., Class A | &nbsp;&nbsp; 26600 | 151121 |
| Beijing Yanjing Brewery Co. Ltd., Class A | &nbsp;&nbsp; 93100 | 160283 |
| Chongqing Brewery Co. Ltd., Class A | &nbsp;&nbsp; 17295 | 132388 |
| Eastroc Beverage Group Co. Ltd., Class A | &nbsp;&nbsp; 17780 | 693252 |
| Jiangsu King's Luck Brewery JSC Ltd., Class A | &nbsp;&nbsp; 39940 | 217516 |
| Jiangsu Yanghe Distillery Co. Ltd., Class A | &nbsp;&nbsp; 53200 | 497086 |
| Kweichow Moutai Co. Ltd., Class A | &nbsp;&nbsp; 44089 | 8676586 |
| Luzhou Laojiao Co. Ltd., Class A | &nbsp;&nbsp; 53200 | 905451 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | &nbsp;&nbsp; 43841 | 1086750 |
| Tsingtao Brewery Co. Ltd., Class A | &nbsp;&nbsp; 26600 | 250077 |
| Wuliangye Yibin Co. Ltd., Class A | &nbsp;&nbsp; 136914 | 2297160 |
|  |  | 15338659 |
| **Biotechnology — 0.7%** | **Biotechnology — 0.7%** | **Biotechnology — 0.7%** |
| Beijing Tiantan Biological Products Corp. Ltd., Class A | &nbsp;&nbsp; 68060 | 188884 |
| Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 40877 | 331289 |
| Chongqing Zhifei Biological Products Co. Ltd., Class A | &nbsp;&nbsp; 84100 | 279246 |
| Hualan Biological Engineering Inc., Class A | &nbsp;&nbsp; 66552 | 152893 |
| Imeik Technology Development Co. Ltd., Class A | &nbsp;&nbsp; 9320 | 239025 |
| Shanghai RAAS Blood Products Co. Ltd., Class A | &nbsp;&nbsp; 239400 | 228682 |
|  |  | 1420019 |
| **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** |
| CCOOP Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 638400 | 203777 |
| **Building Products — 0.1%** | **Building Products — 0.1%** | **Building Products — 0.1%** |
| Beijing New Building Materials PLC, Class A | &nbsp;&nbsp; 54000 | 195105 |
| **Capital Markets — 7.5%** | **Capital Markets — 7.5%** | **Capital Markets — 7.5%** |
| BOC International China Co. Ltd., Class A | &nbsp;&nbsp; 93500 | 197103 |
| Caitong Securities Co. Ltd., Class A | &nbsp;&nbsp; 160051 | 179296 |
| Capital Securities Co. Ltd., Class A | &nbsp;&nbsp; 66500 | 183775 |
| Changjiang Securities Co. Ltd., Class A | &nbsp;&nbsp; 199900 | 203782 |
| China Galaxy Securities Co. Ltd., Class A | &nbsp;&nbsp; 252700 | 601002 |
| China Great Wall Securities Co. Ltd., Class A | &nbsp;&nbsp; 146700 | 178975 |
| China International Capital Corp. Ltd., Class A | &nbsp;&nbsp; 108000 | 540721 |
| China Merchants Securities Co. Ltd., Class A | &nbsp;&nbsp; 266607 | 659235 |
| CITIC Securities Co. Ltd., Class A | &nbsp;&nbsp; 426270 | 1711032 |
| CSC Financial Co. Ltd., Class A | &nbsp;&nbsp; 147139 | 520634 |
| Dongxing Securities Co. Ltd., Class A | &nbsp;&nbsp; 119739 | 184644 |
| East Money Information Co. Ltd., Class A | &nbsp;&nbsp; 553839 | 1777781 |
| Everbright Securities Co. Ltd., Class A | &nbsp;&nbsp; 133400 | 335557 |
| Founder Securities Co. Ltd., Class A | &nbsp;&nbsp; 292800 | 328710 |
| GF Securities Co. Ltd., Class A | &nbsp;&nbsp; 213200 | 566030 |
| Guolian Securities Co. Ltd., Class A | &nbsp;&nbsp; 120100 | 186356 |
| Guosen Securities Co. Ltd., Class A | &nbsp;&nbsp; 226100 | 415090 |
| Guotai Haitong Securities Co. Ltd. | &nbsp;&nbsp; 492145 | 1382147 |
| Guoyuan Securities Co. Ltd., Class A | &nbsp;&nbsp; 159644 | 187767 |
| Hithink RoyalFlush Information Network Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 18300 | 716375 |
| Huatai Securities Co. Ltd., Class A | &nbsp;&nbsp; 254300 | 705353 |
| Industrial Securities Co. Ltd., Class A | &nbsp;&nbsp; 310008 | 279084 |
| Nanjing Securities Co. Ltd., Class A | &nbsp;&nbsp; 133400 | 151979 |
| Orient Securities Co. Ltd., Class A | &nbsp;&nbsp; 260921 | 406214 |
| SDIC Capital Co. Ltd., Class A | &nbsp;&nbsp; 228500 | 239057 |
| Shenwan Hongyuan Group Co. Ltd., Class A | &nbsp;&nbsp; 787900 | 577727 |
| Sinolink Securities Co. Ltd., Class A | &nbsp;&nbsp; 133400 | 171466 |
| SooChow Securities Co. Ltd., Class A | &nbsp;&nbsp; 173260 | 229182 |
| Southwest Securities Co. Ltd., Class A | &nbsp;&nbsp; 239800 | 150565 |
| Tianfeng Securities Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 359100 | 263786 |
| Western Securities Co. Ltd., Class A | &nbsp;&nbsp; 160820 | 186413 |
| Zheshang Securities Co. Ltd., Class A | &nbsp;&nbsp; 160427 | 252266 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI China A ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
| Zhongtai Securities Co. Ltd., Class A | &nbsp;&nbsp; 239400 | $221196 |
|  |  | 14890300 |
| **Chemicals — 3.8%** | **Chemicals — 3.8%** | **Chemicals — 3.8%** |
| Ganfeng Lithium Group Co. Ltd., Class A | &nbsp;&nbsp; 58070 | 289216 |
| Guangzhou Tinci Materials Technology Co. Ltd., Class A | &nbsp;&nbsp; 66520 | 173707 |
| Hengli Petrochemical Co. Ltd., Class A | &nbsp;&nbsp; 253715 | 542822 |
| Hoshine Silicon Industry Co. Ltd., Class A | &nbsp;&nbsp; 26600 | 193959 |
| Huafon Chemical Co. Ltd., Class A | &nbsp;&nbsp; 173500 | 180329 |
| Inner Mongolia Junzheng Energy & Chemical Industry <br> Group Co. Ltd., Class A<br>| &nbsp;&nbsp; 305900 | 225989 |
| Jiangsu Eastern Shenghong Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 239400 | 296022 |
| Jiangsu Yoke Technology Co. Ltd., Class A | &nbsp;&nbsp; 13300 | 101489 |
| LB Group Co. Ltd., Class A | &nbsp;&nbsp; 80209 | 189248 |
| Meihua Holdings Group Co. Ltd., Class A | &nbsp;&nbsp; 106400 | 165879 |
| Ningxia Baofeng Energy Group Co. Ltd., Class A | &nbsp;&nbsp; 253300 | 545064 |
| Qinghai Salt Lake Industry Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 186250 | 465059 |
| Rongsheng Petrochemical Co. Ltd., Class A | &nbsp;&nbsp; 359101 | 454426 |
| Satellite Chemical Co. Ltd., Class A | &nbsp;&nbsp; 119777 | 322953 |
| Shandong Hualu Hengsheng Chemical Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 80660 | 267787 |
| Shanghai Putailai New Energy Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 75214 | 182356 |
| Tianqi Lithium Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 53200 | 281141 |
| Wanhua Chemical Group Co. Ltd., Class A | &nbsp;&nbsp; 115100 | 992271 |
| Yunnan Energy New Material Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 39915 | 163272 |
| Yunnan Yuntianhua Co. Ltd., Class A | &nbsp;&nbsp; 66500 | 226983 |
| Zangge Mining Co. Ltd., Class A | &nbsp;&nbsp; 56200 | 357394 |
| Zhejiang Juhua Co. Ltd., Class A | &nbsp;&nbsp; 93500 | 345997 |
| Zhejiang Longsheng Group Co. Ltd., Class A | &nbsp;&nbsp; 120100 | 176105 |
| Zhejiang NHU Co. Ltd., Class A | &nbsp;&nbsp; 106568 | 330614 |
|  |  | 7470082 |
| **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** |
| Shanghai M&G Stationery Inc., Class A | &nbsp;&nbsp; 39900 | 170191 |
| Zhejiang Weiming Environment Protection Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 66513 | 175443 |
|  |  | 345634 |
| **Communications Equipment — 1.4%** | **Communications Equipment — 1.4%** | **Communications Equipment — 1.4%** |
| Guangzhou Haige Communications Group Inc. Co., <br> Class A<br>| &nbsp;&nbsp; 93100 | 170535 |
| Hengtong Optic-Electric Co. Ltd., Class A | &nbsp;&nbsp; 86100 | 189790 |
| Suzhou TFC Optical Communication Co. Ltd., Class A | &nbsp;&nbsp; 29392 | 426674 |
| Yealink Network Technology Corp. Ltd., Class A | &nbsp;&nbsp; 39977 | 185390 |
| Zhongji Innolight Co. Ltd., Class A | &nbsp;&nbsp; 39943 | 1194852 |
| ZTE Corp., Class A | &nbsp;&nbsp; 140200 | 664569 |
|  |  | 2831810 |
| **Construction & Engineering — 1.7%** | **Construction & Engineering — 1.7%** | **Construction & Engineering — 1.7%** |
| China Energy Engineering Corp. Ltd., Class A | &nbsp;&nbsp; 1143800 | 410377 |
| China National Chemical Engineering Co. Ltd., Class A | &nbsp;&nbsp; 213010 | 235654 |
| China Railway Group Ltd., Class A | &nbsp;&nbsp; 719200 | 567017 |
| China State Construction Engineering Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1451300 | 1137709 |
| Metallurgical Corp. of China Ltd., Class A | &nbsp;&nbsp; 625100 | 262242 |
| Power Construction Corp. of China Ltd., Class A | &nbsp;&nbsp; 611800 | 578547 |
| Sichuan Road & Bridge Group Co. Ltd., Class A | &nbsp;&nbsp; 213200 | 245450 |
|  |  | 3436996 |
| **Construction Materials — 0.4%** | **Construction Materials — 0.4%** | **Construction Materials — 0.4%** |
| Anhui Conch Cement Co. Ltd., Class A | &nbsp;&nbsp; 146300 | 477374 |
| Beijing Oriental Yuhong Waterproof Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 42900 | 71532 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Construction Materials (continued)** | **Construction Materials (continued)** | **Construction Materials (continued)** |
| China Jushi Co. Ltd., Class A | &nbsp;&nbsp; 146650 | $251496 |
|  |  | 800402 |
| **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** |
| Yifeng Pharmacy Chain Co. Ltd., Class A | &nbsp;&nbsp; 40139 | 131681 |
| Yonghui Superstores Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 319200 | 207813 |
|  |  | 339494 |
| **Distributors — 0.3%** | **Distributors — 0.3%** | **Distributors — 0.3%** |
| Zhejiang China Commodities City Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 194600 | 573668 |
| **Electrical Equipment — 5.9%** | **Electrical Equipment — 5.9%** | **Electrical Equipment — 5.9%** |
| China XD Electric Co. Ltd., Class A | &nbsp;&nbsp; 186200 | 168961 |
| CNGR Advanced Material Co. Ltd., Class A | &nbsp;&nbsp; 39960 | 186383 |
| Contemporary Amperex Technology Co. Ltd., Class A | &nbsp;&nbsp; 153667 | 5611977 |
| Dongfang Electric Corp. Ltd., Class A | &nbsp;&nbsp; 106490 | 297574 |
| Eve Energy Co. Ltd., Class A | &nbsp;&nbsp; 66582 | 407263 |
| GEM Co. Ltd., Class A | &nbsp;&nbsp; 186296 | 166256 |
| Goldwind Science & Technology Co. Ltd., Class A | &nbsp;&nbsp; 133951 | 178867 |
| Goneo Group Co. Ltd., Class A | &nbsp;&nbsp; 26671 | 174180 |
| Gotion High-tech Co. Ltd., Class A | &nbsp;&nbsp; 68000 | 274993 |
| Jiangsu Zhongtian Technology Co. Ltd., Class A | &nbsp;&nbsp; 120700 | 231347 |
| NARI Technology Co. Ltd., Class A | &nbsp;&nbsp; 279788 | 848418 |
| Ningbo Deye Technology Co. Ltd., Class A | &nbsp;&nbsp; 32489 | 229842 |
| Ningbo Orient Wires & Cables Co. Ltd., Class A | &nbsp;&nbsp; 26600 | 174543 |
| Ningbo Sanxing Medical Electric Co. Ltd., Class A | &nbsp;&nbsp; 53600 | 166878 |
| Shanghai Electric Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 441350 | 476694 |
| Sieyuan Electric Co. Ltd., Class A | &nbsp;&nbsp; 27400 | 295940 |
| Sungrow Power Supply Co. Ltd., Class A | &nbsp;&nbsp; 73920 | 736015 |
| Sunwoda Electronic Co. Ltd., Class A | &nbsp;&nbsp; 66799 | 198728 |
| TBEA Co. Ltd., Class A | &nbsp;&nbsp; 172920 | 323680 |
| Zhejiang Chint Electrics Co. Ltd., Class A | &nbsp;&nbsp; 79800 | 251157 |
| Zhejiang Huayou Cobalt Co. Ltd., Class A | &nbsp;&nbsp; 57912 | 353613 |
|  |  | 11753309 |
| **Electronic Equipment, Instruments & Components — 6.6%** | **Electronic Equipment, Instruments & Components — 6.6%** | **Electronic Equipment, Instruments & Components — 6.6%** |
| Accelink Technologies Co. Ltd., Class A | &nbsp;&nbsp; 26600 | 190716 |
| Avary Holding Shenzhen Co. Ltd., Class A | &nbsp;&nbsp; 82800 | 605339 |
| BOE Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 1303428 | 729130 |
| Chaozhou Three-Circle Group Co. Ltd., Class A | &nbsp;&nbsp; 67100 | 307290 |
| China Railway Signal & Communication Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 266000 | 194798 |
| Eoptolink Technology Inc. Ltd., Class A | &nbsp;&nbsp; 34980 | 908426 |
| Everdisplay Optronics Shanghai Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 478800 | 169705 |
| Foxconn Industrial Internet Co. Ltd., Class A | &nbsp;&nbsp; 465506 | 2217955 |
| GoerTek Inc., Class A | &nbsp;&nbsp; 120504 | 381981 |
| Huagong Tech Co. Ltd., Class A | &nbsp;&nbsp; 39900 | 278305 |
| Lens Technology Co. Ltd., Class A | &nbsp;&nbsp; 173300 | 545060 |
| Lingyi iTech Guangdong Co., Class A | &nbsp;&nbsp; 241800 | 299912 |
| Luxshare Precision Industry Co. Ltd., Class A | &nbsp;&nbsp; 252968 | 1276944 |
| Maxscend Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 20556 | 211134 |
| OFILM Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 119700 | 186796 |
| Shanghai BOCHU Electronic Technology Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 8704 | 158094 |
| Shengyi Technology Co. Ltd., Class A | &nbsp;&nbsp; 79882 | 472601 |
| Shennan Circuits Co. Ltd., Class A | &nbsp;&nbsp; 24047 | 471677 |
| SUPCON Technology Co. Ltd., Class A | &nbsp;&nbsp; 26628 | 175952 |
| Suzhou Dongshan Precision Manufacturing Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 60300 | 485089 |
| TCL Technology Group Corp., Class A | &nbsp;&nbsp; 655581 | 399332 |
| Unisplendour Corp. Ltd., Class A | &nbsp;&nbsp; 96591 | 329486 |
| Victory Giant Technology Huizhou Co. Ltd., Class A | &nbsp;&nbsp; 28900 | 763970 |
| Wingtech Technology Co. Ltd., Class A | &nbsp;&nbsp; 45811 | 234311 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI China A ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
| Wuhan Guide Infrared Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 149904 | $243805 |
| WUS Printed Circuit Kunshan Co. Ltd., Class A | &nbsp;&nbsp; 66550 | 515841 |
| Zhejiang Dahua Technology Co. Ltd., Class A | &nbsp;&nbsp; 119700 | 269272 |
|  |  | 13022921 |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |
| CNOOC Energy Technology & Services Ltd., Class A | &nbsp;&nbsp; 241674 | 135767 |
| Yantai Jereh Oilfield Services Group Co. Ltd., Class A | &nbsp;&nbsp; 39985 | 215506 |
|  |  | 351273 |
| **Entertainment — 0.3%** | **Entertainment — 0.3%** | **Entertainment — 0.3%** |
| 37 Interactive Entertainment Network Technology Group <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 80093 | 183923 |
| Beijing Enlight Media Co. Ltd., Class A | &nbsp;&nbsp; 106400 | 290973 |
| Mango Excellent Media Co. Ltd., Class A | &nbsp;&nbsp; 68880 | 209916 |
|  |  | 684812 |
| **Food Products — 2.6%** | **Food Products — 2.6%** | **Food Products — 2.6%** |
| Angel Yeast Co. Ltd., Class A | &nbsp;&nbsp; 30496 | 145037 |
| Foshan Haitian Flavouring & Food Co. Ltd., Class A | &nbsp;&nbsp; 160019 | 849416 |
| Guangdong Haid Group Co. Ltd., Class A | &nbsp;&nbsp; 53699 | 420169 |
| Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A | &nbsp;&nbsp; 51400 | 151415 |
| Henan Shuanghui Investment & Development Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 120100 | 410914 |
| Inner Mongolia Yili Industrial Group Co. Ltd., Class A | &nbsp;&nbsp; 226844 | 861381 |
| Muyuan Foods Co. Ltd., Class A | &nbsp;&nbsp; 186259 | 1195382 |
| New Hope Liuhe Co. Ltd., Class A | &nbsp;&nbsp; 171100 | 227789 |
| Wens Foodstuff Group Co. Ltd., Class A | &nbsp;&nbsp; 239446 | 573821 |
| Yihai Kerry Arawana Holdings Co. Ltd., Class A | &nbsp;&nbsp; 54000 | 225924 |
|  |  | 5061248 |
| **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** |
| ENN Natural Gas Co. Ltd., Class A | &nbsp;&nbsp; 94300 | 240952 |
| **Ground Transportation — 1.0%** | **Ground Transportation — 1.0%** | **Ground Transportation — 1.0%** |
| Beijing-Shanghai High Speed Railway Co. Ltd., Class A | &nbsp;&nbsp; 1730200 | 1293710 |
| Daqin Railway Co. Ltd., Class A | &nbsp;&nbsp; 704900 | 638677 |
|  |  | 1932387 |
| **Health Care Equipment & Supplies — 1.2%** | **Health Care Equipment & Supplies — 1.2%** | **Health Care Equipment & Supplies — 1.2%** |
| APT Medical Inc., Class A | &nbsp;&nbsp; 4383 | 172589 |
| Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 40500 | 195563 |
| Shanghai United Imaging Healthcare Co. Ltd., Class A | &nbsp;&nbsp; 27572 | 509673 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 43034 | 1376938 |
| Shenzhen New Industries Biomedical Engineering Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 26600 | 204547 |
|  |  | 2459310 |
| **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** |
| Aier Eye Hospital Group Co. Ltd., Class A | &nbsp;&nbsp; 332581 | 590887 |
| Guangzhou Baiyunshan Pharmaceutical Holdings Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 53600 | 199472 |
| Huadong Medicine Co. Ltd., Class A | &nbsp;&nbsp; 66525 | 408958 |
| Shanghai Pharmaceuticals Holding Co. Ltd., Class A | &nbsp;&nbsp; 93509 | 246858 |
|  |  | 1446175 |
| **Household Durables — 1.7%** | **Household Durables — 1.7%** | **Household Durables — 1.7%** |
| Beijing Roborock Technology Co. Ltd., Class A | &nbsp;&nbsp; 7974 | 190871 |
| Ecovacs Robotics Co. Ltd., Class A | &nbsp;&nbsp; 21700 | 239166 |
| Gree Electric Appliances Inc. of Zhuhai, Class A | &nbsp;&nbsp; 97000 | 613032 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 226100 | 776788 |
| Midea Group Co. Ltd., Class A | &nbsp;&nbsp; 119700 | 1162530 |
| Oppein Home Group Inc., Class A | &nbsp;&nbsp; 16783 | 119830 |
| Sichuan Changhong Electric Co. Ltd., Class A | &nbsp;&nbsp; 159600 | 218124 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Household Durables (continued)** | **Household Durables (continued)** | **Household Durables (continued)** |
| Zhejiang Supor Co. Ltd., Class A | &nbsp;&nbsp; 17198 | $123616 |
|  |  | 3443957 |
| **Independent Power and Renewable Electricity Producers — 4.1%** | **Independent Power and Renewable Electricity Producers — 4.1%** | **Independent Power and Renewable Electricity Producers — 4.1%** |
| CGN Power Co. Ltd., Class A | &nbsp;&nbsp; 558600 | 284819 |
| China National Nuclear Power Co. Ltd., Class A | &nbsp;&nbsp; 731547 | 931923 |
| China Three Gorges Renewables Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1010800 | 606814 |
| China Yangtze Power Co. Ltd., Class A | &nbsp;&nbsp; 864588 | 3339185 |
| Datang International Power Generation Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 439700 | 207420 |
| GD Power Development Co. Ltd., Class A | &nbsp;&nbsp; 625100 | 396827 |
| Huadian Power International Corp. Ltd., Class A | &nbsp;&nbsp; 305900 | 224861 |
| Huaneng Lancang River Hydropower Inc., Class A | &nbsp;&nbsp; 191800 | 246983 |
| Huaneng Power International Inc., Class A | &nbsp;&nbsp; 320800 | 325887 |
| SDIC Power Holdings Co. Ltd., Class A | &nbsp;&nbsp; 279700 | 610746 |
| Shenergy Co. Ltd., Class A | &nbsp;&nbsp; 172900 | 195749 |
| Sichuan Chuantou Energy Co. Ltd., Class A | &nbsp;&nbsp; 173100 | 374172 |
| Wintime Energy Group Co. Ltd., Class A | &nbsp;&nbsp; 784700 | 155233 |
| Zhejiang Zheneng Electric Power Co. Ltd., Class A | &nbsp;&nbsp; 399000 | 286991 |
|  |  | 8187610 |
| **Insurance — 3.0%** | **Insurance — 3.0%** | **Insurance — 3.0%** |
| China Life Insurance Co. Ltd., Class A | &nbsp;&nbsp; 93900 | 531965 |
| China Pacific Insurance Group Co. Ltd., Class A | &nbsp;&nbsp; 239416 | 1241464 |
| New China Life Insurance Co. Ltd., Class A | &nbsp;&nbsp; 79800 | 736529 |
| People's Insurance Co. Group of China Ltd. (The), <br> Class A<br>| &nbsp;&nbsp; 333800 | 377967 |
| Ping An Insurance Group Co. of China Ltd., Class A | &nbsp;&nbsp; 372423 | 3025608 |
|  |  | 5913533 |
| **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** |
| Kunlun Tech Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 40100 | 199053 |
| **IT Services — 0.3%** | **IT Services — 0.3%** | **IT Services — 0.3%** |
| Isoftstone Information Technology Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 33350 | 252851 |
| Range Intelligent Computing Technology Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 54780 | 376490 |
|  |  | 629341 |
| **Life Sciences Tools & Services — 0.8%** | **Life Sciences Tools & Services — 0.8%** | **Life Sciences Tools & Services — 0.8%** |
| Hangzhou Tigermed Consulting Co. Ltd., Class A | &nbsp;&nbsp; 13304 | 125176 |
| Pharmaron Beijing Co. Ltd., Class A | &nbsp;&nbsp; 53250 | 228129 |
| WuXi AppTec Co. Ltd., Class A | &nbsp;&nbsp; 88348 | 1170913 |
|  |  | 1524218 |
| **Machinery — 2.8%** | **Machinery — 2.8%** | **Machinery — 2.8%** |
| China CSSC Holdings Ltd., Class A | &nbsp;&nbsp; 159600 | 758712 |
| CRRC Corp. Ltd., Class A | &nbsp;&nbsp; 856190 | 874439 |
| Jiangsu Hengli Hydraulic Co. Ltd., Class A | &nbsp;&nbsp; 45424 | 462958 |
| Sany Heavy Industry Co. Ltd., Class A | &nbsp;&nbsp; 305950 | 844790 |
| Shandong Himile Mechanical Science & Technology Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 26600 | 206232 |
| Shenzhen Inovance Technology Co. Ltd., Class A | &nbsp;&nbsp; 45361 | 396830 |
| Weichai Power Co. Ltd., Class A | &nbsp;&nbsp; 239400 | 501299 |
| XCMG Construction Machinery Co. Ltd., Class A | &nbsp;&nbsp; 413700 | 480571 |
| Yutong Bus Co. Ltd., Class A | &nbsp;&nbsp; 80000 | 276167 |
| Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A | &nbsp;&nbsp; 66600 | 243422 |
| Zhuzhou CRRC Times Electric Co. Ltd., Class A | &nbsp;&nbsp; 26669 | 161264 |
| Zoomlion Heavy Industry Science and Technology Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 252750 | 257181 |
|  |  | 5463865 |
| **Marine Transportation — 0.5%** | **Marine Transportation — 0.5%** | **Marine Transportation — 0.5%** |
| Cosco Shipping Holdings Co. Ltd., Class A | &nbsp;&nbsp; 452250 | 977986 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI China A ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Media — 0.3%** | **Media — 0.3%** | **Media — 0.3%** |
| Focus Media Information Technology Co. Ltd., Class A | &nbsp;&nbsp; 506260 | $525454 |
| Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A | &nbsp;&nbsp; 93100 | 140837 |
|  |  | 666291 |
| **Metals & Mining — 4.9%** | **Metals & Mining — 4.9%** | **Metals & Mining — 4.9%** |
| Aluminum Corp. of China Ltd., Class A | &nbsp;&nbsp; 467016 | 478998 |
| Baoshan Iron & Steel Co. Ltd., Class A | &nbsp;&nbsp; 774670 | 787806 |
| Chifeng Jilong Gold Mining Co. Ltd., Class A | &nbsp;&nbsp; 56200 | 178297 |
| China Northern Rare Earth Group High-Tech Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 129000 | 670364 |
| China Rare Earth Resources & Technology Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 39900 | 234027 |
| Citic Pacific Special Steel Group Co. Ltd., Class A | &nbsp;&nbsp; 119700 | 214322 |
| CMOC Group Ltd., Class A | &nbsp;&nbsp; 612800 | 757852 |
| Henan Shenhuo Coal Industry & Electricity Power Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 79800 | 195228 |
| Huaibei Mining Holdings Co. Ltd., Class A | &nbsp;&nbsp; 93100 | 158443 |
| Hunan Valin Steel Co. Ltd., Class A | &nbsp;&nbsp; 242540 | 190090 |
| Inner Mongolia BaoTou Steel Union Co. Ltd., Class A | &nbsp;&nbsp; 1596000 | 594654 |
| Jiangxi Copper Co. Ltd., Class A | &nbsp;&nbsp; 66900 | 207898 |
| Jinduicheng Molybdenum Co. Ltd., Class A | &nbsp;&nbsp; 107400 | 191404 |
| Nanjing Iron & Steel Co. Ltd., Class A | &nbsp;&nbsp; 212800 | 134014 |
| Shandong Gold Mining Co. Ltd., Class A | &nbsp;&nbsp; 133028 | 541369 |
| Shandong Nanshan Aluminum Co. Ltd., Class A | &nbsp;&nbsp; 412300 | 224115 |
| Shanjin International Gold Co. Ltd., Class A | &nbsp;&nbsp; 93120 | 232407 |
| Tianshan Aluminum Group Co. Ltd., Class A | &nbsp;&nbsp; 163100 | 205684 |
| Tongling Nonferrous Metals Group Co. Ltd., Class A | &nbsp;&nbsp; 453000 | 217874 |
| Western Mining Co. Ltd., Class A | &nbsp;&nbsp; 79800 | 184400 |
| Western Superconducting Technologies Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 28299 | 213601 |
| Xiamen Tungsten Co. Ltd., Class A | &nbsp;&nbsp; 53698 | 172579 |
| Yunnan Aluminium Co. Ltd., Class A | &nbsp;&nbsp; 119900 | 257625 |
| Yunnan Chihong Zinc&Germanium Co. Ltd., Class A | &nbsp;&nbsp; 186200 | 140831 |
| Zhongjin Gold Corp. Ltd., Class A | &nbsp;&nbsp; 172900 | 343134 |
| Zijin Mining Group Co. Ltd., Class A | &nbsp;&nbsp; 731575 | 1935882 |
|  |  | 9662898 |
| **Oil, Gas & Consumable Fuels — 2.8%** | **Oil, Gas & Consumable Fuels — 2.8%** | **Oil, Gas & Consumable Fuels — 2.8%** |
| China Merchants Energy Shipping Co. Ltd., Class A | &nbsp;&nbsp; 284300 | 238395 |
| China Petroleum & Chemical Corp., Class A | &nbsp;&nbsp; 1144843 | 953064 |
| China Shenhua Energy Co. Ltd., Class A | &nbsp;&nbsp; 226199 | 1195144 |
| Cosco Shipping Energy Transportation Co. Ltd., Class A | &nbsp;&nbsp; 119749 | 166788 |
| Guanghui Energy Co. Ltd., Class A | &nbsp;&nbsp; 227283 | 170511 |
| Inner Mongolia Dian Tou Energy Corp. Ltd., Class A  | &nbsp;&nbsp; 79800 | 222578 |
| PetroChina Co. Ltd., Class A | &nbsp;&nbsp; 758100 | 932073 |
| Shaanxi Coal Industry Co. Ltd., Class A | &nbsp;&nbsp; 345801 | 964306 |
| Shanxi Coking Coal Energy Group Co. Ltd., Class A | &nbsp;&nbsp; 199560 | 194886 |
| Shanxi Lu'an Environmental Energy Development Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 106940 | 203206 |
| Yankuang Energy Group Co. Ltd., Class A | &nbsp;&nbsp; 212885 | 371923 |
|  |  | 5612874 |
| **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** |
| Shandong Sun Paper Industry JSC Ltd., Class A | &nbsp;&nbsp; 93900 | 181123 |
| **Passenger Airlines — 0.9%** | **Passenger Airlines — 0.9%** | **Passenger Airlines — 0.9%** |
| Air China Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 452200 | 455210 |
| China Eastern Airlines Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 599300 | 314603 |
| China Southern Airlines Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 399024 | 313191 |
| Hainan Airlines Holding Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1516200 | 310760 |
| Juneyao Airlines Co. Ltd., Class A | &nbsp;&nbsp; 81000 | 137234 |
| Spring Airlines Co. Ltd., Class A | &nbsp;&nbsp; 35700 | 258351 |
|  |  | 1789349 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Pharmaceuticals — 3.0%** | **Pharmaceuticals — 3.0%** | **Pharmaceuticals — 3.0%** |
| Beijing Tong Ren Tang Co. Ltd., Class A | &nbsp;&nbsp; 50400 | $251425 |
| Changchun High-Tech Industry Group Co. Ltd., Class A | &nbsp;&nbsp; 15040 | 219422 |
| China Resources Sanjiu Medical & Pharmaceutical Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 53720 | 233091 |
| CSPC Innovation Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp; 53240 | 397255 |
| Dong-E-E-Jiao Co. Ltd., Class A | &nbsp;&nbsp; 26600 | 190387 |
| Haisco Pharmaceutical Group Co. Ltd., Class A | &nbsp;&nbsp; 26600 | 204833 |
| Humanwell Healthcare Group Co. Ltd., Class A | &nbsp;&nbsp; 53200 | 160608 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | &nbsp;&nbsp; 227282 | 1981554 |
| Shanghai Fosun Pharmaceutical Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 79863 | 305718 |
| Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A | &nbsp;&nbsp; 40400 | 279320 |
| Sichuan Biokin Pharmaceutical Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 6185 | 263033 |
| Sichuan Kelun Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp; 53600 | 280403 |
| Yunnan Baiyao Group Co. Ltd., Class A | &nbsp;&nbsp; 66560 | 517140 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 20099 | 554723 |
|  |  | 5838912 |
| **Real Estate Management & Development — 0.9%** | **Real Estate Management & Development — 0.9%** | **Real Estate Management & Development — 0.9%** |
| China Merchants Shekou Industrial Zone Holdings Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 323100 | 389361 |
| China Vanke Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 345800 | 308252 |
| Hainan Airport Infrastructure Co. Ltd., Class A | &nbsp;&nbsp; 399000 | 216803 |
| Poly Developments and Holdings Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 425631 | 470327 |
| Shanghai Zhangjiang High-Tech Park Development Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 54800 | 244246 |
| Youngor Fashion Co. Ltd., Class A | &nbsp;&nbsp; 159694 | 162548 |
|  |  | 1791537 |
| **Semiconductors & Semiconductor Equipment — 6.9%** | **Semiconductors & Semiconductor Equipment — 6.9%** | **Semiconductors & Semiconductor Equipment — 6.9%** |
| ACM Research Shanghai Inc., Class A | &nbsp;&nbsp; 9379 | 161916 |
| Advanced Micro-Fabrication Equipment Inc./China, <br> Class A<br>| &nbsp;&nbsp; 21861 | 597589 |
| Amlogic Shanghai Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 16851 | 168220 |
| Bestechnic Shanghai Co. Ltd., Class A | &nbsp;&nbsp; 5182 | 172104 |
| Cambricon Technologies Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 14645 | 1434450 |
| China Resources Microelectronics Ltd., Class A | &nbsp;&nbsp; 40200 | 259088 |
| CSI Solar Co. Ltd., Class A | &nbsp;&nbsp; 133884 | 165514 |
| Flat Glass Group Co. Ltd., Class A | &nbsp;&nbsp; 66900 | 150546 |
| GalaxyCore Inc., Class A | &nbsp;&nbsp; 76200 | 161158 |
| GigaDevice Semiconductor Inc., Class A | &nbsp;&nbsp; 22157 | 370655 |
| Hangzhou First Applied Material Co. Ltd., Class A | &nbsp;&nbsp; 89454 | 181065 |
| Hangzhou Silan Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 66500 | 235152 |
| Hwatsing Technology Co. Ltd., Class A | &nbsp;&nbsp; 10845 | 165522 |
| Hygon Information Technology Co. Ltd., Class A | &nbsp;&nbsp; 82610 | 1587099 |
| Ingenic Semiconductor Co. Ltd., Class A | &nbsp;&nbsp; 15900 | 146373 |
| JA Solar Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 119780 | 183249 |
| JCET Group Co. Ltd., Class A | &nbsp;&nbsp; 66500 | 322122 |
| Jinko Solar Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 345800 | 250217 |
| LONGi Green Energy Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 266046 | 580291 |
| Loongson Technology Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 11043 | 200235 |
| Montage Technology Co. Ltd., Class A | &nbsp;&nbsp; 38352 | 450405 |
| National Silicon Industry Group Co. Ltd., Class A | &nbsp;&nbsp; 95000 | 244167 |
| NAURA Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 25130 | 1164249 |
| Nexchip Semiconductor Corp., Class A | &nbsp;&nbsp; 74572 | 224481 |
| OmniVision Integrated Circuits Group Inc. | &nbsp;&nbsp; 43355 | 725327 |
| Piotech Inc., Class A | &nbsp;&nbsp; 8574 | 201873 |
| Rockchip Electronics Co. Ltd., Class A | &nbsp;&nbsp; 13900 | 310931 |
| Sanan Optoelectronics Co. Ltd., Class A | &nbsp;&nbsp; 172900 | 299042 |
| SG Micro Corp., Class A | &nbsp;&nbsp; 24253 | 239014 |
| Shenzhen Goodix Technology Co. Ltd., Class A | &nbsp;&nbsp; 18700 | 191457 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI China A ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| TCL Zhonghuan Renewable Energy Technology Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 146323 | $165066 |
| Tianshui Huatian Technology Co. Ltd., Class A | &nbsp;&nbsp; 119700 | 165808 |
| TongFu Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 53200 | 206736 |
| Tongwei Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 159693 | 451562 |
| Trina Solar Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 79800 | 171159 |
| Unigroup Guoxin Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 30079 | 289045 |
| Verisilicon Microelectronics Shanghai Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 15452 | 211840 |
| Xinjiang Daqo New Energy Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 67662 | 242403 |
| Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 39901 | 153858 |
|  |  | 13600988 |
| **Software — 1.6%** | **Software — 1.6%** | **Software — 1.6%** |
| 360 Security Technology Inc., Class A | &nbsp;&nbsp; 249100 | 389533 |
| Beijing Kingsoft Office Software Inc., Class A | &nbsp;&nbsp; 16247 | 703657 |
| China National Software & Service Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 39920 | 261339 |
| Empyrean Technology Co. Ltd., Class A | &nbsp;&nbsp; 13700 | 208277 |
| Hundsun Technologies Inc., Class A | &nbsp;&nbsp; 67282 | 336117 |
| Iflytek Co. Ltd., Class A | &nbsp;&nbsp; 79850 | 538657 |
| Jiangsu Hoperun Software Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 26600 | 194766 |
| Shanghai Baosight Software Co. Ltd., Class A | &nbsp;&nbsp; 79905 | 273359 |
| Yonyou Network Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 119949 | 262432 |
|  |  | 3168137 |
| **Specialty Retail — 0.4%** | **Specialty Retail — 0.4%** | **Specialty Retail — 0.4%** |
| China Tourism Group Duty Free Corp. Ltd., Class A | &nbsp;&nbsp; 66541 | 598218 |
| HLA Group Corp. Ltd., Class A | &nbsp;&nbsp; 173209 | 163521 |
|  |  | 761739 |
| **Technology Hardware, Storage & Peripherals — 1.0%** | **Technology Hardware, Storage & Peripherals — 1.0%** | **Technology Hardware, Storage & Peripherals — 1.0%** |
| Anker Innovations Technology Co. Ltd., Class A | &nbsp;&nbsp; 19810 | 339269 |
| China Greatwall Technology Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 107300 | 224059 |
| GRG Banking Equipment Co. Ltd., Class A | &nbsp;&nbsp; 79800 | 146101 |
| Huaqin Technology Co. Ltd., Class A | &nbsp;&nbsp; 26600 | 302780 |
| IEIT Systems Co. Ltd., Class A | &nbsp;&nbsp; 54660 | 420872 |
| Ninestar Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 53410 | 173947 |
| Shenzhen Transsion Holdings Co. Ltd., Class A | &nbsp;&nbsp; 41598 | 438353 |
|  |  | 2045381 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| Xiamen C & D Inc., Class A | &nbsp;&nbsp; 106600 | 149845 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Transportation Infrastructure — 0.3%** | **Transportation Infrastructure — 0.3%** | **Transportation Infrastructure — 0.3%** |
| China Merchants Expressway Network & Technology <br> Holdings Co. Ltd., Class A<br>| &nbsp;&nbsp; 200300 | $311425 |
| Liaoning Port Co. Ltd., Class A | &nbsp;&nbsp; 665000 | 140796 |
| Shanghai International Airport Co. Ltd., Class A | &nbsp;&nbsp; 39922 | 177905 |
|  |  | 630126 |
| **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** |
| China United Network Communications Ltd., Class A | &nbsp;&nbsp; 1103900 | 819027 |
| **Total Common Stocks — 99.5%** <br>**(Cost: $132,998,565)** | **Total Common Stocks — 99.5%** <br>**(Cost: $132,998,565)** | 197144889 |
| **Rights** | **Rights** | **Rights** |
| **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** |
| Kangmei Pharmaceutical Co. Ltd. (Expires 12/31/49)<sup>(b)</sup> | &nbsp;&nbsp; 26763 |  |
| **Total Rights — 0.0%** <br>**(Cost: $—)** | **Total Rights — 0.0%** <br>**(Cost: $—)** |  |
| **Total Long-Term Investments — 99.5%** <br>**(Cost: $132,998,565)** | **Total Long-Term Investments — 99.5%** <br>**(Cost: $132,998,565)** | 197144889 |
| **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> 4.30%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 670000 | 670000 |
| **Total Short-Term Securities — 0.4%** <br>**(Cost: $670,000)** | **Total Short-Term Securities — 0.4%** <br>**(Cost: $670,000)** | 670000 |
| **Total Investments — 99.9%** <br>**(Cost: $133,668,565)** | **Total Investments — 99.9%** <br>**(Cost: $133,668,565)** | 197814889 |
| **Other Assets Less Liabilities — 0.1%** | **Other Assets Less Liabilities — 0.1%** | 276517 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $198091406 |

---

&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 July 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>*07/31/24*<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>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency Shares | $170000<br> $500000 <br><sup>(a)</sup><br>| $— | $— | $— | $670000 | 670000 | $75809 | $— |

---

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

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

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI China A ETF**

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| FTSE China A50 Index | 60 | 08/28/25 | &nbsp;&nbsp; $825 | $(12297) |

---

**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; $12297 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12297 |

---

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

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts 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 July 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; $9636 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9636 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(11998)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(11998)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $796110 |

---

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; $435913 | &nbsp;&nbsp; $196708976 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $197144889 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 670000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 670000 |
|  | &nbsp;&nbsp; $1105913 | &nbsp;&nbsp; $196708976 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $197814889 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI China A ETF**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(12297)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(12297)<br>|

---

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

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Statements of Assets and Liabilities

July 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>China Large-Cap <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI China <br> A ETF <br>|
| **ASSETS** |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $6282302719 | $197144889 |
| Investments, at value—affiliated<sup>(c)</sup> | 40032674 | 670000 |
| Cash | 3182 | 4779 |
| Cash pledged for futures contracts | 3381000 | 60000 |
| Foreign currency, at value<sup>(d)</sup> | 11466347 | 314811 |
| Receivables: |  |  |
| Securities lending income—affiliated | 25748 |  |
| Dividends—unaffiliated | 25988701 | 32402 |
| Dividends—affiliated | 24173 | 7793 |
| Total assets | 6363224544 | 198234674 |
| **LIABILITIES** |  |  |
| Collateral on securities loaned, at value | 32986572 |  |
| Payables: |  |  |
| Investments purchased |  | 27448 |
| Investment advisory fees | 3953348 | 100004 |
| Variation margin on futures contracts | 767069 | 15816 |
| Total liabilities | 37706989 | 143268 |
| **Commitments and contingent liabilities** |  |  |
| NET ASSETS | $6325517555 | $198091406 |
| **NET ASSETS CONSIST OF** |  |  |
| Paid-in capital | $10376054460 | $285174949 |
| Accumulated loss | (4050536905) | (87083543) |
| NET ASSETS | $6325517555 | $198091406 |
| **NET ASSET VALUE** |  |  |
| Shares outstanding | 169050000 | 6650000 |
| Net asset value | $37.42 | $29.79 |
| Shares authorized | Unlimited | Unlimited |
| Par value |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $5929574523 | $132998565 |
| <sup>(b)</sup> Securities loaned, at value | $31023685 | $— |
| <sup>(c)</sup> Investments, at cost—affiliated | $40032493 | $670000 |
| <sup>(d)</sup> Foreign currency, at cost | $11466261 | $316204 |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Operations

Year Ended July 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | iShares <br>China Large-Cap <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI China <br> A ETF <br>|
| **INVESTMENT INCOME** |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $186408799 | &nbsp;&nbsp;&nbsp; $6117394 |
| Dividends—affiliated | &nbsp;&nbsp; 204760 | &nbsp;&nbsp;&nbsp; 75809 |
| Interest—unaffiliated | &nbsp;&nbsp; 123067 | &nbsp;&nbsp;&nbsp; 4255 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 1005393 | &nbsp;&nbsp;&nbsp; — |
| Foreign taxes withheld | &nbsp;&nbsp; (15077722)<br>| &nbsp;&nbsp;&nbsp; (628026)<br>|
| Total investment income | &nbsp;&nbsp; 172664297 | &nbsp;&nbsp;&nbsp; 5569432 |
| EXPENSES |  |  |
| Investment advisory | &nbsp;&nbsp; 49053297 | &nbsp;&nbsp;&nbsp; 1534902 |
| Interest expense | &nbsp;&nbsp; 1827 | &nbsp;&nbsp;&nbsp; 18 |
| Commitment costs | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2533 |
| Total expenses | &nbsp;&nbsp; 49055124 | &nbsp;&nbsp;&nbsp; 1537453 |
| Net investment income | &nbsp;&nbsp; 123609173 | &nbsp;&nbsp;&nbsp; 4031979 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (368689384)<br>| &nbsp;&nbsp;&nbsp; (1153951)<br>|
| Investments—affiliated | &nbsp;&nbsp; (8832)<br>| &nbsp;&nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp; (162552)<br>| &nbsp;&nbsp;&nbsp; 17871 |
| Futures contracts | &nbsp;&nbsp; 9943265 | &nbsp;&nbsp;&nbsp; 9636 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 699638756 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 340721253 | &nbsp;&nbsp;&nbsp; (1126444)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 1036284211 | &nbsp;&nbsp;&nbsp; 36145656 |
| Investments—affiliated | &nbsp;&nbsp; (1510)<br>| &nbsp;&nbsp;&nbsp; — |
| Foreign currency translations | &nbsp;&nbsp; 34074 | &nbsp;&nbsp;&nbsp; (1985)<br>|
| Futures contracts | &nbsp;&nbsp; (1562810)<br>| &nbsp;&nbsp;&nbsp; (11998)<br>|
|  | &nbsp;&nbsp; 1034753965 | &nbsp;&nbsp;&nbsp; 36131673 |
| Net realized and unrealized gain | &nbsp;&nbsp; 1375475218 | &nbsp;&nbsp;&nbsp; 35005229 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $1499084391 | &nbsp;&nbsp;&nbsp; $39037208 |
| <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>China Large-Cap ETF  | iShares <br>China Large-Cap ETF  | iShares <br>MSCI China A ETF  | iShares <br>MSCI China A ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $123609173 | &nbsp;&nbsp;&nbsp; $122712791 | &nbsp;&nbsp;&nbsp; $4031979 | &nbsp;&nbsp;&nbsp; $5534405 |
| Net realized gain (loss) | &nbsp;&nbsp; 340721253 | &nbsp;&nbsp;&nbsp; (523136848)<br>| &nbsp;&nbsp;&nbsp; (1126444)<br>| &nbsp;&nbsp;&nbsp; (16630997)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 1034753965 | &nbsp;&nbsp;&nbsp; (333532527)<br>| &nbsp;&nbsp;&nbsp; 36131673 | &nbsp;&nbsp;&nbsp; (35415814)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 1499084391 | &nbsp;&nbsp;&nbsp; (733956584)<br>| &nbsp;&nbsp;&nbsp; 39037208 | &nbsp;&nbsp;&nbsp; (46512406)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (191855178)<br>| &nbsp;&nbsp;&nbsp; (126376186)<br>| &nbsp;&nbsp;&nbsp; (6847580)<br>| &nbsp;&nbsp;&nbsp; (8466171)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 768896613 | &nbsp;&nbsp;&nbsp; (583066848)<br>| &nbsp;&nbsp;&nbsp; (103037240)<br>| &nbsp;&nbsp;&nbsp; (5070413)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 2076125826 | &nbsp;&nbsp;&nbsp; (1443399618)<br>| &nbsp;&nbsp;&nbsp; (70847612)<br>| &nbsp;&nbsp;&nbsp; (60048990)<br>|
| Beginning of year | &nbsp;&nbsp; 4249391729 | &nbsp;&nbsp;&nbsp; 5692791347 | &nbsp;&nbsp;&nbsp; 268939018 | &nbsp;&nbsp;&nbsp; 328988008 |
| End of year | &nbsp;&nbsp; $6325517555 | &nbsp;&nbsp;&nbsp; $4249391729 | &nbsp;&nbsp;&nbsp; $198091406 | &nbsp;&nbsp;&nbsp; $268939018 |

---

&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 China Large-Cap ETF  | iShares China Large-Cap ETF  | iShares China Large-Cap ETF  | iShares China Large-Cap ETF  | iShares China Large-Cap ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Year Ended <br>07/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $25.75 | &nbsp;&nbsp;&nbsp; $30.39 | &nbsp;&nbsp;&nbsp; $30.37 | &nbsp;&nbsp;&nbsp; $40.36 | &nbsp;&nbsp;&nbsp; $41.57 |
| Net investment income<sup>(a)</sup> | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 12.03 | &nbsp;&nbsp;&nbsp; (4.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp; (10.16)<br>| &nbsp;&nbsp;&nbsp; (1.26)<br>|
| Net increase (decrease) from investment operations | 12.63 | &nbsp;&nbsp;&nbsp; (3.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp; (9.41)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>|
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp; (0.83)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $37.42 | &nbsp;&nbsp;&nbsp; $25.75 | &nbsp;&nbsp;&nbsp; $30.39 | &nbsp;&nbsp;&nbsp; $30.37 | &nbsp;&nbsp;&nbsp; $40.36 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 49.48<br> %<br>| &nbsp;&nbsp;&nbsp; (12.73)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.71<br> %<br>| &nbsp;&nbsp;&nbsp; (23.54)%<br>| &nbsp;&nbsp;&nbsp; (1.13)%<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.73<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<br> %<br>|
| Net investment income | 1.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $6325518 | &nbsp;&nbsp;&nbsp; $4249392 | &nbsp;&nbsp;&nbsp; $5692791 | &nbsp;&nbsp;&nbsp; $5293695 | &nbsp;&nbsp;&nbsp; $4812487 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp; 62<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI China A ETF  | iShares MSCI China A ETF  | iShares MSCI China A ETF  | iShares MSCI China A ETF  | iShares MSCI China A ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Year Ended <br>07/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $25.61 | &nbsp;&nbsp;&nbsp; $31.18 | &nbsp;&nbsp;&nbsp; $35.39 | &nbsp;&nbsp;&nbsp; $41.70 | &nbsp;&nbsp;&nbsp; $36.39 |
| Net investment income<sup>(a)</sup> | 0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 4.48 | &nbsp;&nbsp;&nbsp; (5.07)<br>| &nbsp;&nbsp;&nbsp; (3.92)<br>| &nbsp;&nbsp;&nbsp; (6.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.22 |
| Net increase (decrease) from investment operations | 4.92 | &nbsp;&nbsp;&nbsp; (4.46)<br>| &nbsp;&nbsp;&nbsp; (3.38)<br>| &nbsp;&nbsp;&nbsp; (5.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.74 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $29.79 | &nbsp;&nbsp;&nbsp; $25.61 | &nbsp;&nbsp;&nbsp; $31.18 | &nbsp;&nbsp;&nbsp; $35.39 | &nbsp;&nbsp;&nbsp; $41.70 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 19.34<br> %<br>| &nbsp;&nbsp;&nbsp; (14.19)%<br>| &nbsp;&nbsp;&nbsp; (9.55)%<br>| &nbsp;&nbsp;&nbsp; (14.18)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.79<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|
| Total expenses after fees waived | 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>|
| Net investment income | 1.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $198091 | &nbsp;&nbsp;&nbsp; $268939 | &nbsp;&nbsp;&nbsp; $328988 | &nbsp;&nbsp;&nbsp; $550305 | &nbsp;&nbsp;&nbsp; $627526 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 48 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 73 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 26 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 64<br> %<br>| &nbsp;&nbsp;&nbsp; 38 %<sup>(g)</sup><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"). |
| <sup>(g)</sup> Portfolio turnover rate excluding cash creations was as follows: | &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24<br> %<br>|

---

*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> China Large-Cap Non-diversified <br> MSCI China A Diversified

***2. SIGNIFICANT ACCOUNTING POLICIES***

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. 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 July 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* |
| China Large-Cap |  |  |  |  |
| BNP Paribas SA | &nbsp;&nbsp; $2223705 | &nbsp;&nbsp;&nbsp; $(2223705) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 10743288 | &nbsp;&nbsp;&nbsp; (10743288) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 6310428 | &nbsp;&nbsp;&nbsp; (6310428) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| JPMorgan Securities LLC | &nbsp;&nbsp; 11090227 | &nbsp;&nbsp;&nbsp; (11090227) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 656037 | &nbsp;&nbsp;&nbsp; (656037) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $31023685 | &nbsp;&nbsp;&nbsp; $(31023685) | &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

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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 the iShares China Large-Cap 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:

---

| | |
|:---|:---|
| *Average Daily Net Assets* | *Investment Advisory Fees* |
| First $6 billion | 0.74% |
| Over $6 billion, up to and including $9 billion | 0.67 |
| Over $9 billion, up to and including $12 billion | 0.60 |
| Over $12 billion | 0.54 |

---

For its investment advisory services to the iShares MSCI China A ETF, BFA is entitled to an annual investment advisory fee of 0.60%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

**Distributor:** BlackRock Investments, LLC, an affiliate of BFA, is the distributor for 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 July 31, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| China Large-Cap | &nbsp;&nbsp; $230358 |

---

**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 July 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>|
| China Large-Cap | &nbsp;&nbsp; $40030226 | &nbsp;&nbsp;&nbsp; $67511848 | &nbsp;&nbsp;&nbsp; $(15642979) |

---

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 July 31, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| China Large-Cap | &nbsp;&nbsp; $7264148146 | &nbsp;&nbsp;&nbsp; $1667536434 |
| MSCI China A | &nbsp;&nbsp; 123132294 | &nbsp;&nbsp;&nbsp; 228868575 |

---

For the year ended July 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| China Large-Cap | &nbsp;&nbsp; $369392210 | &nbsp;&nbsp;&nbsp; $5200832802 |

---

***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 July 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 July 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>|
| China Large-Cap | &nbsp;&nbsp; $262366717 | &nbsp;&nbsp;&nbsp; $(262366717) |

---

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended* <br>*07/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*07/31/24*<br>|
| China Large-Cap |  |  |
| Ordinary income | &nbsp;&nbsp; $191855178 | &nbsp;&nbsp;&nbsp; $126376186 |
| MSCI China A |  |  |
| Ordinary income | &nbsp;&nbsp; $6847580 | &nbsp;&nbsp;&nbsp; $8466171 |

---

As of July 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* |
| China Large-Cap | &nbsp;&nbsp; $35326643 | &nbsp;&nbsp;&nbsp; $(4294707132) | &nbsp;&nbsp;&nbsp; $208843584 | &nbsp;&nbsp;&nbsp; $(4050536905) |
| MSCI China A | &nbsp;&nbsp; 2276695 | &nbsp;&nbsp;&nbsp; (139451097) | &nbsp;&nbsp;&nbsp; 50090859 | &nbsp;&nbsp;&nbsp; (87083543) |

---

&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 July 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>|
| China Large-Cap | &nbsp;&nbsp; $6113488629 | &nbsp;&nbsp;&nbsp; $871872145 | &nbsp;&nbsp;&nbsp; $(663025381) | &nbsp;&nbsp;&nbsp; $208846764 |
| MSCI China A | &nbsp;&nbsp; 147710188 | &nbsp;&nbsp;&nbsp; 53244908 | &nbsp;&nbsp;&nbsp; (3152504) | &nbsp;&nbsp;&nbsp; 50092404 |

---

***9. LINE OF CREDIT***

The iShares MSCI China A 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.

During the year ended July 31, 2025, the Fund did not borrow under the Syndicated Credit Agreement.

***10. PRINCIPAL RISKS***

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

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

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

**Market Risk:** The iShares MSCI China A ETF invests in A-shares (i.e., equity securities of companies based in the People's Republic of China ("China" or "PRC") that trade on the Shanghai Stock Exchange and Shenzhen Stock Exchange) primarily through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program (together, "Stock Connect"). Investing in A-shares through Stock Connect is subject to trading, clearance and settlement procedures, which could pose

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

risks to the Fund. Trading through Stock Connect is subject to a daily quota, which limits the maximum net purchases under Stock Connect each day. The daily quota may restrict the Fund's ability to invest in A-shares on a timely basis and could affect the Fund's ability to effectively pursue its investment strategy. Additionally, the Fund may be subject to the risk of price fluctuations on days when the Chinese markets are open, but Stock Connect is not trading. The A-shares market has a higher propensity for trading suspensions than many other global equity markets.

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. 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 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)

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.

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>07/31/25 | Year Ended <br>07/31/25 | Year Ended <br>07/31/24 | Year Ended <br>07/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| China Large-Cap |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 186450000 | &nbsp;&nbsp;&nbsp; $6432867498 | &nbsp;&nbsp;&nbsp; 4350000 | &nbsp;&nbsp;&nbsp; $99261615 |
| Shares redeemed | &nbsp;&nbsp; (182400000)<br>| &nbsp;&nbsp;&nbsp; (5663970885)<br>| &nbsp;&nbsp;&nbsp; (26700000)<br>| &nbsp;&nbsp;&nbsp; (682328463)<br>|
|  | &nbsp;&nbsp; 4050000 | &nbsp;&nbsp;&nbsp; $768896613 | &nbsp;&nbsp;&nbsp; (22350000)<br>| &nbsp;&nbsp;&nbsp; $(583066848)<br>|
| MSCI China A |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 3400000 | &nbsp;&nbsp;&nbsp; $103922089 | &nbsp;&nbsp;&nbsp; 5900000 | &nbsp;&nbsp;&nbsp; $153259514 |
| Shares redeemed | &nbsp;&nbsp; (7250000)<br>| &nbsp;&nbsp;&nbsp; (206959329)<br>| &nbsp;&nbsp;&nbsp; (5950000)<br>| &nbsp;&nbsp;&nbsp; (158329927)<br>|
|  | &nbsp;&nbsp; (3850000)<br>| &nbsp;&nbsp;&nbsp; $(103037240)<br>| &nbsp;&nbsp;&nbsp; (50000)<br>| &nbsp;&nbsp;&nbsp; $(5070413)<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 has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

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 July 31, 2025, the related statements of operations for the year ended July 31, 2025, the statements of changes in net assets for each of the two years in the period ended July 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended July 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 July 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 July 31, 2025 and each of the financial highlights for each of the five years in the period ended July 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

iShares China Large-Cap ETF <br> iShares MSCI China A 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 July 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

September 23, 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 July 31, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Dividend* <br>*Income*<br>|
| China Large-Cap | &nbsp;&nbsp; $145147696 |
| MSCI China A | &nbsp;&nbsp; 5855108 |

---

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 July 31, 2025:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Foreign Source* <br>*Income Earned*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Foreign* <br>*Taxes Paid*<br>|
| China Large-Cap | &nbsp;&nbsp; $186408798 | &nbsp;&nbsp;&nbsp;&nbsp; $20583586 |
| MSCI China A | &nbsp;&nbsp; 6117394 | &nbsp;&nbsp;&nbsp;&nbsp; 616865 |

---

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 China Large-Cap 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 China Large-Cap 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**.

2025 iShares Annual Financial Statements and Additional Information

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Board Review and Approval of Investment Advisory Contract

**iShares China Large-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 higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. The Board also considered the tradability, liquidity and developed capital markets ecosystem associated with the Fund in relation to comparison funds in the Fund's Peer Group that do not have similar attributes. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the

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. 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

2025 iShares Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares MSCI China A 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.

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund 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.

2025 iShares Annual Financial Statements and Additional Information

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Board Review and Approval of Investment Advisory Contract (continued)

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

Board Review and Approval of Investment Advisory Contract

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Glossary of Terms Used in these Financial Statements

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| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| JSC | Joint Stock Company |

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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 FTSE International Limited or MSCI Inc., nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies 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.

![](g68177img8d207c432.gif)

![](g68177img3eebaaaf3.gif)

------

July 31, 2025

![](g68177imged063f0b1.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 Currency Hedged MSCI ACWI ex U.S. ETF \| HAWX \| NYSE Arca |
| • iShares Currency Hedged MSCI EAFE ETF \| HEFA \| Cboe BZX Exchange |
| • iShares Currency Hedged MSCI EAFE Small-Cap ETF \| HSCZ \| NYSE Arca |
| • iShares MSCI ACWI ex U.S. ETF \| ACWX \| NASDAQ |
| • iShares MSCI EAFE ETF \| EFA \| NYSE Arca |
| • iShares MSCI EAFE Small-Cap ETF \| SCZ \| NASDAQ |

---

------

**Table of Contents**

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

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_fcf422b4-0cd5-4253-acba-0a557bfa7a99_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_fcf422b4-0cd5-4253-acba-0a557bfa7a99_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 70 |
| [Statements of Operations](#xx_fcf422b4-0cd5-4253-acba-0a557bfa7a99_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 72 |
| [Statements of Changes in Net Assets](#xx_fcf422b4-0cd5-4253-acba-0a557bfa7a99_FS-Footer-iSharesReport_5)  | &nbsp;&nbsp; 74 |
| [Financial Highlights](#xx_fcf422b4-0cd5-4253-acba-0a557bfa7a99_FS-Footer-iSharesReport_8)  | &nbsp;&nbsp; 77 |
| [Notes to Financial Statements](#xx_fcf422b4-0cd5-4253-acba-0a557bfa7a99_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 83 |
| [Report of Independent Registered Public Accounting Firm](#xx_fcf422b4-0cd5-4253-acba-0a557bfa7a99_opinion-Footer-iSharesReport_1)  | &nbsp;&nbsp; 95 |
| [Important Tax Information](#xx_fcf422b4-0cd5-4253-acba-0a557bfa7a99_Tax-annual-Footer-iSharesReport_1)  | &nbsp;&nbsp; 96 |
| [Additional Information](#xx_fcf422b4-0cd5-4253-acba-0a557bfa7a99_SAI-Footer-iSharesReport-340_1)  | &nbsp;&nbsp; 97 |
| [Board Review and Approval of Investment Advisory Contract](#xx_fcf422b4-0cd5-4253-acba-0a557bfa7a99_15Cheader-Footer-iSharesReport-293_1)  | &nbsp;&nbsp; 99 |
| [Glossary of Terms Used in these Financial Statements](#xx_fcf422b4-0cd5-4253-acba-0a557bfa7a99_Abbreviations-Footer-iSharesReport-293_1)  | &nbsp;&nbsp; 113 |

---

------

Schedule of Investments

July 31, 2025

**iShares® Currency Hedged MSCI ACWI ex U.S. ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Exchange-Traded Funds — 99.9%** | **Exchange-Traded Funds — 99.9%** | **Exchange-Traded Funds — 99.9%** |
| iShares MSCI ACWI ex U.S. ETF<sup>(a)</sup> | &nbsp;&nbsp; 4284522 | $258185296 |
| **Total Investment Companies** <br>**(Cost: $211,696,573)** | **Total Investment Companies** <br>**(Cost: $211,696,573)** | 258185296 |
| **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: Treasury, SL Agency Shares, <br>4.30%<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 530000 | 530000 |
| **Total Short-Term Securities — 0.2%** <br>**(Cost: $530,000)** | **Total Short-Term Securities — 0.2%** <br>**(Cost: $530,000)** | 530000 |
| **Total Investments in Securities — 100.1%** <br>**(Cost: $212,226,573)** | **Total Investments in Securities — 100.1%** <br>**(Cost: $212,226,573)** | 258715296 |
| **Liabilities in Excess of Other Assets — (0.1)%** | **Liabilities in Excess of Other Assets — (0.1)%** | (147281)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $258568015 |

---

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

<sup>(a)</sup> Affiliate of the Fund. <br> <sup>(b)</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 July 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>*07/31/24*<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>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, <br> SL Agency Shares<sup>(a)</sup><br>| $102844413 | $— | &nbsp;&nbsp; $(102859595 )<sup>(b)</sup><br>| $15373 | $(191)<br>| $— |  | $815464 <br><sup>(c)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| 90000 | 440000 <br><sup>(b)</sup><br>|  |  |  | 530000 | 530000 | 24260 |  |
| iShares MSCI ACWI ex U.S. ETF | 229636751 | 81681543 | &nbsp;&nbsp; (80913629)<br>| 11060257 | 16720374 | 258185296 | 4284522 | 6860124 |  |
|  |  |  |  | $11075630 | $16720183 | $258715296 |  | $7699848 | $— |

---

&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**

**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>|
| BRL | 7629500 | USD | 1358626 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3547 |
| BRL | 7629500 | USD | 1358372 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3801 |
| CHF | 12128000 | USD | 14925116 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6247 |
| CLP | 199912000 | USD | 203657 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1885 |
| CLP | 199912000 | USD | 203826 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1716 |
| CNY | 19607000 | USD | 2718996 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2692 |
| GBP | 17086000 | USD | 22536516 | Bank of America N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28282 |
| IDR | 7085019000 | USD | 429239 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1158 |
| IDR | 7085019000 | USD | 429281 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1116 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Currency Hedged MSCI ACWI ex U.S. 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>|
| KRW | 5604743500 | USD | 4015161 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23042 |
| KRW | 5604743500 | USD | 4012971 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25233 |
| MXN | 99000 | USD | 5245 | Bank of America N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| MXN | 1475000 | USD | 77793 | Barclays Bank PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 386 |
| MXN | 27674000 | USD | 1466206 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 577 |
| MYR | 1990500 | USD | 465277 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1367 |
| MYR | 1990500 | USD | 466159 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 484 |
| THB | 23633000 | USD | 720991 | HSBC Bank PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2227 |
| TRY | 62000 | USD | 1513 | BNP Paribas SA | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| TRY | 15148000 | USD | 371889 | HSBC Bank PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 940 |
| TRY | 223000 | USD | 5436 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| TWD | 206848000 | USD | 6913831 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14026 |
| TWD | 206848000 | USD | 6917993 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9864 |
| USD | 15183 | AUD | 23000 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 402 |
| USD | 11213010 | AUD | 17122000 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209557 |
| USD | 1470243 | BRL | 8137500 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17372 |
| USD | 1471451 | BRL | 8158500 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14830 |
| USD | 27966 | CAD | 38000 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 536 |
| USD | 20783493 | CAD | 28365000 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 308282 |
| USD | 98674 | CHF | 78000 | BNP Paribas SA | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2645 |
| USD | 21489 | CHF | 17000 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 559 |
| USD | 16225366 | CHF | 12875000 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 374335 |
| USD | 219349 | CLP | 205335000 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8231 |
| USD | 219013 | CLP | 205061000 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8177 |
| USD | 2825226 | CNH | 20183000 | HSBC Bank PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26021 |
| USD | 3778 | CNH | 27000 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| USD | 30519 | DKK | 193000 | Citibank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1009 |
| USD | 3966140 | DKK | 25161000 | Deutsche Bank Securities Inc. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119040 |
| USD | 5052 | DKK | 32000 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160 |
| USD | 674574 | EUR | 572000 | Bank of America N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21765 |
| USD | 80121 | EUR | 68000 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2515 |
| USD | 60682697 | EUR | 51538000 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1863687 |
| USD | 108383 | GBP | 79000 | Citibank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4051 |
| USD | 24430423 | GBP | 17829000 | Deutsche Bank Securities Inc. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 884374 |
| USD | 31241 | GBP | 23000 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 866 |
| USD | 20866644 | HKD | 163228000 | HSBC Bank PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71053 |
| USD | 27929 | HKD | 219000 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| USD | 482141 | IDR | 7835279000 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6167 |
| USD | 483259 | IDR | 7854690000 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6106 |
| USD | 926366 | ILS | 3123000 | BNP Paribas SA | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7132 |
| USD | 1201 | ILS | 4000 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| USD | 6858751 | INR | 589467500 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129094 |
| USD | 6868611 | INR | 590280500 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129672 |
| USD | 46511 | JPY | 6807000 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1367 |
| USD | 413223 | JPY | 59354000 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19586 |
| USD | 35882030 | JPY | 5163338000 | UBS AG | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1638655 |
| USD | 4645318 | KRW | 6285856500 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116374 |
| USD | 3821400 | KRW | 5171501500 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95346 |
| USD | 2047 | MXN | 38000 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| USD | 492089 | MYR | 2074500 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5753 |
| USD | 493470 | MYR | 2079500 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5962 |
| USD | 4956 | NOK | 50000 | Citibank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 |
| USD | 1024865 | NOK | 10380000 | HSBC Bank PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20865 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Currency Hedged MSCI ACWI ex U.S. 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 | 1386 | NOK | 14000 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $31 |
| USD | 3049 | NZD | 5000 | Bank of America N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103 |
| USD | 309253 | NZD | 509000 | HSBC Bank PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9391 |
| USD | 605 | NZD | 1000 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| USD | 5082218 | SEK | 48251000 | Bank of America N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152926 |
| USD | 109969 | SEK | 1040000 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3723 |
| USD | 8668 | SGD | 11000 | Bank of America N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196 |
| USD | 3136 | SGD | 4000 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| USD | 2178326 | SGD | 2769000 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45542 |
| USD | 854704 | THB | 27769000 | HSBC Bank PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4916 |
| USD | 996 | THB | 32000 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| USD | 155757 | TWD | 4495000 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5208 |
| USD | 7469830 | TWD | 216102500 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232016 |
| USD | 6934692 | TWD | 200488500 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219830 |
| USD | 3307 | ZAR | 58000 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124 |
| USD | 2439936 | ZAR | 43508000 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51683 |
| USD | 103613 | AUD | 161000 | JPMorgan Chase Bank N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 |
| USD | 426443 | AUD | 662000 | Morgan Stanley & Co. International PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 791 |
| USD | 10769416 | AUD | 16711000 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24590 |
| USD | 981600 | CAD | 1355000 | Barclays Bank PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2155 |
| USD | 20024842 | CAD | 27697000 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4415 |
| USD | 279288 | CHF | 226000 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 |
| USD | 7785 | CNH | 56000 | BNP Paribas SA | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| USD | 232156 | CNH | 1670000 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| USD | 3565642 | DKK | 23208000 | Bank of America N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9590 |
| USD | 56706026 | EUR | 49495000 | Bank of America N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113669 |
| USD | 301099 | EUR | 263000 | BNP Paribas SA | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 386 |
| USD | 1888699 | EUR | 1647000 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5527 |
| USD | 1364748 | GBP | 1031000 | BNP Paribas SA | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2775 |
| USD | 72736 | GBP | 55000 | Citibank N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 |
| USD | 20405663 | HKD | 159740000 | HSBC Bank PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 372 |
| USD | 904324 | ILS | 3066000 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1697 |
| USD | 33127390 | JPY | 4969463000 | Bank of America N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67057 |
| USD | 1283853 | JPY | 192592000 | Morgan Stanley & Co. International PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2597 |
| USD | 224728 | JPY | 33768000 | UBS AG | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 |
| USD | 24672 | MXN | 466000 | HSBC Bank PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| USD | 982618 | NOK | 10104000 | Bank of America N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5149 |
| USD | 5247 | NOK | 54000 | BNP Paribas SA | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| USD | 295329 | NZD | 500000 | HSBC Bank PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 476 |
| USD | 13592 | NZD | 23000 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| USD | 4728941 | SEK | 46114000 | Morgan Stanley & Co. International PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9471 |
| USD | 5433 | SEK | 53000 | Societe Generale | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| USD | 209000 | SEK | 2036000 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 629 |
| USD | 166864 | SGD | 216000 | Morgan Stanley & Co. International PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132 |
| USD | 2101301 | SGD | 2720000 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1712 |
| USD | 9815 | ZAR | 179000 | Barclays Bank PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| USD | 145535 | ZAR | 2637000 | BNP Paribas SA | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1063 |
| USD | 2334226 | ZAR | 42376000 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12593 |
| INR | 10804000 | USD | 123122 | State Street Bank & Trust Company | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7243660 |
| AUD | 134000 | USD | 88150 | Citibank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2035)<br>|
| AUD | 69000 | USD | 45398 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1055)<br>|

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Currency Hedged MSCI ACWI ex U.S. 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>|
| AUD | 231000 | USD | 152283 | Societe Generale | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(3830)<br>|
| AUD | 16711000 | USD | 10763889 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24566)<br>|
| BRL | 901000 | USD | 164140 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3275)<br>|
| BRL | 73000 | USD | 13321 | Societe Generale | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (287)<br>|
| BRL | 63000 | USD | 11297 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (49)<br>|
| CAD | 113000 | USD | 83051 | Citibank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1483)<br>|
| CAD | 384000 | USD | 283053 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5863)<br>|
| CAD | 27906000 | USD | 20150452 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6569)<br>|
| CHF | 625000 | USD | 788546 | HSBC Bank PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19079)<br>|
| CHF | 50000 | USD | 62905 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1347)<br>|
| CHF | 167000 | USD | 211804 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6203)<br>|
| CLP | 8929000 | USD | 9615 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (435)<br>|
| CLP | 1643000 | USD | 1716 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26)<br>|
| CNH | 81000 | USD | 11310 | Barclays Bank PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (76)<br>|
| CNH | 273000 | USD | 38211 | Morgan Stanley & Co. LLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (348)<br>|
| CNH | 158000 | USD | 22128 | UBS AG | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (215)<br>|
| CNY | 91000 | USD | 12736 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (105)<br>|
| DKK | 23208000 | USD | 3558053 | Bank of America N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9566)<br>|
| DKK | 1765000 | USD | 278402 | HSBC Bank PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8535)<br>|
| DKK | 95000 | USD | 14905 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (380)<br>|
| DKK | 318000 | USD | 50408 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1786)<br>|
| EUR | 49495000 | USD | 56600997 | Bank of America N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (113612)<br>|
| EUR | 203000 | USD | 237611 | Barclays Bank PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5932)<br>|
| EUR | 1804000 | USD | 2122407 | BNP Paribas SA | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (63547)<br>|
| EUR | 676000 | USD | 799395 | Societe Generale | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27893)<br>|
| GBP | 540000 | USD | 740102 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26946)<br>|
| GBP | 235000 | USD | 320453 | Societe Generale | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10098)<br>|
| GBP | 70000 | USD | 94484 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2038)<br>|
| HKD | 159740000 | USD | 20351352 | HSBC Bank PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (139)<br>|
| HKD | 2176000 | USD | 278112 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (885)<br>|
| HKD | 1531000 | USD | 195593 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (540)<br>|
| IDR | 1451849000 | USD | 89513 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1317)<br>|
| IDR | 68082000 | USD | 4198 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (62)<br>|
| ILS | 8000 | USD | 2375 | Citibank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20)<br>|
| ILS | 41000 | USD | 12173 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (105)<br>|
| ILS | 3078000 | USD | 907975 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1986)<br>|
| INR | 595457500 | USD | 6802726 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4684)<br>|
| INR | 584290500 | USD | 6672138 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1584)<br>|
| JPY | 4969463000 | USD | 33024383 | Bank of America N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (66792)<br>|
| JPY | 20422000 | USD | 138916 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3476)<br>|
| JPY | 68113000 | USD | 475842 | Societe Generale | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24115)<br>|
| JPY | 171501000 | USD | 1191831 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (54433)<br>|
| KRW | 154832000 | USD | 114370 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2814)<br>|
| KRW | 93039000 | USD | 68262 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1227)<br>|
| MXN | 114000 | USD | 6102 | Barclays Bank PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (59)<br>|
| MXN | 383000 | USD | 20348 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (48)<br>|
| MYR | 145000 | USD | 34478 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (485)<br>|
| MYR | 28000 | USD | 6643 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (78)<br>|
| NOK | 10104000 | USD | 982456 | Bank of America N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5151)<br>|
| NOK | 201000 | USD | 19858 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (416)<br>|
| NOK | 139000 | USD | 13820 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (375)<br>|
| NZD | 2000 | USD | 1202 | Citibank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24)<br>|
| NZD | 500000 | USD | 295040 | HSBC Bank PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (480)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Currency Hedged MSCI ACWI ex U.S. 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>|
| NZD | 6000 | USD | 3646 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(112)<br>|
| NZD | 7000 | USD | 4269 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (145)<br>|
| SEK | 2358000 | USD | 247964 | HSBC Bank PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7072)<br>|
| SEK | 190000 | USD | 19900 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (490)<br>|
| SEK | 46743000 | USD | 4786665 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11429)<br>|
| SGD | 15000 | USD | 11807 | BNP Paribas SA | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (253)<br>|
| SGD | 11000 | USD | 8603 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (131)<br>|
| SGD | 38000 | USD | 29919 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (650)<br>|
| SGD | 2720000 | USD | 2096730 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1687)<br>|
| THB | 97000 | USD | 2996 | Citibank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27)<br>|
| THB | 3735000 | USD | 115247 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (949)<br>|
| THB | 336000 | USD | 10406 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (124)<br>|
| TWD | 5690000 | USD | 198355 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7782)<br>|
| TWD | 1700000 | USD | 58510 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1572)<br>|
| USD | 1568212 | MXN | 29707000 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6324)<br>|
| USD | 4068 | TRY | 167000 | Barclays Bank PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (42)<br>|
| USD | 371345 | TRY | 15245000 | HSBC Bank PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3871)<br>|
| USD | 514 | TRY | 21000 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| ZAR | 296000 | USD | 16530 | BNP Paribas SA | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (282)<br>|
| ZAR | 592000 | USD | 33622 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1126)<br>|
| ZAR | 42376000 | USD | 2338675 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12561)<br>|
| ZAR | 302000 | USD | 17008 | UBS AG | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (431)<br>|
| CAD | 77000 | USD | 55685 | BNP Paribas SA | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26)<br>|
| DKK | 634000 | USD | 97269 | JPMorgan Chase Bank N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (124)<br>|
| DKK | 1835000 | USD | 282071 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (902)<br>|
| HKD | 1593000 | USD | 203493 | Bank of America N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| MXN | 116000 | USD | 6141 | JPMorgan Chase Bank N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11)<br>|
| NOK | 25000 | USD | 2423 | UBS AG | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| SGD | 1000 | USD | 772 | JPMorgan Chase Bank N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | 14824 | CHF | 12000 | JPMorgan Chase Bank N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 14977747 | CHF | 12128000 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6194)<br>|
| USD | 2725033 | CNH | 19607000 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (265)<br>|
| USD | 22542749 | GBP | 17086000 | Bank of America N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28225)<br>|
| USD | 1708904 | HKD | 13378000 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11)<br>|
| USD | 4416 | ILS | 15000 | UBS AG | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 1461763 | MXN | 27674000 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (612)<br>|
| USD | 721766 | THB | 23633000 | HSBC Bank PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3025)<br>|
| USD | 12484 | THB | 409000 | JPMorgan Chase Bank N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (59)<br>|
| USD | 125028 | THB | 4092000 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (468)<br>|
| USD | 5868 | TRY | 245000 | BNP Paribas SA | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12)<br>|
| USD | 409809 | TRY | 17108000 | HSBC Bank PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (757)<br>|
| BRL | 155000 | USD | 27480 | State Street Bank & Trust Company | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24)<br>|
| IDR | 33876000 | USD | 2051 | Morgan Stanley & Co. International PLC | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | 1378181 | BRL | 7798500 | Morgan Stanley & Co. International PLC | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3197)<br>|
| USD | 1348004 | BRL | 7629500 | State Street Bank & Trust Company | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3438)<br>|
| USD | 204137 | CLP | 200377000 | Morgan Stanley & Co. International PLC | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1894)<br>|
| USD | 212295 | CLP | 208209000 | State Street Bank & Trust Company | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1789)<br>|
| USD | 428720 | IDR | 7085019000 | Morgan Stanley & Co. International PLC | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (286)<br>|
| USD | 459334 | IDR | 7589323000 | State Street Bank & Trust Company | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (207)<br>|
| USD | 6658678 | INR | 584165500 | Morgan Stanley & Co. International PLC | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5314)<br>|
| USD | 6605913 | INR | 579527500 | State Street Bank & Trust Company | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5170)<br>|
| USD | 4209854 | KRW | 5867602500 | Morgan Stanley & Co. International PLC | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1898)<br>|
| USD | 4624040 | KRW | 6447940500 | State Street Bank & Trust Company | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4278)<br>|

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Currency Hedged MSCI ACWI ex U.S. 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 | 469453 | MYR | 2006500 | Morgan Stanley & Co. International PLC | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1004)<br>|
| USD | 481465 | MYR | 2054500 | State Street Bank & Trust Company | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (247)<br>|
| USD | 7196542 | TWD | 214945000 | Morgan Stanley & Co. International PLC | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2486)<br>|
| USD | 7762994 | TWD | 231803000 | State Street Bank & Trust Company | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (650)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (648120)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6595540 |

---

**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; $7243660 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7243660 |
| **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; $648120 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $648120 |

---

For the period ended July 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; $(12714062)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(12714062)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9332839 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9332839 |

---

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

---

| | |
|:---|:---|
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; $254312630 |
| Average amounts sold — in USD | &nbsp;&nbsp; $489578358 |

---

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; $7243660 | &nbsp;&nbsp;&nbsp; $648120 |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | &nbsp;&nbsp; 7243660 | &nbsp;&nbsp;&nbsp; 648120 |
| 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; $7243660 | &nbsp;&nbsp;&nbsp; $648120 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Currency Hedged MSCI ACWI ex U.S. 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; $398739 | &nbsp;&nbsp; $(223349)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $175390 |
| Barclays Bank PLC | &nbsp;&nbsp; 2549 | &nbsp;&nbsp; (2549)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 14038 | &nbsp;&nbsp; (14038)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citibank N.A. | &nbsp;&nbsp; 5260 | &nbsp;&nbsp; (3589)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1671 |
| Deutsche Bank Securities Inc. | &nbsp;&nbsp; 1003414 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1003414 |
| HSBC Bank PLC | &nbsp;&nbsp; 136308 | &nbsp;&nbsp; (42958)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 93350 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 15772 | &nbsp;&nbsp; (15772)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 2456349 | &nbsp;&nbsp; (65610)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (890000)<br>| &nbsp;&nbsp; 1500739 |
| Societe Generale | &nbsp;&nbsp; 9 | &nbsp;&nbsp; (9)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| State Street Bank & Trust Company | &nbsp;&nbsp; 1572487 | &nbsp;&nbsp; (139662)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1432825 |
| UBS AG | &nbsp;&nbsp; 1638735 | &nbsp;&nbsp; (651)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1638084 |
|  | &nbsp;&nbsp; $7243660 | &nbsp;&nbsp; $(508187)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(890000)<br>| &nbsp;&nbsp; $5845473 |

---

&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; $223349 | &nbsp;&nbsp; $(223349)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Barclays Bank PLC | &nbsp;&nbsp; 6109 | &nbsp;&nbsp; (2549)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3560 |
| BNP Paribas SA | &nbsp;&nbsp; 64120 | &nbsp;&nbsp; (14038)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 50082 |
| Citibank N.A. | &nbsp;&nbsp; 3589 | &nbsp;&nbsp; (3589)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 42958 | &nbsp;&nbsp; (42958)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 35501 | &nbsp;&nbsp; (15772)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19729 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 65610 | &nbsp;&nbsp; (65610)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co. LLC | &nbsp;&nbsp; 348 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 348 |
| Societe Generale | &nbsp;&nbsp; 66223 | &nbsp;&nbsp; (9)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 66214 |
| State Street Bank & Trust Company | &nbsp;&nbsp; 139662 | &nbsp;&nbsp; (139662)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 651 | &nbsp;&nbsp; (651)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $648120 | &nbsp;&nbsp; $(508187)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $139933 |

---

&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; $258185296 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $258185296 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 530000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 530000 |
|  | &nbsp;&nbsp; $258715296 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $258715296 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Currency Hedged MSCI ACWI ex U.S. ETF**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7243660 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7243660 |
| Liabilities  |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (648120)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (648120)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6595540 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6595540 |

---

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

<sup>(a)</sup> Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

July 31, 2025

**iShares® Currency Hedged MSCI EAFE 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 — 99.8%** | **Exchange-Traded Funds — 99.8%** | **Exchange-Traded Funds — 99.8%** |
| iShares MSCI EAFE ETF<sup>(a)(b)</sup> | &nbsp;&nbsp; 72534053 | $6348180318 |
| **Total Investment Companies** <br>**(Cost: $5,769,782,070)** | **Total Investment Companies** <br>**(Cost: $5,769,782,070)** | 6348180318 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 10.2%** | **Money Market Funds — 10.2%** | **Money Market Funds — 10.2%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, <br>4.44%<sup>(a)(c)(d)</sup><br>| &nbsp;&nbsp; 643160264 | 643417528 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, <br>4.30%<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 4170000 | 4170000 |
| **Total Short-Term Securities — 10.2%** <br>**(Cost: $647,587,528)** | **Total Short-Term Securities — 10.2%** <br>**(Cost: $647,587,528)** | 647587528 |
| **Total Investments in Securities — 110.0%** <br>**(Cost: $6,417,369,598)** | **Total Investments in Securities — 110.0%** <br>**(Cost: $6,417,369,598)** | 6995767846 |
| **Liabilities in Excess of Other Assets — (10.0)%** | **Liabilities in Excess of Other Assets — (10.0)%** | (634229795)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $6361538051 |

---

&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 July 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>*07/31/24*<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>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash <br> Funds: Institutional, <br> SL Agency Shares<br>| $1447379127 | $— | &nbsp;&nbsp; $(804218416 )<sup>(a)</sup><br>| $379800 | $(122983)<br>| $643417528 | 643160264 | $724844 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash <br> Funds: Treasury, SL <br> Agency Shares<br>| 2580000 | 1590000 <br><sup>(a)</sup><br>|  |  |  | 4170000 | 4170000 | 341007 |  |
| iShares MSCI EAFE <br> ETF<br>| 6665645671 | 3765290871 | &nbsp;&nbsp; (4789710907)<br>| 718599495 | (11644812)<br>| 6348180318 | 72534053 | 182572413 |  |
|  |  |  |  | $718979295 | $(11767795) | $6995767846 |  | $183638264 | $— |

---

&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>|
| CHF | 478897000 | USD | 589324654 | BNP Paribas SA | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $268452 |
| GBP | 674636000 | USD | 889777420 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1187425 |
| USD | 255928 | AUD | 392000 | Bank of America N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4009 |
| USD | 5265378 | AUD | 8041000 | Bank of New York | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97829 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Currency Hedged MSCI EAFE 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 | 5410956 | AUD | 8282000 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $88529 |
| USD | 445182815 | AUD | 679781000 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8321569 |
| USD | 359157 | CHF | 285000 | Bank of America N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8280 |
| USD | 654176844 | CHF | 519189000 | BNP Paribas SA | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14978321 |
| USD | 2979616 | CHF | 2357000 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77800 |
| USD | 7332775 | CHF | 5837000 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146563 |
| USD | 1260258 | CHF | 997000 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32803 |
| USD | 157860014 | DKK | 1001522000 | Bank of America N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4728007 |
| USD | 1314368 | DKK | 8312000 | Citibank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43469 |
| USD | 3565539 | DKK | 22815000 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77141 |
| USD | 301086 | DKK | 1907000 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9507 |
| USD | 1325867 | EUR | 1129000 | Bank of America N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37368 |
| USD | 28388521 | EUR | 24071000 | BNP Paribas SA | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 916901 |
| USD | 54908236 | EUR | 47087000 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1169040 |
| USD | 2348376086 | EUR | 1994483000 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72123333 |
| USD | 4656464 | EUR | 3952000 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146147 |
| USD | 544980 | GBP | 401000 | Bank of America N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15395 |
| USD | 971460667 | GBP | 709040000 | BNP Paribas SA | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35059832 |
| USD | 4978774 | GBP | 3629000 | Citibank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186098 |
| USD | 22504075 | GBP | 16727000 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 413393 |
| USD | 1907055 | GBP | 1404000 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52848 |
| USD | 71121 | HKD | 557000 | Bank of America N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158 |
| USD | 922371 | HKD | 7237000 | BNP Paribas SA | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 362 |
| USD | 121867444 | HKD | 953322000 | HSBC Bank PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 412209 |
| USD | 567108 | HKD | 4439000 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1570 |
| USD | 1705054 | HKD | 13360000 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2962 |
| USD | 446832 | ILS | 1496000 | Bank of America N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6495 |
| USD | 36840311 | ILS | 124193000 | HSBC Bank PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 284912 |
| USD | 440617 | ILS | 1479000 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5283 |
| USD | 73244 | ILS | 244000 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1425 |
| USD | 798056 | JPY | 116658000 | Bank of America N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24377 |
| USD | 3406190 | JPY | 488653000 | BNP Paribas SA | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165432 |
| USD | 29637717 | JPY | 4374688000 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 624687 |
| USD | 20107563 | JPY | 2895847000 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 902241 |
| USD | 1427101849 | JPY | 205356531000 | UBS AG | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65172686 |
| USD | 23477 | NOK | 237000 | Bank of America N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 553 |
| USD | 479414 | NOK | 4862000 | Bank of New York | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9139 |
| USD | 226008 | NOK | 2280000 | Citibank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5476 |
| USD | 40762618 | NOK | 412838000 | HSBC Bank PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 831070 |
| USD | 493790 | NOK | 5015000 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8716 |
| USD | 82150 | NOK | 830000 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1868 |
| USD | 127306 | NZD | 209000 | Bank of America N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4180 |
| USD | 90565 | NZD | 152000 | BNP Paribas SA | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1019 |
| USD | 12295985 | NZD | 20238000 | HSBC Bank PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 373389 |
| USD | 57532 | NZD | 95000 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1565 |
| USD | 143467 | NZD | 240000 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2079 |
| USD | 24789 | NZD | 41000 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 635 |
| USD | 202220299 | SEK | 1919898000 | Bank of America N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6084708 |
| USD | 6618401 | SEK | 62859000 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196764 |
| USD | 398995 | SEK | 3789000 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11914 |
| USD | 2311927 | SEK | 22193000 | UBS AG | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44704 |
| USD | 458305 | SGD | 582000 | Bank of America N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10028 |
| USD | 1429346 | SGD | 1827000 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22125 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Currency Hedged MSCI EAFE 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 | 87448578 | SGD | 111173000 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1819115 |
| USD | 425217373 | AUD | 659794000 | BNP Paribas SA | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 983546 |
| USD | 4991444 | AUD | 7756000 | JPMorgan Chase Bank N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4497 |
| USD | 17868087 | AUD | 27738000 | Morgan Stanley & Co. International PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33130 |
| USD | 12392499 | CHF | 10028000 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3072 |
| USD | 140808748 | DKK | 916465000 | Natwest Markets PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383150 |
| USD | 2175835233 | EUR | 1899145000 | Bank of America N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4361549 |
| USD | 15730486 | EUR | 13745000 | JPMorgan Chase Bank N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14516 |
| USD | 75294563 | EUR | 65659000 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220364 |
| USD | 4775432 | GBP | 3611000 | Citibank N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5223 |
| USD | 56061940 | GBP | 42352000 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114035 |
| USD | 119605417 | HKD | 936309000 | HSBC Bank PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700 |
| USD | 34508545 | ILS | 117026000 | HSBC Bank PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56235 |
| USD | 1276561 | ILS | 4330000 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1815 |
| USD | 1308035827 | JPY | 196219370000 | Bank of America N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2647744 |
| USD | 53801889 | JPY | 8070893000 | HSBC Bank PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108681 |
| USD | 11622097 | JPY | 1746406000 | JPMorgan Chase Bank N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3786 |
| USD | 38799027 | NOK | 398960000 | Bank of America N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203321 |
| USD | 297228 | NOK | 3059000 | BNP Paribas SA | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1298 |
| USD | 11640300 | NZD | 19707000 | Citibank N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18944 |
| USD | 33045 | NZD | 56000 | JPMorgan Chase Bank N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| USD | 586809 | NZD | 993000 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1230 |
| USD | 186735330 | SEK | 1820890000 | Bank of America N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 378977 |
| USD | 604495 | SEK | 5897000 | Societe Generale | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 975 |
| USD | 8692185 | SEK | 84676000 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26143 |
| USD | 162140 | SGD | 210000 | Bank of America N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| USD | 89758901 | SGD | 116188000 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72494 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226869392 |
| AUD | 659794000 | USD | 424999707 | BNP Paribas SA | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(983106)<br>|
| AUD | 4795000 | USD | 3154337 | Citibank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (72830)<br>|
| AUD | 2845000 | USD | 1865657 | HSBC Bank PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37318)<br>|
| AUD | 17097000 | USD | 11215629 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (228242)<br>|
| AUD | 11377000 | USD | 7500082 | Societe Generale | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (188654)<br>|
| AUD | 588000 | USD | 384599 | Toronto Dominion Bank | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6721)<br>|
| CHF | 427000 | USD | 538603 | Bank of America N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12902)<br>|
| CHF | 427000 | USD | 538973 | Bank of New York | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13273)<br>|
| CHF | 30011000 | USD | 37854825 | BNP Paribas SA | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (906841)<br>|
| CHF | 3299000 | USD | 4165215 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (103658)<br>|
| CHF | 8201000 | USD | 10401236 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (304591)<br>|
| CHF | 6406000 | USD | 8047960 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (161226)<br>|
| CHF | 997000 | USD | 1255108 | Toronto Dominion Bank | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27653)<br>|
| DKK | 817000 | USD | 128926 | Bank of America N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4007)<br>|
| DKK | 817000 | USD | 128558 | Citibank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3639)<br>|
| DKK | 77889000 | USD | 12285797 | HSBC Bank PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (376624)<br>|
| DKK | 8765000 | USD | 1379355 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39192)<br>|
| DKK | 15637000 | USD | 2478709 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (87823)<br>|
| DKK | 916465000 | USD | 140508909 | Natwest Markets PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (382057)<br>|
| DKK | 14166000 | USD | 2218975 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (53004)<br>|
| EUR | 1900839000 | USD | 2173793655 | Bank of America N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4414419)<br>|
| EUR | 5081000 | USD | 5944884 | BNP Paribas SA | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (146068)<br>|
| EUR | 121170000 | USD | 142387982 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4099741)<br>|
| EUR | 32341000 | USD | 38244429 | Societe Generale | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1334468)<br>|

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Currency Hedged MSCI EAFE 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>|
| EUR | 7339000 | USD | 8590240 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(214426)<br>|
| EUR | 3952000 | USD | 4629084 | Toronto Dominion Bank | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (118767)<br>|
| GBP | 1805000 | USD | 2433920 | BNP Paribas SA | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50129)<br>|
| GBP | 39975000 | USD | 54504567 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1711180)<br>|
| GBP | 11576000 | USD | 15785381 | Societe Generale | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (497420)<br>|
| GBP | 2607000 | USD | 3518867 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (75906)<br>|
| GBP | 602000 | USD | 818368 | Toronto Dominion Bank | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23331)<br>|
| HKD | 835000 | USD | 106699 | Bank of America N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (318)<br>|
| HKD | 12525000 | USD | 1598590 | BMO Capital Markets | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2878)<br>|
| HKD | 2505000 | USD | 319559 | BNP Paribas SA | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (416)<br>|
| HKD | 936309000 | USD | 119288556 | HSBC Bank PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (814)<br>|
| HKD | 2831000 | USD | 361768 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1092)<br>|
| HKD | 15894000 | USD | 2031390 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6461)<br>|
| HKD | 8016000 | USD | 1023608 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2353)<br>|
| ILS | 104000 | USD | 31174 | Bank of America N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (562)<br>|
| ILS | 212000 | USD | 62932 | Citibank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (531)<br>|
| ILS | 123710000 | USD | 36490545 | HSBC Bank PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (77314)<br>|
| ILS | 354000 | USD | 105108 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (910)<br>|
| ILS | 2023000 | USD | 600644 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5187)<br>|
| ILS | 765000 | USD | 229341 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4168)<br>|
| ILS | 244000 | USD | 73856 | Toronto Dominion Bank | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2036)<br>|
| JPY | 196394358000 | USD | 1305179104 | Bank of America N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2687276)<br>|
| JPY | 174988000 | USD | 1198883 | HSBC Bank PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38359)<br>|
| JPY | 4384668000 | USD | 29907351 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (828134)<br>|
| JPY | 3353202000 | USD | 23425703 | Societe Generale | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1187192)<br>|
| JPY | 8925161000 | USD | 61943944 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2752074)<br>|
| NOK | 399316000 | USD | 38827951 | Bank of America N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (204312)<br>|
| NOK | 5337000 | USD | 526290 | Bank of New York | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10071)<br>|
| NOK | 14206000 | USD | 1404342 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (30274)<br>|
| NOK | 6847000 | USD | 680757 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18484)<br>|
| NOK | 356000 | USD | 35266 | Toronto Dominion Bank | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (832)<br>|
| NZD | 19783000 | USD | 11674572 | Citibank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20025)<br>|
| NZD | 527000 | USD | 319839 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9373)<br>|
| NZD | 342000 | USD | 208565 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7086)<br>|
| NZD | 323000 | USD | 193377 | Toronto Dominion Bank | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3091)<br>|
| SEK | 1822514000 | USD | 186568221 | Bank of America N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (381320)<br>|
| SEK | 1624000 | USD | 170986 | BMO Capital Markets | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5079)<br>|
| SEK | 149853000 | USD | 15729247 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (420357)<br>|
| SEK | 30959000 | USD | 3261417 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (98664)<br>|
| SEK | 3789000 | USD | 399091 | Toronto Dominion Bank | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12009)<br>|
| SGD | 96000 | USD | 75434 | Bank of America N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1492)<br>|
| SGD | 1748000 | USD | 1374286 | BNP Paribas SA | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27913)<br>|
| SGD | 1437000 | USD | 1122424 | Deutsche Bank Securities Inc. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15595)<br>|
| SGD | 963000 | USD | 755033 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13295)<br>|
| SGD | 1852000 | USD | 1458166 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31688)<br>|
| SGD | 107390000 | USD | 82782421 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (66762)<br>|
| SGD | 96000 | USD | 75126 | Toronto Dominion Bank | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1184)<br>|
| DKK | 70615000 | USD | 10854714 | HSBC Bank PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34711)<br>|
| DKK | 23462000 | USD | 3599559 | JPMorgan Chase Bank N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4588)<br>|
| HKD | 6613000 | USD | 844760 | Bank of America N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11)<br>|
| NOK | 212000 | USD | 20544 | UBS AG | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35)<br>|
| USD | 591402444 | CHF | 478897000 | BNP Paribas SA | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (266785)<br>|
| USD | 1771489 | CHF | 1434000 | JPMorgan Chase Bank N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (194)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Currency Hedged MSCI EAFE 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 | 890025012 | GBP | 674636000 | Morgan Stanley & Co. International PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1183687)<br>|
| USD | 9156392 | HKD | 71680000 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (57)<br>|
| USD | 240496 | ILS | 817000 | UBS AG | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27146293)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $199723099 |

---

**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 con-<br> tracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $226869392 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $226869392 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on forward foreign currency exchange con-<br> tracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $27146293 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $27146293 |

---

For the period ended July 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; $(581914990)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(581914990)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $336011900 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $336011900 |

---

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

---

| | |
|:---|:---|
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; $6640963964 |
| Average amounts sold — in USD | &nbsp;&nbsp; $12906871564 |

---

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; $226869392 | &nbsp;&nbsp;&nbsp; $27146293 |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | &nbsp;&nbsp; 226869392 | &nbsp;&nbsp;&nbsp; 27146293 |
| 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; $226869392 | &nbsp;&nbsp;&nbsp; $27146293 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Currency Hedged MSCI EAFE 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; $18515189 | &nbsp;&nbsp; $(7706619)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10808570 |
| Bank of New York | &nbsp;&nbsp; 106968 | &nbsp;&nbsp; (23344)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 83624 |
| BNP Paribas SA | &nbsp;&nbsp; 52375163 | &nbsp;&nbsp; (2381258)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 49993905 |
| Citibank N.A. | &nbsp;&nbsp; 259210 | &nbsp;&nbsp; (97025)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 162185 |
| HSBC Bank PLC | &nbsp;&nbsp; 2067196 | &nbsp;&nbsp; (565140)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1502056 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 2709434 | &nbsp;&nbsp; (2709434)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 73492530 | &nbsp;&nbsp; (1743671)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 71748859 |
| Natwest Markets PLC | &nbsp;&nbsp; 383150 | &nbsp;&nbsp; (382057)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1093 |
| Societe Generale | &nbsp;&nbsp; 975 | &nbsp;&nbsp; (975)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| State Street Bank & Trust Company | &nbsp;&nbsp; 11742187 | &nbsp;&nbsp; (3329976)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8412211 |
| UBS AG | &nbsp;&nbsp; 65217390 | &nbsp;&nbsp; (63)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 65217327 |
|  | &nbsp;&nbsp; $226869392 | &nbsp;&nbsp; $(18939562)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $207929830 |

---

&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; $7706619 | &nbsp;&nbsp; $(7706619)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Bank of New York | &nbsp;&nbsp; 23344 | &nbsp;&nbsp; (23344)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BMO Capital Markets | &nbsp;&nbsp; 7957 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7957 |
| BNP Paribas SA | &nbsp;&nbsp; 2381258 | &nbsp;&nbsp; (2381258)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citibank N.A. | &nbsp;&nbsp; 97025 | &nbsp;&nbsp; (97025)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Deutsche Bank Securities Inc. | &nbsp;&nbsp; 15595 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15595 |
| HSBC Bank PLC | &nbsp;&nbsp; 565140 | &nbsp;&nbsp; (565140)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 7490230 | &nbsp;&nbsp; (2709434)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4780796 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 1743671 | &nbsp;&nbsp; (1743671)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Natwest Markets PLC | &nbsp;&nbsp; 382057 | &nbsp;&nbsp; (382057)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Societe Generale | &nbsp;&nbsp; 3207734 | &nbsp;&nbsp; (975)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3206759 |
| State Street Bank & Trust Company | &nbsp;&nbsp; 3329976 | &nbsp;&nbsp; (3329976)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Toronto Dominion Bank | &nbsp;&nbsp; 195624 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 195624 |
| UBS AG | &nbsp;&nbsp; 63 | &nbsp;&nbsp; (63)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $27146293 | &nbsp;&nbsp; $(18939562)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8206731 |

---

&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.

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Currency Hedged MSCI EAFE ETF**

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Investment Companies | &nbsp;&nbsp; $6348180318 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6348180318 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 647587528 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 647587528 |
|  | &nbsp;&nbsp; $6995767846 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6995767846 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $226869392 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $226869392 |
| Liabilities  |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (27146293)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (27146293)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $199723099 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $199723099 |

---

&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

July 31, 2025

**iShares® Currency Hedged MSCI EAFE Small-Cap ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Exchange-Traded Funds — 99.8%** | **Exchange-Traded Funds — 99.8%** | **Exchange-Traded Funds — 99.8%** |
| iShares MSCI EAFE Small-Cap ETF<sup>(a)</sup> | &nbsp;&nbsp; 2240828 | $162258355 |
| **Total Investment Companies** <br>**(Cost: $137,324,715)** | **Total Investment Companies** <br>**(Cost: $137,324,715)** | 162258355 |
| **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>4.30%<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 90000 | 90000 |
| **Total Short-Term Securities — 0.1%** <br>**(Cost: $90,000)** | **Total Short-Term Securities — 0.1%** <br>**(Cost: $90,000)** | 90000 |
| **Total Investments in Securities — 99.9%** <br>**(Cost: $137,414,715)** | **Total Investments in Securities — 99.9%** <br>**(Cost: $137,414,715)** | 162348355 |
| **Other Assets Less Liabilities — 0.1%** | **Other Assets Less Liabilities — 0.1%** | 229347 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $162577702 |

---

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

<sup>(a)</sup> Affiliate of the Fund. <br> <sup>(b)</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 July 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>*07/31/24*<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>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<sup>(a)</sup><br>| $— | $9719 <br><sup>(b)</sup><br>| $— | $(9719)<br>| $— | $— |  | $15334 <br><sup>(c)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| 70000 | 20000 <br><sup>(b)</sup><br>|  |  |  | 90000 | 90000 | 8115 |  |
| iShares MSCI EAFE Small-Cap ETF | 151065077 | 45140675 | &nbsp;&nbsp; (51426419)<br>| 3396967 | 14082055 | 162258355 | 2240828 | 5247003 |  |
|  |  |  |  | $3387248 | $14082055 | $162348355 |  | $5270452 | $— |

---

&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**

**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>|
| CHF | 6058000 | USD | 7455174 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3121 |
| GBP | 16172000 | USD | 21330946 | Bank of America N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26769 |
| USD | 13814 | AUD | 21000 | BNP Paribas SA | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 319 |
| USD | 173598 | AUD | 265000 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3296 |
| USD | 15911103 | AUD | 24296000 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 297279 |
| USD | 117724 | CHF | 93000 | BNP Paribas SA | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3228 |
| USD | 50408 | CHF | 40000 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1162 |
| USD | 7640731 | CHF | 6063000 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176280 |
| USD | 2861699 | DKK | 18153000 | Citibank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86118 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Currency Hedged MSCI EAFE Small-Cap 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 | 93281 | DKK | 591000 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2918 |
| USD | 19365 | DKK | 123000 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 559 |
| USD | 364412 | EUR | 309000 | Bank of America N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11758 |
| USD | 134762 | EUR | 114000 | BNP Paribas SA | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4656 |
| USD | 30532592 | EUR | 25945000 | Citibank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 922224 |
| USD | 198469 | EUR | 169000 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5594 |
| USD | 260669 | GBP | 190000 | Citibank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9743 |
| USD | 22457952 | GBP | 16391000 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 811012 |
| USD | 15064 | HKD | 118000 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| USD | 2288365 | HKD | 17901000 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7739 |
| USD | 10226 | HKD | 80000 | UBS AG | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| USD | 23953 | ILS | 81000 | Bank of America N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 |
| USD | 5388732 | ILS | 18163000 | BNP Paribas SA | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42571 |
| USD | 35793 | ILS | 120000 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 471 |
| USD | 8014 | ILS | 27000 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 |
| USD | 250861 | JPY | 35911000 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12699 |
| USD | 789716 | JPY | 114355000 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31311 |
| USD | 55948918 | JPY | 8050915000 | UBS AG | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2555068 |
| USD | 15088 | NOK | 152000 | Bank of New York | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 386 |
| USD | 18140 | NOK | 183000 | Citibank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 440 |
| USD | 3382127 | NOK | 34259000 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68442 |
| USD | 10978 | NZD | 18000 | Bank of America N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 373 |
| USD | 747322 | NZD | 1230000 | Citibank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22705 |
| USD | 5401 | NZD | 9000 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 |
| USD | 35856 | NZD | 59000 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1098 |
| USD | 8313283 | SEK | 78927000 | Bank of America N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250149 |
| USD | 37942 | SEK | 359000 | Bank of New York | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1267 |
| USD | 22398 | SEK | 213000 | BNP Paribas SA | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 638 |
| USD | 178637 | SEK | 1692000 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5784 |
| USD | 21277 | SGD | 27000 | Bank of America N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 480 |
| USD | 18792 | SGD | 24000 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 306 |
| USD | 2887158 | SGD | 3670000 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60391 |
| NOK | 149000 | USD | 14414 | Barclays Bank PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| NZD | 6000 | USD | 3538 | JPMorgan Chase Bank N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | 202721 | AUD | 315000 | JPMorgan Chase Bank N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183 |
| USD | 986230 | AUD | 1531000 | Morgan Stanley & Co. International PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1829 |
| USD | 15350816 | AUD | 23820000 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35051 |
| USD | 611715 | CHF | 495000 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151 |
| USD | 187073 | DKK | 1217000 | Morgan Stanley & Co. International PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 598 |
| USD | 2858438 | DKK | 18604000 | Societe Generale | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7835 |
| USD | 29144113 | EUR | 25438000 | Bank of America N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58421 |
| USD | 99603 | EUR | 87000 | BNP Paribas SA | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128 |
| USD | 1372661 | EUR | 1197000 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4017 |
| USD | 87283 | GBP | 66000 | Citibank N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 |
| USD | 2274069 | HKD | 17802000 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| USD | 5937783 | ILS | 20132000 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10947 |
| USD | 53339482 | JPY | 8001493000 | Bank of America N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107970 |
| USD | 3105327 | JPY | 465834000 | Morgan Stanley & Co. International PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6274 |
| USD | 694967 | JPY | 104427000 | UBS AG | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246 |
| USD | 3284633 | NOK | 33775000 | Bank of America N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17213 |
| USD | 295479 | NOK | 3041000 | BNP Paribas SA | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1291 |
| USD | 766097 | NZD | 1297000 | Citibank N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1247 |
| USD | 7671 | NZD | 13000 | JPMorgan Chase Bank N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Currency Hedged MSCI EAFE Small-Cap 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 | 53776 | NZD | 91000 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $113 |
| USD | 8212938 | SEK | 80088000 | Morgan Stanley & Co. International PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16448 |
| USD | 20912 | SEK | 204000 | Societe Generale | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| USD | 30112 | SGD | 39000 | Bank of America N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| USD | 294329 | SGD | 381000 | Morgan Stanley & Co. International PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232 |
| USD | 2834439 | SGD | 3669000 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2309 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5701371 |
| AUD | 422000 | USD | 276733 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(5534)<br>|
| AUD | 340000 | USD | 224139 | Societe Generale | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5638)<br>|
| AUD | 23820000 | USD | 15342938 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35016)<br>|
| CHF | 138000 | USD | 174680 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4782)<br>|
| DKK | 263000 | USD | 41690 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1477)<br>|
| DKK | 18604000 | USD | 2852353 | Societe Generale | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7814)<br>|
| EUR | 25438000 | USD | 29090134 | Bank of America N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (58392)<br>|
| EUR | 739000 | USD | 869433 | BNP Paribas SA | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26031)<br>|
| EUR | 360000 | USD | 425713 | Societe Generale | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14855)<br>|
| GBP | 183000 | USD | 250813 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9132)<br>|
| GBP | 226000 | USD | 308180 | Societe Generale | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9711)<br>|
| HKD | 254000 | USD | 32463 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (103)<br>|
| HKD | 17845000 | USD | 2273525 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34)<br>|
| ILS | 267000 | USD | 79274 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (685)<br>|
| ILS | 18124000 | USD | 5344718 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10037)<br>|
| JPY | 8001493000 | USD | 53173627 | Bank of America N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (107546)<br>|
| JPY | 113595000 | USD | 793583 | Societe Generale | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40219)<br>|
| JPY | 86093000 | USD | 598296 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27325)<br>|
| NOK | 33775000 | USD | 3284089 | Bank of America N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17219)<br>|
| NOK | 341000 | USD | 33703 | JPMorgan Chase Bank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (720)<br>|
| NOK | 478000 | USD | 47525 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1290)<br>|
| NZD | 1297000 | USD | 765347 | Citibank N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1259)<br>|
| NZD | 19000 | USD | 11587 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (394)<br>|
| SEK | 81191000 | USD | 8314305 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19883)<br>|
| SGD | 52000 | USD | 40942 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (890)<br>|
| SGD | 3669000 | USD | 2828273 | State Street Bank & Trust Company | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2276)<br>|
| AUD | 105000 | USD | 67513 | JPMorgan Chase Bank N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| CHF | 27000 | USD | 33358 | JPMorgan Chase Bank N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| DKK | 82000 | USD | 12565 | Barclays Bank PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| DKK | 17000 | USD | 2608 | JPMorgan Chase Bank N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| EUR | 113000 | USD | 129205 | Barclays Bank PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| GBP | 56000 | USD | 74129 | Morgan Stanley & Co. International PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (152)<br>|
| GBP | 72000 | USD | 95114 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| HKD | 134000 | USD | 17117 | Bank of America N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| HKD | 79000 | USD | 10092 | BNP Paribas SA | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| ILS | 175000 | USD | 51526 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6)<br>|
| JPY | 35405000 | USD | 235540 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| NOK | 152000 | USD | 14730 | UBS AG | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25)<br>|
| SEK | 432000 | USD | 44346 | Barclays Bank PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (134)<br>|
| SEK | 354000 | USD | 36230 | JPMorgan Chase Bank N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| SGD | 16000 | USD | 12351 | Barclays Bank PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | 85239 | CHF | 69000 | JPMorgan Chase Bank N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9)<br>|
| USD | 7481464 | CHF | 6058000 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3094)<br>|
| USD | 21336845 | GBP | 16172000 | Bank of America N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26716)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Currency Hedged MSCI EAFE Small-Cap ETF**

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *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 | 368658<br> HKD | 2886000 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (438405)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5262966 |

---

**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; $5701371 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5701371 |
| **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; $438405 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $438405 |

---

For the period ended July 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; $(9645429)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(9645429)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8946638 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8946638 |

---

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

---

| | |
|:---|:---|
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; $165080333 |
| Average amounts sold — in USD | &nbsp;&nbsp; $314356547 |

---

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; $5701371 | &nbsp;&nbsp;&nbsp; $438405 |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | &nbsp;&nbsp; 5701371 | &nbsp;&nbsp;&nbsp; 438405 |
| 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; $5701371 | &nbsp;&nbsp;&nbsp; $438405 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Currency Hedged MSCI EAFE Small-Cap 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; $473251 | &nbsp;&nbsp; $(209873)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $263378 |
| Bank of New York | &nbsp;&nbsp; 1653 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1653 |
| Barclays Bank PLC | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 52831 | &nbsp;&nbsp; (26031)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26800 |
| Citibank N.A. | &nbsp;&nbsp; 1042572 | &nbsp;&nbsp; (1259)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1041313 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 911500 | &nbsp;&nbsp; (15398)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 896102 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 57752 | &nbsp;&nbsp; (29656)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28096 |
| Societe Generale | &nbsp;&nbsp; 7869 | &nbsp;&nbsp; (7869)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| State Street Bank & Trust Company | &nbsp;&nbsp; 598593 | &nbsp;&nbsp; (77790)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 520803 |
| UBS AG | &nbsp;&nbsp; 2555350 | &nbsp;&nbsp; (25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2555325 |
|  | &nbsp;&nbsp; $5701371 | &nbsp;&nbsp; $(367901)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5333470 |

---

&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; $209873 | &nbsp;&nbsp; $(209873)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Barclays Bank PLC | &nbsp;&nbsp; 136 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 136 |
| BNP Paribas SA | &nbsp;&nbsp; 26031 | &nbsp;&nbsp; (26031)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citibank N.A. | &nbsp;&nbsp; 1259 | &nbsp;&nbsp; (1259)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 15398 | &nbsp;&nbsp; (15398)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 29656 | &nbsp;&nbsp; (29656)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Societe Generale | &nbsp;&nbsp; 78237 | &nbsp;&nbsp; (7869)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 70368 |
| State Street Bank & Trust Company | &nbsp;&nbsp; 77790 | &nbsp;&nbsp; (77790)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 25 | &nbsp;&nbsp; (25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $438405 | &nbsp;&nbsp; $(367901)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $70504 |

---

&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; $162258355 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $162258355 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 90000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 90000 |
|  | &nbsp;&nbsp; $162348355 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $162348355 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Currency Hedged MSCI EAFE 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  |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5701371 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5701371 |
| Liabilities  |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (438405)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (438405)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5262966 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5262966 |

---

&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

July 31, 2025

**iShares® MSCI ACWI ex U.S. ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 4.4%** | **Australia — 4.4%** | **Australia — 4.4%** |
| ANZ Group Holdings Ltd. | &nbsp;&nbsp; 627077 | $12305444 |
| APA Group | &nbsp;&nbsp; 289661 | 1557909 |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp; 120805 | 5409271 |
| ASX Ltd. | &nbsp;&nbsp; 41688 | 1868627 |
| BHP Group Ltd. | &nbsp;&nbsp; 1081053 | 27302225 |
| BlueScope Steel Ltd. | &nbsp;&nbsp; 99746 | 1512178 |
| Brambles Ltd. | &nbsp;&nbsp; 298539 | 4567480 |
| CAR Group Ltd. | &nbsp;&nbsp; 85201 | 2073751 |
| Cochlear Ltd. | &nbsp;&nbsp; 14149 | 2888561 |
| Coles Group Ltd. | &nbsp;&nbsp; 284338 | 3785666 |
| Commonwealth Bank of Australia | &nbsp;&nbsp; 357962 | 40639254 |
| Computershare Ltd. | &nbsp;&nbsp; 113914 | 3066497 |
| CSL Ltd. | &nbsp;&nbsp; 102269 | 17690922 |
| Evolution Mining Ltd. | &nbsp;&nbsp; 429938 | 1945779 |
| Fortescue Ltd. | &nbsp;&nbsp; 364911 | 4128696 |
| Goodman Group | &nbsp;&nbsp; 434233 | 9708784 |
| Insurance Australia Group Ltd. | &nbsp;&nbsp; 513881 | 2884628 |
| James Hardie Industries PLC<sup>(a)</sup> | &nbsp;&nbsp; 122422 | 3213263 |
| Lottery Corp. Ltd. (The) | &nbsp;&nbsp; 449241 | 1558139 |
| Macquarie Group Ltd. | &nbsp;&nbsp; 77760 | 10768625 |
| Medibank Pvt Ltd. | &nbsp;&nbsp; 593865 | 1940990 |
| National Australia Bank Ltd. | &nbsp;&nbsp; 656893 | 16301879 |
| Northern Star Resources Ltd. | &nbsp;&nbsp; 291667 | 2897807 |
| Origin Energy Ltd. | &nbsp;&nbsp; 361482 | 2703094 |
| Pro Medicus Ltd. | &nbsp;&nbsp; 12319 | 2529763 |
| Qantas Airways Ltd. | &nbsp;&nbsp; 170120 | 1179839 |
| QBE Insurance Group Ltd. | &nbsp;&nbsp; 324185 | 4809030 |
| REA Group Ltd. | &nbsp;&nbsp; 11355 | 1729718 |
| Reece Ltd. | &nbsp;&nbsp; 48324 | 418416 |
| Rio Tinto Ltd. | &nbsp;&nbsp; 80466 | 5722574 |
| Santos Ltd. | &nbsp;&nbsp; 697467 | 3509575 |
| Scentre Group | &nbsp;&nbsp; 1047838 | 2507727 |
| SGH Ltd. | &nbsp;&nbsp; 42550 | 1391697 |
| Sigma Healthcare Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 991436 | 1831297 |
| Sonic Healthcare Ltd. | &nbsp;&nbsp; 95417 | 1684954 |
| South32 Ltd. | &nbsp;&nbsp; 984926 | 1841851 |
| Stockland | &nbsp;&nbsp; 510150 | 1808627 |
| Suncorp Group Ltd. | &nbsp;&nbsp; 239128 | 3205454 |
| Telstra Group Ltd. | &nbsp;&nbsp; 832924 | 2654596 |
| Transurban Group | &nbsp;&nbsp; 673933 | 5964187 |
| Vicinity Ltd. | &nbsp;&nbsp; 895788 | 1410417 |
| Washington H Soul Pattinson & Co. Ltd. | &nbsp;&nbsp; 51967 | 1350105 |
| Wesfarmers Ltd. | &nbsp;&nbsp; 243026 | 13293400 |
| Westpac Banking Corp. | &nbsp;&nbsp; 727609 | 15709171 |
| WiseTech Global Ltd. | &nbsp;&nbsp; 43778 | 3315752 |
| Woodside Energy Group Ltd. | &nbsp;&nbsp; 407928 | 6903111 |
| Woolworths Group Ltd. | &nbsp;&nbsp; 257911 | 5206733 |
| Xero Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 33928 | 3907167 |
|  |  | 276604630 |
| **Austria — 0.1%** | **Austria — 0.1%** | **Austria — 0.1%** |
| Erste Group Bank AG | &nbsp;&nbsp; 65707 | 6008502 |
| OMV AG | &nbsp;&nbsp; 31053 | 1581479 |
| Verbund AG | &nbsp;&nbsp; 14628 | 1089193 |
|  |  | 8679174 |
| **Belgium — 0.6%** | **Belgium — 0.6%** | **Belgium — 0.6%** |
| Ageas SA | &nbsp;&nbsp; 32049 | 2179084 |
| Anheuser-Busch InBev SA | &nbsp;&nbsp; 212564 | 12220868 |
| Argenx SE<sup>(a)</sup> | &nbsp;&nbsp; 13007 | 8735880 |
| D'ieteren Group | &nbsp;&nbsp; 4631 | 914775 |
| Elia Group SA, Class B | &nbsp;&nbsp; 10539 | 1215918 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Belgium (continued)** | **Belgium (continued)** | **Belgium (continued)** |
| Groupe Bruxelles Lambert NV | &nbsp;&nbsp; 18143 | $1516756 |
| KBC Group NV | &nbsp;&nbsp; 48984 | 5109221 |
| Lotus Bakeries NV | &nbsp;&nbsp; 91 | 769352 |
| Sofina SA | &nbsp;&nbsp; 3564 | 1091375 |
| Syensqo SA | &nbsp;&nbsp; 15654 | 1240671 |
| UCB SA | &nbsp;&nbsp; 27064 | 5814831 |
|  |  | 40808731 |
| **Brazil — 0.9%** | **Brazil — 0.9%** | **Brazil — 0.9%** |
| Ambev SA | &nbsp;&nbsp; 960731 | 2137798 |
| B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp; 1121937 | 2520554 |
| Banco Bradesco SA | &nbsp;&nbsp; 318620 | 762473 |
| Banco BTG Pactual SA | &nbsp;&nbsp; 257669 | 1800607 |
| Banco do Brasil SA | &nbsp;&nbsp; 345880 | 1216854 |
| BB Seguridade Participacoes SA | &nbsp;&nbsp; 146451 | 881392 |
| BRF SA | &nbsp;&nbsp; 129359 | 463189 |
| Caixa Seguridade Participacoes S/A | &nbsp;&nbsp; 111203 | 273661 |
| Centrais Eletricas Brasileiras SA | &nbsp;&nbsp; 233889 | 1579295 |
| Cia de Saneamento Basico do Estado de Sao <br> Paulo SABESP<br>| &nbsp;&nbsp; 99305 | 1920819 |
| CPFL Energia SA | &nbsp;&nbsp; 52871 | 357947 |
| Embraer SA | &nbsp;&nbsp; 149959 | 2160119 |
| Energisa SA | &nbsp;&nbsp; 63591 | 518535 |
| Eneva SA<sup>(a)</sup> | &nbsp;&nbsp; 164700 | 395606 |
| Engie Brasil Energia SA | &nbsp;&nbsp; 42963 | 306366 |
| Equatorial Energia SA | &nbsp;&nbsp; 233857 | 1422884 |
| Klabin SA | &nbsp;&nbsp; 174808 | 580659 |
| Localiza Rent a Car SA | &nbsp;&nbsp; 205591 | 1271462 |
| Motiva Infraestrutura de Mobilidade SA | &nbsp;&nbsp; 213945 | 470335 |
| Natura Cosmeticos SA<sup>(a)</sup> | &nbsp;&nbsp; 202477 | 326520 |
| NU Holdings Ltd./Cayman Islands, Class A<sup>(a)</sup> | &nbsp;&nbsp; 690214 | 8434415 |
| Petroleo Brasileiro SA - Petrobras | &nbsp;&nbsp; 801359 | 5121954 |
| PRIO SA<sup>(a)</sup> | &nbsp;&nbsp; 172970 | 1303248 |
| Raia Drogasil SA | &nbsp;&nbsp; 295320 | 710407 |
| Rede D'Or Sao Luiz SA<sup>(c)</sup> | &nbsp;&nbsp; 175989 | 1021447 |
| Rumo SA | &nbsp;&nbsp; 274933 | 812100 |
| Suzano SA | &nbsp;&nbsp; 149217 | 1389695 |
| Telefonica Brasil SA | &nbsp;&nbsp; 175570 | 987034 |
| TIM SA/Brazil | &nbsp;&nbsp; 213500 | 789632 |
| TOTVS SA | &nbsp;&nbsp; 122042 | 950478 |
| Ultrapar Participacoes SA | &nbsp;&nbsp; 160839 | 493184 |
| Vale SA | &nbsp;&nbsp; 761486 | 7270056 |
| Vibra Energia SA | &nbsp;&nbsp; 212749 | 805852 |
| WEG SA | &nbsp;&nbsp; 354943 | 2352320 |
| XP Inc., Class A | &nbsp;&nbsp; 79510 | 1283291 |
|  |  | 55092188 |
| **Canada — 8.1%** | **Canada — 8.1%** | **Canada — 8.1%** |
| Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 105309 | 13073182 |
| Alamos Gold Inc., Class A | &nbsp;&nbsp; 90290 | 2194042 |
| Alimentation Couche-Tard Inc. | &nbsp;&nbsp; 163900 | 8516744 |
| AltaGas Ltd. | &nbsp;&nbsp; 66563 | 1965280 |
| ARC Resources Ltd. | &nbsp;&nbsp; 130554 | 2548705 |
| Bank of Montreal | &nbsp;&nbsp; 153146 | 16903976 |
| Bank of Nova Scotia (The) | &nbsp;&nbsp; 265398 | 14765828 |
| Barrick Mining Corp. | &nbsp;&nbsp; 370734 | 7826190 |
| BCE Inc. | &nbsp;&nbsp; 12098 | 282194 |
| Brookfield Asset Management Ltd., Class A | &nbsp;&nbsp; 88892 | 5481331 |
| Brookfield Corp., Class A | &nbsp;&nbsp; 288341 | 19313603 |
| Brookfield Renewable Corp. | &nbsp;&nbsp; 31260 | 1143147 |
| CAE Inc.<sup>(a)</sup> | &nbsp;&nbsp; 69973 | 1995261 |
| Cameco Corp. | &nbsp;&nbsp; 93730 | 7037191 |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 199219 | 14238350 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI ex U.S. ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Canadian National Railway Co. | &nbsp;&nbsp; 112500 | $10504655 |
| Canadian Natural Resources Ltd. | &nbsp;&nbsp; 444557 | 14072077 |
| Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp; 198193 | 14575539 |
| Canadian Tire Corp. Ltd., Class A, NVS | &nbsp;&nbsp; 11812 | 1582037 |
| Canadian Utilities Ltd., Class A, NVS | &nbsp;&nbsp; 36427 | 1014256 |
| CCL Industries Inc., Class B, NVS | &nbsp;&nbsp; 32677 | 1826525 |
| Celestica Inc.<sup>(a)</sup> | &nbsp;&nbsp; 25541 | 5106172 |
| Cenovus Energy Inc. | &nbsp;&nbsp; 296149 | 4507637 |
| CGI Inc. | &nbsp;&nbsp; 41799 | 4029670 |
| Constellation Software Inc./Canada | &nbsp;&nbsp; 4309 | 14865926 |
| Descartes Systems Group Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp; 18465 | 1950845 |
| Dollarama Inc. | &nbsp;&nbsp; 59118 | 8080086 |
| Element Fleet Management Corp. | &nbsp;&nbsp; 88689 | 2306836 |
| Emera Inc. | &nbsp;&nbsp; 63725 | 2992168 |
| Empire Co. Ltd., NVS | &nbsp;&nbsp; 29991 | 1194359 |
| Enbridge Inc. | &nbsp;&nbsp; 466538 | 21128218 |
| Fairfax Financial Holdings Ltd. | &nbsp;&nbsp; 4314 | 7630325 |
| First Quantum Minerals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 157831 | 2652919 |
| FirstService Corp. | &nbsp;&nbsp; 8810 | 1736567 |
| Fortis Inc./Canada | &nbsp;&nbsp; 105669 | 5170582 |
| Franco-Nevada Corp. | &nbsp;&nbsp; 41588 | 6624786 |
| George Weston Ltd. | &nbsp;&nbsp; 12734 | 2419699 |
| GFL Environmental Inc. | &nbsp;&nbsp; 43535 | 2192460 |
| Gildan Activewear Inc. | &nbsp;&nbsp; 30326 | 1531839 |
| Great-West Lifeco Inc. | &nbsp;&nbsp; 60898 | 2286752 |
| Hydro One Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 71576 | 2531195 |
| iA Financial Corp. Inc. | &nbsp;&nbsp; 20306 | 1987661 |
| IGM Financial Inc. | &nbsp;&nbsp; 18834 | 623632 |
| Imperial Oil Ltd. | &nbsp;&nbsp; 38361 | 3198503 |
| Intact Financial Corp. | &nbsp;&nbsp; 38611 | 7980796 |
| Ivanhoe Mines Ltd., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 154177 | 1202839 |
| Keyera Corp. | &nbsp;&nbsp; 51421 | 1614328 |
| Kinross Gold Corp. | &nbsp;&nbsp; 259064 | 4145099 |
| Loblaw Companies Ltd. | &nbsp;&nbsp; 32405 | 5240321 |
| Lundin Gold Inc. | &nbsp;&nbsp; 23259 | 1076501 |
| Lundin Mining Corp. | &nbsp;&nbsp; 148340 | 1514875 |
| Magna International Inc. | &nbsp;&nbsp; 58779 | 2410380 |
| Manulife Financial Corp. | &nbsp;&nbsp; 363041 | 11232367 |
| Metro Inc./CN | &nbsp;&nbsp; 44652 | 3414318 |
| National Bank of Canada | &nbsp;&nbsp; 82499 | 8581539 |
| Nutrien Ltd. | &nbsp;&nbsp; 103099 | 6117039 |
| Open Text Corp. | &nbsp;&nbsp; 57257 | 1685148 |
| Pan American Silver Corp. | &nbsp;&nbsp; 77545 | 2094767 |
| Pembina Pipeline Corp. | &nbsp;&nbsp; 123603 | 4594078 |
| Power Corp. of Canada | &nbsp;&nbsp; 120484 | 4855533 |
| Quebecor Inc., Class B | &nbsp;&nbsp; 34017 | 956974 |
| RB Global Inc.<sup>(b)</sup> | &nbsp;&nbsp; 39719 | 4300694 |
| Restaurant Brands International Inc. | &nbsp;&nbsp; 64481 | 4375364 |
| Rogers Communications Inc., Class B, NVS | &nbsp;&nbsp; 78643 | 2626731 |
| Royal Bank of Canada | &nbsp;&nbsp; 301596 | 38698580 |
| Saputo Inc. | &nbsp;&nbsp; 54422 | 1141385 |
| Shopify Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 260582 | 31852463 |
| Stantec Inc. | &nbsp;&nbsp; 24313 | 2657655 |
| Sun Life Financial Inc. | &nbsp;&nbsp; 122525 | 7470346 |
| Suncor Energy Inc. | &nbsp;&nbsp; 264025 | 10413515 |
| TC Energy Corp. | &nbsp;&nbsp; 223936 | 10692556 |
| Teck Resources Ltd., Class B | &nbsp;&nbsp; 96061 | 3114911 |
| TELUS Corp. | &nbsp;&nbsp; 100021 | 1611193 |
| TFI International Inc. | &nbsp;&nbsp; 17927 | 1559038 |
| Thomson Reuters Corp. | &nbsp;&nbsp; 34317 | 6887176 |
| TMX Group Ltd. | &nbsp;&nbsp; 58082 | 2361677 |
| Toromont Industries Ltd. | &nbsp;&nbsp; 17900 | 1814933 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Toronto-Dominion Bank (The) | &nbsp;&nbsp; 373727 | $27220359 |
| Tourmaline Oil Corp. | &nbsp;&nbsp; 74348 | 3164190 |
| West Fraser Timber Co. Ltd. | &nbsp;&nbsp; 11688 | 810298 |
| Wheaton Precious Metals Corp. | &nbsp;&nbsp; 98214 | 8982158 |
| Whitecap Resources Inc. | &nbsp;&nbsp; 265995 | 2008017 |
| WSP Global Inc. | &nbsp;&nbsp; 28013 | 5767977 |
|  |  | 515857068 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| Banco de Chile | &nbsp;&nbsp; 8320127 | 1146123 |
| Banco de Credito e Inversiones SA | &nbsp;&nbsp; 20285 | 805051 |
| Banco Santander Chile | &nbsp;&nbsp; 13999713 | 808653 |
| Cencosud SA | &nbsp;&nbsp; 309376 | 931999 |
| Empresas CMPC SA | &nbsp;&nbsp; 247790 | 349058 |
| Empresas Copec SA | &nbsp;&nbsp; 89114 | 589964 |
| Enel Americas SA | &nbsp;&nbsp; 4557575 | 454535 |
| Enel Chile SA | &nbsp;&nbsp; 7665693 | 491022 |
| Falabella SA | &nbsp;&nbsp; 176990 | 882575 |
| Latam Airlines Group SA | &nbsp;&nbsp; 34670502 | 758209 |
|  |  | 7217189 |
| **China — 8.7%** | **China — 8.7%** | **China — 8.7%** |
| AAC Technologies Holdings Inc. | &nbsp;&nbsp; 168000 | 849437 |
| Advanced Micro-Fabrication Equipment Inc./China, <br> Class A<br>| &nbsp;&nbsp; 14859 | 406183 |
| AECC Aviation Power Co. Ltd., Class A | &nbsp;&nbsp; 29400 | 172591 |
| Agricultural Bank of China Ltd., Class A | &nbsp;&nbsp; 1398500 | 1221270 |
| Agricultural Bank of China Ltd., Class H | &nbsp;&nbsp; 5863000 | 3840945 |
| Aier Eye Hospital Group Co. Ltd., Class A | &nbsp;&nbsp; 173942 | 309037 |
| Akeso Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 131000 | 2554377 |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 3677664 | 55292815 |
| Alibaba Health Information Technology Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1262000 | 782614 |
| Aluminum Corp. of China Ltd., Class H | &nbsp;&nbsp; 1056000 | 834627 |
| Anhui Conch Cement Co. Ltd., Class A | &nbsp;&nbsp; 88498 | 288767 |
| Anhui Conch Cement Co. Ltd., Class H | &nbsp;&nbsp; 265000 | 767209 |
| Anhui Gujing Distillery Co. Ltd., Class A | &nbsp;&nbsp; 14700 | 280551 |
| Anhui Gujing Distillery Co. Ltd., Class B | &nbsp;&nbsp; 19800 | 268352 |
| ANTA Sports Products Ltd. | &nbsp;&nbsp; 277200 | 3181725 |
| APT Medical Inc., Class A | &nbsp;&nbsp; 1799 | 70839 |
| Autohome Inc., ADR | &nbsp;&nbsp; 13432 | 363873 |
| AviChina Industry & Technology Co. Ltd., Class H | &nbsp;&nbsp; 565000 | 333967 |
| Baidu Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 477088 | 5219979 |
| Bank of Beijing Co. Ltd., Class A | &nbsp;&nbsp; 355698 | 318070 |
| Bank of China Ltd., Class A | &nbsp;&nbsp; 677500 | 521518 |
| Bank of China Ltd., Class H | &nbsp;&nbsp; 15537000 | 8968162 |
| Bank of Communications Co. Ltd., Class A | &nbsp;&nbsp; 998100 | 1058318 |
| Bank of Communications Co. Ltd., Class H | &nbsp;&nbsp; 1803800 | 1624985 |
| Bank of Jiangsu Co. Ltd., Class A | &nbsp;&nbsp; 455600 | 713506 |
| Bank of Ningbo Co. Ltd., Class A | &nbsp;&nbsp; 89377 | 344942 |
| Bank of Shanghai Co. Ltd., Class A | &nbsp;&nbsp; 347799 | 493202 |
| Baoshan Iron & Steel Co. Ltd., Class A | &nbsp;&nbsp; 512496 | 521186 |
| Beijing Enterprises Holdings Ltd. | &nbsp;&nbsp; 90000 | 376566 |
| Beijing Enterprises Water Group Ltd. | &nbsp;&nbsp; 810000 | 277203 |
| Beijing Kingsoft Office Software Inc., Class A | &nbsp;&nbsp; 7000 | 303170 |
| Beijing-Shanghai High Speed Railway Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 907700 | 678708 |
| Bilibili Inc., Class Z<sup>(a)</sup> | &nbsp;&nbsp; 50674 | 1159374 |
| BOC Aviation Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 53900 | 489680 |
| BOE Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 1155100 | 646156 |
| Bosideng International Holdings Ltd. | &nbsp;&nbsp; 1026000 | 585534 |
| BYD Co. Ltd., Class A | &nbsp;&nbsp; 83100 | 1205410 |
| BYD Co. Ltd., Class H | &nbsp;&nbsp; 777500 | 11352160 |
| BYD Electronic International Co. Ltd. | &nbsp;&nbsp; 161000 | 669920 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI ex U.S. ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| C&D International Investment Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 180000 | $363142 |
| Cambricon Technologies Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 5800 | 568099 |
| CGN Power Co. Ltd., Class A | &nbsp;&nbsp; 640800 | 326732 |
| CGN Power Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 1864000 | 700253 |
| Changchun High-Tech Industry Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 14300 | 208626 |
| China CITIC Bank Corp. Ltd., Class H | &nbsp;&nbsp; 1884000 | 1750465 |
| China Coal Energy Co. Ltd., Class H | &nbsp;&nbsp; 390000 | 479196 |
| China Communications Services Corp. Ltd., <br> Class H<br>| &nbsp;&nbsp; 534000 | 311022 |
| China Construction Bank Corp., Class H | &nbsp;&nbsp; 20855050 | 21330612 |
| China CSSC Holdings Ltd., Class A | &nbsp;&nbsp; 97600 | 463974 |
| China Energy Engineering Corp. Ltd., Class A | &nbsp;&nbsp; 802900 | 288067 |
| China Everbright Bank Co. Ltd., Class A | &nbsp;&nbsp; 1113700 | 625163 |
| China Everbright Bank Co. Ltd., Class H | &nbsp;&nbsp; 566000 | 265972 |
| China Feihe Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 690000 | 410206 |
| China Galaxy Securities Co. Ltd., Class H | &nbsp;&nbsp; 752500 | 1016936 |
| China Gas Holdings Ltd. | &nbsp;&nbsp; 666400 | 699985 |
| China Hongqiao Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 678000 | 1788493 |
| China International Capital Corp. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 359600 | 913110 |
| China Life Insurance Co. Ltd., Class A | &nbsp;&nbsp; 43000 | 243605 |
| China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 1600000 | 4621775 |
| China Literature Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 71800 | 282165 |
| China Longyuan Power Group Corp. Ltd., Class H | &nbsp;&nbsp; 703000 | 633924 |
| China Mengniu Dairy Co. Ltd. | &nbsp;&nbsp; 671000 | 1396361 |
| China Merchants Bank Co. Ltd., Class A | &nbsp;&nbsp; 341300 | 2102632 |
| China Merchants Bank Co. Ltd., Class H | &nbsp;&nbsp; 818093 | 5308722 |
| China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp; 240000 | 472662 |
| China Merchants Securities Co. Ltd., Class A | &nbsp;&nbsp; 230160 | 569113 |
| China Merchants Shekou Industrial Zone Holdings <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 123777 | 149161 |
| China Minsheng Banking Corp. Ltd., Class A | &nbsp;&nbsp; 681795 | 461879 |
| China Minsheng Banking Corp. Ltd., Class H | &nbsp;&nbsp; 1469740 | 884620 |
| China National Building Material Co. Ltd., Class H | &nbsp;&nbsp; 712000 | 423600 |
| China National Nuclear Power Co. Ltd., Class A | &nbsp;&nbsp; 405700 | 516824 |
| China Northern Rare Earth Group High-Tech Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 127300 | 661529 |
| China Oilfield Services Ltd., Class H | &nbsp;&nbsp; 356000 | 316174 |
| China Overseas Land & Investment Ltd. | &nbsp;&nbsp; 747000 | 1291936 |
| China Pacific Insurance Group Co. Ltd., Class A | &nbsp;&nbsp; 160397 | 831720 |
| China Pacific Insurance Group Co. Ltd., Class H | &nbsp;&nbsp; 499800 | 2012903 |
| China Petroleum & Chemical Corp., Class A | &nbsp;&nbsp; 685898 | 570999 |
| China Petroleum & Chemical Corp., Class H | &nbsp;&nbsp; 4915000 | 2884232 |
| China Power International Development Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1170000 | 458635 |
| China Railway Group Ltd., Class A | &nbsp;&nbsp; 512496 | 404052 |
| China Railway Group Ltd., Class H | &nbsp;&nbsp; 562000 | 282760 |
| China Resources Beer Holdings Co. Ltd. | &nbsp;&nbsp; 335500 | 1115501 |
| China Resources Gas Group Ltd. | &nbsp;&nbsp; 218600 | 553343 |
| China Resources Land Ltd. | &nbsp;&nbsp; 671000 | 2460535 |
| China Resources Mixc Lifestyle Services Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 118800 | 551691 |
| China Resources Pharmaceutical Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 341500 | 238478 |
| China Resources Power Holdings Co. Ltd. | &nbsp;&nbsp; 444000 | 1100271 |
| China Ruyi Holdings Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2368000 | 947200 |
| China Shenhua Energy Co. Ltd., Class A | &nbsp;&nbsp; 136500 | 721211 |
| China Shenhua Energy Co. Ltd., Class H | &nbsp;&nbsp; 654500 | 2836700 |
| China State Construction Engineering Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 717898 | 562778 |
| China State Construction International Holdings Ltd. | &nbsp;&nbsp; 356000 | 545389 |
| China Taiping Insurance Holdings Co. Ltd. | &nbsp;&nbsp; 294400 | 654158 |
| China Three Gorges Renewables Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1212500 | 727900 |
| China Tourism Group Duty Free Corp. Ltd., Class A | &nbsp;&nbsp; 39298 | 353298 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| China Tower Corp. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 948000 | $1326551 |
| China United Network Communications Ltd., <br> Class A<br>| &nbsp;&nbsp; 587800 | 436112 |
| China Vanke Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 203800 | 181671 |
| China Vanke Co. Ltd., Class H<sup>(a)(b)</sup> | &nbsp;&nbsp; 388500 | 246498 |
| China Yangtze Power Co. Ltd., Class A | &nbsp;&nbsp; 378649 | 1462407 |
| Chongqing Changan Automobile Co. Ltd., Class A | &nbsp;&nbsp; 111900 | 199162 |
| Chongqing Rural Commercial Bank Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 659000 | 522680 |
| Chongqing Zhifei Biological Products Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 33500 | 111234 |
| Chow Tai Fook Jewellery Group Ltd. | &nbsp;&nbsp; 469200 | 783607 |
| CITIC Ltd. | &nbsp;&nbsp; 1183000 | 1774705 |
| CITIC Securities Co. Ltd., Class A | &nbsp;&nbsp; 221900 | 890698 |
| CITIC Securities Co. Ltd., Class H | &nbsp;&nbsp; 309325 | 1086842 |
| CMOC Group Ltd., Class A | &nbsp;&nbsp; 535900 | 662750 |
| CMOC Group Ltd., Class H | &nbsp;&nbsp; 777000 | 881998 |
| Contemporary Amperex Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 59660 | 2178806 |
| Contemporary Amperex Technology Co. Ltd., <br> Class H<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 18400 | 952112 |
| Cosco Shipping Holdings Co. Ltd., Class A | &nbsp;&nbsp; 271630 | 587397 |
| Cosco Shipping Holdings Co. Ltd., Class H | &nbsp;&nbsp; 538749 | 984801 |
| CRRC Corp. Ltd., Class A | &nbsp;&nbsp; 687400 | 702051 |
| CRRC Corp. Ltd., Class H | &nbsp;&nbsp; 580000 | 401915 |
| CSC Financial Co. Ltd., Class A | &nbsp;&nbsp; 148900 | 526865 |
| CSPC Pharmaceutical Group Ltd. | &nbsp;&nbsp; 1660960 | 2087485 |
| Daqin Railway Co. Ltd., Class A | &nbsp;&nbsp; 357100 | 323552 |
| East Money Information Co. Ltd., Class A | &nbsp;&nbsp; 246642 | 791702 |
| ENN Energy Holdings Ltd. | &nbsp;&nbsp; 159200 | 1297483 |
| Eve Energy Co. Ltd., Class A | &nbsp;&nbsp; 35600 | 217755 |
| Far East Horizon Ltd. | &nbsp;&nbsp; 274000 | 279236 |
| Focus Media Information Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 348350 | 361557 |
| Foshan Haitian Flavouring & Food Co. Ltd., Class A | &nbsp;&nbsp; 125496 | 666161 |
| Fosun International Ltd. | &nbsp;&nbsp; 452500 | 312277 |
| Foxconn Industrial Internet Co. Ltd., Class A | &nbsp;&nbsp; 174200 | 829995 |
| Fuyao Glass Industry Group Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 146400 | 1055481 |
| Ganfeng Lithium Group Co. Ltd., Class A | &nbsp;&nbsp; 76800 | 382501 |
| GCL Technology Holdings Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 4659000 | 690308 |
| Geely Automobile Holdings Ltd. | &nbsp;&nbsp; 1385000 | 3106579 |
| Genscript Biotech Corp.<sup>(a)</sup> | &nbsp;&nbsp; 220000 | 477159 |
| Giant Biogene Holding Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 70600 | 503430 |
| GoerTek Inc., Class A | &nbsp;&nbsp; 72800 | 230766 |
| Great Wall Motor Co. Ltd., Class H | &nbsp;&nbsp; 563500 | 919591 |
| Guangdong Investment Ltd. | &nbsp;&nbsp; 612000 | 544735 |
| Guotai Haitong Securities Co. Ltd. | &nbsp;&nbsp; 314957 | 884530 |
| Guotai Haitong Securities Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 315584 | 681260 |
| H World Group Ltd., ADR | &nbsp;&nbsp; 46470 | 1450793 |
| Haidilao International Holding Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 401000 | 710851 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 163000 | 560002 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 468800 | 1476896 |
| Haitian International Holdings Ltd. | &nbsp;&nbsp; 123000 | 333423 |
| Hanergy Thin Film Power Group Ltd.<sup>(a)(d)</sup> | &nbsp;&nbsp; 7401 |  |
| Hangzhou Tigermed Consulting Co. Ltd., Class A | &nbsp;&nbsp; 18100 | 170301 |
| Hansoh Pharmaceutical Group Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 234000 | 1051285 |
| Henan Shuanghui Investment & Development Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 89500 | 306218 |
| Hengan International Group Co. Ltd. | &nbsp;&nbsp; 111500 | 333096 |
| Hengli Petrochemical Co. Ltd., Class A | &nbsp;&nbsp; 278000 | 594779 |
| Hisense Home Appliances Group Co. Ltd., Class H | &nbsp;&nbsp; 72466 | 207812 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI ex U.S. ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Hithink RoyalFlush Information Network Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 8700 | $340572 |
| Hua Hong Semiconductor Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 137000 | 705365 |
| Huaneng Power International Inc., Class H | &nbsp;&nbsp; 892000 | 605512 |
| Huatai Securities Co. Ltd., Class A | &nbsp;&nbsp; 522300 | 1448707 |
| Huatai Securities Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 170800 | 393108 |
| Huaxia Bank Co. Ltd., Class A | &nbsp;&nbsp; 361100 | 397819 |
| Hygon Information Technology Co. Ltd., Class A | &nbsp;&nbsp; 36215 | 695761 |
| Iflytek Co. Ltd., Class A | &nbsp;&nbsp; 43700 | 294794 |
| Industrial & Commercial Bank of China Ltd., <br> Class A<br>| &nbsp;&nbsp; 946540 | 991993 |
| Industrial & Commercial Bank of China Ltd., <br> Class H<br>| &nbsp;&nbsp; 13906285 | 10655339 |
| Industrial Bank Co. Ltd., Class A | &nbsp;&nbsp; 312542 | 979850 |
| Inner Mongolia Yili Industrial Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 137199 | 520978 |
| Inner Mongolia Yitai Coal Co. Ltd., Class B | &nbsp;&nbsp; 236300 | 484885 |
| Innovent Biologics Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 268000 | 3317331 |
| J&T Global Express Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 500600 | 658516 |
| JA Solar Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 179324 | 274345 |
| JD Health International Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 237450 | 1518359 |
| JD Logistics Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 409400 | 709497 |
| JD.com Inc., Class A | &nbsp;&nbsp; 520658 | 8206576 |
| Jiangsu Expressway Co. Ltd., Class H | &nbsp;&nbsp; 218000 | 267311 |
| Jiangsu Hengli Hydraulic Co. Ltd., Class A | &nbsp;&nbsp; 38600 | 393408 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | &nbsp;&nbsp; 123156 | 1073734 |
| Jiangsu Yanghe Distillery Co. Ltd., Class A | &nbsp;&nbsp; 35400 | 330768 |
| Jiangxi Copper Co. Ltd., Class H | &nbsp;&nbsp; 325000 | 649587 |
| Kanzhun Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 57331 | 1086996 |
| KE Holdings Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 463686 | 2835913 |
| Kingdee International Software Group Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 677000 | 1571325 |
| Kingsoft Corp. Ltd. | &nbsp;&nbsp; 213800 | 972203 |
| Kuaishou Technology<sup>(a)(c)</sup> | &nbsp;&nbsp; 577900 | 5642645 |
| Kunlun Energy Co. Ltd. | &nbsp;&nbsp; 702000 | 676272 |
| Kweichow Moutai Co. Ltd., Class A | &nbsp;&nbsp; 16700 | 3286511 |
| Legend Biotech Corp., ADR<sup>(a)(b)</sup> | &nbsp;&nbsp; 15434 | 603006 |
| Lenovo Group Ltd. | &nbsp;&nbsp; 1744000 | 2236242 |
| Lens Technology Co. Ltd., Class A | &nbsp;&nbsp; 109925 | 345734 |
| Li Auto Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 271706 | 3557095 |
| Li Ning Co. Ltd. | &nbsp;&nbsp; 447000 | 947054 |
| Longfor Group Holdings Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 387000 | 481683 |
| LONGi Green Energy Technology Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 245496 | 535468 |
| Luxshare Precision Industry Co. Ltd., Class A | &nbsp;&nbsp; 129188 | 652121 |
| Luzhou Laojiao Co. Ltd., Class A | &nbsp;&nbsp; 24900 | 423792 |
| Mango Excellent Media Co. Ltd., Class A | &nbsp;&nbsp; 61400 | 187120 |
| Meituan, Class B<sup>(a)(c)</sup> | &nbsp;&nbsp; 1061560 | 16377258 |
| Midea Group Co. Ltd., Class A | &nbsp;&nbsp; 82600 | 802214 |
| Midea Group Co. Ltd., Class H | &nbsp;&nbsp; 62200 | 602669 |
| MINISO Group Holding Ltd. | &nbsp;&nbsp; 95232 | 453311 |
| MMG Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 924000 | 449268 |
| Muyuan Foods Co. Ltd., Class A | &nbsp;&nbsp; 107658 | 690933 |
| NARI Technology Co. Ltd., Class A | &nbsp;&nbsp; 183044 | 555055 |
| NAURA Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 11880 | 550389 |
| NetEase Inc. | &nbsp;&nbsp; 372785 | 9745435 |
| New China Life Insurance Co. Ltd., Class A | &nbsp;&nbsp; 68100 | 628542 |
| New China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 193300 | 1236909 |
| New Hope Liuhe Co. Ltd., Class A | &nbsp;&nbsp; 279107 | 371580 |
| New Oriental Education & Technology Group Inc. | &nbsp;&nbsp; 269310 | 1194304 |
| Ningbo Deye Technology Co. Ltd., Class A | &nbsp;&nbsp; 25113 | 177661 |
| Ningbo Tuopu Group Co. Ltd., Class A | &nbsp;&nbsp; 32700 | 207428 |
| Ningxia Baofeng Energy Group Co. Ltd., Class A | &nbsp;&nbsp; 196100 | 421978 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| NIO Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 311248 | $1489734 |
| Nongfu Spring Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 447000 | 2582607 |
| OmniVision Integrated Circuits Group Inc. | &nbsp;&nbsp; 24385 | 407960 |
| Orient Overseas International Ltd. | &nbsp;&nbsp; 24000 | 431815 |
| PDD Holdings Inc., ADR<sup>(a)</sup> | &nbsp;&nbsp; 149585 | 16970418 |
| People's Insurance Co. Group of China Ltd. (The), <br> Class H<br>| &nbsp;&nbsp; 1930000 | 1482757 |
| PetroChina Co. Ltd., Class A | &nbsp;&nbsp; 207100 | 254626 |
| PetroChina Co. Ltd., Class H | &nbsp;&nbsp; 4666000 | 4559761 |
| PICC Property & Casualty Co. Ltd., Class H | &nbsp;&nbsp; 1506285 | 3126418 |
| Ping An Bank Co. Ltd., Class A | &nbsp;&nbsp; 409300 | 693653 |
| Ping An Insurance Group Co. of China Ltd., Class A | &nbsp;&nbsp; 184606 | 1499761 |
| Ping An Insurance Group Co. of China Ltd., Class H | &nbsp;&nbsp; 1419000 | 9741947 |
| Poly Developments and Holdings Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 175300 | 193708 |
| Pop Mart International Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 121200 | 3780697 |
| Postal Savings Bank of China Co. Ltd., Class A | &nbsp;&nbsp; 507000 | 403357 |
| Postal Savings Bank of China Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 1907000 | 1347124 |
| Qifu Technology Inc. | &nbsp;&nbsp; 26303 | 902982 |
| Rongsheng Petrochemical Co. Ltd., Class A | &nbsp;&nbsp; 187150 | 236830 |
| SAIC Motor Corp. Ltd., Class A | &nbsp;&nbsp; 174500 | 414618 |
| Sany Heavy Industry Co. Ltd., Class A | &nbsp;&nbsp; 161027 | 444628 |
| Seres Group Co. Ltd., Class A | &nbsp;&nbsp; 21700 | 380484 |
| SF Holding Co. Ltd., Class A | &nbsp;&nbsp; 84900 | 540607 |
| Shaanxi Coal Industry Co. Ltd., Class A | &nbsp;&nbsp; 158100 | 440880 |
| Shandong Gold Mining Co. Ltd., Class A | &nbsp;&nbsp; 162300 | 660494 |
| Shandong Weigao Group Medical Polymer Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 450000 | 396115 |
| Shanghai Baosight Software Co. Ltd., Class B | &nbsp;&nbsp; 253141 | 347957 |
| Shanghai Pudong Development Bank Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 546800 | 970011 |
| Shanghai United Imaging Healthcare Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 25138 | 464680 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 24580 | 609300 |
| Shenwan Hongyuan Group Co. Ltd., Class A | &nbsp;&nbsp; 998706 | 732301 |
| Shenzhen Inovance Technology Co. Ltd., Class A | &nbsp;&nbsp; 41200 | 360428 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 17600 | 563139 |
| Shenzhou International Group Holdings Ltd. | &nbsp;&nbsp; 169300 | 1218412 |
| Sichuan Biokin Pharmaceutical Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 6363 | 270603 |
| Sino Biopharmaceutical Ltd. | &nbsp;&nbsp; 2304000 | 2206543 |
| Sinopharm Group Co. Ltd., Class H | &nbsp;&nbsp; 282800 | 679746 |
| Sinotruk Hong Kong Ltd. | &nbsp;&nbsp; 132500 | 403801 |
| Smoore International Holdings Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 373000 | 1005758 |
| Sungrow Power Supply Co. Ltd., Class A | &nbsp;&nbsp; 36120 | 359644 |
| Sunny Optical Technology Group Co. Ltd. | &nbsp;&nbsp; 156200 | 1447244 |
| TAL Education Group, ADR<sup>(a)</sup> | &nbsp;&nbsp; 99655 | 1090226 |
| TCL Zhonghuan Renewable Energy Technology Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 269525 | 304049 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 1378900 | 96539819 |
| Tencent Music Entertainment Group, ADR | &nbsp;&nbsp; 164254 | 3447691 |
| Tingyi Cayman Islands Holding Corp. | &nbsp;&nbsp; 414000 | 612001 |
| Tongcheng Travel Holdings Ltd. | &nbsp;&nbsp; 280400 | 702578 |
| Tongwei Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 140600 | 397573 |
| TravelSky Technology Ltd., Class H | &nbsp;&nbsp; 142000 | 225763 |
| Trina Solar Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 131468 | 281979 |
| Trip.com Group Ltd. | &nbsp;&nbsp; 132410 | 8220336 |
| Tsingtao Brewery Co. Ltd., Class H | &nbsp;&nbsp; 140000 | 889413 |
| Vipshop Holdings Ltd., ADR | &nbsp;&nbsp; 81161 | 1224720 |
| Wanhua Chemical Group Co. Ltd., Class A | &nbsp;&nbsp; 62531 | 539076 |
| Want Want China Holdings Ltd. | &nbsp;&nbsp; 1091000 | 788546 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI ex U.S. ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Weichai Power Co. Ltd., Class H | &nbsp;&nbsp; 473000 | $1002697 |
| Wens Foodstuff Group Co. Ltd., Class A | &nbsp;&nbsp; 152260 | 364884 |
| Wingtech Technology Co. Ltd., Class A | &nbsp;&nbsp; 35500 | 181573 |
| Wuliangye Yibin Co. Ltd., Class A | &nbsp;&nbsp; 60100 | 1008365 |
| WuXi AppTec Co. Ltd., Class A | &nbsp;&nbsp; 74514 | 987565 |
| WuXi AppTec Co. Ltd., Class H<sup>(b)(c)</sup> | &nbsp;&nbsp; 42636 | 568731 |
| Wuxi Biologics Cayman Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 794000 | 3228429 |
| Xiaomi Corp., Class B<sup>(a)(c)</sup> | &nbsp;&nbsp; 3658800 | 24616225 |
| Xinyi Solar Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1076000 | 416545 |
| XPeng Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 286632 | 2608350 |
| Yadea Group Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 254000 | 399690 |
| Yankuang Energy Group Co. Ltd., Class H | &nbsp;&nbsp; 842700 | 960790 |
| Yonyou Network Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 105300 | 230382 |
| Yum China Holdings Inc. | &nbsp;&nbsp; 82857 | 3867765 |
| Yunnan Baiyao Group Co. Ltd., Class A | &nbsp;&nbsp; 65798 | 511220 |
| Yunnan Energy New Material Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 61800 | 252793 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 13600 | 375354 |
| Zhaojin Mining Industry Co. Ltd., Class H | &nbsp;&nbsp; 361000 | 896445 |
| Zhejiang Expressway Co. Ltd., Class H | &nbsp;&nbsp; 395840 | 377160 |
| Zhejiang Huayou Cobalt Co. Ltd., Class A | &nbsp;&nbsp; 45900 | 280267 |
| Zhejiang Leapmotor Technology Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 112672 | 866387 |
| Zhongji Innolight Co. Ltd., Class A | &nbsp;&nbsp; 21200 | 634175 |
| Zhongsheng Group Holdings Ltd. | &nbsp;&nbsp; 156500 | 263250 |
| Zhuzhou CRRC Times Electric Co. Ltd., Class H | &nbsp;&nbsp; 114200 | 463239 |
| Zijin Mining Group Co. Ltd., Class A | &nbsp;&nbsp; 381400 | 1009254 |
| Zijin Mining Group Co. Ltd., Class H | &nbsp;&nbsp; 1212000 | 3213810 |
| ZTE Corp., Class A | &nbsp;&nbsp; 52900 | 250754 |
| ZTE Corp., Class H | &nbsp;&nbsp; 130800 | 412702 |
| ZTO Express Cayman Inc. | &nbsp;&nbsp; 88279 | 1720965 |
|  |  | 552424591 |
| **Colombia — 0.0%** | **Colombia — 0.0%** | **Colombia — 0.0%** |
| Grupo Cibest SA | &nbsp;&nbsp; 35968 | 468318 |
| Interconexion Electrica SA ESP | &nbsp;&nbsp; 94371 | 473462 |
|  |  | 941780 |
| **Czech Republic — 0.1%** | **Czech Republic — 0.1%** | **Czech Republic — 0.1%** |
| CEZ AS | &nbsp;&nbsp; 32095 | 1859564 |
| Komercni Banka AS | &nbsp;&nbsp; 16607 | 791084 |
| Moneta Money Bank AS<sup>(c)</sup> | &nbsp;&nbsp; 63542 | 441975 |
|  |  | 3092623 |
| **Denmark — 1.2%** | **Denmark — 1.2%** | **Denmark — 1.2%** |
| AP Moller - Maersk A/S, Class A | &nbsp;&nbsp; 731 | 1434346 |
| AP Moller - Maersk A/S, Class B, NVS<sup>(b)</sup> | &nbsp;&nbsp; 858 | 1694345 |
| Carlsberg A/S, Class B | &nbsp;&nbsp; 20306 | 2531492 |
| Coloplast A/S, Class B | &nbsp;&nbsp; 27064 | 2471810 |
| Danske Bank A/S | &nbsp;&nbsp; 148513 | 5891729 |
| Demant A/S<sup>(a)</sup> | &nbsp;&nbsp; 16912 | 640755 |
| DSV A/S | &nbsp;&nbsp; 43936 | 9845394 |
| Genmab A/S<sup>(a)</sup> | &nbsp;&nbsp; 14092 | 3033971 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp; 688731 | 32031478 |
| Novonesis Novozymes B, Class B | &nbsp;&nbsp; 75875 | 4908924 |
| Orsted A/S<sup>(a)(c)</sup> | &nbsp;&nbsp; 37394 | 1762435 |
| Pandora A/S | &nbsp;&nbsp; 17632 | 2910965 |
| Rockwool A/S, Class B | &nbsp;&nbsp; 19907 | 872337 |
| Tryg A/S | &nbsp;&nbsp; 74802 | 1804368 |
| Vestas Wind Systems A/S | &nbsp;&nbsp; 218207 | 3984043 |
|  |  | 75818392 |
| **Egypt — 0.0%** | **Egypt — 0.0%** | **Egypt — 0.0%** |
| Commercial International Bank - Egypt (CIB) | &nbsp;&nbsp; 462852 | 896700 |
| Eastern Co. SAE | &nbsp;&nbsp; 263319 | 184058 |
|  |  | 1080758 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Finland — 0.5%** | **Finland — 0.5%** | **Finland — 0.5%** |
| Elisa OYJ | &nbsp;&nbsp; 30488 | $1568689 |
| Fortum OYJ | &nbsp;&nbsp; 93000 | 1706152 |
| Kesko OYJ, Class B | &nbsp;&nbsp; 61284 | 1332891 |
| Kone OYJ, Class B | &nbsp;&nbsp; 72394 | 4445603 |
| Metso OYJ | &nbsp;&nbsp; 138775 | 1742915 |
| Neste OYJ | &nbsp;&nbsp; 91074 | 1437386 |
| Nokia OYJ | &nbsp;&nbsp; 1134474 | 4623373 |
| Orion OYJ, Class B | &nbsp;&nbsp; 23400 | 1873374 |
| Sampo OYJ, Class A | &nbsp;&nbsp; 521667 | 5599402 |
| Stora Enso OYJ, Class R | &nbsp;&nbsp; 121825 | 1253516 |
| UPM-Kymmene OYJ | &nbsp;&nbsp; 110721 | 2869641 |
| Wartsila OYJ Abp | &nbsp;&nbsp; 108999 | 3011468 |
|  |  | 31464410 |
| **France — 6.9%** | **France — 6.9%** | **France — 6.9%** |
| Accor SA | &nbsp;&nbsp; 38294 | 1940888 |
| Aeroports de Paris SA | &nbsp;&nbsp; 7448 | 903997 |
| Air Liquide SA | &nbsp;&nbsp; 123964 | 24388236 |
| Airbus SE | &nbsp;&nbsp; 127423 | 25619039 |
| Alstom SA<sup>(a)</sup> | &nbsp;&nbsp; 74321 | 1743297 |
| Amundi SA<sup>(c)</sup> | &nbsp;&nbsp; 13300 | 982876 |
| ArcelorMittal SA | &nbsp;&nbsp; 101253 | 3156681 |
| Arkema SA | &nbsp;&nbsp; 12937 | 879734 |
| AXA SA | &nbsp;&nbsp; 379308 | 18422663 |
| BioMerieux | &nbsp;&nbsp; 9063 | 1296773 |
| BNP Paribas SA | &nbsp;&nbsp; 217043 | 19789596 |
| Bollore SE | &nbsp;&nbsp; 178045 | 1026974 |
| Bouygues SA | &nbsp;&nbsp; 43498 | 1791096 |
| Bureau Veritas SA | &nbsp;&nbsp; 71936 | 2215348 |
| Capgemini SE | &nbsp;&nbsp; 33939 | 5052713 |
| Carrefour SA | &nbsp;&nbsp; 115628 | 1657065 |
| Cie de Saint-Gobain SA | &nbsp;&nbsp; 97962 | 11237916 |
| Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp; 145032 | 5159726 |
| Covivio SA/France | &nbsp;&nbsp; 11153 | 722065 |
| Credit Agricole SA | &nbsp;&nbsp; 227615 | 4189143 |
| Danone SA | &nbsp;&nbsp; 137476 | 11250598 |
| Dassault Aviation SA | &nbsp;&nbsp; 4215 | 1312370 |
| Dassault Systemes SE | &nbsp;&nbsp; 140237 | 4606957 |
| Edenred SE | &nbsp;&nbsp; 55408 | 1582346 |
| Eiffage SA | &nbsp;&nbsp; 14611 | 1961313 |
| Engie SA | &nbsp;&nbsp; 388600 | 8735034 |
| EssilorLuxottica SA | &nbsp;&nbsp; 63198 | 18792200 |
| Eurazeo SE | &nbsp;&nbsp; 9358 | 549125 |
| Eurofins Scientific SE | &nbsp;&nbsp; 25291 | 1936871 |
| Euronext NV<sup>(c)</sup> | &nbsp;&nbsp; 17528 | 2825319 |
| FDJ UNITED | &nbsp;&nbsp; 20471 | 638528 |
| Gecina SA | &nbsp;&nbsp; 9629 | 946267 |
| Getlink SE | &nbsp;&nbsp; 66533 | 1206636 |
| Hermes International SCA | &nbsp;&nbsp; 6821 | 16680673 |
| Ipsen SA | &nbsp;&nbsp; 8464 | 997331 |
| Kering SA | &nbsp;&nbsp; 16175 | 3971695 |
| Klepierre SA | &nbsp;&nbsp; 44831 | 1711285 |
| Legrand SA | &nbsp;&nbsp; 56396 | 8330068 |
| L'Oreal SA | &nbsp;&nbsp; 51129 | 22623711 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 58338 | 31316525 |
| Orange SA | &nbsp;&nbsp; 400530 | 6092486 |
| Pernod Ricard SA | &nbsp;&nbsp; 44688 | 4592527 |
| Publicis Groupe SA | &nbsp;&nbsp; 49705 | 4542127 |
| Renault SA | &nbsp;&nbsp; 40623 | 1503083 |
| Rexel SA | &nbsp;&nbsp; 49542 | 1497379 |
| Safran SA | &nbsp;&nbsp; 76510 | 25229263 |
| Sanofi SA | &nbsp;&nbsp; 236163 | 21200501 |
| Sartorius Stedim Biotech | &nbsp;&nbsp; 6063 | 1211572 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI ex U.S. ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **France (continued)** | **France (continued)** | **France (continued)** |
| Schneider Electric SE | &nbsp;&nbsp; 116554 | $30163385 |
| Societe Generale SA | &nbsp;&nbsp; 156199 | 9969949 |
| Sodexo SA | &nbsp;&nbsp; 18743 | 1114711 |
| STMicroelectronics NV | &nbsp;&nbsp; 144853 | 3681286 |
| Teleperformance SE | &nbsp;&nbsp; 11906 | 1160729 |
| Thales SA | &nbsp;&nbsp; 20287 | 5457074 |
| TotalEnergies SE | &nbsp;&nbsp; 432931 | 25744442 |
| Unibail-Rodamco-Westfield, New | &nbsp;&nbsp; 27922 | 2706738 |
| Veolia Environnement SA | &nbsp;&nbsp; 133067 | 4509514 |
| Vinci SA | &nbsp;&nbsp; 104664 | 14538747 |
|  |  | 439066191 |
| **Germany — 6.2%** | **Germany — 6.2%** | **Germany — 6.2%** |
| adidas AG | &nbsp;&nbsp; 37050 | 7081323 |
| Allianz SE, Registered | &nbsp;&nbsp; 82534 | 32615591 |
| BASF SE | &nbsp;&nbsp; 188451 | 9235866 |
| Bayer AG, Registered | &nbsp;&nbsp; 210896 | 6559229 |
| Bayerische Motoren Werke AG | &nbsp;&nbsp; 60348 | 5742196 |
| Beiersdorf AG | &nbsp;&nbsp; 21455 | 2666044 |
| Brenntag SE | &nbsp;&nbsp; 25675 | 1592854 |
| Commerzbank AG | &nbsp;&nbsp; 192644 | 7024921 |
| Continental AG | &nbsp;&nbsp; 23838 | 2036017 |
| Covestro AG, NVS<sup>(a)</sup> | &nbsp;&nbsp; 38716 | 2624451 |
| CTS Eventim AG & Co. KGaA | &nbsp;&nbsp; 13756 | 1553388 |
| Daimler Truck Holding AG | &nbsp;&nbsp; 102986 | 5009781 |
| Delivery Hero SE, Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 41678 | 1243857 |
| Deutsche Bank AG, Registered | &nbsp;&nbsp; 392429 | 12925247 |
| Deutsche Boerse AG | &nbsp;&nbsp; 40452 | 11706292 |
| Deutsche Lufthansa AG, Registered | &nbsp;&nbsp; 140409 | 1203983 |
| Deutsche Post AG, Registered | &nbsp;&nbsp; 206713 | 9261922 |
| Deutsche Telekom AG, Registered | &nbsp;&nbsp; 742991 | 26648039 |
| E.ON SE | &nbsp;&nbsp; 481583 | 8785631 |
| Evonik Industries AG | &nbsp;&nbsp; 55637 | 1104843 |
| Fresenius Medical Care AG | &nbsp;&nbsp; 46200 | 2343329 |
| Fresenius SE & Co. KGaA | &nbsp;&nbsp; 90000 | 4295757 |
| GEA Group AG | &nbsp;&nbsp; 33565 | 2410982 |
| Hannover Rueck SE | &nbsp;&nbsp; 12626 | 3830013 |
| Heidelberg Materials AG | &nbsp;&nbsp; 28376 | 6546187 |
| Henkel AG & Co. KGaA | &nbsp;&nbsp; 23479 | 1669599 |
| Infineon Technologies AG | &nbsp;&nbsp; 280925 | 11035608 |
| Knorr-Bremse AG | &nbsp;&nbsp; 15924 | 1589302 |
| LEG Immobilien SE | &nbsp;&nbsp; 15839 | 1257197 |
| Mercedes-Benz Group AG | &nbsp;&nbsp; 151809 | 8595463 |
| Merck KGaA | &nbsp;&nbsp; 27527 | 3440445 |
| MTU Aero Engines AG | &nbsp;&nbsp; 11466 | 4945953 |
| Muenchener Rueckversicherungs-Gesellschaft AG <br> in Muenchen, Registered<br>| &nbsp;&nbsp; 28445 | 18622105 |
| Nemetschek SE | &nbsp;&nbsp; 12625 | 1881037 |
| QIAGEN NV | &nbsp;&nbsp; 46808 | 2321006 |
| Rational AG | &nbsp;&nbsp; 1117 | 862265 |
| Rheinmetall AG | &nbsp;&nbsp; 9592 | 18987326 |
| RWE AG | &nbsp;&nbsp; 135067 | 5541148 |
| SAP SE | &nbsp;&nbsp; 223323 | 63860445 |
| Scout24 SE<sup>(c)</sup> | &nbsp;&nbsp; 16428 | 2195464 |
| Siemens AG, Registered | &nbsp;&nbsp; 162753 | 41453697 |
| Siemens Energy AG<sup>(a)</sup> | &nbsp;&nbsp; 144823 | 16767413 |
| Siemens Healthineers AG<sup>(c)</sup> | &nbsp;&nbsp; 72625 | 3911773 |
| Symrise AG, Class A | &nbsp;&nbsp; 29362 | 2661584 |
| Talanx AG<sup>(a)</sup> | &nbsp;&nbsp; 13383 | 1773877 |
| Vonovia SE | &nbsp;&nbsp; 160771 | 4989619 |
| Zalando SE<sup>(a)(c)</sup> | &nbsp;&nbsp; 46754 | 1363255 |
|  |  | 395773324 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Greece — 0.2%** | **Greece — 0.2%** | **Greece — 0.2%** |
| Alpha Bank SA | &nbsp;&nbsp; 455428 | $1704726 |
| Eurobank Ergasias Services and Holdings SA | &nbsp;&nbsp; 492869 | 1809007 |
| Hellenic Telecommunications Organization SA | &nbsp;&nbsp; 34927 | 633753 |
| Jumbo SA | &nbsp;&nbsp; 26249 | 887876 |
| Metlen Energy & Metals SA | &nbsp;&nbsp; 24310 | 1337326 |
| National Bank of Greece SA | &nbsp;&nbsp; 177733 | 2479118 |
| OPAP SA | &nbsp;&nbsp; 33217 | 745256 |
| Piraeus Financial Holdings SA | &nbsp;&nbsp; 221070 | 1699903 |
| Public Power Corp. SA | &nbsp;&nbsp; 37061 | 601110 |
|  |  | 11898075 |
| **Hong Kong — 1.3%** | **Hong Kong — 1.3%** | **Hong Kong — 1.3%** |
| AIA Group Ltd. | &nbsp;&nbsp; 2294600 | 21395231 |
| BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 791000 | 3551791 |
| CK Asset Holdings Ltd. | &nbsp;&nbsp; 380560 | 1743801 |
| CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 572060 | 3723539 |
| CK Infrastructure Holdings Ltd. | &nbsp;&nbsp; 142500 | 1003626 |
| CLP Holdings Ltd. | &nbsp;&nbsp; 368000 | 3194157 |
| Futu Holdings Ltd., ADR | &nbsp;&nbsp; 12456 | 1914238 |
| Galaxy Entertainment Group Ltd. | &nbsp;&nbsp; 447000 | 2179868 |
| Hang Seng Bank Ltd. | &nbsp;&nbsp; 164100 | 2390395 |
| Henderson Land Development Co. Ltd. | &nbsp;&nbsp; 296617 | 1037945 |
| HKT Trust & HKT Ltd., Class SS | &nbsp;&nbsp; 818000 | 1288004 |
| Hong Kong & China Gas Co. Ltd. | &nbsp;&nbsp; 2522748 | 2251712 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 252400 | 13659584 |
| Hongkong Land Holdings Ltd. | &nbsp;&nbsp; 232800 | 1408440 |
| Jardine Matheson Holdings Ltd. | &nbsp;&nbsp; 32700 | 1775654 |
| Link REIT | &nbsp;&nbsp; 548120 | 3053990 |
| MTR Corp. Ltd. | &nbsp;&nbsp; 325000 | 1169112 |
| Power Assets Holdings Ltd. | &nbsp;&nbsp; 315000 | 2073991 |
| Sands China Ltd. | &nbsp;&nbsp; 501600 | 1214257 |
| Sino Land Co. Ltd. | &nbsp;&nbsp; 828000 | 954435 |
| SITC International Holdings Co. Ltd. | &nbsp;&nbsp; 283000 | 917497 |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 297500 | 3533546 |
| Swire Pacific Ltd., Class A | &nbsp;&nbsp; 80000 | 723147 |
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp; 326500 | 3904172 |
| WH Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1733000 | 1734972 |
| Wharf Holdings Ltd. (The) | &nbsp;&nbsp; 217000 | 617828 |
| Wharf Real Estate Investment Co. Ltd. | &nbsp;&nbsp; 340000 | 1079436 |
|  |  | 83494368 |
| **Hungary — 0.1%** | **Hungary — 0.1%** | **Hungary — 0.1%** |
| MOL Hungarian Oil & Gas PLC | &nbsp;&nbsp; 99346 | 863170 |
| OTP Bank Nyrt | &nbsp;&nbsp; 48079 | 3901412 |
| Richter Gedeon Nyrt | &nbsp;&nbsp; 29486 | 885035 |
|  |  | 5649617 |
| **India — 5.0%** | **India — 5.0%** | **India — 5.0%** |
| ABB India Ltd. | &nbsp;&nbsp; 11762 | 736515 |
| Adani Enterprises Ltd. | &nbsp;&nbsp; 35820 | 989018 |
| Adani Ports & Special Economic Zone Ltd. | &nbsp;&nbsp; 111686 | 1741973 |
| Adani Power Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 125491 | 836276 |
| Alkem Laboratories Ltd. | &nbsp;&nbsp; 9075 | 519952 |
| Ambuja Cements Ltd. | &nbsp;&nbsp; 133539 | 899116 |
| APL Apollo Tubes Ltd. | &nbsp;&nbsp; 42203 | 768014 |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp; 22237 | 1895833 |
| Ashok Leyland Ltd. | &nbsp;&nbsp; 716486 | 984639 |
| Asian Paints Ltd. | &nbsp;&nbsp; 81902 | 2235567 |
| Astral Ltd. | &nbsp;&nbsp; 22858 | 364577 |
| AU Small Finance Bank Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 70126 | 590883 |
| Aurobindo Pharma Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 64713 | 836690 |
| Avenue Supermarts Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 33997 | 1650918 |
| Axis Bank Ltd. | &nbsp;&nbsp; 497456 | 6041143 |
| Bajaj Auto Ltd. | &nbsp;&nbsp; 14725 | 1340672 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI ex U.S. ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Bajaj Finance Ltd. | &nbsp;&nbsp; 593600 | $5940372 |
| Bajaj Finserv Ltd. | &nbsp;&nbsp; 84221 | 1863604 |
| Bajaj Holdings & Investment Ltd. | &nbsp;&nbsp; 5799 | 920781 |
| Balkrishna Industries Ltd. | &nbsp;&nbsp; 17539 | 533705 |
| Bank of Baroda | &nbsp;&nbsp; 223958 | 605153 |
| Bharat Electronics Ltd. | &nbsp;&nbsp; 762173 | 3311107 |
| Bharat Forge Ltd. | &nbsp;&nbsp; 54127 | 720428 |
| Bharat Heavy Electricals Ltd. | &nbsp;&nbsp; 234463 | 634307 |
| Bharat Petroleum Corp. Ltd. | &nbsp;&nbsp; 331034 | 1237053 |
| Bharti Airtel Ltd. | &nbsp;&nbsp; 538195 | 11716040 |
| Bosch Ltd. | &nbsp;&nbsp; 1855 | 852902 |
| Britannia Industries Ltd. | &nbsp;&nbsp; 22890 | 1506051 |
| BSE Ltd. | &nbsp;&nbsp; 21498 | 591902 |
| Canara Bank | &nbsp;&nbsp; 320262 | 389751 |
| CG Power & Industrial Solutions Ltd. | &nbsp;&nbsp; 140757 | 1056857 |
| Cholamandalam Investment and Finance Co. Ltd. | &nbsp;&nbsp; 85904 | 1408276 |
| Cipla Ltd. | &nbsp;&nbsp; 114264 | 2017926 |
| Coal India Ltd. | &nbsp;&nbsp; 386524 | 1652949 |
| Colgate-Palmolive India Ltd. | &nbsp;&nbsp; 31893 | 815483 |
| Container Corp. of India Ltd. | &nbsp;&nbsp; 84057 | 552547 |
| Coromandel International Ltd. | &nbsp;&nbsp; 25109 | 767797 |
| Cummins India Ltd. | &nbsp;&nbsp; 30130 | 1216894 |
| Dabur India Ltd. | &nbsp;&nbsp; 112930 | 680415 |
| Divi's Laboratories Ltd. | &nbsp;&nbsp; 25862 | 1936662 |
| Dixon Technologies India Ltd. | &nbsp;&nbsp; 8061 | 1540167 |
| DLF Ltd. | &nbsp;&nbsp; 169370 | 1506320 |
| Dr Reddy's Laboratories Ltd. | &nbsp;&nbsp; 128280 | 1850785 |
| Eicher Motors Ltd. | &nbsp;&nbsp; 29705 | 1848325 |
| Eternal Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1000321 | 3491232 |
| GAIL India Ltd. | &nbsp;&nbsp; 511727 | 1030828 |
| GMR Airports Infrastructure Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 549522 | 560894 |
| Godrej Consumer Products Ltd. | &nbsp;&nbsp; 89842 | 1287269 |
| Godrej Properties Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 33201 | 791640 |
| Grasim Industries Ltd. | &nbsp;&nbsp; 63237 | 1975742 |
| Havells India Ltd. | &nbsp;&nbsp; 56620 | 967054 |
| HCL Technologies Ltd. | &nbsp;&nbsp; 197818 | 3297646 |
| HDFC Asset Management Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 20375 | 1309446 |
| HDFC Bank Ltd. | &nbsp;&nbsp; 1206710 | 27691941 |
| HDFC Life Insurance Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 194209 | 1668679 |
| Hero MotoCorp Ltd. | &nbsp;&nbsp; 25716 | 1245753 |
| Hindalco Industries Ltd. | &nbsp;&nbsp; 294223 | 2277762 |
| Hindustan Aeronautics Ltd. | &nbsp;&nbsp; 43841 | 2256322 |
| Hindustan Petroleum Corp. Ltd. | &nbsp;&nbsp; 198268 | 941345 |
| Hindustan Unilever Ltd. | &nbsp;&nbsp; 168649 | 4843529 |
| Hyundai Motor India Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 37272 | 913928 |
| ICICI Bank Ltd. | &nbsp;&nbsp; 1119076 | 18844449 |
| ICICI Lombard General Insurance Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 44361 | 973521 |
| ICICI Prudential Life Insurance Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 87539 | 613891 |
| IDFC First Bank Ltd. | &nbsp;&nbsp; 702333 | 548740 |
| Indian Hotels Co. Ltd., Class A | &nbsp;&nbsp; 188403 | 1584670 |
| Indian Oil Corp. Ltd. | &nbsp;&nbsp; 617155 | 1019561 |
| Indian Railway Catering & Tourism Corp. Ltd. | &nbsp;&nbsp; 67471 | 556214 |
| Indus Towers Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 282316 | 1164287 |
| IndusInd Bank Ltd. | &nbsp;&nbsp; 128626 | 1166972 |
| Info Edge India Ltd. | &nbsp;&nbsp; 85270 | 1346502 |
| Infosys Ltd. | &nbsp;&nbsp; 711528 | 12100920 |
| InterGlobe Aviation Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 42197 | 2831774 |
| ITC Ltd. | &nbsp;&nbsp; 634382 | 2975058 |
| Jindal Stainless Ltd. | &nbsp;&nbsp; 81336 | 642065 |
| Jindal Steel & Power Ltd. | &nbsp;&nbsp; 96364 | 1056457 |
| Jio Financial Services Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 615540 | 2301827 |
| JSW Energy Ltd. | &nbsp;&nbsp; 100936 | 590618 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| JSW Steel Ltd. | &nbsp;&nbsp; 139633 | $1665648 |
| Jubilant Foodworks Ltd. | &nbsp;&nbsp; 92136 | 686497 |
| Kalyan Jewellers India Ltd. | &nbsp;&nbsp; 90059 | 607283 |
| Kotak Mahindra Bank Ltd. | &nbsp;&nbsp; 229553 | 5171907 |
| Larsen & Toubro Ltd. | &nbsp;&nbsp; 141320 | 5844380 |
| Lodha Developers Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 69304 | 969029 |
| LTIMindtree Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 13156 | 761022 |
| Lupin Ltd. | &nbsp;&nbsp; 50581 | 1105557 |
| Mahindra & Mahindra Ltd. | &nbsp;&nbsp; 201770 | 7350194 |
| Mankind Pharma Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 27615 | 805687 |
| Marico Ltd. | &nbsp;&nbsp; 123929 | 1001295 |
| Maruti Suzuki India Ltd. | &nbsp;&nbsp; 27700 | 3973258 |
| Max Healthcare Institute Ltd. | &nbsp;&nbsp; 169397 | 2403333 |
| Mphasis Ltd. | &nbsp;&nbsp; 18357 | 579592 |
| MRF Ltd. | &nbsp;&nbsp; 528 | 888472 |
| Muthoot Finance Ltd. | &nbsp;&nbsp; 24550 | 730113 |
| Nestle India Ltd. | &nbsp;&nbsp; 70802 | 1812528 |
| NHPC Ltd. | &nbsp;&nbsp; 794154 | 749456 |
| NMDC Ltd. | &nbsp;&nbsp; 688421 | 553316 |
| NTPC Ltd. | &nbsp;&nbsp; 916372 | 3477923 |
| Oberoi Realty Ltd. | &nbsp;&nbsp; 27711 | 512996 |
| Oil & Natural Gas Corp. Ltd. | &nbsp;&nbsp; 669433 | 1834071 |
| Oil India Ltd. | &nbsp;&nbsp; 107087 | 535667 |
| Oracle Financial Services Software Ltd. | &nbsp;&nbsp; 4692 | 450466 |
| Page Industries Ltd. | &nbsp;&nbsp; 1364 | 758360 |
| PB Fintech Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 78425 | 1609359 |
| Persistent Systems Ltd. | &nbsp;&nbsp; 23281 | 1360564 |
| Petronet LNG Ltd. | &nbsp;&nbsp; 169555 | 555878 |
| Phoenix Mills Ltd. (The) | &nbsp;&nbsp; 43831 | 739689 |
| PI Industries Ltd. | &nbsp;&nbsp; 19249 | 931592 |
| Pidilite Industries Ltd. | &nbsp;&nbsp; 34692 | 1134414 |
| Polycab India Ltd. | &nbsp;&nbsp; 12132 | 940219 |
| Power Finance Corp. Ltd. | &nbsp;&nbsp; 323331 | 1505056 |
| Power Grid Corp. of India Ltd. | &nbsp;&nbsp; 975981 | 3226366 |
| Prestige Estates Projects Ltd. | &nbsp;&nbsp; 36539 | 675095 |
| Punjab National Bank | &nbsp;&nbsp; 480454 | 574593 |
| Rail Vikas Nigam Ltd. | &nbsp;&nbsp; 114135 | 450049 |
| REC Ltd. | &nbsp;&nbsp; 293799 | 1316900 |
| Reliance Industries Ltd. | &nbsp;&nbsp; 1290165 | 20374911 |
| Samvardhana Motherson International Ltd. | &nbsp;&nbsp; 897592 | 987929 |
| SBI Cards & Payment Services Ltd. | &nbsp;&nbsp; 52324 | 482272 |
| SBI Life Insurance Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 96727 | 2023574 |
| Shree Cement Ltd. | &nbsp;&nbsp; 1654 | 579799 |
| Shriram Finance Ltd. | &nbsp;&nbsp; 301903 | 2162257 |
| Siemens Ltd. | &nbsp;&nbsp; 19002 | 654263 |
| Solar Industries India Ltd. | &nbsp;&nbsp; 6476 | 1046581 |
| Sona Blw Precision Forgings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 86029 | 438239 |
| SRF Ltd. | &nbsp;&nbsp; 29487 | 1020174 |
| State Bank of India | &nbsp;&nbsp; 382338 | 3464150 |
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp; 206045 | 4001400 |
| Sundaram Finance Ltd. | &nbsp;&nbsp; 14824 | 788487 |
| Supreme Industries Ltd. | &nbsp;&nbsp; 13517 | 660748 |
| Suzlon Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2034419 | 1419392 |
| Tata Communications Ltd. | &nbsp;&nbsp; 24756 | 485698 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp; 193769 | 6682403 |
| Tata Consumer Products Ltd. | &nbsp;&nbsp; 130429 | 1592684 |
| Tata Elxsi Ltd. | &nbsp;&nbsp; 7486 | 518657 |
| Tata Motors Ltd. | &nbsp;&nbsp; 431526 | 3261760 |
| Tata Power Co. Ltd. (The) | &nbsp;&nbsp; 363077 | 1640023 |
| Tata Steel Ltd. | &nbsp;&nbsp; 1594872 | 2864120 |
| Tech Mahindra Ltd. | &nbsp;&nbsp; 110137 | 1827179 |
| Thermax Ltd. | &nbsp;&nbsp; 9341 | 418744 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI ex U.S. ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Titan Co. Ltd. | &nbsp;&nbsp; 73866 | $2811814 |
| Torrent Pharmaceuticals Ltd. | &nbsp;&nbsp; 23130 | 984542 |
| Torrent Power Ltd. | &nbsp;&nbsp; 38198 | 567223 |
| Trent Ltd. | &nbsp;&nbsp; 38523 | 2197363 |
| Tube Investments of India Ltd. | &nbsp;&nbsp; 24907 | 804102 |
| TVS Motor Co. Ltd. | &nbsp;&nbsp; 47490 | 1512622 |
| UltraTech Cement Ltd. | &nbsp;&nbsp; 24543 | 3417216 |
| Union Bank of India Ltd. | &nbsp;&nbsp; 334786 | 497195 |
| United Spirits Ltd. | &nbsp;&nbsp; 64683 | 987554 |
| UPL Ltd. | &nbsp;&nbsp; 110393 | 883182 |
| Varun Beverages Ltd. | &nbsp;&nbsp; 307640 | 1828402 |
| Vedanta Ltd. | &nbsp;&nbsp; 301837 | 1457679 |
| Vodafone Idea Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6651143 | 522197 |
| Voltas Ltd. | &nbsp;&nbsp; 46391 | 700194 |
| Wipro Ltd. | &nbsp;&nbsp; 542163 | 1525081 |
| Yes Bank Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3133678 | 673921 |
| Zydus Lifesciences Ltd. | &nbsp;&nbsp; 54917 | 604786 |
|  |  | 320593222 |
| **Indonesia — 0.3%** | **Indonesia — 0.3%** | **Indonesia — 0.3%** |
| Alamtri Resources Indonesia Tbk PT | &nbsp;&nbsp; 3139700 | 351952 |
| Amman Mineral Internasional PT<sup>(a)</sup> | &nbsp;&nbsp; 1386700 | 706824 |
| Astra International Tbk PT | &nbsp;&nbsp; 4084500 | 1262602 |
| Bank Central Asia Tbk PT | &nbsp;&nbsp; 11848800 | 5938565 |
| Bank Mandiri Persero Tbk PT | &nbsp;&nbsp; 8461668 | 2303526 |
| Bank Negara Indonesia Persero Tbk PT | &nbsp;&nbsp; 3284200 | 796447 |
| Bank Rakyat Indonesia Persero Tbk PT | &nbsp;&nbsp; 14691416 | 3289856 |
| Barito Pacific Tbk PT | &nbsp;&nbsp; 3813688 | 606859 |
| Chandra Asri Pacific Tbk PT | &nbsp;&nbsp; 1700448 | 956015 |
| Charoen Pokphand Indonesia Tbk PT | &nbsp;&nbsp; 1795100 | 536510 |
| GoTo Gojek Tokopedia Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 185907700 | 730552 |
| Indofood CBP Sukses Makmur Tbk PT | &nbsp;&nbsp; 637800 | 378872 |
| Indofood Sukses Makmur Tbk PT | &nbsp;&nbsp; 808000 | 417215 |
| Kalbe Farma Tbk PT | &nbsp;&nbsp; 5646500 | 488367 |
| Sumber Alfaria Trijaya Tbk PT | &nbsp;&nbsp; 5222100 | 733975 |
| Telkom Indonesia Persero Tbk PT | &nbsp;&nbsp; 10418100 | 1829366 |
| United Tractors Tbk PT | &nbsp;&nbsp; 226345 | 331668 |
|  |  | 21659171 |
| **Ireland — 0.3%** | **Ireland — 0.3%** | **Ireland — 0.3%** |
| AIB Group PLC | &nbsp;&nbsp; 392552 | 3096705 |
| Bank of Ireland Group PLC | &nbsp;&nbsp; 208722 | 2798956 |
| Kerry Group PLC, Class A | &nbsp;&nbsp; 32430 | 2995558 |
| Kingspan Group PLC | &nbsp;&nbsp; 34336 | 2849609 |
| Ryanair Holdings PLC | &nbsp;&nbsp; 182550 | 5367460 |
|  |  | 17108288 |
| **Israel — 0.6%** | **Israel — 0.6%** | **Israel — 0.6%** |
| Azrieli Group Ltd. | &nbsp;&nbsp; 10927 | 1073568 |
| Bank Hapoalim BM | &nbsp;&nbsp; 265237 | 4974008 |
| Bank Leumi Le-Israel BM | &nbsp;&nbsp; 319950 | 5918683 |
| Check Point Software Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 18509 | 3446376 |
| CyberArk Software Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 10177 | 4187530 |
| Elbit Systems Ltd. | &nbsp;&nbsp; 5887 | 2715864 |
| ICL Group Ltd. | &nbsp;&nbsp; 153213 | 954503 |
| Isracard Ltd. | &nbsp;&nbsp; 1 | 2 |
| Israel Discount Bank Ltd., Class A | &nbsp;&nbsp; 281237 | 2689619 |
| Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp; 35471 | 2191179 |
| Monday.com Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 8972 | 2353266 |
| Nice Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 13455 | 2100475 |
| Teva Pharmaceutical Industries Ltd., ADR<sup>(a)(b)</sup> | &nbsp;&nbsp; 248362 | 3837193 |
| Wix.com Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 11737 | 1596584 |
|  |  | 38038850 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Italy — 2.0%** | **Italy — 2.0%** | **Italy — 2.0%** |
| Banca Mediolanum SpA | &nbsp;&nbsp; 48012 | $846873 |
| Banco BPM SpA | &nbsp;&nbsp; 259982 | 3315589 |
| BPER Banca SpA | &nbsp;&nbsp; 312653 | 3076667 |
| Davide Campari-Milano NV<sup>(b)</sup> | &nbsp;&nbsp; 121935 | 839867 |
| DiaSorin SpA | &nbsp;&nbsp; 5344 | 522456 |
| Enel SpA | &nbsp;&nbsp; 1714451 | 15118517 |
| Eni SpA | &nbsp;&nbsp; 467085 | 7971895 |
| Ferrari NV | &nbsp;&nbsp; 26855 | 11776113 |
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp; 130990 | 2789303 |
| Generali | &nbsp;&nbsp; 186960 | 6974686 |
| Infrastrutture Wireless Italiane SpA<sup>(c)</sup> | &nbsp;&nbsp; 84757 | 1002022 |
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 3219840 | 19400371 |
| Leonardo SpA | &nbsp;&nbsp; 86429 | 4658793 |
| Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp; 107696 | 2371073 |
| Moncler SpA | &nbsp;&nbsp; 50932 | 2716335 |
| Nexi SpA<sup>(c)</sup> | &nbsp;&nbsp; 132355 | 755778 |
| Poste Italiane SpA<sup>(c)</sup> | &nbsp;&nbsp; 99097 | 2140982 |
| Prysmian SpA | &nbsp;&nbsp; 61339 | 4898743 |
| Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp; 22257 | 1276521 |
| Snam SpA | &nbsp;&nbsp; 436565 | 2530009 |
| Stellantis NV | &nbsp;&nbsp; 423816 | 3740220 |
| Telecom Italia SpA/Milano<sup>(a)</sup> | &nbsp;&nbsp; 2058558 | 945974 |
| Tenaris SA | &nbsp;&nbsp; 90950 | 1588457 |
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp; 298635 | 2889576 |
| UniCredit SpA | &nbsp;&nbsp; 300214 | 22087874 |
| Unipol Gruppo SpA | &nbsp;&nbsp; 84625 | 1697383 |
|  |  | 127932077 |
| **Japan — 13.4%** | **Japan — 13.4%** | **Japan — 13.4%** |
| Advantest Corp. | &nbsp;&nbsp; 163100 | 10846002 |
| Aeon Co. Ltd. | &nbsp;&nbsp; 158700 | 5069327 |
| AGC Inc. | &nbsp;&nbsp; 44500 | 1339213 |
| Aisin Corp. | &nbsp;&nbsp; 106600 | 1473213 |
| Ajinomoto Co. Inc. | &nbsp;&nbsp; 194400 | 5143129 |
| ANA Holdings Inc. | &nbsp;&nbsp; 31500 | 584091 |
| Asahi Group Holdings Ltd. | &nbsp;&nbsp; 311700 | 3954251 |
| Asahi Kasei Corp. | &nbsp;&nbsp; 259900 | 1808320 |
| Asics Corp. | &nbsp;&nbsp; 139500 | 3279546 |
| Astellas Pharma Inc. | &nbsp;&nbsp; 390200 | 4045836 |
| Bandai Namco Holdings Inc. | &nbsp;&nbsp; 127500 | 4122957 |
| Bridgestone Corp. | &nbsp;&nbsp; 123700 | 5003686 |
| Canon Inc. | &nbsp;&nbsp; 197900 | 5620883 |
| Capcom Co. Ltd. | &nbsp;&nbsp; 78700 | 2003366 |
| Central Japan Railway Co. | &nbsp;&nbsp; 161100 | 3755592 |
| Chiba Bank Ltd. (The) | &nbsp;&nbsp; 113800 | 1060696 |
| Chubu Electric Power Co. Inc. | &nbsp;&nbsp; 126600 | 1548412 |
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 144500 | 6926886 |
| Concordia Financial Group Ltd. | &nbsp;&nbsp; 224000 | 1485395 |
| Dai Nippon Printing Co. Ltd. | &nbsp;&nbsp; 82700 | 1273535 |
| Daifuku Co. Ltd. | &nbsp;&nbsp; 65600 | 1660742 |
| Dai-ichi Life Holdings Inc. | &nbsp;&nbsp; 745500 | 5898532 |
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 364900 | 8951698 |
| Daikin Industries Ltd. | &nbsp;&nbsp; 56200 | 6910113 |
| Daito Trust Construction Co. Ltd. | &nbsp;&nbsp; 11600 | 1187581 |
| Daiwa House Industry Co. Ltd. | &nbsp;&nbsp; 120800 | 3993758 |
| Daiwa Securities Group Inc. | &nbsp;&nbsp; 293300 | 2041911 |
| Denso Corp. | &nbsp;&nbsp; 404000 | 5481237 |
| Dentsu Group Inc. | &nbsp;&nbsp; 42500 | 838125 |
| Disco Corp. | &nbsp;&nbsp; 19700 | 5821871 |
| East Japan Railway Co. | &nbsp;&nbsp; 194100 | 4160371 |
| Eisai Co. Ltd. | &nbsp;&nbsp; 54100 | 1517254 |
| ENEOS Holdings Inc. | &nbsp;&nbsp; 587900 | 3085671 |
| FANUC Corp. | &nbsp;&nbsp; 201200 | 5600794 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI ex U.S. ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Fast Retailing Co. Ltd. | &nbsp;&nbsp; 40200 | $12262194 |
| Fuji Electric Co. Ltd. | &nbsp;&nbsp; 27900 | 1387137 |
| FUJIFILM Holdings Corp. | &nbsp;&nbsp; 239500 | 4967763 |
| Fujikura Ltd. | &nbsp;&nbsp; 53100 | 3604557 |
| Fujitsu Ltd. | &nbsp;&nbsp; 372500 | 8114509 |
| Hankyu Hanshin Holdings Inc. | &nbsp;&nbsp; 48800 | 1271808 |
| Hikari Tsushin Inc. | &nbsp;&nbsp; 4000 | 1075435 |
| Hitachi Ltd. | &nbsp;&nbsp; 983700 | 30101853 |
| Honda Motor Co. Ltd. | &nbsp;&nbsp; 894400 | 9259636 |
| Hoshizaki Corp. | &nbsp;&nbsp; 24500 | 838948 |
| Hoya Corp. | &nbsp;&nbsp; 73700 | 9298190 |
| Hulic Co. Ltd. | &nbsp;&nbsp; 91200 | 869838 |
| Idemitsu Kosan Co. Ltd. | &nbsp;&nbsp; 197760 | 1271322 |
| IHI Corp. | &nbsp;&nbsp; 31600 | 3518872 |
| Inpex Corp. | &nbsp;&nbsp; 191200 | 2722449 |
| Isuzu Motors Ltd. | &nbsp;&nbsp; 118300 | 1516134 |
| ITOCHU Corp. | &nbsp;&nbsp; 252700 | 13254771 |
| Japan Airlines Co. Ltd. | &nbsp;&nbsp; 26200 | 520266 |
| Japan Exchange Group Inc. | &nbsp;&nbsp; 224700 | 2195853 |
| Japan Post Bank Co. Ltd. | &nbsp;&nbsp; 390600 | 4359601 |
| Japan Post Holdings Co. Ltd. | &nbsp;&nbsp; 373200 | 3456081 |
| Japan Post Insurance Co. Ltd. | &nbsp;&nbsp; 41100 | 1052349 |
| Japan Tobacco Inc. | &nbsp;&nbsp; 254000 | 7254143 |
| JFE Holdings Inc. | &nbsp;&nbsp; 114800 | 1328587 |
| Kajima Corp. | &nbsp;&nbsp; 93200 | 2334721 |
| Kansai Electric Power Co. Inc. (The) | &nbsp;&nbsp; 198200 | 2379676 |
| Kao Corp. | &nbsp;&nbsp; 97200 | 4373654 |
| Kawasaki Kisen Kaisha Ltd. | &nbsp;&nbsp; 81900 | 1156992 |
| KDDI Corp. | &nbsp;&nbsp; 650600 | 10677388 |
| Keyence Corp. | &nbsp;&nbsp; 41800 | 15120369 |
| Kikkoman Corp. | &nbsp;&nbsp; 137900 | 1211446 |
| Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 160700 | 2117651 |
| Kobe Bussan Co. Ltd. | &nbsp;&nbsp; 35300 | 940015 |
| Komatsu Ltd. | &nbsp;&nbsp; 192500 | 6201942 |
| Konami Group Corp. | &nbsp;&nbsp; 21600 | 2932388 |
| Kubota Corp. | &nbsp;&nbsp; 198000 | 2220421 |
| Kyocera Corp. | &nbsp;&nbsp; 284700 | 3360703 |
| Kyowa Kirin Co. Ltd. | &nbsp;&nbsp; 53600 | 914931 |
| Lasertec Corp. | &nbsp;&nbsp; 17000 | 1712728 |
| LY Corp. | &nbsp;&nbsp; 619500 | 2264374 |
| M3 Inc. | &nbsp;&nbsp; 96900 | 1191753 |
| Makita Corp. | &nbsp;&nbsp; 48400 | 1498373 |
| Marubeni Corp. | &nbsp;&nbsp; 304100 | 6226063 |
| MatsukiyoCocokara & Co. | &nbsp;&nbsp; 70100 | 1439481 |
| MEIJI Holdings Co. Ltd. | &nbsp;&nbsp; 55080 | 1113771 |
| Minebea Mitsumi Inc. | &nbsp;&nbsp; 75700 | 1191395 |
| Mitsubishi Chemical Group Corp. | &nbsp;&nbsp; 284500 | 1549607 |
| Mitsubishi Corp. | &nbsp;&nbsp; 725600 | 14311282 |
| Mitsubishi Electric Corp. | &nbsp;&nbsp; 407100 | 9156589 |
| Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp; 235200 | 4403512 |
| Mitsubishi HC Capital Inc. | &nbsp;&nbsp; 169700 | 1254359 |
| Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp; 683400 | 16317130 |
| Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp; 2452400 | 33800862 |
| Mitsui & Co. Ltd. | &nbsp;&nbsp; 523000 | 10646522 |
| Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp; 576600 | 5153823 |
| Mitsui OSK Lines Ltd. | &nbsp;&nbsp; 73500 | 2470503 |
| Mizuho Financial Group Inc. | &nbsp;&nbsp; 508160 | 14905176 |
| MonotaRO Co. Ltd. | &nbsp;&nbsp; 55700 | 991845 |
| MS&AD Insurance Group Holdings Inc. | &nbsp;&nbsp; 273200 | 5837209 |
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 364300 | 5422269 |
| NEC Corp. | &nbsp;&nbsp; 270700 | 7773387 |
| Nexon Co. Ltd. | &nbsp;&nbsp; 71600 | 1310140 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Nidec Corp. | &nbsp;&nbsp; 174700 | $3351843 |
| Nintendo Co. Ltd. | &nbsp;&nbsp; 234500 | 19599248 |
| Nippon Building Fund Inc. | &nbsp;&nbsp; 1618 | 1484236 |
| Nippon Paint Holdings Co. Ltd. | &nbsp;&nbsp; 197900 | 1677705 |
| Nippon Sanso Holdings Corp. | &nbsp;&nbsp; 39300 | 1390966 |
| Nippon Steel Corp. | &nbsp;&nbsp; 200086 | 3853259 |
| Nippon Yusen KK | &nbsp;&nbsp; 92500 | 3243954 |
| Nissan Motor Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 517300 | 1096831 |
| Nissin Foods Holdings Co. Ltd. | &nbsp;&nbsp; 39800 | 754931 |
| Nitori Holdings Co. Ltd. | &nbsp;&nbsp; 16800 | 1422737 |
| Nitto Denko Corp. | &nbsp;&nbsp; 145800 | 3017171 |
| Nomura Holdings Inc. | &nbsp;&nbsp; 666500 | 4403096 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 83000 | 3284344 |
| NTT Inc. | &nbsp;&nbsp; 6259200 | 6320924 |
| Obayashi Corp. | &nbsp;&nbsp; 134300 | 1977602 |
| Obic Co. Ltd. | &nbsp;&nbsp; 68300 | 2431656 |
| Olympus Corp. | &nbsp;&nbsp; 247300 | 2954505 |
| Omron Corp. | &nbsp;&nbsp; 37700 | 971708 |
| Ono Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 81000 | 905804 |
| Oracle Corp./Japan | &nbsp;&nbsp; 8900 | 962485 |
| Oriental Land Co. Ltd./Japan | &nbsp;&nbsp; 235100 | 4840832 |
| ORIX Corp. | &nbsp;&nbsp; 245800 | 5521416 |
| Osaka Gas Co. Ltd. | &nbsp;&nbsp; 74800 | 1892540 |
| Otsuka Corp. | &nbsp;&nbsp; 42800 | 810938 |
| Otsuka Holdings Co. Ltd. | &nbsp;&nbsp; 93300 | 4441985 |
| Pan Pacific International Holdings Corp. | &nbsp;&nbsp; 86700 | 2900656 |
| Panasonic Holdings Corp. | &nbsp;&nbsp; 505400 | 4780740 |
| Rakuten Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 310800 | 1572559 |
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 302200 | 17929864 |
| Renesas Electronics Corp. | &nbsp;&nbsp; 359500 | 4372618 |
| Resona Holdings Inc. | &nbsp;&nbsp; 453900 | 4132306 |
| Ricoh Co. Ltd. | &nbsp;&nbsp; 120900 | 1060110 |
| Sanrio Co. Ltd. | &nbsp;&nbsp; 38400 | 1575634 |
| SBI Holdings Inc. | &nbsp;&nbsp; 60500 | 2247446 |
| SCREEN Holdings Co. Ltd. | &nbsp;&nbsp; 19500 | 1521193 |
| SCSK Corp. | &nbsp;&nbsp; 30800 | 958339 |
| Secom Co. Ltd. | &nbsp;&nbsp; 87400 | 3138815 |
| Sekisui Chemical Co. Ltd. | &nbsp;&nbsp; 76100 | 1319964 |
| Sekisui House Ltd. | &nbsp;&nbsp; 131000 | 2747964 |
| Seven & i Holdings Co. Ltd. | &nbsp;&nbsp; 480500 | 6334524 |
| SG Holdings Co. Ltd. | &nbsp;&nbsp; 66800 | 741107 |
| Shimadzu Corp. | &nbsp;&nbsp; 54600 | 1208662 |
| Shimano Inc. | &nbsp;&nbsp; 15800 | 1728455 |
| Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp; 381600 | 10981266 |
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 159600 | 2669201 |
| Shiseido Co. Ltd. | &nbsp;&nbsp; 85200 | 1384971 |
| SMC Corp. | &nbsp;&nbsp; 11900 | 4140884 |
| SoftBank Corp. | &nbsp;&nbsp; 6225300 | 8994536 |
| SoftBank Group Corp. | &nbsp;&nbsp; 205100 | 15661217 |
| Sompo Holdings Inc. | &nbsp;&nbsp; 190600 | 5620227 |
| Sony Group Corp. | &nbsp;&nbsp; 1316900 | 31675791 |
| Subaru Corp. | &nbsp;&nbsp; 122800 | 2259006 |
| Sumitomo Corp. | &nbsp;&nbsp; 236900 | 6055105 |
| Sumitomo Electric Industries Ltd. | &nbsp;&nbsp; 149400 | 3707314 |
| Sumitomo Metal Mining Co. Ltd. | &nbsp;&nbsp; 53900 | 1185546 |
| Sumitomo Mitsui Financial Group Inc. | &nbsp;&nbsp; 784600 | 19792793 |
| Sumitomo Mitsui Trust Group Inc. | &nbsp;&nbsp; 135600 | 3554721 |
| Sumitomo Realty & Development Co. Ltd. | &nbsp;&nbsp; 63900 | 2334214 |
| Suntory Beverage & Food Ltd. | &nbsp;&nbsp; 30800 | 930028 |
| Suzuki Motor Corp. | &nbsp;&nbsp; 336100 | 3692923 |
| Sysmex Corp. | &nbsp;&nbsp; 109800 | 1783794 |
| T&D Holdings Inc. | &nbsp;&nbsp; 106100 | 2590826 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI ex U.S. ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Taisei Corp. | &nbsp;&nbsp; 34200 | $2044951 |
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 342413 | 9406011 |
| TDK Corp. | &nbsp;&nbsp; 416300 | 5071754 |
| Terumo Corp. | &nbsp;&nbsp; 288600 | 4893867 |
| TIS Inc. | &nbsp;&nbsp; 45400 | 1448347 |
| Toho Co. Ltd./Tokyo | &nbsp;&nbsp; 24000 | 1514237 |
| Tokio Marine Holdings Inc. | &nbsp;&nbsp; 391000 | 15699781 |
| Tokyo Electron Ltd. | &nbsp;&nbsp; 96400 | 15325545 |
| Tokyo Gas Co. Ltd. | &nbsp;&nbsp; 72800 | 2437970 |
| Tokyo Metro Co. Ltd. | &nbsp;&nbsp; 66100 | 712250 |
| Tokyu Corp. | &nbsp;&nbsp; 108600 | 1222479 |
| Toppan Holdings Inc. | &nbsp;&nbsp; 52900 | 1425561 |
| Toray Industries Inc. | &nbsp;&nbsp; 291000 | 1990398 |
| Toyota Industries Corp. | &nbsp;&nbsp; 34300 | 3667787 |
| Toyota Motor Corp. | &nbsp;&nbsp; 2029500 | 36099938 |
| Toyota Tsusho Corp. | &nbsp;&nbsp; 131900 | 3022929 |
| Trend Micro Inc./Japan | &nbsp;&nbsp; 27800 | 1695200 |
| Unicharm Corp. | &nbsp;&nbsp; 237100 | 1640055 |
| West Japan Railway Co. | &nbsp;&nbsp; 98400 | 2154391 |
| Yakult Honsha Co. Ltd. | &nbsp;&nbsp; 63900 | 1027993 |
| Yamaha Motor Co. Ltd. | &nbsp;&nbsp; 202700 | 1466093 |
| Yokogawa Electric Corp. | &nbsp;&nbsp; 49900 | 1330039 |
| Zensho Holdings Co. Ltd. | &nbsp;&nbsp; 21000 | 1105092 |
| ZOZO Inc. | &nbsp;&nbsp; 102100 | 1010726 |
|  |  | 850192169 |
| **Kuwait — 0.2%** | **Kuwait — 0.2%** | **Kuwait — 0.2%** |
| Boubyan Bank KSCP | &nbsp;&nbsp; 417067 | 960419 |
| Gulf Bank KSCP | &nbsp;&nbsp; 326386 | 360558 |
| Kuwait Finance House KSCP | &nbsp;&nbsp; 2348698 | 6184651 |
| Mabanee Co. KPSC | &nbsp;&nbsp; 134970 | 390604 |
| Mobile Telecommunications Co. KSCP | &nbsp;&nbsp; 477335 | 828661 |
| National Bank of Kuwait SAKP | &nbsp;&nbsp; 1701847 | 5825042 |
|  |  | 14549935 |
| **Malaysia — 0.4%** | **Malaysia — 0.4%** | **Malaysia — 0.4%** |
| AMMB Holdings Bhd | &nbsp;&nbsp; 443800 | 524387 |
| Axiata Group Bhd | &nbsp;&nbsp; 561100 | 354347 |
| CELCOMDIGI Bhd | &nbsp;&nbsp; 836700 | 753324 |
| CIMB Group Holdings Bhd<sup>(b)</sup> | &nbsp;&nbsp; 1724900 | 2636710 |
| Gamuda Bhd | &nbsp;&nbsp; 955200 | 1152922 |
| Genting Bhd<sup>(b)</sup> | &nbsp;&nbsp; 494300 | 361676 |
| Hong Leong Bank Bhd | &nbsp;&nbsp; 168600 | 749527 |
| IHH Healthcare Bhd | &nbsp;&nbsp; 572000 | 891864 |
| IOI Corp. Bhd | &nbsp;&nbsp; 729500 | 644194 |
| Kuala Lumpur Kepong Bhd | &nbsp;&nbsp; 91800 | 421441 |
| Malayan Banking Bhd | &nbsp;&nbsp; 1129800 | 2484904 |
| Maxis Bhd | &nbsp;&nbsp; 703700 | 566198 |
| MISC Bhd | &nbsp;&nbsp; 168200 | 293749 |
| MR DIY Group M Bhd<sup>(c)</sup> | &nbsp;&nbsp; 832300 | 320860 |
| Petronas Chemicals Group Bhd<sup>(b)</sup> | &nbsp;&nbsp; 564800 | 511139 |
| Petronas Dagangan Bhd | &nbsp;&nbsp; 61800 | 312149 |
| Petronas Gas Bhd | &nbsp;&nbsp; 259100 | 1092290 |
| PPB Group Bhd | &nbsp;&nbsp; 219600 | 484794 |
| Press Metal Aluminium Holdings Bhd | &nbsp;&nbsp; 900700 | 1124889 |
| Public Bank Bhd | &nbsp;&nbsp; 2898400 | 2854543 |
| RHB Bank Bhd | &nbsp;&nbsp; 448895 | 644474 |
| SD Guthrie Bhd | &nbsp;&nbsp; 398500 | 445155 |
| Sime Darby Bhd | &nbsp;&nbsp; 511200 | 194873 |
| Sunway Bhd | &nbsp;&nbsp; 496400 | 548579 |
| Telekom Malaysia Bhd<sup>(b)</sup> | &nbsp;&nbsp; 131500 | 207608 |
| Tenaga Nasional Bhd<sup>(b)</sup> | &nbsp;&nbsp; 595400 | 1813557 |
| YTL Corp. Bhd | &nbsp;&nbsp; 912600 | 528290 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Malaysia (continued)** | **Malaysia (continued)** | **Malaysia (continued)** |
| YTL Power International Bhd | &nbsp;&nbsp; 598440 | $570332 |
|  |  | 23488775 |
| **Mexico — 0.6%** | **Mexico — 0.6%** | **Mexico — 0.6%** |
| Alfa SAB de CV, Class A | &nbsp;&nbsp; 605128 | 443301 |
| America Movil SAB de CV, Series B, Class B | &nbsp;&nbsp; 3766574 | 3400199 |
| Arca Continental SAB de CV | &nbsp;&nbsp; 98300 | 1024529 |
| Cemex SAB de CV, NVS | &nbsp;&nbsp; 3356308 | 2930209 |
| Coca-Cola Femsa SAB de CV | &nbsp;&nbsp; 107600 | 892170 |
| Fibra Uno Administracion SA de CV | &nbsp;&nbsp; 677700 | 965269 |
| Fomento Economico Mexicano SAB de CV | &nbsp;&nbsp; 379600 | 3426964 |
| Gruma SAB de CV, Class B | &nbsp;&nbsp; 36115 | 624168 |
| Grupo Aeroportuario del Centro Norte SAB de CV, <br> Class B<br>| &nbsp;&nbsp; 61442 | 814982 |
| Grupo Aeroportuario del Pacifico SAB de CV, <br> Class B<br>| &nbsp;&nbsp; 83960 | 1928833 |
| Grupo Aeroportuario del Sureste SAB de CV, <br> Class B<br>| &nbsp;&nbsp; 39450 | 1195817 |
| Grupo Bimbo SAB de CV, Series A, Class A | &nbsp;&nbsp; 295200 | 856573 |
| Grupo Carso SAB de CV, Series A1, Class A1 | &nbsp;&nbsp; 120000 | 855743 |
| Grupo Comercial Chedraui SA de CV<sup>(b)</sup> | &nbsp;&nbsp; 59300 | 480341 |
| Grupo Financiero Banorte SAB de CV, Class O | &nbsp;&nbsp; 536100 | 4777585 |
| Grupo Financiero Inbursa SAB de CV, Class O | &nbsp;&nbsp; 416100 | 1073059 |
| Grupo Mexico SAB de CV, Series B, Class B | &nbsp;&nbsp; 654729 | 4098434 |
| Industrias Penoles SAB de CV<sup>(a)</sup> | &nbsp;&nbsp; 43985 | 1159371 |
| Kimberly-Clark de Mexico SAB de CV, Class A | &nbsp;&nbsp; 410200 | 764518 |
| Prologis Property Mexico SA de CV | &nbsp;&nbsp; 186716 | 701831 |
| Promotora y Operadora de Infraestructura SAB <br> de CV<br>| &nbsp;&nbsp; 40715 | 479882 |
| Qualitas Controladora SAB de CV | &nbsp;&nbsp; 33400 | 302503 |
| Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp; 1125200 | 3316850 |
|  |  | 36513131 |
| **Netherlands — 2.8%** | **Netherlands — 2.8%** | **Netherlands — 2.8%** |
| ABN AMRO Bank NV, CVA<sup>(c)</sup> | &nbsp;&nbsp; 95078 | 2748556 |
| Adyen NV<sup>(a)(c)</sup> | &nbsp;&nbsp; 5447 | 9342425 |
| Aegon Ltd. | &nbsp;&nbsp; 281915 | 2014713 |
| AerCap Holdings NV | &nbsp;&nbsp; 40221 | 4313702 |
| Akzo Nobel NV | &nbsp;&nbsp; 37380 | 2347516 |
| ASM International NV | &nbsp;&nbsp; 10030 | 4855091 |
| ASML Holding NV | &nbsp;&nbsp; 84262 | 58399710 |
| ASR Nederland NV | &nbsp;&nbsp; 31346 | 2082124 |
| BE Semiconductor Industries NV | &nbsp;&nbsp; 16904 | 2283928 |
| Coca-Cola Europacific Partners PLC | &nbsp;&nbsp; 49259 | 4774182 |
| CVC Capital Partners PLC<sup>(c)</sup> | &nbsp;&nbsp; 45747 | 877236 |
| DSM-Firmenich AG | &nbsp;&nbsp; 38565 | 3705304 |
| EXOR NV | &nbsp;&nbsp; 15787 | 1521494 |
| Heineken Holding NV | &nbsp;&nbsp; 26774 | 1807006 |
| Heineken NV | &nbsp;&nbsp; 60413 | 4741916 |
| IMCD NV | &nbsp;&nbsp; 13791 | 1511641 |
| ING Groep NV | &nbsp;&nbsp; 675467 | 15742047 |
| InPost SA<sup>(a)</sup> | &nbsp;&nbsp; 56584 | 812699 |
| JBS NV<sup>(a)</sup> | &nbsp;&nbsp; 84522 | 1166404 |
| JDE Peet's NV | &nbsp;&nbsp; 40465 | 1199993 |
| Koninklijke Ahold Delhaize NV | &nbsp;&nbsp; 193984 | 7661670 |
| Koninklijke KPN NV | &nbsp;&nbsp; 836126 | 3735391 |
| Koninklijke Philips NV | &nbsp;&nbsp; 176976 | 4621787 |
| NN Group NV | &nbsp;&nbsp; 57813 | 3892873 |
| Prosus NV | &nbsp;&nbsp; 277331 | 15842738 |
| Randstad NV | &nbsp;&nbsp; 22058 | 1048404 |
| Universal Music Group NV | &nbsp;&nbsp; 235856 | 6784844 |
| Wolters Kluwer NV | &nbsp;&nbsp; 51496 | 8020961 |
|  |  | 177856355 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI ex U.S. ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **New Zealand — 0.1%** | **New Zealand — 0.1%** | **New Zealand — 0.1%** |
| Auckland International Airport Ltd. | &nbsp;&nbsp; 353766 | $1569278 |
| Contact Energy Ltd. | &nbsp;&nbsp; 168573 | 903443 |
| Fisher & Paykel Healthcare Corp. Ltd. | &nbsp;&nbsp; 121601 | 2636173 |
| Infratil Ltd. | &nbsp;&nbsp; 197519 | 1348680 |
| Meridian Energy Ltd. | &nbsp;&nbsp; 316853 | 1063951 |
|  |  | 7521525 |
| **Norway — 0.4%** | **Norway — 0.4%** | **Norway — 0.4%** |
| Aker BP ASA | &nbsp;&nbsp; 64360 | 1548284 |
| DNB Bank ASA | &nbsp;&nbsp; 194276 | 4915131 |
| Equinor ASA | &nbsp;&nbsp; 175794 | 4515720 |
| Gjensidige Forsikring ASA | &nbsp;&nbsp; 43712 | 1149784 |
| Kongsberg Gruppen ASA | &nbsp;&nbsp; 95920 | 2866390 |
| Mowi ASA | &nbsp;&nbsp; 100164 | 1865803 |
| Norsk Hydro ASA | &nbsp;&nbsp; 303609 | 1799488 |
| Orkla ASA | &nbsp;&nbsp; 138100 | 1452263 |
| Salmar ASA | &nbsp;&nbsp; 15918 | 646654 |
| Telenor ASA | &nbsp;&nbsp; 133780 | 2052305 |
| Yara International ASA | &nbsp;&nbsp; 35398 | 1308563 |
|  |  | 24120385 |
| **Peru — 0.1%** | **Peru — 0.1%** | **Peru — 0.1%** |
| Cia. de Minas Buenaventura SAA, ADR | &nbsp;&nbsp; 38949 | 662523 |
| Credicorp Ltd. | &nbsp;&nbsp; 14516 | 3440292 |
| Southern Copper Corp. | &nbsp;&nbsp; 18350 | 1727836 |
|  |  | 5830651 |
| **Philippines — 0.1%** | **Philippines — 0.1%** | **Philippines — 0.1%** |
| Ayala Corp. | &nbsp;&nbsp; 43870 | 443720 |
| Ayala Land Inc. | &nbsp;&nbsp; 1590720 | 679644 |
| Bank of the Philippine Islands | &nbsp;&nbsp; 370263 | 750269 |
| BDO Unibank Inc. | &nbsp;&nbsp; 512266 | 1250505 |
| International Container Terminal Services Inc. | &nbsp;&nbsp; 253990 | 1950240 |
| Jollibee Foods Corp. | &nbsp;&nbsp; 132920 | 493723 |
| Manila Electric Co. | &nbsp;&nbsp; 13030 | 119952 |
| Metropolitan Bank & Trust Co. | &nbsp;&nbsp; 391628 | 497307 |
| PLDT Inc. | &nbsp;&nbsp; 19810 | 447395 |
| SM Investments Corp. | &nbsp;&nbsp; 43955 | 614877 |
| SM Prime Holdings Inc. | &nbsp;&nbsp; 2320400 | 922869 |
|  |  | 8170501 |
| **Poland — 0.3%** | **Poland — 0.3%** | **Poland — 0.3%** |
| Allegro.eu SA <sup>(a)(c)</sup> | &nbsp;&nbsp; 152751 | 1498396 |
| Bank Millennium SA<sup>(a)</sup> | &nbsp;&nbsp; 130881 | 509025 |
| Bank Polska Kasa Opieki SA | &nbsp;&nbsp; 37606 | 2042132 |
| CCC SA<sup>(a)</sup> | &nbsp;&nbsp; 11487 | 590212 |
| CD Projekt SA | &nbsp;&nbsp; 13772 | 919829 |
| Dino Polska SA<sup>(a)(c)</sup> | &nbsp;&nbsp; 105760 | 1394778 |
| KGHM Polska Miedz SA<sup>(a)</sup> | &nbsp;&nbsp; 31910 | 1078853 |
| LPP SA | &nbsp;&nbsp; 253 | 1123664 |
| mBank SA<sup>(a)</sup> | &nbsp;&nbsp; 2977 | 703951 |
| ORLEN SA | &nbsp;&nbsp; 121244 | 2699920 |
| PGE Polska Grupa Energetyczna SA<sup>(a)</sup> | &nbsp;&nbsp; 166457 | 535950 |
| Powszechna Kasa Oszczednosci Bank Polski SA | &nbsp;&nbsp; 187095 | 4096725 |
| Powszechny Zaklad Ubezpieczen SA | &nbsp;&nbsp; 126383 | 2118303 |
| Santander Bank Polska SA | &nbsp;&nbsp; 8155 | 1189152 |
|  |  | 20500890 |
| **Portugal — 0.1%** | **Portugal — 0.1%** | **Portugal — 0.1%** |
| Banco Espirito Santo SA, Registered,NVS<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 4 |  |
| EDP Renovaveis SA | &nbsp;&nbsp; 74656 | 876514 |
| EDP SA | &nbsp;&nbsp; 678983 | 2934809 |
| Galp Energia SGPS SA | &nbsp;&nbsp; 90895 | 1735662 |
| Jeronimo Martins SGPS SA | &nbsp;&nbsp; 59514 | 1450812 |
|  |  | 6997797 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Qatar — 0.2%** | **Qatar — 0.2%** | **Qatar — 0.2%** |
| Al Rayan Bank | &nbsp;&nbsp; 1211220 | $790353 |
| Barwa Real Estate Co. | &nbsp;&nbsp; 298500 | 229735 |
| Commercial Bank PSQC (The) | &nbsp;&nbsp; 696007 | 933734 |
| Dukhan Bank | &nbsp;&nbsp; 428663 | 429827 |
| Industries Qatar QSC | &nbsp;&nbsp; 333762 | 1216893 |
| Mesaieed Petrochemical Holding Co. | &nbsp;&nbsp; 1031680 | 383097 |
| Ooredoo QPSC | &nbsp;&nbsp; 257698 | 951273 |
| Qatar Electricity & Water Co. QSC | &nbsp;&nbsp; 148711 | 656840 |
| Qatar Fuel QSC | &nbsp;&nbsp; 91366 | 380995 |
| Qatar Gas Transport Co. Ltd. | &nbsp;&nbsp; 585049 | 772019 |
| Qatar International Islamic Bank QSC | &nbsp;&nbsp; 176384 | 538205 |
| Qatar Islamic Bank QPSC | &nbsp;&nbsp; 359153 | 2416962 |
| Qatar National Bank QPSC | &nbsp;&nbsp; 956390 | 4914736 |
|  |  | 14614669 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| Alrosa PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 504040 | 62 |
| Mobile TeleSystems PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 193438 | 24 |
| Moscow Exchange MICEX-RTS PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 287200 | 35 |
| Ozon Holdings PLC, ADR<sup>(a)(d)</sup> | &nbsp;&nbsp; 8288 | 1 |
| PhosAgro PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 187 | 2 |
| PhosAgro PJSC, GDR<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 1 |  |
| Polyus PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 51980 | 1 |
| Rosneft Oil Co. PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 165180 | 20 |
| Sberbank of Russia PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 1882550 | 232 |
| Severstal PAO<sup>(a)(d)</sup> | &nbsp;&nbsp; 30098 | 4 |
| TCS Group Holding PLC, GDR<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 20990 | 3 |
| United Co. RUSAL International PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 563790 | 69 |
| VK Co. Ltd.<sup>(a)(d)</sup> | &nbsp;&nbsp; 21979 | 3 |
| VTB Bank PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 98760 |  |
| X5 Retail Group NV, GDR<sup>(a)(d)</sup> | &nbsp;&nbsp; 16185 | 2 |
|  |  | 458 |
| **Saudi Arabia — 1.0%** | **Saudi Arabia — 1.0%** | **Saudi Arabia — 1.0%** |
| ACWA Power Co.<sup>(a)</sup> | &nbsp;&nbsp; 32924 | 1930975 |
| Ades Holding Co. | &nbsp;&nbsp; 56220 | 188583 |
| Al Rajhi Bank | &nbsp;&nbsp; 417490 | 10526621 |
| Al Rajhi Co. for Co-operative Insurance<sup>(a)</sup> | &nbsp;&nbsp; 8256 | 261073 |
| Alinma Bank | &nbsp;&nbsp; 261318 | 1796957 |
| Almarai Co. JSC | &nbsp;&nbsp; 96317 | 1228397 |
| Arab National Bank | &nbsp;&nbsp; 175535 | 1015442 |
| Arabian Internet & Communications Services Co. | &nbsp;&nbsp; 3379 | 214670 |
| Bank AlBilad | &nbsp;&nbsp; 177027 | 1225701 |
| Bank Al-Jazira<sup>(a)</sup> | &nbsp;&nbsp; 165690 | 553447 |
| Banque Saudi Fransi | &nbsp;&nbsp; 277368 | 1267218 |
| Bupa Arabia for Cooperative Insurance Co. | &nbsp;&nbsp; 18671 | 839202 |
| Co. for Cooperative Insurance (The) | &nbsp;&nbsp; 17893 | 639944 |
| Dallah Healthcare Co. | &nbsp;&nbsp; 7637 | 276619 |
| Dar Al Arkan Real Estate Development Co.<sup>(a)</sup> | &nbsp;&nbsp; 141338 | 718964 |
| Dr Sulaiman Al Habib Medical Services Group Co. | &nbsp;&nbsp; 18311 | 1278949 |
| Elm Co. | &nbsp;&nbsp; 5110 | 1238032 |
| Etihad Etisalat Co. | &nbsp;&nbsp; 80624 | 1315398 |
| Jabal Omar Development Co.<sup>(a)</sup> | &nbsp;&nbsp; 124150 | 660824 |
| Jarir Marketing Co. | &nbsp;&nbsp; 168926 | 578208 |
| Mouwasat Medical Services Co. | &nbsp;&nbsp; 20039 | 405163 |
| Nahdi Medical Co. | &nbsp;&nbsp; 4625 | 152642 |
| Riyad Bank | &nbsp;&nbsp; 310545 | 2330175 |
| SABIC Agri-Nutrients Co. | &nbsp;&nbsp; 46710 | 1481620 |
| Sahara International Petrochemical Co. | &nbsp;&nbsp; 76349 | 363891 |
| SAL Saudi Logistics Services | &nbsp;&nbsp; 6721 | 308129 |
| Saudi Arabian Mining Co.<sup>(a)</sup> | &nbsp;&nbsp; 282874 | 3910887 |
| Saudi Arabian Oil Co.<sup>(c)</sup> | &nbsp;&nbsp; 1302646 | 8428966 |
| Saudi Aramco Base Oil Co. | &nbsp;&nbsp; 10678 | 296301 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI ex U.S. ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Saudi Arabia (continued)** | **Saudi Arabia (continued)** | **Saudi Arabia (continued)** |
| Saudi Awwal Bank | &nbsp;&nbsp; 219686 | $1893675 |
| Saudi Basic Industries Corp. | &nbsp;&nbsp; 195578 | 2849388 |
| Saudi Electricity Co. | &nbsp;&nbsp; 223496 | 878834 |
| Saudi Industrial Investment Group | &nbsp;&nbsp; 79969 | 382654 |
| Saudi Investment Bank (The) | &nbsp;&nbsp; 146380 | 560890 |
| Saudi Kayan Petrochemical Co.<sup>(a)</sup> | &nbsp;&nbsp; 145384 | 176829 |
| Saudi National Bank (The) | &nbsp;&nbsp; 621355 | 6200559 |
| Saudi Research & Media Group<sup>(a)</sup> | &nbsp;&nbsp; 7377 | 361179 |
| Saudi Tadawul Group Holding Co. | &nbsp;&nbsp; 12817 | 558897 |
| Saudi Telecom Co. | &nbsp;&nbsp; 416589 | 4663165 |
| Yanbu National Petrochemical Co. | &nbsp;&nbsp; 50013 | 406292 |
|  |  | 64365360 |
| **Singapore — 1.1%** | **Singapore — 1.1%** | **Singapore — 1.1%** |
| CapitaLand Ascendas REIT | &nbsp;&nbsp; 842977 | 1804921 |
| CapitaLand Integrated Commercial Trust | &nbsp;&nbsp; 1202469 | 2030321 |
| CapitaLand Investment Ltd./Singapore | &nbsp;&nbsp; 545900 | 1162659 |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 455390 | 16714848 |
| Genting Singapore Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1343600 | 757903 |
| Grab Holdings Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 526344 | 2573822 |
| Keppel Ltd. | &nbsp;&nbsp; 317600 | 2063395 |
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 711475 | 9220117 |
| Sea Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 81317 | 12738308 |
| Sembcorp Industries Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 181300 | 1078026 |
| Singapore Airlines Ltd. | &nbsp;&nbsp; 296350 | 1547884 |
| Singapore Exchange Ltd. | &nbsp;&nbsp; 157000 | 1925072 |
| Singapore Technologies Engineering Ltd. | &nbsp;&nbsp; 362900 | 2441330 |
| Singapore Telecommunications Ltd. | &nbsp;&nbsp; 1593300 | 4748268 |
| United Overseas Bank Ltd. | &nbsp;&nbsp; 267100 | 7420769 |
| Wilmar International Ltd. | &nbsp;&nbsp; 401600 | 908964 |
| Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp; 563200 | 1104676 |
|  |  | 70241283 |
| **South Africa — 1.0%** | **South Africa — 1.0%** | **South Africa — 1.0%** |
| Absa Group Ltd. | &nbsp;&nbsp; 179095 | 1767815 |
| Anglogold Ashanti PLC | &nbsp;&nbsp; 107293 | 4878681 |
| Aspen Pharmacare Holdings Ltd. | &nbsp;&nbsp; 88078 | 567161 |
| Bid Corp. Ltd. | &nbsp;&nbsp; 77060 | 1937472 |
| Bidvest Group Ltd. (The) | &nbsp;&nbsp; 73148 | 951567 |
| Capitec Bank Holdings Ltd. | &nbsp;&nbsp; 19795 | 3837229 |
| Clicks Group Ltd. | &nbsp;&nbsp; 60172 | 1261527 |
| Discovery Ltd. | &nbsp;&nbsp; 108694 | 1288925 |
| FirstRand Ltd. | &nbsp;&nbsp; 1052700 | 4470351 |
| Gold Fields Ltd. | &nbsp;&nbsp; 196590 | 4794225 |
| Harmony Gold Mining Co. Ltd. | &nbsp;&nbsp; 125112 | 1675178 |
| Impala Platinum Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 197120 | 1863064 |
| Kumba Iron Ore Ltd. | &nbsp;&nbsp; 10822 | 178950 |
| MTN Group Ltd. | &nbsp;&nbsp; 359693 | 3023228 |
| Naspers Ltd., Class N | &nbsp;&nbsp; 34906 | 10774857 |
| Nedbank Group Ltd. | &nbsp;&nbsp; 98629 | 1345843 |
| NEPI Rockcastle NV | &nbsp;&nbsp; 111870 | 855042 |
| Old Mutual Ltd. | &nbsp;&nbsp; 1053937 | 738834 |
| OUTsurance Group Ltd. | &nbsp;&nbsp; 147396 | 625065 |
| Pepkor Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 750213 | 1126637 |
| Reinet Investments SCA | &nbsp;&nbsp; 28388 | 820492 |
| Remgro Ltd. | &nbsp;&nbsp; 109434 | 997027 |
| Sanlam Ltd. | &nbsp;&nbsp; 356766 | 1716433 |
| Sasol Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 122283 | 629036 |
| Shoprite Holdings Ltd. | &nbsp;&nbsp; 102701 | 1496913 |
| Standard Bank Group Ltd. | &nbsp;&nbsp; 282492 | 3634958 |
| Valterra Platinum Ltd. | &nbsp;&nbsp; 45641 | 2049733 |
| Vodacom Group Ltd. | &nbsp;&nbsp; 119499 | 912368 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Africa (continued)** | **South Africa (continued)** | **South Africa (continued)** |
| Woolworths Holdings Ltd./South Africa | &nbsp;&nbsp; 237485 | $651849 |
|  |  | 60870460 |
| **South Korea — 3.1%** | **South Korea — 3.1%** | **South Korea — 3.1%** |
| Alteogen Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8903 | 2871967 |
| Amorepacific Corp.<sup>(b)</sup> | &nbsp;&nbsp; 6529 | 629154 |
| Celltrion Inc. | &nbsp;&nbsp; 35118 | 4502232 |
| CJ CheilJedang Corp. | &nbsp;&nbsp; 1982 | 356890 |
| Coway Co. Ltd. | &nbsp;&nbsp; 12572 | 980561 |
| DB Insurance Co. Ltd. | &nbsp;&nbsp; 10484 | 963631 |
| Doosan Bobcat Inc. | &nbsp;&nbsp; 13082 | 518611 |
| Doosan Enerbility Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 95305 | 4464907 |
| Ecopro BM Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 10630 | 840916 |
| Ecopro Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 22211 | 780913 |
| Hana Financial Group Inc. | &nbsp;&nbsp; 63250 | 3867047 |
| Hanjin Kal Corp.<sup>(b)</sup> | &nbsp;&nbsp; 5042 | 394438 |
| Hankook Tire & Technology Co. Ltd. | &nbsp;&nbsp; 17085 | 544964 |
| Hanmi Semiconductor Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 9562 | 620198 |
| Hanwha Aerospace Co. Ltd. | &nbsp;&nbsp; 7341 | 5237452 |
| Hanwha Ocean Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 23897 | 1921035 |
| Hanwha Systems Co. Ltd. | &nbsp;&nbsp; 16100 | 685062 |
| HD Hyundai Co. Ltd. | &nbsp;&nbsp; 9354 | 957134 |
| HD Hyundai Electric Co. Ltd. | &nbsp;&nbsp; 4778 | 1700309 |
| HD Hyundai Heavy Industries Co. Ltd. | &nbsp;&nbsp; 4877 | 1711629 |
| HD Korea Shipbuilding & Offshore Engineering <br> Co. Ltd.<br>| &nbsp;&nbsp; 9195 | 2362951 |
| HLB Inc.<sup>(a)</sup> | &nbsp;&nbsp; 25586 | 882367 |
| HMM Co. Ltd. | &nbsp;&nbsp; 52412 | 881190 |
| HYBE Co. Ltd. | &nbsp;&nbsp; 4495 | 835449 |
| Hyundai Glovis Co. Ltd. | &nbsp;&nbsp; 8837 | 933480 |
| Hyundai Mobis Co. Ltd. | &nbsp;&nbsp; 13430 | 2833993 |
| Hyundai Motor Co. | &nbsp;&nbsp; 28875 | 4392675 |
| Hyundai Rotem Co. Ltd. | &nbsp;&nbsp; 15596 | 2254529 |
| Industrial Bank of Korea | &nbsp;&nbsp; 64505 | 899938 |
| Kakao Corp. | &nbsp;&nbsp; 66355 | 2752297 |
| KakaoBank Corp.<sup>(b)</sup> | &nbsp;&nbsp; 36827 | 740510 |
| KB Financial Group Inc. | &nbsp;&nbsp; 80290 | 6378893 |
| Kia Corp. | &nbsp;&nbsp; 51278 | 3752050 |
| Korea Aerospace Industries Ltd. | &nbsp;&nbsp; 16990 | 1150566 |
| Korea Electric Power Corp. | &nbsp;&nbsp; 53658 | 1482133 |
| Korea Investment Holdings Co. Ltd. | &nbsp;&nbsp; 9192 | 941022 |
| Korea Zinc Co. Ltd. | &nbsp;&nbsp; 877 | 502769 |
| Korean Air Lines Co. Ltd. | &nbsp;&nbsp; 34417 | 582693 |
| Krafton Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6422 | 1512097 |
| KT&G Corp. | &nbsp;&nbsp; 20236 | 1896595 |
| LG Chem Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 10948 | 2353873 |
| LG Corp. | &nbsp;&nbsp; 20423 | 1159510 |
| LG Display Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 71122 | 550671 |
| LG Electronics Inc. | &nbsp;&nbsp; 23357 | 1292793 |
| LG Energy Solution Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 10057 | 2749221 |
| LG H&H Co. Ltd. | &nbsp;&nbsp; 1929 | 437258 |
| LG Innotek Co. Ltd. | &nbsp;&nbsp; 3781 | 421867 |
| LG Uplus Corp. | &nbsp;&nbsp; 39381 | 414548 |
| LS Electric Co. Ltd. | &nbsp;&nbsp; 3140 | 693038 |
| Meritz Financial Group Inc. | &nbsp;&nbsp; 16709 | 1387642 |
| Mirae Asset Securities Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 48724 | 665042 |
| NAVER Corp. | &nbsp;&nbsp; 30629 | 5154711 |
| NH Investment & Securities Co. Ltd. | &nbsp;&nbsp; 27473 | 398277 |
| Orion Corp./Republic of Korea<sup>(b)</sup> | &nbsp;&nbsp; 4954 | 395551 |
| POSCO Future M Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 7804 | 793895 |
| POSCO Holdings Inc. | &nbsp;&nbsp; 15087 | 3317771 |
| Posco International Corp. | &nbsp;&nbsp; 12030 | 420607 |
| Samsung Biologics Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 3817 | 2916293 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI ex U.S. ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| Samsung C&T Corp. | &nbsp;&nbsp; 19064 | $2299973 |
| Samsung Electro-Mechanics Co. Ltd. | &nbsp;&nbsp; 11891 | 1263386 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 1007809 | 51361916 |
| Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp; 6602 | 2084181 |
| Samsung Heavy Industries Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 139830 | 1908598 |
| Samsung Life Insurance Co. Ltd. | &nbsp;&nbsp; 17435 | 1573760 |
| Samsung SDI Co. Ltd. | &nbsp;&nbsp; 13630 | 1955852 |
| Samsung SDS Co. Ltd. | &nbsp;&nbsp; 9160 | 1049442 |
| Samyang Foods Co. Ltd. | &nbsp;&nbsp; 882 | 911401 |
| Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp; 92620 | 4510028 |
| SK Biopharmaceuticals Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 7750 | 545813 |
| SK Hynix Inc. | &nbsp;&nbsp; 116188 | 22519071 |
| SK Inc. | &nbsp;&nbsp; 7893 | 1145527 |
| SK Innovation Co. Ltd. | &nbsp;&nbsp; 14158 | 1095423 |
| SK Square Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 20942 | 2255670 |
| SK Telecom Co. Ltd. | &nbsp;&nbsp; 3636 | 146863 |
| SKC Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 4848 | 348858 |
| S-Oil Corp.<sup>(b)</sup> | &nbsp;&nbsp; 10328 | 465865 |
| Woori Financial Group Inc. | &nbsp;&nbsp; 143443 | 2545135 |
| Yuhan Corp. | &nbsp;&nbsp; 13042 | 1098201 |
|  |  | 199124778 |
| **Spain — 2.1%** | **Spain — 2.1%** | **Spain — 2.1%** |
| Acciona SA | &nbsp;&nbsp; 5326 | 1021499 |
| ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp; 40455 | 2791992 |
| Aena SME SA<sup>(c)</sup> | &nbsp;&nbsp; 159249 | 4288274 |
| Amadeus IT Group SA | &nbsp;&nbsp; 95488 | 7667090 |
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 1233443 | 20571678 |
| Banco de Sabadell SA | &nbsp;&nbsp; 1169444 | 4316301 |
| Banco Santander SA | &nbsp;&nbsp; 3242664 | 27857019 |
| Bankinter SA | &nbsp;&nbsp; 144749 | 2066179 |
| CaixaBank SA | &nbsp;&nbsp; 842817 | 7929480 |
| Cellnex Telecom SA<sup>(c)</sup> | &nbsp;&nbsp; 108045 | 3812856 |
| Endesa SA | &nbsp;&nbsp; 61710 | 1785234 |
| Ferrovial SE | &nbsp;&nbsp; 112254 | 5754467 |
| Grifols SA<sup>(a)</sup> | &nbsp;&nbsp; 61111 | 910562 |
| Iberdrola SA | &nbsp;&nbsp; 1357083 | 23852521 |
| Industria de Diseno Textil SA | &nbsp;&nbsp; 231065 | 11037287 |
| International Consolidated Airlines Group SA, <br> Class DI<br>| &nbsp;&nbsp; 266861 | 1337846 |
| Redeia Corp. SA | &nbsp;&nbsp; 64486 | 1250125 |
| Repsol SA | &nbsp;&nbsp; 244270 | 3703561 |
| Telefonica SA | &nbsp;&nbsp; 778320 | 4016748 |
|  |  | 135970719 |
| **Sweden — 2.1%** | **Sweden — 2.1%** | **Sweden — 2.1%** |
| AddTech AB, Class B | &nbsp;&nbsp; 55342 | 1860497 |
| Alfa Laval AB | &nbsp;&nbsp; 61223 | 2659993 |
| Assa Abloy AB, Class B | &nbsp;&nbsp; 215275 | 7123500 |
| Atlas Copco AB, Class A | &nbsp;&nbsp; 563405 | 8579748 |
| Atlas Copco AB, Class B | &nbsp;&nbsp; 345019 | 4669195 |
| Beijer Ref AB, Class B | &nbsp;&nbsp; 82014 | 1376760 |
| Boliden AB<sup>(a)</sup> | &nbsp;&nbsp; 61511 | 1882804 |
| Epiroc AB, Class A | &nbsp;&nbsp; 138249 | 2813803 |
| Epiroc AB, Class B | &nbsp;&nbsp; 82617 | 1480991 |
| EQT AB | &nbsp;&nbsp; 80383 | 2686729 |
| Essity AB, Class B | &nbsp;&nbsp; 130500 | 3217805 |
| Evolution AB<sup>(c)</sup> | &nbsp;&nbsp; 33039 | 2939184 |
| Fastighets AB Balder, Class B<sup>(a)</sup> | &nbsp;&nbsp; 167425 | 1130469 |
| H & M Hennes & Mauritz AB, Class B | &nbsp;&nbsp; 123489 | 1663599 |
| Hexagon AB, Class B | &nbsp;&nbsp; 439380 | 4827942 |
| Holmen AB, Class B | &nbsp;&nbsp; 16062 | 596970 |
| Industrivarden AB, Class A | &nbsp;&nbsp; 27927 | 1033241 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| Industrivarden AB, Class C | &nbsp;&nbsp; 31611 | $1167383 |
| Indutrade AB | &nbsp;&nbsp; 60036 | 1457938 |
| Investment AB Latour, Class B | &nbsp;&nbsp; 34850 | 889692 |
| Investor AB, Class B | &nbsp;&nbsp; 368411 | 10676373 |
| L E Lundbergforetagen AB, Class B | &nbsp;&nbsp; 15515 | 756777 |
| Lifco AB, Class B | &nbsp;&nbsp; 50193 | 1787929 |
| Nibe Industrier AB, Class B | &nbsp;&nbsp; 332401 | 1533835 |
| Nordea Bank Abp | &nbsp;&nbsp; 676105 | 9865576 |
| Saab AB, Class B | &nbsp;&nbsp; 71275 | 3876931 |
| Sagax AB, Class B | &nbsp;&nbsp; 45401 | 960941 |
| Sandvik AB | &nbsp;&nbsp; 223302 | 5448493 |
| Securitas AB, Class B | &nbsp;&nbsp; 94920 | 1408739 |
| Skandinaviska Enskilda Banken AB, Class A | &nbsp;&nbsp; 337742 | 5907961 |
| Skanska AB, Class B | &nbsp;&nbsp; 70040 | 1633787 |
| SKF AB, Class B | &nbsp;&nbsp; 71047 | 1654858 |
| Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp; 129328 | 1621922 |
| Svenska Handelsbanken AB, Class A | &nbsp;&nbsp; 311798 | 3799064 |
| Swedbank AB, Class A | &nbsp;&nbsp; 181659 | 4837221 |
| Swedish Orphan Biovitrum AB<sup>(a)</sup> | &nbsp;&nbsp; 43057 | 1183916 |
| Tele2 AB, Class B | &nbsp;&nbsp; 112890 | 1744727 |
| Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp; 608355 | 4418836 |
| Telia Co. AB | &nbsp;&nbsp; 487462 | 1721575 |
| Trelleborg AB, Class B | &nbsp;&nbsp; 46304 | 1682446 |
| Volvo AB, Class B | &nbsp;&nbsp; 334958 | 9619922 |
|  |  | 130200072 |
| **Switzerland — 5.9%** | **Switzerland — 5.9%** | **Switzerland — 5.9%** |
| ABB Ltd., Registered | &nbsp;&nbsp; 339079 | 22141211 |
| Alcon AG | &nbsp;&nbsp; 104922 | 9198299 |
| Amrize Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 110617 | 5591793 |
| Avolta AG, Registered | &nbsp;&nbsp; 21033 | 1093370 |
| Baloise Holding AG, Registered | &nbsp;&nbsp; 9000 | 2156984 |
| Banque Cantonale Vaudoise, Registered | &nbsp;&nbsp; 7682 | 888994 |
| Barry Callebaut AG, Registered<sup>(b)</sup> | &nbsp;&nbsp; 759 | 924309 |
| BeOne Medicines Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 190576 | 4332633 |
| BKW AG | &nbsp;&nbsp; 4679 | 1044692 |
| Chocoladefabriken Lindt & Spruengli AG, <br> Participation Certificates, NVS<br>| &nbsp;&nbsp; 214 | 3148062 |
| Chocoladefabriken Lindt & Spruengli <br> AG, Registered<br>| &nbsp;&nbsp; 21 | 3070667 |
| Cie Financiere Richemont SA, Class A, Registered | &nbsp;&nbsp; 115030 | 18781659 |
| EMS-Chemie Holding AG, Registered | &nbsp;&nbsp; 1614 | 1269881 |
| Galderma Group AG | &nbsp;&nbsp; 25639 | 3951434 |
| Geberit AG, Registered | &nbsp;&nbsp; 7183 | 5502885 |
| Givaudan SA, Registered | &nbsp;&nbsp; 1983 | 8289628 |
| Helvetia Holding AG, Registered | &nbsp;&nbsp; 7996 | 1922890 |
| Holcim AG | &nbsp;&nbsp; 110617 | 8821697 |
| Julius Baer Group Ltd. | &nbsp;&nbsp; 44890 | 3037449 |
| Kuehne + Nagel International AG, Registered | &nbsp;&nbsp; 10553 | 2151534 |
| Logitech International SA, Registered | &nbsp;&nbsp; 32284 | 2993594 |
| Lonza Group AG, Registered | &nbsp;&nbsp; 15293 | 10658745 |
| Nestle SA, Registered | &nbsp;&nbsp; 559673 | 48902583 |
| Novartis AG, Registered | &nbsp;&nbsp; 406329 | 46275609 |
| Partners Group Holding AG | &nbsp;&nbsp; 4795 | 6445902 |
| Roche Holding AG, Bearer | &nbsp;&nbsp; 6744 | 2241268 |
| Roche Holding AG, NVS | &nbsp;&nbsp; 150262 | 46892717 |
| Sandoz Group AG | &nbsp;&nbsp; 88523 | 5062532 |
| Schindler Holding AG, Participation <br> Certificates, NVS<br>| &nbsp;&nbsp; 9368 | 3387805 |
| Schindler Holding AG, Registered | &nbsp;&nbsp; 4519 | 1584945 |
| SGS SA | &nbsp;&nbsp; 34693 | 3525272 |
| SIG Group AG | &nbsp;&nbsp; 71368 | 1154646 |
| Sika AG, Registered | &nbsp;&nbsp; 32169 | 7591225 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI ex U.S. ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| Sonova Holding AG, Registered | &nbsp;&nbsp; 11164 | $3038930 |
| Straumann Holding AG | &nbsp;&nbsp; 24757 | 3016389 |
| Swatch Group AG (The), Bearer<sup>(b)</sup> | &nbsp;&nbsp; 6017 | 1064150 |
| Swiss Life Holding AG, Registered | &nbsp;&nbsp; 6201 | 6422981 |
| Swiss Prime Site AG, Registered | &nbsp;&nbsp; 17260 | 2387208 |
| Swiss Re AG | &nbsp;&nbsp; 65031 | 11640637 |
| Swisscom AG, Registered | &nbsp;&nbsp; 5633 | 3914002 |
| Temenos AG, Registered | &nbsp;&nbsp; 13651 | 1221009 |
| UBS Group AG, Registered | &nbsp;&nbsp; 701074 | 26054719 |
| VAT Group AG<sup>(c)</sup> | &nbsp;&nbsp; 5958 | 2086424 |
| Zurich Insurance Group AG | &nbsp;&nbsp; 31258 | 21321275 |
|  |  | 376204638 |
| **Taiwan — 5.8%** | **Taiwan — 5.8%** | **Taiwan — 5.8%** |
| Accton Technology Corp. | &nbsp;&nbsp; 105000 | 3101090 |
| Acer Inc. | &nbsp;&nbsp; 663792 | 709170 |
| Advantech Co. Ltd. | &nbsp;&nbsp; 115360 | 1283246 |
| Airtac International Group | &nbsp;&nbsp; 28928 | 822756 |
| Alchip Technologies Ltd. | &nbsp;&nbsp; 18000 | 2301065 |
| ASE Technology Holding Co. Ltd. | &nbsp;&nbsp; 716762 | 3475855 |
| Asia Cement Corp. | &nbsp;&nbsp; 439440 | 594021 |
| Asia Vital Components Co. Ltd. | &nbsp;&nbsp; 71000 | 2157993 |
| Asustek Computer Inc. | &nbsp;&nbsp; 151000 | 3314663 |
| AUO Corp. | &nbsp;&nbsp; 1346800 | 536931 |
| Catcher Technology Co. Ltd. | &nbsp;&nbsp; 136000 | 960449 |
| Cathay Financial Holding Co. Ltd. | &nbsp;&nbsp; 2060019 | 4175321 |
| Chailease Holding Co. Ltd. | &nbsp;&nbsp; 319770 | 1234521 |
| Chang Hwa Commercial Bank Ltd. | &nbsp;&nbsp; 1333853 | 823879 |
| Cheng Shin Rubber Industry Co. Ltd. | &nbsp;&nbsp; 371000 | 496281 |
| China Airlines Ltd. | &nbsp;&nbsp; 541000 | 370714 |
| China Steel Corp. | &nbsp;&nbsp; 2453288 | 1593171 |
| Chunghwa Telecom Co. Ltd. | &nbsp;&nbsp; 819000 | 3539127 |
| Compal Electronics Inc. | &nbsp;&nbsp; 910000 | 890528 |
| CTBC Financial Holding Co. Ltd. | &nbsp;&nbsp; 3568036 | 4902826 |
| Delta Electronics Inc. | &nbsp;&nbsp; 415000 | 7817810 |
| E Ink Holdings Inc. | &nbsp;&nbsp; 191000 | 1300559 |
| E.Sun Financial Holding Co. Ltd. | &nbsp;&nbsp; 3105435 | 3321242 |
| Eclat Textile Co. Ltd. | &nbsp;&nbsp; 35000 | 468172 |
| Elite Material Co. Ltd. | &nbsp;&nbsp; 67000 | 2455993 |
| eMemory Technology Inc. | &nbsp;&nbsp; 14000 | 947724 |
| Eva Airways Corp. | &nbsp;&nbsp; 565000 | 712408 |
| Evergreen Marine Corp. Taiwan Ltd. | &nbsp;&nbsp; 229200 | 1512467 |
| Far Eastern New Century Corp. | &nbsp;&nbsp; 622000 | 596152 |
| Far EasTone Telecommunications Co. Ltd. | &nbsp;&nbsp; 326000 | 889132 |
| Feng TAY Enterprise Co. Ltd. | &nbsp;&nbsp; 92512 | 365851 |
| First Financial Holding Co. Ltd. | &nbsp;&nbsp; 2382381 | 2353397 |
| Formosa Chemicals & Fibre Corp. | &nbsp;&nbsp; 698340 | 670661 |
| Formosa Plastics Corp. | &nbsp;&nbsp; 950960 | 1352734 |
| Fortune Electric Co. Ltd. | &nbsp;&nbsp; 35200 | 774717 |
| Fubon Financial Holding Co. Ltd. | &nbsp;&nbsp; 1722339 | 4727250 |
| Gigabyte Technology Co. Ltd. | &nbsp;&nbsp; 117000 | 1061501 |
| Global Unichip Corp. | &nbsp;&nbsp; 21000 | 840993 |
| Globalwafers Co. Ltd. | &nbsp;&nbsp; 62000 | 703763 |
| Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp; 2628377 | 15456117 |
| Hotai Motor Co. Ltd. | &nbsp;&nbsp; 70080 | 1289165 |
| Hua Nan Financial Holdings Co. Ltd. | &nbsp;&nbsp; 1830654 | 1754114 |
| Innolux Corp. | &nbsp;&nbsp; 1505892 | 577555 |
| International Games System Co. Ltd. | &nbsp;&nbsp; 59000 | 1542713 |
| Inventec Corp. | &nbsp;&nbsp; 603000 | 890585 |
| Jentech Precision Industrial Co. Ltd. | &nbsp;&nbsp; 21000 | 999128 |
| KGI Financial Holding Co. Ltd. | &nbsp;&nbsp; 3402358 | 1723482 |
| Largan Precision Co. Ltd. | &nbsp;&nbsp; 21000 | 1647096 |
| Lite-On Technology Corp. | &nbsp;&nbsp; 475000 | 1877910 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| Lotes Co. Ltd. | &nbsp;&nbsp; 18000 | $841678 |
| MediaTek Inc. | &nbsp;&nbsp; 327000 | 14808053 |
| Mega Financial Holding Co. Ltd. | &nbsp;&nbsp; 2544937 | 3620161 |
| Micro-Star International Co. Ltd. | &nbsp;&nbsp; 161000 | 769150 |
| Nan Ya Plastics Corp. | &nbsp;&nbsp; 1069840 | 1459152 |
| Nien Made Enterprise Co. Ltd. | &nbsp;&nbsp; 42000 | 599538 |
| Novatek Microelectronics Corp. | &nbsp;&nbsp; 127000 | 2007067 |
| Pegatron Corp. | &nbsp;&nbsp; 432000 | 1150057 |
| PharmaEssentia Corp.<sup>(a)</sup> | &nbsp;&nbsp; 49000 | 808950 |
| Pou Chen Corp. | &nbsp;&nbsp; 391000 | 367700 |
| President Chain Store Corp. | &nbsp;&nbsp; 133000 | 1139741 |
| Quanta Computer Inc. | &nbsp;&nbsp; 571000 | 5318384 |
| Realtek Semiconductor Corp. | &nbsp;&nbsp; 108000 | 2065053 |
| Ruentex Development Co. Ltd. | &nbsp;&nbsp; 311700 | 311147 |
| Shanghai Commercial & Savings Bank Ltd. (The) | &nbsp;&nbsp; 837784 | 1202760 |
| Silergy Corp. | &nbsp;&nbsp; 77000 | 828257 |
| SinoPac Financial Holdings Co. Ltd. | &nbsp;&nbsp; 2323032 | 1916754 |
| Synnex Technology International Corp. | &nbsp;&nbsp; 285750 | 633272 |
| Taishin Financial Holding Co. Ltd. | &nbsp;&nbsp; 4875944 | 2661218 |
| Taiwan Business Bank | &nbsp;&nbsp; 1864722 | 1001905 |
| Taiwan Cooperative Financial Holding Co. Ltd. | &nbsp;&nbsp; 2420687 | 2054554 |
| Taiwan High Speed Rail Corp. | &nbsp;&nbsp; 518000 | 472078 |
| Taiwan Mobile Co. Ltd. | &nbsp;&nbsp; 390000 | 1374867 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 5262000 | 202583067 |
| TCC Group Holdings Co. Ltd. | &nbsp;&nbsp; 1344553 | 1090663 |
| Unimicron Technology Corp. | &nbsp;&nbsp; 320000 | 1452574 |
| Uni-President Enterprises Corp. | &nbsp;&nbsp; 889972 | 2348870 |
| United Microelectronics Corp. | &nbsp;&nbsp; 2410000 | 3339472 |
| Vanguard International Semiconductor Corp. | &nbsp;&nbsp; 231466 | 717339 |
| Voltronic Power Technology Corp. | &nbsp;&nbsp; 13000 | 510634 |
| Wan Hai Lines Ltd. | &nbsp;&nbsp; 163435 | 483345 |
| Wistron Corp. | &nbsp;&nbsp; 578000 | 2352380 |
| Wiwynn Corp. | &nbsp;&nbsp; 25000 | 2281663 |
| WPG Holdings Ltd. | &nbsp;&nbsp; 333000 | 737849 |
| Yageo Corp. | &nbsp;&nbsp; 80763 | 1419138 |
| Yang Ming Marine Transport Corp. | &nbsp;&nbsp; 412000 | 835830 |
| Yuanta Financial Holding Co. Ltd. | &nbsp;&nbsp; 2216275 | 2298903 |
| Zhen Ding Technology Holding Ltd. | &nbsp;&nbsp; 133000 | 554699 |
|  |  | 368331920 |
| **Thailand — 0.3%** | **Thailand — 0.3%** | **Thailand — 0.3%** |
| Advanced Info Service PCL, NVDR | &nbsp;&nbsp; 235800 | 2095024 |
| Airports of Thailand PCL, NVDR<sup>(b)</sup> | &nbsp;&nbsp; 1012100 | 1264790 |
| Bangkok Dusit Medical Services PCL, NVDR | &nbsp;&nbsp; 2336400 | 1537304 |
| Bumrungrad Hospital PCL, NVDR | &nbsp;&nbsp; 120600 | 627220 |
| Central Pattana PCL, NVDR | &nbsp;&nbsp; 510900 | 814283 |
| Charoen Pokphand Foods PCL, NVDR | &nbsp;&nbsp; 1019200 | 710809 |
| CP ALL PCL, NVDR | &nbsp;&nbsp; 1034900 | 1495263 |
| CP Axtra PCL<sup>(b)</sup> | &nbsp;&nbsp; 517725 | 325621 |
| Delta Electronics Thailand PCL, NVDR | &nbsp;&nbsp; 693400 | 3069319 |
| Gulf Development PCL<sup>(a)</sup> | &nbsp;&nbsp; 1074006 | 1544031 |
| Kasikornbank PCL, NVDR | &nbsp;&nbsp; 125400 | 620083 |
| Minor International PCL, NVDR<sup>(b)</sup> | &nbsp;&nbsp; 879220 | 668661 |
| PTT Exploration & Production PCL, NVDR | &nbsp;&nbsp; 294999 | 1135666 |
| PTT Oil & Retail Business PCL, NVDR<sup>(b)</sup> | &nbsp;&nbsp; 722568 | 305916 |
| PTT PCL, NVDR | &nbsp;&nbsp; 2201700 | 2238630 |
| SCB X PCL, NVDR | &nbsp;&nbsp; 191600 | 740177 |
| Siam Cement PCL (The), NVDR<sup>(b)</sup> | &nbsp;&nbsp; 168700 | 1036029 |
| True Corp. PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 2655296 | 842440 |
|  |  | 21071266 |
| **Turkey — 0.2%** | **Turkey — 0.2%** | **Turkey — 0.2%** |
| Akbank TAS | &nbsp;&nbsp; 729627 | 1209691 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI ex U.S. ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Turkey (continued)** | **Turkey (continued)** | **Turkey (continued)** |
| Aselsan Elektronik Sanayi Ve Ticaret A/S | &nbsp;&nbsp; 307948 | $1416336 |
| BIM Birlesik Magazalar A/S | &nbsp;&nbsp; 95393 | 1246614 |
| Coca-Cola Icecek A/S | &nbsp;&nbsp; 147191 | 183704 |
| Eregli Demir ve Celik Fabrikalari TAS | &nbsp;&nbsp; 771761 | 506115 |
| Ford Otomotiv Sanayi AS | &nbsp;&nbsp; 167390 | 391808 |
| Haci Omer Sabanci Holding AS | &nbsp;&nbsp; 218380 | 511640 |
| KOC Holding AS | &nbsp;&nbsp; 152485 | 671754 |
| Pegasus Hava Tasimaciligi AS<sup>(a)</sup> | &nbsp;&nbsp; 46148 | 285841 |
| Sasa Polyester Sanayi AS<sup>(a)</sup> | &nbsp;&nbsp; 1928128 | 147958 |
| Turk Hava Yollari AO | &nbsp;&nbsp; 121040 | 856919 |
| Turkcell Iletisim Hizmetleri AS | &nbsp;&nbsp; 264913 | 607337 |
| Turkiye Is Bankasi AS, Class C | &nbsp;&nbsp; 1966164 | 715764 |
| Turkiye Petrol Rafinerileri AS | &nbsp;&nbsp; 209625 | 870915 |
| Turkiye Sise ve Cam Fabrikalari AS<sup>(b)</sup> | &nbsp;&nbsp; 349992 | 316123 |
| Yapi ve Kredi Bankasi A/S<sup>(a)</sup> | &nbsp;&nbsp; 754036 | 623604 |
|  |  | 10562123 |
| **United Arab Emirates — 0.5%** | **United Arab Emirates — 0.5%** | **United Arab Emirates — 0.5%** |
| Abu Dhabi Commercial Bank PJSC | &nbsp;&nbsp; 671867 | 2973075 |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp; 295932 | 1943075 |
| Abu Dhabi National Oil Co. for Distribution PJSC | &nbsp;&nbsp; 718120 | 725344 |
| ADNOC Drilling Co. PJSC | &nbsp;&nbsp; 690793 | 1098333 |
| Adnoc Gas PLC | &nbsp;&nbsp; 1318366 | 1194368 |
| Aldar Properties PJSC | &nbsp;&nbsp; 869129 | 2245947 |
| Americana Restaurants International PLC - <br> Foreign Co.<br>| &nbsp;&nbsp; 601882 | 352308 |
| Dubai Electricity & Water Authority PJSC | &nbsp;&nbsp; 1288282 | 970009 |
| Dubai Islamic Bank PJSC | &nbsp;&nbsp; 612647 | 1661536 |
| Emaar Development PJSC | &nbsp;&nbsp; 209012 | 852966 |
| Emaar Properties PJSC | &nbsp;&nbsp; 1410953 | 5843181 |
| Emirates NBD Bank PJSC | &nbsp;&nbsp; 421154 | 3067170 |
| Emirates Telecommunications Group Co. PJSC | &nbsp;&nbsp; 724136 | 3733991 |
| First Abu Dhabi Bank PJSC | &nbsp;&nbsp; 948669 | 4640980 |
| Multiply Group PJSC<sup>(a)</sup> | &nbsp;&nbsp; 834632 | 623555 |
| Salik Co. PJSC | &nbsp;&nbsp; 402588 | 700670 |
|  |  | 32626508 |
| **United Kingdom — 9.3%** | **United Kingdom — 9.3%** | **United Kingdom — 9.3%** |
| 3i Group PLC | &nbsp;&nbsp; 207145 | 11318841 |
| Admiral Group PLC | &nbsp;&nbsp; 53339 | 2404334 |
| Anglo American PLC, NVS | &nbsp;&nbsp; 236550 | 6656066 |
| Antofagasta PLC | &nbsp;&nbsp; 82393 | 2031944 |
| Ashtead Group PLC | &nbsp;&nbsp; 92950 | 6210112 |
| Associated British Foods PLC | &nbsp;&nbsp; 70908 | 2053176 |
| AstraZeneca PLC | &nbsp;&nbsp; 330408 | 48203763 |
| Auto Trader Group PLC<sup>(c)</sup> | &nbsp;&nbsp; 193466 | 2135824 |
| Aviva PLC | &nbsp;&nbsp; 653467 | 5583224 |
| BAE Systems PLC | &nbsp;&nbsp; 644935 | 15388546 |
| Barclays PLC | &nbsp;&nbsp; 3090007 | 15104010 |
| Barratt Redrow PLC | &nbsp;&nbsp; 286027 | 1408526 |
| BP PLC | &nbsp;&nbsp; 3414498 | 18302665 |
| British American Tobacco PLC | &nbsp;&nbsp; 426999 | 22877465 |
| BT Group PLC | &nbsp;&nbsp; 1293248 | 3531907 |
| Bunzl PLC | &nbsp;&nbsp; 71790 | 2130545 |
| Centrica PLC | &nbsp;&nbsp; 1123766 | 2442789 |
| Coca-Cola HBC AG, Class DI | &nbsp;&nbsp; 48499 | 2520599 |
| Compass Group PLC | &nbsp;&nbsp; 360795 | 12678142 |
| Croda International PLC | &nbsp;&nbsp; 30621 | 1053903 |
| DCC PLC | &nbsp;&nbsp; 21197 | 1327590 |
| Diageo PLC | &nbsp;&nbsp; 473738 | 11482246 |
| Entain PLC | &nbsp;&nbsp; 129992 | 1745626 |
| Experian PLC | &nbsp;&nbsp; 194149 | 10229852 |
| Glencore PLC | &nbsp;&nbsp; 2188661 | 8783800 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| GSK PLC | &nbsp;&nbsp; 873403 | $16065359 |
| Haleon PLC | &nbsp;&nbsp; 1943705 | 9117275 |
| Halma PLC | &nbsp;&nbsp; 81343 | 3480545 |
| Hikma Pharmaceuticals PLC | &nbsp;&nbsp; 37082 | 958468 |
| HSBC Holdings PLC | &nbsp;&nbsp; 3774433 | 45983807 |
| Imperial Brands PLC | &nbsp;&nbsp; 167848 | 6542611 |
| Informa PLC | &nbsp;&nbsp; 279463 | 3195670 |
| InterContinental Hotels Group PLC | &nbsp;&nbsp; 30943 | 3559687 |
| Intertek Group PLC | &nbsp;&nbsp; 33447 | 2174723 |
| J Sainsbury PLC | &nbsp;&nbsp; 371856 | 1486901 |
| JD Sports Fashion PLC | &nbsp;&nbsp; 531818 | 596958 |
| Kingfisher PLC | &nbsp;&nbsp; 409309 | 1455422 |
| Land Securities Group PLC | &nbsp;&nbsp; 156189 | 1187808 |
| Legal & General Group PLC | &nbsp;&nbsp; 1234500 | 4176394 |
| Lloyds Banking Group PLC | &nbsp;&nbsp; 12861759 | 13189060 |
| London Stock Exchange Group PLC | &nbsp;&nbsp; 102149 | 12451449 |
| M&G PLC | &nbsp;&nbsp; 498902 | 1717168 |
| Marks & Spencer Group PLC | &nbsp;&nbsp; 442703 | 2033153 |
| Melrose Industries PLC | &nbsp;&nbsp; 284865 | 1923303 |
| Mondi PLC | &nbsp;&nbsp; 92284 | 1247517 |
| National Grid PLC | &nbsp;&nbsp; 1038270 | 14589842 |
| NatWest Group PLC | &nbsp;&nbsp; 1718643 | 11930091 |
| Next PLC | &nbsp;&nbsp; 24945 | 4049097 |
| NMC Health PLC, NVS<sup>(a)(d)</sup> | &nbsp;&nbsp; 14180 |  |
| Pearson PLC | &nbsp;&nbsp; 135247 | 1912521 |
| Phoenix Group Holdings PLC | &nbsp;&nbsp; 117529 | 1027799 |
| Prudential PLC | &nbsp;&nbsp; 560011 | 7104398 |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp; 147734 | 11072037 |
| RELX PLC | &nbsp;&nbsp; 394435 | 20495267 |
| Rentokil Initial PLC | &nbsp;&nbsp; 530829 | 2648011 |
| Rio Tinto PLC | &nbsp;&nbsp; 237192 | 14127009 |
| Rolls-Royce Holdings PLC | &nbsp;&nbsp; 1806159 | 25634762 |
| Sage Group PLC (The) | &nbsp;&nbsp; 215185 | 3455149 |
| Schroders PLC | &nbsp;&nbsp; 206269 | 1060253 |
| Segro PLC | &nbsp;&nbsp; 276439 | 2356015 |
| Severn Trent PLC | &nbsp;&nbsp; 61696 | 2163513 |
| Shell PLC | &nbsp;&nbsp; 1275047 | 45816395 |
| Smith & Nephew PLC | &nbsp;&nbsp; 182432 | 2788098 |
| Smiths Group PLC | &nbsp;&nbsp; 72044 | 2231647 |
| Spirax Group PLC | &nbsp;&nbsp; 15328 | 1280940 |
| SSE PLC | &nbsp;&nbsp; 230492 | 5649873 |
| Standard Chartered PLC | &nbsp;&nbsp; 432015 | 7744715 |
| Tesco PLC | &nbsp;&nbsp; 1439462 | 8087503 |
| Unilever PLC | &nbsp;&nbsp; 528966 | 30690844 |
| United Utilities Group PLC | &nbsp;&nbsp; 149852 | 2236968 |
| Vodafone Group PLC | &nbsp;&nbsp; 4386940 | 4756306 |
| Whitbread PLC | &nbsp;&nbsp; 41694 | 1674880 |
| Wise PLC, Class A<sup>(a)</sup> | &nbsp;&nbsp; 143075 | 1911336 |
| WPP PLC | &nbsp;&nbsp; 227372 | 1231080 |
|  |  | 589875122 |
| **United States — 0.3%** | **United States — 0.3%** | **United States — 0.3%** |
| Spotify Technology SA<sup>(a)</sup> | &nbsp;&nbsp; 32912 | 20620684 |
| **Total Common Stocks — 99.0%** <br>**(Cost: $5,027,249,782)** | **Total Common Stocks — 99.0%** <br>**(Cost: $5,027,249,782)** | 6300716891 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Brazil — 0.3%** | **Brazil — 0.3%** | **Brazil — 0.3%** |
| Banco Bradesco SA, Preference Shares, NVS | &nbsp;&nbsp; 1118852 | 3103066 |
| Centrais Eletricas Brasileiras SA, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 79582 | 581279 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI ex U.S. ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Brazil (continued)** | **Brazil (continued)** | **Brazil (continued)** |
| Cia Energetica de Minas Gerais, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 397953 | $734140 |
| Cia Paranaense de Energia - Copel, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 168374 | 356621 |
| Gerdau SA, Preference Shares, NVS | &nbsp;&nbsp; 311718 | 937456 |
| Itau Unibanco Holding SA, Preference Shares, NVS | &nbsp;&nbsp; 1144985 | 7189448 |
| Itausa SA, Preference Shares, NVS | &nbsp;&nbsp; 1308835 | 2419202 |
| Petroleo Brasileiro SA - Petrobras, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 984450 | 5738398 |
|  |  | 21059610 |
| **Chile — 0.0%** | **Chile — 0.0%** | **Chile — 0.0%** |
| Sociedad Quimica y Minera de Chile SA, Class B, <br> Preference Shares<br>| &nbsp;&nbsp; 32576 | 1198059 |
| **Colombia — 0.0%** | **Colombia — 0.0%** | **Colombia — 0.0%** |
| Grupo Cibest SA, Preference Shares | &nbsp;&nbsp; 108148 | 1183346 |
| **Germany — 0.2%** | **Germany — 0.2%** | **Germany — 0.2%** |
| Bayerische Motoren Werke AG, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 12397 | 1083813 |
| Dr Ing hc F Porsche AG, Preference Shares, <br> NVS<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 24480 | 1241294 |
| Henkel AG & Co. KGaA, Preference Shares, NVS | &nbsp;&nbsp; 34407 | 2651372 |
| Porsche Automobil Holding SE, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 33364 | 1339033 |
| Sartorius AG, Preference Shares, NVS | &nbsp;&nbsp; 5966 | 1270470 |
| Volkswagen AG, Preference Shares, NVS | &nbsp;&nbsp; 44452 | 4648155 |
|  |  | 12234137 |
| **South Korea — 0.2%** | **South Korea — 0.2%** | **South Korea — 0.2%** |
| Hyundai Motor Co. |  |  |
| Preference Shares, NVS | &nbsp;&nbsp; 5252 | 608032 |
| Series 2, Preference Shares, NVS | &nbsp;&nbsp; 8484 | 1004050 |
| Samsung Electronics Co. Ltd., Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 176385 | 7262555 |
|  |  | 8874637 |
| **Total Preferred Stocks — 0.7%** <br>**(Cost: $40,259,284)** | **Total Preferred Stocks — 0.7%** <br>**(Cost: $40,259,284)** | 44549789 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Warrants** | **Warrants** | **Warrants** |
| **Canada — 0.0%** | **Canada — 0.0%** | **Canada — 0.0%** |
| Constellation Software Inc., (Issued 08/29/23, <br> 1 Share for 1 Warrant, Expires 03/31/40, Strike <br> Price CAD 11.50)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 3748 | $— |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** |  |
| **Total Long-Term Investments — 99.7%** <br>**(Cost: $5,067,509,066)** | **Total Long-Term Investments — 99.7%** <br>**(Cost: $5,067,509,066)** | 6345266680 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.8%** | **Money Market Funds — 0.8%** | **Money Market Funds — 0.8%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(f)(g)(h)</sup><br>| &nbsp;&nbsp; 42529740 | 42546752 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.30%<sup>(f)(g)</sup><br>| &nbsp;&nbsp; 8300000 | 8300000 |
| **Total Short-Term Securities — 0.8%** <br>**(Cost: $50,838,270)** | **Total Short-Term Securities — 0.8%** <br>**(Cost: $50,838,270)** | 50846752 |
| **Total Investments — 100.5%** <br>**(Cost: $5,118,347,336)** | **Total Investments — 100.5%** <br>**(Cost: $5,118,347,336)** | 6396113432 |
| **Liabilities in Excess of Other Assets — (0.5)%** | **Liabilities in Excess of Other Assets — (0.5)%** | (33067267)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $6363046165 |

---

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

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

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

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

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

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

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 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>*07/31/24*<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>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<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>| $10817642<br> $31732941 <br><sup>(a)</sup><br>| $— | $(2380)<br>| $(1451)<br>| $42546752 | 42529740 | $344440 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 4130000<br> 4170000 <br><sup>(a)</sup><br>|  |  |  | 8300000 | 8300000 | 297220 |  |
|  |  |  | $(2380) | $(1451) | $50846752 |  | $641660 | $— |

---

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

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

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

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI ex U.S. 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 EAFE Index | 56 | 09/19/25 | &nbsp;&nbsp; $7318 | $(50029) |
| MSCI Emerging Markets Index | 56 | 09/19/25 | &nbsp;&nbsp; 3467 | 99072 |
|  |  |  |  | $49043 |

---

**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; $99072 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $99072 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $50029 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $50029 |

---

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

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts 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 July 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; $2743794 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2743794 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $70262 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $70262 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $12792261 |

---

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; $782947157 | &nbsp;&nbsp; $5517769276 | &nbsp;&nbsp; $458 | &nbsp;&nbsp; $6300716891 |
| Preferred Stocks | &nbsp;&nbsp; 23441015 | &nbsp;&nbsp; 21108774 | &nbsp;&nbsp; — | &nbsp;&nbsp; 44549789 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI ex U.S. ETF**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Long-Term Investments (continued) |  |  |  |  |
| Warrants | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 50846752 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 50846752 |
|  | &nbsp;&nbsp; $857234924 | &nbsp;&nbsp; $5538878050 | &nbsp;&nbsp; $458 | &nbsp;&nbsp; $6396113432 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $99072 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $99072 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; (50029)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (50029)<br>|
|  | &nbsp;&nbsp; $49043 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $49043 |

---

&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

July 31, 2025

**iShares® 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; 10108879 | $198371558 |
| APA Group | &nbsp;&nbsp; 4461643 | 23996438 |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp; 1910392 | 85541385 |
| ASX Ltd. | &nbsp;&nbsp; 667774 | 29932369 |
| BHP Group Ltd. | &nbsp;&nbsp; 17275696 | 436301394 |
| BlueScope Steel Ltd. | &nbsp;&nbsp; 1483290 | 22487106 |
| Brambles Ltd. | &nbsp;&nbsp; 4669819 | 71445626 |
| CAR Group Ltd. | &nbsp;&nbsp; 1295232 | 31525326 |
| Cochlear Ltd. | &nbsp;&nbsp; 221162 | 45150884 |
| Coles Group Ltd. | &nbsp;&nbsp; 4574561 | 60905547 |
| Commonwealth Bank of Australia | &nbsp;&nbsp; 5695483 | 646605446 |
| Computershare Ltd. | &nbsp;&nbsp; 1782647 | 47987789 |
| CSL Ltd. | &nbsp;&nbsp; 1649642 | 285362010 |
| Evolution Mining Ltd. | &nbsp;&nbsp; 6811718 | 30827923 |
| Fortescue Ltd. | &nbsp;&nbsp; 5785091 | 65454000 |
| Goodman Group | &nbsp;&nbsp; 6915213 | 154613561 |
| Insurance Australia Group Ltd. | &nbsp;&nbsp; 8007830 | 44951290 |
| James Hardie Industries PLC<sup>(a)</sup> | &nbsp;&nbsp; 1965830 | 51597981 |
| Lottery Corp. Ltd. (The) | &nbsp;&nbsp; 7513262 | 26058848 |
| Macquarie Group Ltd. | &nbsp;&nbsp; 1233337 | 170799175 |
| Medibank Pvt Ltd. | &nbsp;&nbsp; 9451387 | 30890945 |
| National Australia Bank Ltd. | &nbsp;&nbsp; 10431594 | 258877151 |
| Northern Star Resources Ltd. | &nbsp;&nbsp; 4603888 | 45741132 |
| Origin Energy Ltd. | &nbsp;&nbsp; 5844645 | 43705150 |
| Pro Medicus Ltd. | &nbsp;&nbsp; 196769 | 40407414 |
| Qantas Airways Ltd. | &nbsp;&nbsp; 2522335 | 17493242 |
| QBE Insurance Group Ltd. | &nbsp;&nbsp; 5147728 | 76362510 |
| REA Group Ltd. | &nbsp;&nbsp; 178370 | 27171270 |
| Reece Ltd. | &nbsp;&nbsp; 756452 | 6549789 |
| Rio Tinto Ltd. | &nbsp;&nbsp; 1263442 | 89853365 |
| Santos Ltd. | &nbsp;&nbsp; 11001111 | 55356340 |
| Scentre Group | &nbsp;&nbsp; 17610877 | 42147034 |
| SGH Ltd. | &nbsp;&nbsp; 694912 | 22728714 |
| Sigma Healthcare Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 15707810 | 29014139 |
| Sonic Healthcare Ltd. | &nbsp;&nbsp; 1540477 | 27203037 |
| South32 Ltd. | &nbsp;&nbsp; 15498620 | 28983031 |
| Stockland | &nbsp;&nbsp; 8198888 | 29067397 |
| Suncorp Group Ltd. | &nbsp;&nbsp; 3695615 | 49538840 |
| Telstra Group Ltd. | &nbsp;&nbsp; 13669541 | 43565928 |
| Transurban Group | &nbsp;&nbsp; 10617196 | 93960298 |
| Vicinity Ltd. | &nbsp;&nbsp; 13206628 | 20793821 |
| Washington H Soul Pattinson & Co. Ltd. | &nbsp;&nbsp; 807018 | 20966371 |
| Wesfarmers Ltd. | &nbsp;&nbsp; 3860313 | 211157179 |
| Westpac Banking Corp. | &nbsp;&nbsp; 11661832 | 251780440 |
| WiseTech Global Ltd. | &nbsp;&nbsp; 682868 | 51720526 |
| Woodside Energy Group Ltd. | &nbsp;&nbsp; 6466139 | 109422441 |
| Woolworths Group Ltd. | &nbsp;&nbsp; 4160133 | 83985172 |
| Xero Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 556004 | 64029730 |
|  |  | 4402388062 |
| **Austria — 0.2%** | **Austria — 0.2%** | **Austria — 0.2%** |
| Erste Group Bank AG | &nbsp;&nbsp; 1048654 | 95892977 |
| OMV AG | &nbsp;&nbsp; 506515 | 25795984 |
| Verbund AG | &nbsp;&nbsp; 234110 | 17431708 |
|  |  | 139120669 |
| **Belgium — 1.0%** | **Belgium — 1.0%** | **Belgium — 1.0%** |
| Ageas SA | &nbsp;&nbsp; 506339 | 34427137 |
| Anheuser-Busch InBev SA | &nbsp;&nbsp; 3369868 | 193742649 |
| Argenx SE<sup>(a)</sup> | &nbsp;&nbsp; 207821 | 139578633 |
| D'ieteren Group | &nbsp;&nbsp; 73185 | 14456454 |
| Elia Group SA, Class B | &nbsp;&nbsp; 166970 | 19263864 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Belgium (continued)** | **Belgium (continued)** | **Belgium (continued)** |
| Groupe Bruxelles Lambert NV | &nbsp;&nbsp; 281805 | $23558908 |
| KBC Group NV | &nbsp;&nbsp; 782335 | 81600576 |
| Lotus Bakeries NV | &nbsp;&nbsp; 1394 | 11785453 |
| Sofina SA | &nbsp;&nbsp; 52376 | 16038681 |
| Syensqo SA | &nbsp;&nbsp; 247064 | 19581258 |
| UCB SA | &nbsp;&nbsp; 429955 | 92377911 |
|  |  | 646411524 |
| **Denmark — 1.9%** | **Denmark — 1.9%** | **Denmark — 1.9%** |
| AP Moller - Maersk A/S, Class A | &nbsp;&nbsp; 9912 | 19449019 |
| AP Moller - Maersk A/S, Class B, NVS<sup>(b)</sup> | &nbsp;&nbsp; 14425 | 28485930 |
| Carlsberg A/S, Class B | &nbsp;&nbsp; 326669 | 40724907 |
| Coloplast A/S, Class B | &nbsp;&nbsp; 427063 | 39004524 |
| Danske Bank A/S | &nbsp;&nbsp; 2349462 | 93206617 |
| Demant A/S<sup>(a)</sup> | &nbsp;&nbsp; 290214 | 10995510 |
| DSV A/S<sup>(b)</sup> | &nbsp;&nbsp; 695666 | 155888247 |
| Genmab A/S<sup>(a)</sup> | &nbsp;&nbsp; 217900 | 46913309 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp; 10971150 | 510245873 |
| Novonesis Novozymes B, Class B | &nbsp;&nbsp; 1195811 | 77365998 |
| Orsted A/S<sup>(a)(c)</sup> | &nbsp;&nbsp; 575081 | 27104428 |
| Pandora A/S | &nbsp;&nbsp; 280386 | 46290488 |
| Rockwool A/S, Class B | &nbsp;&nbsp; 317746 | 13923824 |
| Tryg A/S | &nbsp;&nbsp; 1143637 | 27586715 |
| Vestas Wind Systems A/S | &nbsp;&nbsp; 3419599 | 62435345 |
|  |  | 1199620734 |
| **Finland — 0.8%** | **Finland — 0.8%** | **Finland — 0.8%** |
| Elisa OYJ | &nbsp;&nbsp; 484527 | 24930206 |
| Fortum OYJ | &nbsp;&nbsp; 1528280 | 28037400 |
| Kesko OYJ, Class B | &nbsp;&nbsp; 922037 | 20053766 |
| Kone OYJ, Class B | &nbsp;&nbsp; 1155476 | 70955980 |
| Metso OYJ | &nbsp;&nbsp; 2109905 | 26498898 |
| Neste OYJ | &nbsp;&nbsp; 1451882 | 22914503 |
| Nokia OYJ | &nbsp;&nbsp; 18144063 | 73943324 |
| Orion OYJ, Class B | &nbsp;&nbsp; 366941 | 29376830 |
| Sampo OYJ, Class A | &nbsp;&nbsp; 8236522 | 88408111 |
| Stora Enso OYJ, Class R | &nbsp;&nbsp; 1994867 | 20526147 |
| UPM-Kymmene OYJ | &nbsp;&nbsp; 1825389 | 47309997 |
| Wartsila OYJ Abp | &nbsp;&nbsp; 1710014 | 47244951 |
|  |  | 500200113 |
| **France — 11.1%** | **France — 11.1%** | **France — 11.1%** |
| Accor SA | &nbsp;&nbsp; 671530 | 34035740 |
| Aeroports de Paris SA | &nbsp;&nbsp; 118965 | 14439311 |
| Air Liquide SA | &nbsp;&nbsp; 1968570 | 387289456 |
| Airbus SE | &nbsp;&nbsp; 2022351 | 406603903 |
| Alstom SA<sup>(a)(b)</sup> | &nbsp;&nbsp; 1168667 | 27412631 |
| Amundi SA<sup>(c)</sup> | &nbsp;&nbsp; 215547 | 15929020 |
| ArcelorMittal SA | &nbsp;&nbsp; 1590225 | 49577124 |
| Arkema SA | &nbsp;&nbsp; 199339 | 13555323 |
| AXA SA | &nbsp;&nbsp; 6023227 | 292542943 |
| BioMerieux | &nbsp;&nbsp; 142254 | 20354307 |
| BNP Paribas SA | &nbsp;&nbsp; 3465078 | 315939672 |
| Bollore SE | &nbsp;&nbsp; 2437076 | 14057199 |
| Bouygues SA | &nbsp;&nbsp; 651194 | 26813898 |
| Bureau Veritas SA | &nbsp;&nbsp; 1074221 | 33081818 |
| Capgemini SE | &nbsp;&nbsp; 553748 | 82439955 |
| Carrefour SA | &nbsp;&nbsp; 1836784 | 26322961 |
| Cie de Saint-Gobain SA | &nbsp;&nbsp; 1530029 | 175520488 |
| Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp; 2271291 | 80804514 |
| Covivio SA/France | &nbsp;&nbsp; 186717 | 12088396 |
| Credit Agricole SA | &nbsp;&nbsp; 3601997 | 66293001 |
| Danone SA | &nbsp;&nbsp; 2197163 | 179808815 |
| Dassault Aviation SA | &nbsp;&nbsp; 66807 | 20800828 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI EAFE ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **France (continued)** | **France (continued)** | **France (continued)** |
| Dassault Systemes SE | &nbsp;&nbsp; 2279142 | $74872599 |
| Edenred SE | &nbsp;&nbsp; 832166 | 23765065 |
| Eiffage SA | &nbsp;&nbsp; 232801 | 31250135 |
| Engie SA | &nbsp;&nbsp; 6207885 | 139542174 |
| EssilorLuxottica SA | &nbsp;&nbsp; 1012106 | 300954122 |
| Eurazeo SE | &nbsp;&nbsp; 136743 | 8024048 |
| Eurofins Scientific SE | &nbsp;&nbsp; 402795 | 30847408 |
| Euronext NV<sup>(c)</sup> | &nbsp;&nbsp; 268121 | 43218126 |
| FDJ UNITED | &nbsp;&nbsp; 378348 | 11801366 |
| Gecina SA | &nbsp;&nbsp; 157816 | 15508993 |
| Getlink SE | &nbsp;&nbsp; 1030278 | 18685027 |
| Hermes International SCA | &nbsp;&nbsp; 107668 | 263300786 |
| Ipsen SA | &nbsp;&nbsp; 129590 | 15269861 |
| Kering SA | &nbsp;&nbsp; 254377 | 62461068 |
| Klepierre SA | &nbsp;&nbsp; 726417 | 27728734 |
| Legrand SA | &nbsp;&nbsp; 892017 | 131756899 |
| L'Oreal SA | &nbsp;&nbsp; 818343 | 362102824 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 936204 | 502565320 |
| Orange SA | &nbsp;&nbsp; 6341450 | 96460185 |
| Pernod Ricard SA | &nbsp;&nbsp; 688147 | 70719969 |
| Publicis Groupe SA | &nbsp;&nbsp; 778586 | 71148507 |
| Renault SA | &nbsp;&nbsp; 657969 | 24345364 |
| Rexel SA | &nbsp;&nbsp; 765971 | 23151036 |
| Safran SA | &nbsp;&nbsp; 1225527 | 404118975 |
| Sanofi SA | &nbsp;&nbsp; 3778501 | 339198408 |
| Sartorius Stedim Biotech | &nbsp;&nbsp; 98597 | 19702676 |
| Schneider Electric SE | &nbsp;&nbsp; 1861157 | 481654814 |
| Societe Generale SA | &nbsp;&nbsp; 2448096 | 156258308 |
| Sodexo SA | &nbsp;&nbsp; 301732 | 17945043 |
| STMicroelectronics NV | &nbsp;&nbsp; 2294518 | 58312744 |
| Teleperformance SE | &nbsp;&nbsp; 182871 | 17828298 |
| Thales SA | &nbsp;&nbsp; 315611 | 84897356 |
| TotalEnergies SE | &nbsp;&nbsp; 6953347 | 413484001 |
| Unibail-Rodamco-Westfield, New | &nbsp;&nbsp; 415787 | 40306087 |
| Veolia Environnement SA | &nbsp;&nbsp; 2141628 | 72577734 |
| Vinci SA | &nbsp;&nbsp; 1684867 | 234042791 |
|  |  | 6985518154 |
| **Germany — 10.0%** | **Germany — 10.0%** | **Germany — 10.0%** |
| adidas AG | &nbsp;&nbsp; 582459 | 111324704 |
| Allianz SE, Registered | &nbsp;&nbsp; 1314285 | 519376031 |
| BASF SE | &nbsp;&nbsp; 3039046 | 148941745 |
| Bayer AG, Registered | &nbsp;&nbsp; 3346713 | 104088533 |
| Bayerische Motoren Werke AG | &nbsp;&nbsp; 986886 | 93903567 |
| Beiersdorf AG | &nbsp;&nbsp; 335908 | 41740641 |
| Brenntag SE | &nbsp;&nbsp; 421534 | 26151594 |
| Commerzbank AG | &nbsp;&nbsp; 3022663 | 110223883 |
| Continental AG | &nbsp;&nbsp; 377260 | 32221989 |
| Covestro AG, NVS<sup>(a)</sup> | &nbsp;&nbsp; 610796 | 41404180 |
| CTS Eventim AG & Co. KGaA | &nbsp;&nbsp; 210813 | 23805925 |
| Daimler Truck Holding AG | &nbsp;&nbsp; 1619837 | 78797389 |
| Delivery Hero SE, Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 656445 | 19591235 |
| Deutsche Bank AG, Registered | &nbsp;&nbsp; 6315029 | 207995105 |
| Deutsche Boerse AG | &nbsp;&nbsp; 642080 | 185809752 |
| Deutsche Lufthansa AG, Registered | &nbsp;&nbsp; 2028447 | 17393591 |
| Deutsche Post AG, Registered | &nbsp;&nbsp; 3269056 | 146472363 |
| Deutsche Telekom AG, Registered | &nbsp;&nbsp; 11879683 | 426075495 |
| E.ON SE | &nbsp;&nbsp; 7630045 | 139196689 |
| Evonik Industries AG | &nbsp;&nbsp; 866110 | 17199267 |
| Fresenius Medical Care AG | &nbsp;&nbsp; 748603 | 37970203 |
| Fresenius SE & Co. KGaA | &nbsp;&nbsp; 1440984 | 68779074 |
| GEA Group AG | &nbsp;&nbsp; 498302 | 35793151 |
| Hannover Rueck SE | &nbsp;&nbsp; 205768 | 62418356 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| Heidelberg Materials AG | &nbsp;&nbsp; 455241 | $105021590 |
| Henkel AG & Co. KGaA | &nbsp;&nbsp; 352526 | 25068232 |
| Infineon Technologies AG | &nbsp;&nbsp; 4444095 | 174577882 |
| Knorr-Bremse AG | &nbsp;&nbsp; 245080 | 24460316 |
| LEG Immobilien SE | &nbsp;&nbsp; 251494 | 19961953 |
| Mercedes-Benz Group AG | &nbsp;&nbsp; 2459361 | 139249629 |
| Merck KGaA | &nbsp;&nbsp; 441315 | 55157477 |
| MTU Aero Engines AG | &nbsp;&nbsp; 183514 | 79160272 |
| Muenchener Rueckversicherungs-Gesellschaft AG <br> in Muenchen, Registered<br>| &nbsp;&nbsp; 455485 | 298192639 |
| Nemetschek SE | &nbsp;&nbsp; 195096 | 29067949 |
| QIAGEN NV | &nbsp;&nbsp; 738841 | 36635919 |
| Rational AG | &nbsp;&nbsp; 17604 | 13589355 |
| Rheinmetall AG | &nbsp;&nbsp; 151956 | 300796301 |
| RWE AG | &nbsp;&nbsp; 2153651 | 88353924 |
| SAP SE | &nbsp;&nbsp; 3553941 | 1016269049 |
| Scout24 SE<sup>(c)</sup> | &nbsp;&nbsp; 257018 | 34348299 |
| Siemens AG, Registered | &nbsp;&nbsp; 2586594 | 658813569 |
| Siemens Energy AG<sup>(a)</sup> | &nbsp;&nbsp; 2314663 | 267988585 |
| Siemens Healthineers AG<sup>(c)</sup> | &nbsp;&nbsp; 1151174 | 62005254 |
| Symrise AG, Class A | &nbsp;&nbsp; 449655 | 40759986 |
| Talanx AG<sup>(a)</sup> | &nbsp;&nbsp; 218640 | 28980084 |
| Vonovia SE | &nbsp;&nbsp; 2518184 | 78153270 |
| Zalando SE<sup>(a)(c)</sup> | &nbsp;&nbsp; 757792 | 22095734 |
|  |  | 6295381730 |
| **Hong Kong — 2.1%** | **Hong Kong — 2.1%** | **Hong Kong — 2.1%** |
| AIA Group Ltd. | &nbsp;&nbsp; 36404000 | 339436925 |
| BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 12548500 | 56345957 |
| CK Asset Holdings Ltd. | &nbsp;&nbsp; 6617184 | 30321250 |
| CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 9169684 | 59685485 |
| CK Infrastructure Holdings Ltd. | &nbsp;&nbsp; 2145792 | 15112787 |
| CLP Holdings Ltd. | &nbsp;&nbsp; 5620000 | 48780335 |
| Futu Holdings Ltd., ADR | &nbsp;&nbsp; 209691 | 32225313 |
| Galaxy Entertainment Group Ltd. | &nbsp;&nbsp; 7444000 | 36301879 |
| Hang Seng Bank Ltd. | &nbsp;&nbsp; 2552900 | 37187319 |
| Henderson Land Development Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 5043764 | 17649518 |
| HKT Trust & HKT Ltd., Class SS | &nbsp;&nbsp; 13170440 | 20737876 |
| Hong Kong & China Gas Co. Ltd. | &nbsp;&nbsp; 38489513 | 34354322 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 3979400 | 215360336 |
| Hongkong Land Holdings Ltd. | &nbsp;&nbsp; 3827500 | 23156375 |
| Jardine Matheson Holdings Ltd. | &nbsp;&nbsp; 552100 | 29979778 |
| Link REIT | &nbsp;&nbsp; 8915829 | 49676809 |
| MTR Corp. Ltd. | &nbsp;&nbsp; 5258500 | 18916237 |
| Power Assets Holdings Ltd. | &nbsp;&nbsp; 4765500 | 31376515 |
| Sands China Ltd. | &nbsp;&nbsp; 8207200 | 19867722 |
| Sino Land Co. Ltd. | &nbsp;&nbsp; 12236000 | 14104425 |
| SITC International Holdings Co. Ltd. | &nbsp;&nbsp; 4606000 | 14932828 |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 4960500 | 58918169 |
| Swire Pacific Ltd., Class A | &nbsp;&nbsp; 1208500 | 10924035 |
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp; 4984533 | 59603293 |
| WH Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 28835500 | 28868314 |
| Wharf Holdings Ltd. (The) | &nbsp;&nbsp; 3620168 | 10307102 |
| Wharf Real Estate Investment Co. Ltd. | &nbsp;&nbsp; 5831912 | 18515228 |
|  |  | 1332646132 |
| **Ireland — 0.5%** | **Ireland — 0.5%** | **Ireland — 0.5%** |
| AIB Group PLC | &nbsp;&nbsp; 7094780 | 55968234 |
| Bank of Ireland Group PLC | &nbsp;&nbsp; 3351180 | 44939220 |
| Kerry Group PLC, Class A | &nbsp;&nbsp; 561477 | 51863609 |
| Kingspan Group PLC | &nbsp;&nbsp; 528319 | 43846186 |
| Ryanair Holdings PLC | &nbsp;&nbsp; 2892232 | 85039393 |
|  |  | 281656642 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI EAFE ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Israel — 1.0%** | **Israel — 1.0%** | **Israel — 1.0%** |
| Azrieli Group Ltd. | &nbsp;&nbsp; 143455 | $14094331 |
| Bank Hapoalim BM | &nbsp;&nbsp; 4262224 | 79929785 |
| Bank Leumi Le-Israel BM | &nbsp;&nbsp; 5087441 | 94111431 |
| Check Point Software Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 296468 | 55202342 |
| CyberArk Software Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 159936 | 65808866 |
| Elbit Systems Ltd. | &nbsp;&nbsp; 91656 | 42283876 |
| ICL Group Ltd. | &nbsp;&nbsp; 2645925 | 16483868 |
| Isracard Ltd. | &nbsp;&nbsp; 1 | 2 |
| Israel Discount Bank Ltd., Class A | &nbsp;&nbsp; 4163787 | 39820501 |
| Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp; 531356 | 32823893 |
| Monday.com Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 138249 | 36261330 |
| Nice Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 215920 | 33707512 |
| Teva Pharmaceutical Industries Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 3903759 | 60313076 |
| Wix.com Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 180503 | 24553823 |
|  |  | 595394636 |
| **Italy — 3.2%** | **Italy — 3.2%** | **Italy — 3.2%** |
| Banca Mediolanum SpA | &nbsp;&nbsp; 760683 | 13417521 |
| Banco BPM SpA | &nbsp;&nbsp; 3865775 | 49300802 |
| BPER Banca SpA | &nbsp;&nbsp; 4975264 | 48959166 |
| Davide Campari-Milano NV<sup>(b)</sup> | &nbsp;&nbsp; 2059701 | 14186862 |
| DiaSorin SpA | &nbsp;&nbsp; 79821 | 7803700 |
| Enel SpA | &nbsp;&nbsp; 27707798 | 244335246 |
| Eni SpA | &nbsp;&nbsp; 7493296 | 127890579 |
| Ferrari NV | &nbsp;&nbsp; 429845 | 188490162 |
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp; 2087664 | 44454749 |
| Generali | &nbsp;&nbsp; 2936381 | 109543950 |
| Infrastrutture Wireless Italiane SpA<sup>(c)</sup> | &nbsp;&nbsp; 948741 | 11216295 |
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 51504251 | 310326468 |
| Leonardo SpA | &nbsp;&nbsp; 1374690 | 74100083 |
| Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp; 1709608 | 37639326 |
| Moncler SpA | &nbsp;&nbsp; 790891 | 42180256 |
| Nexi SpA<sup>(c)</sup> | &nbsp;&nbsp; 1721826 | 9832028 |
| Poste Italiane SpA<sup>(c)</sup> | &nbsp;&nbsp; 1557257 | 33644394 |
| Prysmian SpA | &nbsp;&nbsp; 959398 | 76620808 |
| Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp; 388367 | 22274277 |
| Snam SpA | &nbsp;&nbsp; 6817105 | 39506917 |
| Stellantis NV | &nbsp;&nbsp; 6864186 | 60577150 |
| Telecom Italia SpA/Milano<sup>(a)</sup> | &nbsp;&nbsp; 36465820 | 16757229 |
| Tenaris SA | &nbsp;&nbsp; 1395246 | 24368205 |
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp; 4763956 | 46095776 |
| UniCredit SpA | &nbsp;&nbsp; 4772650 | 351141832 |
| Unipol Gruppo SpA | &nbsp;&nbsp; 1220356 | 24477536 |
|  |  | 2029141317 |
| **Japan — 21.5%** | **Japan — 21.5%** | **Japan — 21.5%** |
| Advantest Corp. | &nbsp;&nbsp; 2603600 | 173137039 |
| Aeon Co. Ltd. | &nbsp;&nbsp; 2518700 | 80454403 |
| AGC Inc. | &nbsp;&nbsp; 660800 | 19886558 |
| Aisin Corp. | &nbsp;&nbsp; 1773600 | 24511166 |
| Ajinomoto Co. Inc. | &nbsp;&nbsp; 3078900 | 81456685 |
| ANA Holdings Inc. | &nbsp;&nbsp; 540600 | 10024106 |
| Asahi Group Holdings Ltd. | &nbsp;&nbsp; 4927800 | 62514460 |
| Asahi Kasei Corp. | &nbsp;&nbsp; 4238600 | 29491135 |
| Asics Corp. | &nbsp;&nbsp; 2249900 | 52893545 |
| Astellas Pharma Inc. | &nbsp;&nbsp; 6182150 | 64100365 |
| Bandai Namco Holdings Inc. | &nbsp;&nbsp; 2021800 | 65378780 |
| Bridgestone Corp. | &nbsp;&nbsp; 1944800 | 78667485 |
| Canon Inc. | &nbsp;&nbsp; 3176600 | 90223828 |
| Capcom Co. Ltd. | &nbsp;&nbsp; 1184800 | 30159952 |
| Central Japan Railway Co. | &nbsp;&nbsp; 2617600 | 61021959 |
| Chiba Bank Ltd. (The) | &nbsp;&nbsp; 1913000 | 17830508 |
| Chubu Electric Power Co. Inc. | &nbsp;&nbsp; 2176100 | 26615325 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 2282500 | $109416041 |
| Concordia Financial Group Ltd. | &nbsp;&nbsp; 3549600 | 23538207 |
| Dai Nippon Printing Co. Ltd. | &nbsp;&nbsp; 1334900 | 20556738 |
| Daifuku Co. Ltd. | &nbsp;&nbsp; 1110500 | 28113631 |
| Dai-ichi Life Holdings Inc. | &nbsp;&nbsp; 11958708 | 94619480 |
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 5844085 | 143366625 |
| Daikin Industries Ltd. | &nbsp;&nbsp; 897600 | 110365084 |
| Daito Trust Construction Co. Ltd. | &nbsp;&nbsp; 198700 | 20342441 |
| Daiwa House Industry Co. Ltd. | &nbsp;&nbsp; 1908100 | 63083523 |
| Daiwa Securities Group Inc. | &nbsp;&nbsp; 4597600 | 32007811 |
| Denso Corp. | &nbsp;&nbsp; 6444400 | 87433872 |
| Dentsu Group Inc. | &nbsp;&nbsp; 673000 | 13271959 |
| Disco Corp. | &nbsp;&nbsp; 313800 | 92736205 |
| East Japan Railway Co. | &nbsp;&nbsp; 3095900 | 66358026 |
| Eisai Co. Ltd. | &nbsp;&nbsp; 886300 | 24856602 |
| ENEOS Holdings Inc. | &nbsp;&nbsp; 9246550 | 48531743 |
| FANUC Corp. | &nbsp;&nbsp; 3221700 | 89682304 |
| Fast Retailing Co. Ltd. | &nbsp;&nbsp; 649500 | 198116787 |
| Fuji Electric Co. Ltd. | &nbsp;&nbsp; 454300 | 22586971 |
| FUJIFILM Holdings Corp. | &nbsp;&nbsp; 3807600 | 78978092 |
| Fujikura Ltd. | &nbsp;&nbsp; 859900 | 58372100 |
| Fujitsu Ltd. | &nbsp;&nbsp; 5983600 | 130346245 |
| Hankyu Hanshin Holdings Inc. | &nbsp;&nbsp; 784400 | 20442754 |
| Hikari Tsushin Inc. | &nbsp;&nbsp; 60100 | 16158406 |
| Hitachi Ltd. | &nbsp;&nbsp; 15588800 | 477027312 |
| Honda Motor Co. Ltd. | &nbsp;&nbsp; 14370400 | 148775356 |
| Hoshizaki Corp. | &nbsp;&nbsp; 366400 | 12546552 |
| Hoya Corp. | &nbsp;&nbsp; 1176500 | 148430396 |
| Hulic Co. Ltd. | &nbsp;&nbsp; 1592800 | 15191652 |
| Idemitsu Kosan Co. Ltd. | &nbsp;&nbsp; 2771915 | 17819564 |
| IHI Corp. | &nbsp;&nbsp; 499900 | 55667226 |
| Inpex Corp. | &nbsp;&nbsp; 2984343 | 42493317 |
| Isuzu Motors Ltd. | &nbsp;&nbsp; 1820500 | 23331545 |
| ITOCHU Corp. | &nbsp;&nbsp; 4043600 | 212097318 |
| Japan Airlines Co. Ltd. | &nbsp;&nbsp; 486500 | 9660666 |
| Japan Exchange Group Inc. | &nbsp;&nbsp; 3416700 | 33389281 |
| Japan Post Bank Co. Ltd. | &nbsp;&nbsp; 6120500 | 68312700 |
| Japan Post Holdings Co. Ltd. | &nbsp;&nbsp; 6068000 | 56193725 |
| Japan Post Insurance Co. Ltd. | &nbsp;&nbsp; 658800 | 16868313 |
| Japan Tobacco Inc. | &nbsp;&nbsp; 4089400 | 116791704 |
| JFE Holdings Inc. | &nbsp;&nbsp; 1943875 | 22496579 |
| Kajima Corp. | &nbsp;&nbsp; 1439500 | 36060414 |
| Kansai Electric Power Co. Inc. (The) | &nbsp;&nbsp; 3216400 | 38617510 |
| Kao Corp. | &nbsp;&nbsp; 1589200 | 71508347 |
| Kawasaki Kisen Kaisha Ltd. | &nbsp;&nbsp; 1195900 | 16894347 |
| KDDI Corp. | &nbsp;&nbsp; 10443700 | 171397843 |
| Keyence Corp. | &nbsp;&nbsp; 662992 | 239824965 |
| Kikkoman Corp. | &nbsp;&nbsp; 2291800 | 20133370 |
| Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 2630500 | 34663848 |
| Kobe Bussan Co. Ltd. | &nbsp;&nbsp; 508200 | 13533014 |
| Komatsu Ltd. | &nbsp;&nbsp; 3075100 | 99073208 |
| Konami Group Corp. | &nbsp;&nbsp; 340700 | 46252994 |
| Kubota Corp. | &nbsp;&nbsp; 3312400 | 37146071 |
| Kyocera Corp. | &nbsp;&nbsp; 4384300 | 51753885 |
| Kyowa Kirin Co. Ltd. | &nbsp;&nbsp; 799200 | 13642032 |
| Lasertec Corp. | &nbsp;&nbsp; 275100 | 27715961 |
| LY Corp. | &nbsp;&nbsp; 9691222 | 35423011 |
| M3 Inc. | &nbsp;&nbsp; 1492100 | 18351031 |
| Makita Corp. | &nbsp;&nbsp; 820000 | 25385657 |
| Marubeni Corp. | &nbsp;&nbsp; 4805600 | 98388578 |
| MatsukiyoCocokara & Co. | &nbsp;&nbsp; 1138000 | 23368464 |
| MEIJI Holdings Co. Ltd. | &nbsp;&nbsp; 809408 | 16367021 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI EAFE ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Minebea Mitsumi Inc. | &nbsp;&nbsp; 1226100 | $19296817 |
| Mitsubishi Chemical Group Corp. | &nbsp;&nbsp; 4640200 | 25274111 |
| Mitsubishi Corp. | &nbsp;&nbsp; 11654300 | 229862139 |
| Mitsubishi Electric Corp. | &nbsp;&nbsp; 6465900 | 145432550 |
| Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp; 3613100 | 67645956 |
| Mitsubishi HC Capital Inc. | &nbsp;&nbsp; 3016500 | 22296849 |
| Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp; 10897700 | 260197814 |
| Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp; 39017780 | 537773033 |
| Mitsui & Co. Ltd. | &nbsp;&nbsp; 8401400 | 171024269 |
| Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp; 9000500 | 80449164 |
| Mitsui OSK Lines Ltd. | &nbsp;&nbsp; 1166100 | 39195290 |
| Mizuho Financial Group Inc. | &nbsp;&nbsp; 8140716 | 238780701 |
| MonotaRO Co. Ltd. | &nbsp;&nbsp; 847000 | 15082458 |
| MS&AD Insurance Group Holdings Inc. | &nbsp;&nbsp; 4379764 | 93578318 |
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 5686100 | 84632353 |
| NEC Corp. | &nbsp;&nbsp; 4184000 | 120147211 |
| Nexon Co. Ltd. | &nbsp;&nbsp; 1140200 | 20863429 |
| Nidec Corp. | &nbsp;&nbsp; 2853700 | 54751880 |
| Nintendo Co. Ltd. | &nbsp;&nbsp; 3757000 | 314005857 |
| Nippon Building Fund Inc. | &nbsp;&nbsp; 25892 | 23751446 |
| Nippon Paint Holdings Co. Ltd. | &nbsp;&nbsp; 3203000 | 27153551 |
| Nippon Sanso Holdings Corp. | &nbsp;&nbsp; 594600 | 21044991 |
| Nippon Steel Corp. | &nbsp;&nbsp; 3300835 | 63567524 |
| Nippon Yusen KK | &nbsp;&nbsp; 1496300 | 52474898 |
| Nissan Motor Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 7562300 | 16034340 |
| Nissin Foods Holdings Co. Ltd. | &nbsp;&nbsp; 665200 | 12617590 |
| Nitori Holdings Co. Ltd. | &nbsp;&nbsp; 270400 | 22899294 |
| Nitto Denko Corp. | &nbsp;&nbsp; 2393100 | 49522571 |
| Nomura Holdings Inc. | &nbsp;&nbsp; 10176100 | 67226324 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 1291771 | 51115914 |
| NTT Inc. | &nbsp;&nbsp; 101656900 | 102659379 |
| Obayashi Corp. | &nbsp;&nbsp; 2226800 | 32790203 |
| Obic Co. Ltd. | &nbsp;&nbsp; 1095800 | 39013297 |
| Olympus Corp. | &nbsp;&nbsp; 3871100 | 46248213 |
| Omron Corp. | &nbsp;&nbsp; 603100 | 15544754 |
| Ono Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 1253800 | 14020957 |
| Oracle Corp./Japan | &nbsp;&nbsp; 129700 | 14026331 |
| Oriental Land Co. Ltd./Japan | &nbsp;&nbsp; 3679400 | 75760766 |
| ORIX Corp. | &nbsp;&nbsp; 3955700 | 88857057 |
| Osaka Gas Co. Ltd. | &nbsp;&nbsp; 1247600 | 31565940 |
| Otsuka Corp. | &nbsp;&nbsp; 769900 | 14587417 |
| Otsuka Holdings Co. Ltd. | &nbsp;&nbsp; 1504400 | 71624033 |
| Pan Pacific International Holdings Corp. | &nbsp;&nbsp; 1290100 | 43161896 |
| Panasonic Holdings Corp. | &nbsp;&nbsp; 7938368 | 75091550 |
| Rakuten Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5184900 | 26234104 |
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 4794300 | 284451179 |
| Renesas Electronics Corp. | &nbsp;&nbsp; 5745700 | 69885255 |
| Resona Holdings Inc. | &nbsp;&nbsp; 7063600 | 64307025 |
| Ricoh Co. Ltd. | &nbsp;&nbsp; 1836300 | 16101577 |
| Sanrio Co. Ltd. | &nbsp;&nbsp; 608200 | 24955749 |
| SBI Holdings Inc. | &nbsp;&nbsp; 943180 | 35037122 |
| SCREEN Holdings Co. Ltd. | &nbsp;&nbsp; 275000 | 21452722 |
| SCSK Corp. | &nbsp;&nbsp; 527000 | 16397553 |
| Secom Co. Ltd. | &nbsp;&nbsp; 1435500 | 51553421 |
| Sekisui Chemical Co. Ltd. | &nbsp;&nbsp; 1297300 | 22501824 |
| Sekisui House Ltd. | &nbsp;&nbsp; 2041700 | 42828376 |
| Seven & i Holdings Co. Ltd. | &nbsp;&nbsp; 7528140 | 99244921 |
| SG Holdings Co. Ltd. | &nbsp;&nbsp; 1082100 | 12005261 |
| Shimadzu Corp. | &nbsp;&nbsp; 802000 | 17753612 |
| Shimano Inc. | &nbsp;&nbsp; 256600 | 28070983 |
| Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp; 6129900 | 176399542 |
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 2562100 | 42849370 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Shiseido Co. Ltd. | &nbsp;&nbsp; 1351000 | $21961213 |
| SMC Corp. | &nbsp;&nbsp; 195400 | 67994006 |
| SoftBank Corp. | &nbsp;&nbsp; 97474200 | 140834217 |
| SoftBank Group Corp. | &nbsp;&nbsp; 3250500 | 248204713 |
| Sompo Holdings Inc. | &nbsp;&nbsp; 3033650 | 89453321 |
| Sony Group Corp. | &nbsp;&nbsp; 20930300 | 503442781 |
| Subaru Corp. | &nbsp;&nbsp; 1989700 | 36602145 |
| Sumitomo Corp. | &nbsp;&nbsp; 3710600 | 94842019 |
| Sumitomo Electric Industries Ltd. | &nbsp;&nbsp; 2442800 | 60617318 |
| Sumitomo Metal Mining Co. Ltd. | &nbsp;&nbsp; 835400 | 18374870 |
| Sumitomo Mitsui Financial Group Inc. | &nbsp;&nbsp; 12563400 | 316931912 |
| Sumitomo Mitsui Trust Group Inc. | &nbsp;&nbsp; 2183820 | 57248316 |
| Sumitomo Realty & Development Co. Ltd. | &nbsp;&nbsp; 1047700 | 38271608 |
| Suntory Beverage & Food Ltd. | &nbsp;&nbsp; 479600 | 14481868 |
| Suzuki Motor Corp. | &nbsp;&nbsp; 5360900 | 58903278 |
| Sysmex Corp. | &nbsp;&nbsp; 1729400 | 28095575 |
| T&D Holdings Inc. | &nbsp;&nbsp; 1676600 | 40940423 |
| Taisei Corp. | &nbsp;&nbsp; 529600 | 31666837 |
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 5415410 | 148760135 |
| TDK Corp. | &nbsp;&nbsp; 6625100 | 80713128 |
| Terumo Corp. | &nbsp;&nbsp; 4538200 | 76955471 |
| TIS Inc. | &nbsp;&nbsp; 717500 | 22889626 |
| Toho Co. Ltd./Tokyo | &nbsp;&nbsp; 377400 | 23811374 |
| Tokio Marine Holdings Inc. | &nbsp;&nbsp; 6259500 | 251337023 |
| Tokyo Electron Ltd. | &nbsp;&nbsp; 1523400 | 242188125 |
| Tokyo Gas Co. Ltd. | &nbsp;&nbsp; 1124500 | 37657928 |
| Tokyo Metro Co. Ltd. | &nbsp;&nbsp; 981100 | 10571686 |
| Tokyu Corp. | &nbsp;&nbsp; 1696500 | 19097017 |
| Toppan Holdings Inc. | &nbsp;&nbsp; 806600 | 21736438 |
| Toray Industries Inc. | &nbsp;&nbsp; 4756100 | 32531037 |
| Toyota Industries Corp. | &nbsp;&nbsp; 555800 | 59433127 |
| Toyota Motor Corp. | &nbsp;&nbsp; 32254120 | 573723441 |
| Toyota Tsusho Corp. | &nbsp;&nbsp; 2180200 | 49966557 |
| Trend Micro Inc./Japan | &nbsp;&nbsp; 430300 | 26239012 |
| Unicharm Corp. | &nbsp;&nbsp; 3830400 | 26495439 |
| West Japan Railway Co. | &nbsp;&nbsp; 1532300 | 33548515 |
| Yakult Honsha Co. Ltd. | &nbsp;&nbsp; 867000 | 13947893 |
| Yamaha Motor Co. Ltd. | &nbsp;&nbsp; 3124600 | 22599672 |
| Yokogawa Electric Corp. | &nbsp;&nbsp; 772200 | 20582280 |
| Zensho Holdings Co. Ltd. | &nbsp;&nbsp; 325700 | 17139453 |
| ZOZO Inc. | &nbsp;&nbsp; 1373900 | 13600742 |
|  |  | 13533315293 |
| **Netherlands — 4.5%** | **Netherlands — 4.5%** | **Netherlands — 4.5%** |
| ABN AMRO Bank NV, CVA<sup>(c)</sup> | &nbsp;&nbsp; 1557222 | 45016849 |
| Adyen NV<sup>(a)(c)</sup> | &nbsp;&nbsp; 85750 | 147074163 |
| Aegon Ltd. | &nbsp;&nbsp; 4510469 | 32234192 |
| AerCap Holdings NV | &nbsp;&nbsp; 626238 | 67164025 |
| Akzo Nobel NV | &nbsp;&nbsp; 578321 | 36319360 |
| ASM International NV | &nbsp;&nbsp; 159609 | 77259847 |
| ASML Holding NV | &nbsp;&nbsp; 1340368 | 928972752 |
| ASR Nederland NV | &nbsp;&nbsp; 503226 | 33426239 |
| BE Semiconductor Industries NV | &nbsp;&nbsp; 277721 | 37523352 |
| Coca-Cola Europacific Partners PLC | &nbsp;&nbsp; 783745 | 75960565 |
| CVC Capital Partners PLC<sup>(c)</sup> | &nbsp;&nbsp; 724324 | 13889505 |
| DSM-Firmenich AG | &nbsp;&nbsp; 634601 | 60972117 |
| EXOR NV | &nbsp;&nbsp; 300699 | 28980289 |
| Heineken Holding NV | &nbsp;&nbsp; 440217 | 29710723 |
| Heineken NV | &nbsp;&nbsp; 981403 | 77031946 |
| IMCD NV | &nbsp;&nbsp; 199550 | 21872813 |
| ING Groep NV | &nbsp;&nbsp; 10711871 | 249644730 |
| InPost SA<sup>(a)</sup> | &nbsp;&nbsp; 753458 | 10821685 |
| JDE Peet's NV | &nbsp;&nbsp; 577408 | 17123074 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI EAFE ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| Koninklijke Ahold Delhaize NV | &nbsp;&nbsp; 3105631 | $122661241 |
| Koninklijke KPN NV | &nbsp;&nbsp; 13260997 | 59243478 |
| Koninklijke Philips NV | &nbsp;&nbsp; 2827913 | 73851883 |
| NN Group NV | &nbsp;&nbsp; 917522 | 61781892 |
| Prosus NV | &nbsp;&nbsp; 4458195 | 254677682 |
| Randstad NV | &nbsp;&nbsp; 374488 | 17799203 |
| Universal Music Group NV | &nbsp;&nbsp; 3742749 | 107667255 |
| Wolters Kluwer NV | &nbsp;&nbsp; 810365 | 126221574 |
|  |  | 2814902434 |
| **New Zealand — 0.2%** | **New Zealand — 0.2%** | **New Zealand — 0.2%** |
| Auckland International Airport Ltd. | &nbsp;&nbsp; 5544330 | 24594216 |
| Contact Energy Ltd. | &nbsp;&nbsp; 2713376 | 14541953 |
| Fisher & Paykel Healthcare Corp. Ltd. | &nbsp;&nbsp; 2005019 | 43466558 |
| Infratil Ltd. | &nbsp;&nbsp; 3158170 | 21564306 |
| Meridian Energy Ltd. | &nbsp;&nbsp; 4400541 | 14776442 |
|  |  | 118943475 |
| **Norway — 0.6%** | **Norway — 0.6%** | **Norway — 0.6%** |
| Aker BP ASA | &nbsp;&nbsp; 1066757 | 25662560 |
| DNB Bank ASA | &nbsp;&nbsp; 3050611 | 77179643 |
| Equinor ASA | &nbsp;&nbsp; 2849941 | 73208056 |
| Gjensidige Forsikring ASA | &nbsp;&nbsp; 675702 | 17773407 |
| Kongsberg Gruppen ASA | &nbsp;&nbsp; 1500350 | 44835152 |
| Mowi ASA | &nbsp;&nbsp; 1582012 | 29468904 |
| Norsk Hydro ASA | &nbsp;&nbsp; 4788469 | 28381211 |
| Orkla ASA | &nbsp;&nbsp; 2372925 | 24953744 |
| Salmar ASA<sup>(b)</sup> | &nbsp;&nbsp; 230343 | 9357468 |
| Telenor ASA | &nbsp;&nbsp; 2094692 | 32134455 |
| Yara International ASA | &nbsp;&nbsp; 563055 | 20814533 |
|  |  | 383769133 |
| **Portugal — 0.2%** | **Portugal — 0.2%** | **Portugal — 0.2%** |
| EDP Renovaveis SA | &nbsp;&nbsp; 1067945 | 12538429 |
| EDP SA | &nbsp;&nbsp; 10623965 | 45920605 |
| Galp Energia SGPS SA | &nbsp;&nbsp; 1439233 | 27482491 |
| Jeronimo Martins SGPS SA | &nbsp;&nbsp; 960185 | 23407064 |
|  |  | 109348589 |
| **Singapore — 1.8%** | **Singapore — 1.8%** | **Singapore — 1.8%** |
| CapitaLand Ascendas REIT | &nbsp;&nbsp; 12915700 | 27654151 |
| CapitaLand Integrated Commercial Trust | &nbsp;&nbsp; 20038470 | 33834163 |
| CapitaLand Investment Ltd./Singapore | &nbsp;&nbsp; 7945900 | 16923194 |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 7246260 | 265970128 |
| Genting Singapore Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 20625900 | 11634730 |
| Grab Holdings Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 8075937 | 39491332 |
| Keppel Ltd. | &nbsp;&nbsp; 5012100 | 32562796 |
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 11510498 | 149166364 |
| Sea Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 1304543 | 204356661 |
| Sembcorp Industries Ltd. | &nbsp;&nbsp; 3046400 | 18114161 |
| Singapore Airlines Ltd. | &nbsp;&nbsp; 5070200 | 26482482 |
| Singapore Exchange Ltd. | &nbsp;&nbsp; 2654800 | 32552101 |
| Singapore Technologies Engineering Ltd. | &nbsp;&nbsp; 5376700 | 36170565 |
| Singapore Telecommunications Ltd. | &nbsp;&nbsp; 25329885 | 75486783 |
| United Overseas Bank Ltd. | &nbsp;&nbsp; 4285400 | 119060142 |
| Wilmar International Ltd. | &nbsp;&nbsp; 6589000 | 14913256 |
| Yangzijiang Shipbuilding Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 9009700 | 17671877 |
|  |  | 1122044886 |
| **Spain — 3.5%** | **Spain — 3.5%** | **Spain — 3.5%** |
| Acciona SA | &nbsp;&nbsp; 84104 | 16130714 |
| ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp; 619857 | 42779273 |
| Aena SME SA<sup>(c)</sup> | &nbsp;&nbsp; 2563278 | 69024229 |
| Amadeus IT Group SA | &nbsp;&nbsp; 1534776 | 123232923 |
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 19624808 | 327307570 |
| Banco de Sabadell SA | &nbsp;&nbsp; 18327917 | 67646517 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Spain (continued)** | **Spain (continued)** | **Spain (continued)** |
| Banco Santander SA | &nbsp;&nbsp; 51570184 | $443028201 |
| Bankinter SA | &nbsp;&nbsp; 2293331 | 32735516 |
| CaixaBank SA | &nbsp;&nbsp; 13429359 | 126347508 |
| Cellnex Telecom SA<sup>(c)</sup> | &nbsp;&nbsp; 1682308 | 59367840 |
| Endesa SA | &nbsp;&nbsp; 1091625 | 31580063 |
| Ferrovial SE | &nbsp;&nbsp; 1737279 | 89057984 |
| Grifols SA<sup>(a)</sup> | &nbsp;&nbsp; 1015254 | 15127416 |
| Iberdrola SA | &nbsp;&nbsp; 21593398 | 379532412 |
| Industria de Diseno Textil SA | &nbsp;&nbsp; 3711711 | 177297389 |
| International Consolidated Airlines Group SA, <br> Class DI<br>| &nbsp;&nbsp; 4228009 | 21196140 |
| Redeia Corp. SA | &nbsp;&nbsp; 1347914 | 26130637 |
| Repsol SA | &nbsp;&nbsp; 3927748 | 59551538 |
| Telefonica SA | &nbsp;&nbsp; 12537741 | 64704683 |
|  |  | 2171778553 |
| **Sweden — 3.3%** | **Sweden — 3.3%** | **Sweden — 3.3%** |
| AddTech AB, Class B | &nbsp;&nbsp; 891416 | 29967785 |
| Alfa Laval AB | &nbsp;&nbsp; 981263 | 42633525 |
| Assa Abloy AB, Class B | &nbsp;&nbsp; 3409872 | 112833454 |
| Atlas Copco AB, Class A | &nbsp;&nbsp; 9155145 | 139418063 |
| Atlas Copco AB, Class B | &nbsp;&nbsp; 5319689 | 71992162 |
| Beijer Ref AB, Class B | &nbsp;&nbsp; 1299506 | 21814671 |
| Boliden AB<sup>(a)</sup> | &nbsp;&nbsp; 967381 | 29610781 |
| Epiroc AB, Class A | &nbsp;&nbsp; 2233224 | 45453148 |
| Epiroc AB, Class B | &nbsp;&nbsp; 1322552 | 23708051 |
| EQT AB | &nbsp;&nbsp; 1279776 | 42775359 |
| Essity AB, Class B | &nbsp;&nbsp; 2044230 | 50405621 |
| Evolution AB<sup>(c)</sup> | &nbsp;&nbsp; 504432 | 44874800 |
| Fastighets AB Balder, Class B<sup>(a)</sup> | &nbsp;&nbsp; 2424378 | 16369623 |
| H & M Hennes & Mauritz AB, Class B | &nbsp;&nbsp; 1936661 | 26089998 |
| Hexagon AB, Class B | &nbsp;&nbsp; 7038549 | 77340131 |
| Holmen AB, Class B | &nbsp;&nbsp; 257680 | 9577093 |
| Industrivarden AB, Class A | &nbsp;&nbsp; 404479 | 14964884 |
| Industrivarden AB, Class C<sup>(b)</sup> | &nbsp;&nbsp; 534681 | 19745586 |
| Indutrade AB | &nbsp;&nbsp; 922783 | 22409230 |
| Investment AB Latour, Class B | &nbsp;&nbsp; 500051 | 12765895 |
| Investor AB, Class B | &nbsp;&nbsp; 5893990 | 170804993 |
| L E Lundbergforetagen AB, Class B | &nbsp;&nbsp; 258896 | 12628205 |
| Lifco AB, Class B | &nbsp;&nbsp; 786788 | 28026236 |
| Nibe Industrier AB, Class B | &nbsp;&nbsp; 5183207 | 23917444 |
| Nordea Bank Abp | &nbsp;&nbsp; 10687704 | 155952642 |
| Saab AB, Class B | &nbsp;&nbsp; 1085135 | 59024807 |
| Sagax AB, Class B | &nbsp;&nbsp; 744036 | 15747987 |
| Sandvik AB | &nbsp;&nbsp; 3632931 | 88642275 |
| Securitas AB, Class B | &nbsp;&nbsp; 1660092 | 24637981 |
| Skandinaviska Enskilda Banken AB, Class A | &nbsp;&nbsp; 5403516 | 94521145 |
| Skanska AB, Class B | &nbsp;&nbsp; 1148660 | 26794208 |
| SKF AB, Class B | &nbsp;&nbsp; 1153240 | 26861771 |
| Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp; 2083471 | 26129117 |
| Svenska Handelsbanken AB, Class A | &nbsp;&nbsp; 4977306 | 60645367 |
| Swedbank AB, Class A | &nbsp;&nbsp; 2893973 | 77060788 |
| Swedish Orphan Biovitrum AB<sup>(a)</sup> | &nbsp;&nbsp; 661419 | 18186699 |
| Tele2 AB, Class B | &nbsp;&nbsp; 1879919 | 29054357 |
| Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp; 9465242 | 68751548 |
| Telia Co. AB | &nbsp;&nbsp; 8102962 | 28617313 |
| Trelleborg AB, Class B | &nbsp;&nbsp; 688509 | 25016825 |
| Volvo AB, Class B | &nbsp;&nbsp; 5408650 | 155335271 |
|  |  | 2071106839 |
| **Switzerland — 9.4%** | **Switzerland — 9.4%** | **Switzerland — 9.4%** |
| ABB Ltd., Registered | &nbsp;&nbsp; 5384268 | 351582413 |
| Alcon AG | &nbsp;&nbsp; 1701456 | 149163194 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI EAFE ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| Amrize Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1773067 | $89630201 |
| Avolta AG, Registered | &nbsp;&nbsp; 299039 | 15545107 |
| Baloise Holding AG, Registered | &nbsp;&nbsp; 141333 | 33872559 |
| Banque Cantonale Vaudoise, Registered | &nbsp;&nbsp; 101886 | 11790682 |
| Barry Callebaut AG, Registered<sup>(b)</sup> | &nbsp;&nbsp; 12358 | 15049553 |
| BKW AG | &nbsp;&nbsp; 71431 | 15948581 |
| Chocoladefabriken Lindt & Spruengli AG, <br> Participation Certificates, NVS<br>| &nbsp;&nbsp; 3241 | 47676957 |
| Chocoladefabriken Lindt & Spruengli <br> AG, Registered<br>| &nbsp;&nbsp; 366 | 53517343 |
| Cie Financiere Richemont SA, Class A, Registered | &nbsp;&nbsp; 1829712 | 298748385 |
| EMS-Chemie Holding AG, Registered | &nbsp;&nbsp; 24075 | 18941993 |
| Galderma Group AG | &nbsp;&nbsp; 445150 | 68605675 |
| Geberit AG, Registered | &nbsp;&nbsp; 113908 | 87264734 |
| Givaudan SA, Registered | &nbsp;&nbsp; 31439 | 131425926 |
| Helvetia Holding AG, Registered | &nbsp;&nbsp; 125465 | 30172006 |
| Holcim AG | &nbsp;&nbsp; 1773067 | 141401950 |
| Julius Baer Group Ltd. | &nbsp;&nbsp; 706453 | 47801624 |
| Kuehne + Nagel International AG, Registered | &nbsp;&nbsp; 163338 | 33301170 |
| Logitech International SA, Registered | &nbsp;&nbsp; 515120 | 47765454 |
| Lonza Group AG, Registered | &nbsp;&nbsp; 245816 | 171326103 |
| Nestle SA, Registered | &nbsp;&nbsp; 8916941 | 779136122 |
| Novartis AG, Registered | &nbsp;&nbsp; 6470499 | 736906008 |
| Partners Group Holding AG | &nbsp;&nbsp; 77421 | 104076779 |
| Roche Holding AG, Bearer | &nbsp;&nbsp; 108445 | 36040075 |
| Roche Holding AG, NVS | &nbsp;&nbsp; 2391111 | 746201250 |
| Sandoz Group AG | &nbsp;&nbsp; 1417457 | 81062793 |
| Schindler Holding AG, Participation <br> Certificates, NVS<br>| &nbsp;&nbsp; 139135 | 50316211 |
| Schindler Holding AG, Registered | &nbsp;&nbsp; 79715 | 27958383 |
| SGS SA | &nbsp;&nbsp; 547957 | 55679754 |
| SIG Group AG | &nbsp;&nbsp; 1034150 | 16731276 |
| Sika AG, Registered | &nbsp;&nbsp; 518234 | 122292610 |
| Sonova Holding AG, Registered | &nbsp;&nbsp; 173098 | 47118653 |
| Straumann Holding AG | &nbsp;&nbsp; 381184 | 46443404 |
| Swatch Group AG (The), Bearer<sup>(b)</sup> | &nbsp;&nbsp; 98013 | 17334305 |
| Swiss Life Holding AG, Registered | &nbsp;&nbsp; 97500 | 100990262 |
| Swiss Prime Site AG, Registered | &nbsp;&nbsp; 273083 | 37769756 |
| Swiss Re AG | &nbsp;&nbsp; 1026519 | 183748294 |
| Swisscom AG, Registered | &nbsp;&nbsp; 88409 | 61429608 |
| Temenos AG, Registered | &nbsp;&nbsp; 195640 | 17498949 |
| UBS Group AG, Registered | &nbsp;&nbsp; 11193767 | 416005240 |
| VAT Group AG<sup>(c)</sup> | &nbsp;&nbsp; 91511 | 32046111 |
| Zurich Insurance Group AG | &nbsp;&nbsp; 498109 | 339763232 |
|  |  | 5917080685 |
| **United Kingdom — 14.9%** | **United Kingdom — 14.9%** | **United Kingdom — 14.9%** |
| 3i Group PLC | &nbsp;&nbsp; 3312628 | 181009007 |
| Admiral Group PLC | &nbsp;&nbsp; 890124 | 40123656 |
| Anglo American PLC, NVS | &nbsp;&nbsp; 3814919 | 107344543 |
| Antofagasta PLC | &nbsp;&nbsp; 1332638 | 32864991 |
| Ashtead Group PLC | &nbsp;&nbsp; 1469525 | 98180895 |
| Associated British Foods PLC | &nbsp;&nbsp; 1119074 | 32403332 |
| AstraZeneca PLC | &nbsp;&nbsp; 5277412 | 769930260 |
| Auto Trader Group PLC<sup>(c)</sup> | &nbsp;&nbsp; 3007383 | 33200876 |
| Aviva PLC | &nbsp;&nbsp; 10376438 | 88656321 |
| BAE Systems PLC | &nbsp;&nbsp; 10262420 | 244867663 |
| Barclays PLC | &nbsp;&nbsp; 48752408 | 238302655 |
| Barratt Redrow PLC | &nbsp;&nbsp; 4652388 | 22910450 |
| BP PLC | &nbsp;&nbsp; 54513235 | 292206196 |
| British American Tobacco PLC | &nbsp;&nbsp; 6743778 | 361313593 |
| BT Group PLC | &nbsp;&nbsp; 20322783 | 55502261 |
| Bunzl PLC | &nbsp;&nbsp; 1114404 | 33072679 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Centrica PLC | &nbsp;&nbsp; 17212791 | $37416349 |
| Coca-Cola HBC AG, Class DI | &nbsp;&nbsp; 744134 | 38674272 |
| Compass Group PLC | &nbsp;&nbsp; 5775131 | 202934996 |
| Croda International PLC | &nbsp;&nbsp; 446976 | 15383865 |
| DCC PLC | &nbsp;&nbsp; 333832 | 20908242 |
| Diageo PLC | &nbsp;&nbsp; 7573517 | 183563461 |
| Entain PLC | &nbsp;&nbsp; 2061824 | 27687654 |
| Experian PLC | &nbsp;&nbsp; 3125681 | 164694406 |
| Glencore PLC | &nbsp;&nbsp; 34887054 | 140012960 |
| GSK PLC | &nbsp;&nbsp; 14009343 | 257687596 |
| Haleon PLC | &nbsp;&nbsp; 30714511 | 144071579 |
| Halma PLC | &nbsp;&nbsp; 1285299 | 54996012 |
| Hikma Pharmaceuticals PLC | &nbsp;&nbsp; 562382 | 14536026 |
| HSBC Holdings PLC | &nbsp;&nbsp; 60148885 | 732792107 |
| Imperial Brands PLC | &nbsp;&nbsp; 2661245 | 103733682 |
| Informa PLC | &nbsp;&nbsp; 4487241 | 51311771 |
| InterContinental Hotels Group PLC | &nbsp;&nbsp; 504406 | 58026928 |
| Intertek Group PLC | &nbsp;&nbsp; 544700 | 35416383 |
| J Sainsbury PLC | &nbsp;&nbsp; 6016771 | 24058614 |
| JD Sports Fashion PLC | &nbsp;&nbsp; 8959750 | 10057197 |
| Kingfisher PLC | &nbsp;&nbsp; 6065949 | 21569322 |
| Land Securities Group PLC | &nbsp;&nbsp; 2395899 | 18220667 |
| Legal & General Group PLC | &nbsp;&nbsp; 19951493 | 67497199 |
| Lloyds Banking Group PLC | &nbsp;&nbsp; 204599157 | 209805715 |
| London Stock Exchange Group PLC | &nbsp;&nbsp; 1624288 | 197992533 |
| M&G PLC | &nbsp;&nbsp; 7707078 | 26526951 |
| Marks & Spencer Group PLC | &nbsp;&nbsp; 7035727 | 32312201 |
| Melrose Industries PLC | &nbsp;&nbsp; 4409900 | 29774016 |
| Mondi PLC | &nbsp;&nbsp; 1489774 | 20139113 |
| National Grid PLC | &nbsp;&nbsp; 16687767 | 234497658 |
| NatWest Group PLC | &nbsp;&nbsp; 27492901 | 190844056 |
| Next PLC | &nbsp;&nbsp; 397050 | 64449545 |
| NMC Health PLC, NVS<sup>(a)(d)</sup> | &nbsp;&nbsp; 473933 | 6 |
| Pearson PLC | &nbsp;&nbsp; 2026405 | 28655295 |
| Phoenix Group Holdings PLC | &nbsp;&nbsp; 2388806 | 20890275 |
| Prudential PLC | &nbsp;&nbsp; 8875086 | 112590909 |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp; 2319705 | 173852053 |
| RELX PLC | &nbsp;&nbsp; 6287728 | 326717107 |
| Rentokil Initial PLC | &nbsp;&nbsp; 8624842 | 43024544 |
| Rio Tinto PLC | &nbsp;&nbsp; 3847436 | 229150917 |
| Rolls-Royce Holdings PLC | &nbsp;&nbsp; 28853575 | 409517945 |
| Sage Group PLC (The) | &nbsp;&nbsp; 3340845 | 53642768 |
| Schroders PLC | &nbsp;&nbsp; 2459755 | 12643503 |
| Segro PLC | &nbsp;&nbsp; 4351141 | 37083607 |
| Severn Trent PLC | &nbsp;&nbsp; 925099 | 32440733 |
| Shell PLC | &nbsp;&nbsp; 20372794 | 732057695 |
| Smith & Nephew PLC | &nbsp;&nbsp; 2834126 | 43313793 |
| Smiths Group PLC | &nbsp;&nbsp; 1139040 | 35283097 |
| Spirax Group PLC | &nbsp;&nbsp; 248309 | 20750847 |
| SSE PLC | &nbsp;&nbsp; 3777738 | 92600777 |
| Standard Chartered PLC | &nbsp;&nbsp; 6866373 | 123093186 |
| Tesco PLC | &nbsp;&nbsp; 22884328 | 128573782 |
| Unilever PLC | &nbsp;&nbsp; 8513810 | 493975067 |
| United Utilities Group PLC | &nbsp;&nbsp; 2302814 | 34376063 |
| Vodafone Group PLC | &nbsp;&nbsp; 67853570 | 73566617 |
| Whitbread PLC | &nbsp;&nbsp; 598983 | 24061614 |
| Wise PLC, Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 2269602 | 30319566 |
| WPP PLC | &nbsp;&nbsp; 3639067 | 19703317 |
|  |  | 9395367537 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI EAFE ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States — 0.5%** | **United States — 0.5%** | **United States — 0.5%** |
| Spotify Technology SA<sup>(a)</sup> | &nbsp;&nbsp; 522527 | $327384067 |
| **Total Common Stocks — 99.2%** <br>**(Cost: $45,523,838,343)** | **Total Common Stocks — 99.2%** <br>**(Cost: $45,523,838,343)** | 62372521204 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Germany — 0.3%** | **Germany — 0.3%** | **Germany — 0.3%** |
| Bayerische Motoren Werke AG, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 190470 | 16651914 |
| Dr Ing hc F Porsche AG, Preference Shares, <br> NVS<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 389962 | 19773593 |
| Henkel AG & Co. KGaA, Preference Shares, NVS | &nbsp;&nbsp; 573878 | 44222520 |
| Porsche Automobil Holding SE, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 517406 | 20765613 |
| Sartorius AG, Preference Shares, NVS | &nbsp;&nbsp; 88761 | 18901810 |
| Volkswagen AG, Preference Shares, NVS | &nbsp;&nbsp; 701567 | 73359847 |
|  |  | 193675297 |
| **Total Preferred Stocks — 0.3%** <br>**(Cost: $297,306,994)** | **Total Preferred Stocks — 0.3%** <br>**(Cost: $297,306,994)** | 193675297 |
| **Total Long-Term Investments — 99.5%** <br>**(Cost: $45,821,145,337)** | **Total Long-Term Investments — 99.5%** <br>**(Cost: $45,821,145,337)** | 62566196501 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.3%** | **Money Market Funds — 0.3%** | **Money Market Funds — 0.3%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp; 201789538 | 201870254 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Money Market Funds (continued)** | **Money Market Funds (continued)** | **Money Market Funds (continued)** |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.30%<sup>(e)(f)</sup><br>| &nbsp;&nbsp; 16010000 | $16010000 |
| **Total Short-Term Securities — 0.3%** <br>**(Cost: $217,880,254)** | **Total Short-Term Securities — 0.3%** <br>**(Cost: $217,880,254)** | 217880254 |
| **Total Investments — 99.8%** <br>**(Cost: $46,039,025,591)** | **Total Investments — 99.8%** <br>**(Cost: $46,039,025,591)** | 62784076755 |
| **Other Assets Less Liabilities — 0.2%** | **Other Assets Less Liabilities — 0.2%** | 95250297 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $62879327052 |

---

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

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

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

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

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

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 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>*07/31/24*<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>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<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>| $145671245 | $56214947 <br><sup>(a)</sup><br>| $— | $54875 | $(70813)<br>| $201870254 | 201789538 | $824024 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| 68020000 |  | &nbsp;&nbsp; (52010000 )<sup>(a)</sup><br>|  |  | 16010000 | 16010000 | 2567752 |  |
|  |  |  |  | $54875 | $(70813) | $217880254 |  | $3391776 | $— |

---

&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 | 341 | 09/11/25 | &nbsp;&nbsp; $65952 | $2979890 |
| SPI 200 Index | 164 | 09/18/25 | &nbsp;&nbsp; 22931 | 468090 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI EAFE ETF**

**Futures Contracts (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of*<br> *Contracts*<br>| &nbsp;&nbsp; *Expiration*<br> *Date*<br>| *Notional*<br> *Amount*<br> *(000)*<br>| &nbsp;&nbsp; *Value/*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| STOXX Europe 600 Index | 6304 | 09/19/25 | &nbsp;&nbsp; $196687 | $1659778 |
|  |  |  |  | $5107758 |

---

**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; $5107758 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5107758 |

---

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

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts 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 July 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; $25640139 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $25640139 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3401696 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3401696 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $356438295 |

---

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; $1291926833 | &nbsp;&nbsp; $61080594365 | &nbsp;&nbsp; $6 | &nbsp;&nbsp; $62372521204 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 193675297 | &nbsp;&nbsp; — | &nbsp;&nbsp; 193675297 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 217880254 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 217880254 |
|  | &nbsp;&nbsp; $1509807087 | &nbsp;&nbsp; $61274269662 | &nbsp;&nbsp; $6 | &nbsp;&nbsp; $62784076755 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI EAFE 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; $2127868 | &nbsp;&nbsp; $2979890 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5107758 |

---

&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

July 31, 2025

**iShares® MSCI EAFE Small-Cap ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 10.1%** | **Australia — 10.1%** | **Australia — 10.1%** |
| Abacus Group | &nbsp;&nbsp; 1439490 | $1111911 |
| Abacus Storage King | &nbsp;&nbsp; 1701296 | 1744190 |
| Accent Group Ltd. | &nbsp;&nbsp; 1300458 | 1238780 |
| AET&D Holdings No. 1 Pty Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 169200 | 1 |
| AGL Energy Ltd. | &nbsp;&nbsp; 1966751 | 12256983 |
| Alpha HPA Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2946353 | 1647896 |
| ALS Ltd. | &nbsp;&nbsp; 1570061 | 18252706 |
| Amotiv Ltd. | &nbsp;&nbsp; 429978 | 2420036 |
| AMP Ltd. | &nbsp;&nbsp; 7797796 | 7978036 |
| Ampol Ltd. | &nbsp;&nbsp; 773369 | 13521466 |
| Ansell Ltd. | &nbsp;&nbsp; 471341 | 9023664 |
| ARB Corp. Ltd. | &nbsp;&nbsp; 252773 | 5420656 |
| Arena REIT | &nbsp;&nbsp; 1282404 | 3017510 |
| Atlas Arteria Ltd. | &nbsp;&nbsp; 3492061 | 11534907 |
| AUB Group Ltd. | &nbsp;&nbsp; 374154 | 8127101 |
| Aurizon Holdings Ltd. | &nbsp;&nbsp; 5765496 | 11968172 |
| Aussie Broadband Ltd. | &nbsp;&nbsp; 774509 | 2233101 |
| Austal Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1149613 | 4824419 |
| Bank of Queensland Ltd. | &nbsp;&nbsp; 2214827 | 10790272 |
| Bapcor Ltd. | &nbsp;&nbsp; 1102369 | 2720264 |
| Beach Energy Ltd. | &nbsp;&nbsp; 5157191 | 3865683 |
| Bega Cheese Ltd. | &nbsp;&nbsp; 902748 | 3005848 |
| Bellevue Gold Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 4636118 | 2389852 |
| Bendigo & Adelaide Bank Ltd. | &nbsp;&nbsp; 1844800 | 14452637 |
| Boss Energy Ltd. <sup>(b)(c)</sup> | &nbsp;&nbsp; 1334456 | 1469120 |
| Breville Group Ltd. | &nbsp;&nbsp; 323971 | 6775378 |
| Brickworks Ltd. | &nbsp;&nbsp; 274253 | 5755664 |
| BWP Trust<sup>(b)</sup> | &nbsp;&nbsp; 1855098 | 4268000 |
| Capricorn Metals Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1250934 | 7165162 |
| Catalyst Metals Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 766838 | 2485445 |
| Centuria Capital Group | &nbsp;&nbsp; 2155803 | 2550632 |
| Centuria Industrial REIT | &nbsp;&nbsp; 1726786 | 3514423 |
| Centuria Office REIT | &nbsp;&nbsp; 1284376 | 1045573 |
| Challenger Ltd. | &nbsp;&nbsp; 1677814 | 8817934 |
| Champion Iron Ltd. | &nbsp;&nbsp; 1276208 | 3372067 |
| Charter Hall Group | &nbsp;&nbsp; 1531763 | 19734259 |
| Charter Hall Long Wale REIT | &nbsp;&nbsp; 2038991 | 5409853 |
| Charter Hall Retail REIT | &nbsp;&nbsp; 1676807 | 4167616 |
| Charter Hall Social Infrastructure REIT | &nbsp;&nbsp; 1117099 | 2122404 |
| Cleanaway Waste Management Ltd. | &nbsp;&nbsp; 7231238 | 13326590 |
| Codan Ltd. | &nbsp;&nbsp; 348949 | 4665518 |
| Collins Foods Ltd. | &nbsp;&nbsp; 367217 | 2181064 |
| Corporate Travel Management Ltd. | &nbsp;&nbsp; 406565 | 4063732 |
| Credit Corp. Group Ltd. | &nbsp;&nbsp; 220285 | 2170896 |
| Cromwell Property Group | &nbsp;&nbsp; 5632836 | 1497751 |
| Data#3 Ltd. | &nbsp;&nbsp; 482746 | 2322670 |
| Deep Yellow Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3054491 | 2910274 |
| Deterra Royalties Ltd. | &nbsp;&nbsp; 1345360 | 3562470 |
| Dexus | &nbsp;&nbsp; 3503006 | 15814694 |
| Dexus Industria REIT | &nbsp;&nbsp; 893057 | 1608451 |
| Dicker Data Ltd. | &nbsp;&nbsp; 282248 | 1573984 |
| DigiCo Infrastructure REIT | &nbsp;&nbsp; 1343200 | 2826188 |
| Domain Holdings Australia Ltd. | &nbsp;&nbsp; 532160 | 1504976 |
| Domino's Pizza Enterprises Ltd. | &nbsp;&nbsp; 216907 | 2531604 |
| Downer EDI Ltd. | &nbsp;&nbsp; 2160427 | 9526666 |
| Dyno Nobel Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 6008420 | 11298613 |
| Eagers Automotive Ltd. | &nbsp;&nbsp; 464074 | 5811921 |
| Elders Ltd. | &nbsp;&nbsp; 621620 | 2879925 |
| Emerald Resources NL<sup>(b)</sup> | &nbsp;&nbsp; 1707060 | 3746799 |
| Endeavour Group Ltd./Australia | &nbsp;&nbsp; 4885510 | 12793608 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Australia (continued)** | **Australia (continued)** | **Australia (continued)** |
| EVT Ltd. | &nbsp;&nbsp; 292456 | $3172258 |
| Firefinch Ltd., NVS<sup>(a)</sup> | &nbsp;&nbsp; 4681624 | 210605 |
| Flight Centre Travel Group Ltd. | &nbsp;&nbsp; 572615 | 4367208 |
| G8 Education Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2418632 | 1394337 |
| Genesis Minerals Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 3285365 | 7716533 |
| Gold Road Resources Ltd. | &nbsp;&nbsp; 3536002 | 7083668 |
| GPT Group (The) | &nbsp;&nbsp; 6308418 | 20550346 |
| GrainCorp Ltd., Class A | &nbsp;&nbsp; 717879 | 3483678 |
| Greatland Resources Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1614032 | 5158402 |
| Growthpoint Properties Australia Ltd. | &nbsp;&nbsp; 961107 | 1508482 |
| Guzman y Gomez Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 62208 | 1094369 |
| Hansen Technologies Ltd. | &nbsp;&nbsp; 599070 | 2301258 |
| Harvey Norman Holdings Ltd. | &nbsp;&nbsp; 1805386 | 6694080 |
| Healius Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2174894 | 1066909 |
| Helia Group Ltd. | &nbsp;&nbsp; 888092 | 2875202 |
| HMC Capital Ltd. | &nbsp;&nbsp; 943289 | 2148063 |
| HomeCo Daily Needs REIT | &nbsp;&nbsp; 5603168 | 4605959 |
| HUB24 Ltd. | &nbsp;&nbsp; 261463 | 17746845 |
| IDP Education Ltd. | &nbsp;&nbsp; 859798 | 1945258 |
| IGO Ltd. | &nbsp;&nbsp; 2207863 | 6211091 |
| Iluka Resources Ltd. | &nbsp;&nbsp; 1401301 | 4590701 |
| Imdex Ltd. | &nbsp;&nbsp; 1684822 | 3271586 |
| Ingenia Communities Group | &nbsp;&nbsp; 1235340 | 4152169 |
| Inghams Group Ltd. | &nbsp;&nbsp; 1198044 | 2653637 |
| Insignia Financial Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1741179 | 5015954 |
| IperionX Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 919499 | 3461725 |
| IPH Ltd. | &nbsp;&nbsp; 829023 | 2781902 |
| IRESS Ltd. | &nbsp;&nbsp; 598142 | 3034722 |
| JB Hi-Fi Ltd. | &nbsp;&nbsp; 355184 | 25296917 |
| Judo Capital Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2501998 | 2413015 |
| Karoon Energy Ltd. | &nbsp;&nbsp; 2430465 | 2906822 |
| Kelsian Group Ltd. | &nbsp;&nbsp; 585439 | 1397704 |
| Lendlease Corp. Ltd. | &nbsp;&nbsp; 1996682 | 6710859 |
| Leo Lithium Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4370759 | 561212 |
| Lifestyle Communities Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 335526 | 949084 |
| Liontown Resources Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 5071057 | 2503883 |
| Lovisa Holdings Ltd. | &nbsp;&nbsp; 215486 | 4680741 |
| Lynas Rare Earths Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2726250 | 18318767 |
| MA Financial Group Ltd. | &nbsp;&nbsp; 344485 | 1801713 |
| Maas Group Holdings Ltd. | &nbsp;&nbsp; 553845 | 1462079 |
| MAC Copper Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 184614 | 2175232 |
| Macquarie Technology Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 44875 | 1998729 |
| Mader Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 180658 | 855656 |
| Magellan Financial Group Ltd. | &nbsp;&nbsp; 562210 | 3823062 |
| McMillan Shakespeare Ltd. | &nbsp;&nbsp; 179525 | 2053463 |
| Megaport Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 522425 | 4990025 |
| Mesoblast Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 3076050 | 4649787 |
| Metcash Ltd. | &nbsp;&nbsp; 3388470 | 8459332 |
| Mineral Resources Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 571518 | 10322867 |
| Mirvac Group | &nbsp;&nbsp; 12802558 | 18368974 |
| Monadelphous Group Ltd. | &nbsp;&nbsp; 304145 | 3791983 |
| Myer Holdings Ltd. | &nbsp;&nbsp; 4190873 | 1617736 |
| Nanosonics Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 827131 | 2142318 |
| National Storage REIT | &nbsp;&nbsp; 3786593 | 5806211 |
| Netwealth Group Ltd. | &nbsp;&nbsp; 394660 | 9418332 |
| Neuren Pharmaceuticals Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 373359 | 4094077 |
| New Hope Corp. Ltd. | &nbsp;&nbsp; 1643327 | 4388920 |
| NEXTDC Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 2075972 | 19115746 |
| nib holdings Ltd. | &nbsp;&nbsp; 1594140 | 7568593 |
| Nick Scali Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 246879 | 3032576 |
| Nickel Industries Ltd. | &nbsp;&nbsp; 5645703 | 2652284 |
| Nine Entertainment Co. Holdings Ltd. | &nbsp;&nbsp; 4379643 | 4757703 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI EAFE Small-Cap ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Australia (continued)** | **Australia (continued)** | **Australia (continued)** |
| NRW Holdings Ltd. | &nbsp;&nbsp; 1437019 | $2967219 |
| Nufarm Ltd./Australia<sup>(b)</sup> | &nbsp;&nbsp; 1135507 | 1875107 |
| Nuix Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 690344 | 1038663 |
| Objective Corp. Ltd. | &nbsp;&nbsp; 93341 | 1142725 |
| Ora Banda Mining Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3955010 | 1639320 |
| Orica Ltd. | &nbsp;&nbsp; 1609181 | 21975067 |
| Orora Ltd. | &nbsp;&nbsp; 4233094 | 5618228 |
| Paladin Energy Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 1290730 | 5054956 |
| Pantoro Gold Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1064371 | 2483382 |
| Perenti Ltd. | &nbsp;&nbsp; 2728955 | 3061658 |
| Perpetual Ltd. | &nbsp;&nbsp; 348206 | 4676126 |
| Perseus Mining Ltd. | &nbsp;&nbsp; 4460150 | 9311486 |
| PEXA Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 424596 | 4311599 |
| Pilbara Minerals Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 9915084 | 10060918 |
| Pinnacle Investment Management Group Ltd. | &nbsp;&nbsp; 548478 | 7783011 |
| PolyNovo Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 2062548 | 1684774 |
| Premier Investments Ltd. | &nbsp;&nbsp; 307114 | 4152886 |
| PWR Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 294752 | 1477081 |
| Qube Holdings Ltd. | &nbsp;&nbsp; 5592064 | 15594035 |
| Ramelius Resources Ltd. | &nbsp;&nbsp; 5994776 | 9644874 |
| Ramsay Health Care Ltd. | &nbsp;&nbsp; 637568 | 15782795 |
| Redox Ltd./Australia | &nbsp;&nbsp; 605210 | 877662 |
| Region Group | &nbsp;&nbsp; 3731935 | 5585097 |
| Regis Healthcare Ltd. | &nbsp;&nbsp; 500263 | 2672738 |
| Regis Resources Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2318366 | 6045420 |
| Reliance Worldwide Corp. Ltd. | &nbsp;&nbsp; 2522426 | 6934143 |
| Resolute Mining Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 6521102 | 2570750 |
| Sandfire Resources Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1487369 | 10006380 |
| SEEK Ltd. | &nbsp;&nbsp; 1154030 | 17801687 |
| Service Stream Ltd. | &nbsp;&nbsp; 1876611 | 2385779 |
| Silex Systems Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 625266 | 1681840 |
| Sims Ltd. | &nbsp;&nbsp; 530799 | 5150555 |
| SiteMinder Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 827785 | 2745098 |
| SmartGroup Corp. Ltd. | &nbsp;&nbsp; 388734 | 1967094 |
| Stanmore Resources Ltd. | &nbsp;&nbsp; 1178974 | 1596794 |
| Steadfast Group Ltd. | &nbsp;&nbsp; 3412753 | 12988526 |
| Super Retail Group Ltd. | &nbsp;&nbsp; 515487 | 5042257 |
| Superloop Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1559815 | 3342243 |
| Tabcorp Holdings Ltd. | &nbsp;&nbsp; 6935217 | 3426050 |
| Technology One Ltd. | &nbsp;&nbsp; 956673 | 25025156 |
| Telix Pharmaceuticals Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 877195 | 11751943 |
| Temple & Webster Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 291604 | 4544849 |
| Treasury Wine Estates Ltd. | &nbsp;&nbsp; 2636210 | 12747728 |
| Tuas Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 602732 | 2066052 |
| Vault Minerals Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 21145111 | 4895077 |
| Ventia Services Group Pty. Ltd. | &nbsp;&nbsp; 2676678 | 8912769 |
| Viva Energy Group Ltd.<sup>(d)</sup> | &nbsp;&nbsp; 3663037 | 4901964 |
| Vulcan Energy Resources Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 497891 | 1157109 |
| Vulcan Steel Ltd. | &nbsp;&nbsp; 220559 | 851135 |
| WA1 Resources Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 146444 | 1467641 |
| Waypoint REIT Ltd. | &nbsp;&nbsp; 2054045 | 3312396 |
| WEB Travel Group Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 1264993 | 3611806 |
| West African Resources Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3484348 | 5216765 |
| Westgold Resources Ltd. | &nbsp;&nbsp; 2931384 | 4786326 |
| Whitehaven Coal Ltd. | &nbsp;&nbsp; 2714800 | 11134203 |
| Worley Ltd. | &nbsp;&nbsp; 1631223 | 13881841 |
| Yancoal Australia Ltd. | &nbsp;&nbsp; 1283769 | 5184817 |
| Zip Co. Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 3806970 | 7720409 |
|  |  | 1023527373 |
| **Austria — 1.2%** | **Austria — 1.2%** | **Austria — 1.2%** |
| ANDRITZ AG | &nbsp;&nbsp; 221265 | 15398034 |
| BAWAG Group AG<sup>(d)</sup> | &nbsp;&nbsp; 255695 | 32270611 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Austria (continued)** | **Austria (continued)** | **Austria (continued)** |
| CA Immobilien Anlagen AG | &nbsp;&nbsp; 120665 | $3213600 |
| CPI Europe AG<sup>(b)(c)</sup> | &nbsp;&nbsp; 109055 | 2265307 |
| DO & CO AG | &nbsp;&nbsp; 25038 | 5648582 |
| EVN AG | &nbsp;&nbsp; 117818 | 3183825 |
| Lenzing AG<sup>(b)(c)</sup> | &nbsp;&nbsp; 62172 | 1739111 |
| Oesterreichische Post AG | &nbsp;&nbsp; 109286 | 3811972 |
| Palfinger AG | &nbsp;&nbsp; 50256 | 2090181 |
| Porr AG | &nbsp;&nbsp; 58585 | 1969612 |
| Raiffeisen Bank International AG | &nbsp;&nbsp; 425646 | 12290278 |
| SBO AG | &nbsp;&nbsp; 33660 | 1113908 |
| UNIQA Insurance Group AG | &nbsp;&nbsp; 404356 | 5825435 |
| Vienna Insurance Group AG Wiener <br> Versicherung Gruppe<br>| &nbsp;&nbsp; 125331 | 6613044 |
| voestalpine AG | &nbsp;&nbsp; 345465 | 9510827 |
| Wienerberger AG | &nbsp;&nbsp; 354331 | 11878023 |
|  |  | 118822350 |
| **Belgium — 1.5%** | **Belgium — 1.5%** | **Belgium — 1.5%** |
| Ackermans & van Haaren NV | &nbsp;&nbsp; 76705 | 18815444 |
| Aedifica SA | &nbsp;&nbsp; 154554 | 11373314 |
| Azelis Group NV | &nbsp;&nbsp; 557097 | 8655390 |
| Barco NV | &nbsp;&nbsp; 213785 | 3332026 |
| Bekaert SA | &nbsp;&nbsp; 114267 | 4706352 |
| Cofinimmo SA | &nbsp;&nbsp; 124013 | 10764621 |
| Colruyt Group NV | &nbsp;&nbsp; 102952 | 4397785 |
| Deme Group NV | &nbsp;&nbsp; 25024 | 3745317 |
| Fagron | &nbsp;&nbsp; 213679 | 5283612 |
| Galapagos NV<sup>(b)(c)</sup> | &nbsp;&nbsp; 149349 | 4887302 |
| KBC Ancora | &nbsp;&nbsp; 124958 | 9083956 |
| Kinepolis Group NV | &nbsp;&nbsp; 44472 | 1840284 |
| Melexis NV | &nbsp;&nbsp; 65392 | 5001490 |
| Montea NV | &nbsp;&nbsp; 60999 | 4541345 |
| Ontex Group NV<sup>(b)(c)</sup> | &nbsp;&nbsp; 221830 | 1719915 |
| Proximus SADP | &nbsp;&nbsp; 438509 | 3643452 |
| Recticel SA | &nbsp;&nbsp; 132882 | 1616985 |
| Retail Estates NV | &nbsp;&nbsp; 39353 | 2923774 |
| Shurgard Self Storage Ltd. | &nbsp;&nbsp; 111250 | 4414653 |
| Solvay SA | &nbsp;&nbsp; 239970 | 7518888 |
| Tessenderlo Group SA | &nbsp;&nbsp; 69746 | 2074846 |
| Umicore SA | &nbsp;&nbsp; 641952 | 10145264 |
| Vastned NV | &nbsp;&nbsp; 31698 | 1071693 |
| VGP NV | &nbsp;&nbsp; 43752 | 4600947 |
| Warehouses De Pauw CVA | &nbsp;&nbsp; 589206 | 13749802 |
| Xior Student Housing NV | &nbsp;&nbsp; 117315 | 4140060 |
|  |  | 154048517 |
| **Canada — 0.0%** | **Canada — 0.0%** | **Canada — 0.0%** |
| Southern Cross Gold Consolidated Ltd., NVS<sup>(b)(c)</sup> | &nbsp;&nbsp; 620186 | 2160209 |
| **China — 0.1%** | **China — 0.1%** | **China — 0.1%** |
| CARsgen Therapeutics Holdings Ltd.<sup>(b)(c)(d)</sup> | &nbsp;&nbsp; 1104000 | 3042680 |
| Mobvista Inc.<sup>(b)(d)</sup> | &nbsp;&nbsp; 1742000 | 1982874 |
| United Energy Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 21074000 | 1526767 |
|  |  | 6552321 |
| **Denmark — 1.8%** | **Denmark — 1.8%** | **Denmark — 1.8%** |
| ALK-Abello A/S<sup>(b)</sup> | &nbsp;&nbsp; 427025 | 12389625 |
| Alm Brand A/S | &nbsp;&nbsp; 2522318 | 6964501 |
| Ambu A/S, Class B | &nbsp;&nbsp; 612700 | 8944128 |
| Bavarian Nordic A/S<sup>(b)</sup> | &nbsp;&nbsp; 256079 | 9269065 |
| cBrain A/S<sup>(c)</sup> | &nbsp;&nbsp; 37239 | 1218384 |
| Chemometec A/S | &nbsp;&nbsp; 56333 | 4347849 |
| D/S Norden A/S | &nbsp;&nbsp; 64803 | 2253642 |
| DFDS A/S<sup>(b)</sup> | &nbsp;&nbsp; 104947 | 1884114 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI EAFE Small-Cap ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Denmark (continued)** | **Denmark (continued)** | **Denmark (continued)** |
| FLSmidth & Co. A/S | &nbsp;&nbsp; 139637 | $8214333 |
| GN Store Nord A/S<sup>(b)(c)</sup> | &nbsp;&nbsp; 436154 | 6248142 |
| Gubra AS<sup>(c)</sup> | &nbsp;&nbsp; 20834 | 1160435 |
| H Lundbeck A/S | &nbsp;&nbsp; 909976 | 4740755 |
| ISS A/S | &nbsp;&nbsp; 480125 | 13801837 |
| Jyske Bank A/S, Registered | &nbsp;&nbsp; 146384 | 14695833 |
| Matas A/S | &nbsp;&nbsp; 112218 | 2301829 |
| Netcompany Group A/S<sup>(b)(c)(d)</sup> | &nbsp;&nbsp; 130556 | 4787459 |
| NKT A/S<sup>(b)</sup> | &nbsp;&nbsp; 173865 | 15295380 |
| NTG Nordic Transport Group A/S, Class A<sup>(b)(c)</sup> | &nbsp;&nbsp; 32997 | 988920 |
| Per Aarsleff Holding A/S | &nbsp;&nbsp; 55888 | 6018971 |
| Ringkjoebing Landbobank A/S | &nbsp;&nbsp; 83182 | 18337592 |
| Royal Unibrew A/S | &nbsp;&nbsp; 162396 | 12170855 |
| Scandinavian Tobacco Group A/S, Class A<sup>(d)</sup> | &nbsp;&nbsp; 153663 | 2013365 |
| Schouw & Co. A/S | &nbsp;&nbsp; 40338 | 3799224 |
| Sydbank A/S | &nbsp;&nbsp; 169115 | 12529260 |
| TORM PLC, Class A<sup>(c)</sup> | &nbsp;&nbsp; 189563 | 3498109 |
| Zealand Pharma A/S<sup>(b)</sup> | &nbsp;&nbsp; 207727 | 10747346 |
|  |  | 188620953 |
| **Finland — 1.2%** | **Finland — 1.2%** | **Finland — 1.2%** |
| Citycon OYJ | &nbsp;&nbsp; 323391 | 1392808 |
| Finnair OYJ | &nbsp;&nbsp; 300202 | 984060 |
| Harvia OYJ | &nbsp;&nbsp; 54687 | 3170366 |
| Hiab OYJ, Class B | &nbsp;&nbsp; 125023 | 8532104 |
| Huhtamaki OYJ | &nbsp;&nbsp; 317437 | 10925987 |
| Kalmar OYJ, Class B | &nbsp;&nbsp; 122946 | 5548306 |
| Kemira OYJ | &nbsp;&nbsp; 377357 | 8030673 |
| Kempower OYJ<sup>(b)(c)</sup> | &nbsp;&nbsp; 74315 | 1350907 |
| Kojamo OYJ<sup>(b)</sup> | &nbsp;&nbsp; 442219 | 5621913 |
| Konecranes OYJ | &nbsp;&nbsp; 219718 | 18309552 |
| Mandatum OYJ | &nbsp;&nbsp; 1387677 | 9412766 |
| Marimekko OYJ | &nbsp;&nbsp; 100386 | 1493868 |
| Metsa Board OYJ, Class B<sup>(c)</sup> | &nbsp;&nbsp; 537786 | 1978462 |
| Nokian Renkaat OYJ<sup>(c)</sup> | &nbsp;&nbsp; 397732 | 3570724 |
| Outokumpu OYJ | &nbsp;&nbsp; 1180303 | 4441136 |
| Puuilo OYJ | &nbsp;&nbsp; 248380 | 3875184 |
| QT Group OYJ<sup>(b)(c)</sup> | &nbsp;&nbsp; 62018 | 4267619 |
| Revenio Group OYJ | &nbsp;&nbsp; 66909 | 2003586 |
| TietoEVRY OYJ | &nbsp;&nbsp; 343134 | 5906679 |
| TietoEVRY OYJ, New | &nbsp;&nbsp; 7131 | 123452 |
| Tokmanni Group Corp.<sup>(c)</sup> | &nbsp;&nbsp; 157429 | 1541604 |
| Valmet OYJ | &nbsp;&nbsp; 477777 | 17239056 |
| YIT OYJ<sup>(b)</sup> | &nbsp;&nbsp; 430172 | 1490374 |
|  |  | 121211186 |
| **France — 3.5%** | **France — 3.5%** | **France — 3.5%** |
| Air France-KLM, NVS<sup>(b)</sup> | &nbsp;&nbsp; 384932 | 5052045 |
| Altarea SCA | &nbsp;&nbsp; 17352 | 2141659 |
| Alten SA | &nbsp;&nbsp; 96132 | 7813147 |
| Antin Infrastructure Partners SA | &nbsp;&nbsp; 110360 | 1611510 |
| Aperam SA | &nbsp;&nbsp; 142449 | 4189996 |
| Assystem SA<sup>(c)</sup> | &nbsp;&nbsp; 20786 | 1148455 |
| Aubay | &nbsp;&nbsp; 24074 | 1378036 |
| Beneteau SACA | &nbsp;&nbsp; 117655 | 1092253 |
| Canal+ SA, NVS<sup>(b)</sup> | &nbsp;&nbsp; 2253307 | 7127936 |
| Carmila SA | &nbsp;&nbsp; 187258 | 3679101 |
| Cie. des Alpes | &nbsp;&nbsp; 66037 | 1733297 |
| Clariane SE<sup>(b)</sup> | &nbsp;&nbsp; 353434 | 1832443 |
| Coface SA | &nbsp;&nbsp; 338605 | 6295573 |
| Derichebourg SA | &nbsp;&nbsp; 295789 | 1945079 |
| Elior Group SA<sup>(b)(c)(d)</sup> | &nbsp;&nbsp; 374448 | 1111980 |
| Elis SA<sup>(c)</sup> | &nbsp;&nbsp; 534544 | 14737410 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **France (continued)** | **France (continued)** | **France (continued)** |
| Emeis SA<sup>(b)</sup> | &nbsp;&nbsp; 235225 | $3658501 |
| Equasens | &nbsp;&nbsp; 17036 | 934548 |
| Eramet SA<sup>(c)</sup> | &nbsp;&nbsp; 27559 | 1523956 |
| Esso SA Francaise | &nbsp;&nbsp; 8297 | 912487 |
| Etablissements Maurel et Prom SA | &nbsp;&nbsp; 187216 | 1149743 |
| Eutelsat Communications SACA<sup>(b)(c)</sup> | &nbsp;&nbsp; 393657 | 1408751 |
| Exail Technologies SA, NVS<sup>(b)</sup> | &nbsp;&nbsp; 30907 | 4176726 |
| Exosens SAS | &nbsp;&nbsp; 81472 | 3805859 |
| Fnac Darty SA | &nbsp;&nbsp; 38705 | 1310239 |
| Forvia SE<sup>(b)</sup> | &nbsp;&nbsp; 542029 | 6890946 |
| Gaztransport Et Technigaz SA | &nbsp;&nbsp; 113899 | 21422730 |
| Havas NV | &nbsp;&nbsp; 2122158 | 3408878 |
| ICADE | &nbsp;&nbsp; 110876 | 2635040 |
| ID Logistics Group SACA<sup>(b)</sup> | &nbsp;&nbsp; 10462 | 5251873 |
| Imerys SA | &nbsp;&nbsp; 111035 | 2733512 |
| Interparfums SA | &nbsp;&nbsp; 82043 | 3012670 |
| IPSOS SA | &nbsp;&nbsp; 109637 | 4922958 |
| JCDecaux SE | &nbsp;&nbsp; 237789 | 3909409 |
| Kaufman & Broad SA | &nbsp;&nbsp; 41335 | 1472701 |
| LISI SA | &nbsp;&nbsp; 51900 | 2805187 |
| Louis Hachette Group, NVS | &nbsp;&nbsp; 2242508 | 4178509 |
| Manitou BF SA | &nbsp;&nbsp; 33476 | 738532 |
| Mercialys SA | &nbsp;&nbsp; 310467 | 3838527 |
| Mersen SA | &nbsp;&nbsp; 72405 | 1982861 |
| Metropole Television SA | &nbsp;&nbsp; 78624 | 1148497 |
| Nexans SA | &nbsp;&nbsp; 105870 | 15215672 |
| Nexity SA<sup>(b)(c)</sup> | &nbsp;&nbsp; 123846 | 1613734 |
| Opmobility | &nbsp;&nbsp; 188046 | 2879321 |
| Peugeot Invest SA | &nbsp;&nbsp; 16513 | 1426573 |
| Pierre Et Vacances SA, NVS<sup>(b)</sup> | &nbsp;&nbsp; 496664 | 962303 |
| Planisware SA, NVS | &nbsp;&nbsp; 64363 | 1559248 |
| Pluxee NV, NVS | &nbsp;&nbsp; 286655 | 5812877 |
| Quadient SA | &nbsp;&nbsp; 87590 | 1610093 |
| Remy Cointreau SA | &nbsp;&nbsp; 75761 | 4497824 |
| Rubis SCA | &nbsp;&nbsp; 250828 | 7942689 |
| SCOR SE | &nbsp;&nbsp; 492017 | 16028461 |
| SEB SA | &nbsp;&nbsp; 78638 | 5744293 |
| Seche Environnement SACA, NVS | &nbsp;&nbsp; 7397 | 859361 |
| SES SA, Class A | &nbsp;&nbsp; 1173876 | 8072388 |
| Societe BIC SA | &nbsp;&nbsp; 69300 | 4213656 |
| SOITEC<sup>(b)</sup> | &nbsp;&nbsp; 86714 | 3755944 |
| Sopra Steria Group | &nbsp;&nbsp; 46297 | 9975479 |
| SPIE SA | &nbsp;&nbsp; 460646 | 27109645 |
| Technip Energies NV | &nbsp;&nbsp; 431382 | 18627654 |
| Television Francaise 1 SA | &nbsp;&nbsp; 131736 | 1259590 |
| Trigano SA | &nbsp;&nbsp; 27727 | 4728419 |
| Ubisoft Entertainment SA<sup>(b)</sup> | &nbsp;&nbsp; 313410 | 3305377 |
| Valeo SE | &nbsp;&nbsp; 706900 | 7690693 |
| Vallourec SACA | &nbsp;&nbsp; 524687 | 9805913 |
| Verallia SA<sup>(d)</sup> | &nbsp;&nbsp; 233805 | 7522433 |
| Vicat SACA | &nbsp;&nbsp; 52053 | 3371147 |
| Virbac SACA | &nbsp;&nbsp; 13560 | 5370057 |
| Vivendi SE | &nbsp;&nbsp; 2163335 | 8200770 |
| Voltalia SA<sup>(b)(c)</sup> | &nbsp;&nbsp; 131428 | 1111147 |
| VusionGroup | &nbsp;&nbsp; 20915 | 5376280 |
| Wavestone | &nbsp;&nbsp; 24622 | 1629075 |
| Wendel SE | &nbsp;&nbsp; 77879 | 7297707 |
| Worldline SA<sup>(b)(c)(d)</sup> | &nbsp;&nbsp; 634339 | 2310877 |
| X-Fab Silicon Foundries SE<sup>(b)(c)(d)</sup> | &nbsp;&nbsp; 194614 | 1415778 |
|  |  | 360426038 |
| **Germany — 4.1%** | **Germany — 4.1%** | **Germany — 4.1%** |
| 1&1 AG | &nbsp;&nbsp; 115069 | 2419030 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI EAFE Small-Cap ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| Adesso SE | &nbsp;&nbsp; 11805 | $1092568 |
| Aixtron SE | &nbsp;&nbsp; 365435 | 6153612 |
| AlzChem Group AG | &nbsp;&nbsp; 19876 | 3364457 |
| Aroundtown SA<sup>(b)</sup> | &nbsp;&nbsp; 2507765 | 9043232 |
| Atoss Software SE | &nbsp;&nbsp; 31001 | 4158219 |
| Aurubis AG<sup>(c)</sup> | &nbsp;&nbsp; 102166 | 10190503 |
| Auto1 Group SE<sup>(b)(d)</sup> | &nbsp;&nbsp; 427890 | 12827242 |
| Bechtle AG<sup>(c)</sup> | &nbsp;&nbsp; 265949 | 11543207 |
| Befesa SA<sup>(d)</sup> | &nbsp;&nbsp; 110814 | 3322854 |
| Bilfinger SE | &nbsp;&nbsp; 115612 | 12438148 |
| CANCOM SE | &nbsp;&nbsp; 79099 | 2317189 |
| Carl Zeiss Meditec AG, Bearer<sup>(c)</sup> | &nbsp;&nbsp; 115626 | 6375833 |
| Ceconomy AG<sup>(b)</sup> | &nbsp;&nbsp; 484911 | 2450123 |
| Cewe Stiftung & Co. KGaA | &nbsp;&nbsp; 17231 | 1973303 |
| CureVac NV<sup>(b)(c)</sup> | &nbsp;&nbsp; 323542 | 1706452 |
| Dermapharm Holding SE | &nbsp;&nbsp; 51408 | 1968824 |
| Deutsche Pfandbriefbank AG<sup>(d)</sup> | &nbsp;&nbsp; 440790 | 2744248 |
| Deutz AG | &nbsp;&nbsp; 426664 | 3741606 |
| Douglas AG, NVS | &nbsp;&nbsp; 104902 | 1249793 |
| Duerr AG | &nbsp;&nbsp; 167512 | 4305506 |
| Eckert & Ziegler SE | &nbsp;&nbsp; 48394 | 3681481 |
| Elmos Semiconductor SE | &nbsp;&nbsp; 23080 | 2303600 |
| Energiekontor AG | &nbsp;&nbsp; 22884 | 1286037 |
| Evotec SE<sup>(b)(c)</sup> | &nbsp;&nbsp; 464305 | 3709539 |
| Fielmann Group AG | &nbsp;&nbsp; 81792 | 5182529 |
| flatexDEGIRO AG | &nbsp;&nbsp; 266418 | 8052018 |
| Formycon AG<sup>(b)(c)</sup> | &nbsp;&nbsp; 22979 | 733106 |
| Fraport AG Frankfurt Airport Services Worldwide<sup>(b)</sup> | &nbsp;&nbsp; 120242 | 8947920 |
| Freenet AG | &nbsp;&nbsp; 385489 | 12502502 |
| Friedrich Vorwerk Group SE | &nbsp;&nbsp; 22769 | 2212989 |
| Gerresheimer AG<sup>(c)</sup> | &nbsp;&nbsp; 111699 | 5507201 |
| GFT Technologies SE<sup>(c)</sup> | &nbsp;&nbsp; 56880 | 1178350 |
| Grand City Properties SA<sup>(b)</sup> | &nbsp;&nbsp; 230349 | 2904248 |
| Grenke AG | &nbsp;&nbsp; 82375 | 1677656 |
| Hamborner REIT AG | &nbsp;&nbsp; 246430 | 1597091 |
| HelloFresh SE<sup>(b)</sup> | &nbsp;&nbsp; 507902 | 5344483 |
| Hensoldt AG | &nbsp;&nbsp; 206038 | 22596037 |
| Hornbach Holding AG & Co. KGaA | &nbsp;&nbsp; 34006 | 3998552 |
| Hugo Boss AG<sup>(c)</sup> | &nbsp;&nbsp; 149567 | 6965794 |
| Hypoport SE<sup>(b)(c)</sup> | &nbsp;&nbsp; 13453 | 2870785 |
| IONOS Group SE<sup>(b)</sup> | &nbsp;&nbsp; 159719 | 7574914 |
| Jenoptik AG | &nbsp;&nbsp; 166034 | 3518601 |
| JOST Werke SE<sup>(d)</sup> | &nbsp;&nbsp; 39797 | 2342745 |
| K+S AG, Registered | &nbsp;&nbsp; 554740 | 8391973 |
| KION Group AG | &nbsp;&nbsp; 233972 | 14383392 |
| Kloeckner & Co. SE | &nbsp;&nbsp; 178082 | 1298587 |
| Kontron AG | &nbsp;&nbsp; 134953 | 4353598 |
| Krones AG | &nbsp;&nbsp; 46281 | 6853091 |
| Lanxess AG | &nbsp;&nbsp; 265436 | 7289385 |
| MBB SE | &nbsp;&nbsp; 5921 | 1185283 |
| Mutares SE & Co. KGaA<sup>(c)</sup> | &nbsp;&nbsp; 46033 | 1585875 |
| Nagarro SE | &nbsp;&nbsp; 21763 | 1376356 |
| Nordex SE<sup>(b)</sup> | &nbsp;&nbsp; 419858 | 10305787 |
| Norma Group SE<sup>(c)</sup> | &nbsp;&nbsp; 96831 | 1723576 |
| Northern Data AG<sup>(b)(c)</sup> | &nbsp;&nbsp; 42106 | 1017441 |
| Patrizia SE | &nbsp;&nbsp; 136757 | 1220315 |
| Pfeiffer Vacuum Technology AG | &nbsp;&nbsp; 9062 | 1607077 |
| PNE AG<sup>(c)</sup> | &nbsp;&nbsp; 86635 | 1493868 |
| ProSiebenSat.1 Media SE | &nbsp;&nbsp; 415451 | 3786871 |
| Puma SE<sup>(c)</sup> | &nbsp;&nbsp; 342422 | 7238275 |
| Redcare Pharmacy NV<sup>(b)(c)(d)</sup> | &nbsp;&nbsp; 50003 | 5534851 |
| RENK Group AG | &nbsp;&nbsp; 242795 | 18847550 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| RTL Group SA<sup>(b)(c)</sup> | &nbsp;&nbsp; 124479 | $4906593 |
| SAF-Holland SE | &nbsp;&nbsp; 143506 | 2588725 |
| Salzgitter AG<sup>(c)</sup> | &nbsp;&nbsp; 78731 | 2041345 |
| Schaeffler AG<sup>(c)</sup> | &nbsp;&nbsp; 613727 | 3548310 |
| Schott Pharma AG & Co. KGaA<sup>(c)</sup> | &nbsp;&nbsp; 123492 | 3332959 |
| Secunet Security Networks AG | &nbsp;&nbsp; 5224 | 1298679 |
| SGL Carbon SE<sup>(b)(c)</sup> | &nbsp;&nbsp; 200695 | 785897 |
| Siltronic AG<sup>(c)</sup> | &nbsp;&nbsp; 43132 | 1864864 |
| Sixt SE | &nbsp;&nbsp; 44164 | 4579427 |
| SMA Solar Technology AG<sup>(b)(c)</sup> | &nbsp;&nbsp; 50947 | 1166215 |
| Stabilus SE | &nbsp;&nbsp; 78021 | 2236612 |
| Stroeer SE & Co. KGaA | &nbsp;&nbsp; 109621 | 5890191 |
| Suedzucker AG<sup>(c)</sup> | &nbsp;&nbsp; 200826 | 2299778 |
| SUESS MicroTec SE | &nbsp;&nbsp; 57804 | 2095372 |
| TAG Immobilien AG | &nbsp;&nbsp; 570855 | 9178233 |
| Takkt AG | &nbsp;&nbsp; 80831 | 496184 |
| TeamViewer SE<sup>(b)(d)</sup> | &nbsp;&nbsp; 467937 | 4785564 |
| thyssenkrupp AG<sup>(c)</sup> | &nbsp;&nbsp; 1612000 | 18659147 |
| Thyssenkrupp Nucera AG & Co. KGaa<sup>(b)(c)(d)</sup> | &nbsp;&nbsp; 80179 | 956234 |
| United Internet AG, Registered<sup>(e)</sup> | &nbsp;&nbsp; 250937 | 7192602 |
| Verbio SE<sup>(c)</sup> | &nbsp;&nbsp; 75120 | 973371 |
| Vossloh AG | &nbsp;&nbsp; 32032 | 3141624 |
| Wacker Chemie AG<sup>(c)</sup> | &nbsp;&nbsp; 58542 | 4357338 |
| Wacker Neuson SE | &nbsp;&nbsp; 100876 | 2638896 |
| Wuestenrot & Wuerttembergische AG | &nbsp;&nbsp; 79352 | 1269924 |
|  |  | 413851362 |
| **Hong Kong — 1.6%** | **Hong Kong — 1.6%** | **Hong Kong — 1.6%** |
| ASMPT Ltd. | &nbsp;&nbsp; 1013600 | 8574766 |
| Bank of East Asia Ltd. (The) | &nbsp;&nbsp; 2964600 | 4584744 |
| Brightoil Petroleum Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 12938512 | 16 |
| Cafe de Coral Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1168000 | 1076094 |
| CITIC Telecom International Holdings Ltd. | &nbsp;&nbsp; 5533000 | 1793841 |
| Cowell e Holdings Inc.<sup>(b)(c)</sup> | &nbsp;&nbsp; 843000 | 2836191 |
| Crystal International Group Ltd.<sup>(c)(d)</sup> | &nbsp;&nbsp; 1803500 | 1295758 |
| Dah Sing Banking Group Ltd. | &nbsp;&nbsp; 1314000 | 1536144 |
| Dah Sing Financial Holdings Ltd. | &nbsp;&nbsp; 626800 | 2325274 |
| DFI Retail Group Holdings Ltd. | &nbsp;&nbsp; 1109400 | 3824601 |
| Envision Greenwise Holdings Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 2138000 | 1974586 |
| First Pacific Co. Ltd. | &nbsp;&nbsp; 7510000 | 5909059 |
| Fortune REIT | &nbsp;&nbsp; 4980000 | 3200663 |
| Guotai Junan International Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 9838000 | 8018776 |
| Hang Lung Group Ltd. | &nbsp;&nbsp; 2599000 | 4695450 |
| Hang Lung Properties Ltd. | &nbsp;&nbsp; 6134000 | 6317150 |
| Health and Happiness H&H International <br> Holdings Ltd.<br>| &nbsp;&nbsp; 748500 | 1091147 |
| HKBN Ltd. | &nbsp;&nbsp; 2902500 | 1843763 |
| Hutchison Telecommunications Hong Kong <br> Holdings Ltd.<br>| &nbsp;&nbsp; 4620000 | 635618 |
| Hysan Development Co. Ltd. | &nbsp;&nbsp; 2027000 | 4033433 |
| Johnson Electric Holdings Ltd. | &nbsp;&nbsp; 1226250 | 3614205 |
| JS Global Lifestyle Co. Ltd.<sup>(b)(d)</sup> | &nbsp;&nbsp; 3222500 | 722497 |
| Kerry Logistics Network Ltd. | &nbsp;&nbsp; 1171388 | 1231832 |
| Kerry Properties Ltd. | &nbsp;&nbsp; 1874500 | 5005108 |
| Luk Fook Holdings International Ltd. | &nbsp;&nbsp; 1040000 | 2713740 |
| Man Wah Holdings Ltd. | &nbsp;&nbsp; 5153600 | 2907179 |
| Melco International Development Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 2902500 | 2007009 |
| Melco Resorts & Entertainment Ltd., ADR<sup>(b)</sup> | &nbsp;&nbsp; 614379 | 5314378 |
| New World Development Co. Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 4389000 | 3594086 |
| NWS Holdings Ltd. | &nbsp;&nbsp; 3279000 | 3214591 |
| OSL Group Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 1230631 | 2578088 |
| Pacific Basin Shipping Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 15476000 | 4471878 |
| PAX Global Technology Ltd. | &nbsp;&nbsp; 2382000 | 2066423 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI EAFE Small-Cap ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| PCCW Ltd. | &nbsp;&nbsp; 13716000 | $9826791 |
| Realord Group Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1440000 | 1548229 |
| SJM Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 9206000 | 3641455 |
| SmarTone Telecommunications Holdings Ltd. | &nbsp;&nbsp; 1278000 | 747264 |
| Stella International Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1879000 | 3734064 |
| SUNeVision Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2305000 | 2275129 |
| Theme International Holdings Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 18190000 | 1946664 |
| Time Interconnect Technology Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1891000 | 2250562 |
| United Laboratories International Holdings Ltd. <br> (The)<br>| &nbsp;&nbsp; 3226000 | 6047305 |
| Vitasoy International Holdings Ltd. | &nbsp;&nbsp; 2260000 | 2638443 |
| Viva Goods Co. Ltd. | &nbsp;&nbsp; 11904000 | 801080 |
| Vobile Group Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 5608000 | 2482107 |
| VSTECS Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2144000 | 2481279 |
| VTech Holdings Ltd. | &nbsp;&nbsp; 527500 | 3908754 |
| Wynn Macau Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 5093600 | 4221627 |
| Xinyi Electric Storage Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1 |  |
| Xinyi Glass Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 5566000 | 5737374 |
| Yue Yuen Industrial Holdings Ltd. | &nbsp;&nbsp; 2603000 | 4071272 |
|  |  | 163367487 |
| **Ireland — 0.3%** | **Ireland — 0.3%** | **Ireland — 0.3%** |
| Cairn Homes PLC | &nbsp;&nbsp; 2048044 | 5095155 |
| Dalata Hotel Group PLC | &nbsp;&nbsp; 607889 | 4425950 |
| Glanbia PLC | &nbsp;&nbsp; 620606 | 9017330 |
| Glenveagh Properties PLC<sup>(b)(d)</sup> | &nbsp;&nbsp; 1862406 | 3972261 |
| Irish Residential Properties REIT PLC | &nbsp;&nbsp; 1817511 | 2024363 |
| Uniphar PLC | &nbsp;&nbsp; 811643 | 3679329 |
|  |  | 28214388 |
| **Israel — 4.1%** | **Israel — 4.1%** | **Israel — 4.1%** |
| Africa Israel Residences Ltd. | &nbsp;&nbsp; 21070 | 1697522 |
| Airport City Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 189741 | 3383073 |
| Alony Hetz Properties & Investments Ltd. | &nbsp;&nbsp; 513954 | 5357513 |
| Amot Investments Ltd. | &nbsp;&nbsp; 771027 | 5257104 |
| Ashtrom Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 161742 | 3370577 |
| Aura Investments Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 511254 | 3413706 |
| Azorim-Investment Development & Construction <br> Co. Ltd.<sup>(c)</sup><br>| &nbsp;&nbsp; 245747 | 1589833 |
| Bet Shemesh Engines Holdings 1997 Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 23808 | 4525580 |
| Bezeq The Israeli Telecommunication Corp. Ltd. | &nbsp;&nbsp; 6736896 | 12531979 |
| Big Shopping Centers Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 51536 | 9815940 |
| Blue Square Real Estate Ltd. | &nbsp;&nbsp; 19192 | 2194082 |
| Camtek Ltd./Israel<sup>(b)(c)</sup> | &nbsp;&nbsp; 95690 | 9260641 |
| Cellcom Israel Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 352260 | 3183966 |
| Cellebrite DI Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 347080 | 4852178 |
| Clal Insurance Enterprises Holdings Ltd. | &nbsp;&nbsp; 231747 | 11110900 |
| Danel Adir Yeoshua Ltd. | &nbsp;&nbsp; 17311 | 2372710 |
| Danya Cebus Ltd. | &nbsp;&nbsp; 27096 | 988500 |
| Delek Automotive Systems Ltd. | &nbsp;&nbsp; 171133 | 1338031 |
| Delek Group Ltd. | &nbsp;&nbsp; 29361 | 5962824 |
| Delta Galil Ltd. | &nbsp;&nbsp; 34804 | 1846806 |
| El Al Israel Airlines<sup>(b)(c)</sup> | &nbsp;&nbsp; 926704 | 3741082 |
| Elco Ltd. | &nbsp;&nbsp; 30605 | 1724909 |
| Electra Consumer Products 1970 Ltd. | &nbsp;&nbsp; 41997 | 1666513 |
| Electra Ltd./Israel | &nbsp;&nbsp; 6969 | 4222347 |
| Electra Real Estate Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 99606 | 1340894 |
| Energix-Renewable Energies Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 898052 | 3498205 |
| Enlight Renewable Energy Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 382669 | 9396151 |
| Equital Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 78622 | 3411571 |
| Fattal Holdings 1998 Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 23524 | 4234013 |
| FIBI Holdings Ltd. | &nbsp;&nbsp; 58420 | 4250545 |
| First International Bank Of Israel Ltd. (The) | &nbsp;&nbsp; 178746 | 12415267 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Israel (continued)** | **Israel (continued)** | **Israel (continued)** |
| Fiverr International Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 99095 | $2188018 |
| Formula Systems 1985 Ltd. | &nbsp;&nbsp; 33364 | 4016251 |
| Fox Wizel Ltd. | &nbsp;&nbsp; 27041 | 2804182 |
| G City Ltd. | &nbsp;&nbsp; 352084 | 1261328 |
| Gav-Yam Lands Corp. Ltd. | &nbsp;&nbsp; 0 | 3 |
| Global-e Online Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 356840 | 11829246 |
| Harel Insurance Investments & Financial <br> Services Ltd.<br>| &nbsp;&nbsp; 365583 | 11020776 |
| Hilan Ltd. | &nbsp;&nbsp; 51985 | 4246995 |
| Inmode Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 186616 | 2549175 |
| Isracard Ltd. | &nbsp;&nbsp; 618573 | 2533704 |
| Israel Canada T.R Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 528925 | 2627766 |
| Israel Corp Ltd. | &nbsp;&nbsp; 12038 | 3731268 |
| Isras Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 11902 | 1469346 |
| Isras Investment Co. Ltd. | &nbsp;&nbsp; 4227 | 1146945 |
| Ituran Location and Control Ltd. | &nbsp;&nbsp; 51606 | 2038437 |
| Kenon Holdings Ltd./Singapore | &nbsp;&nbsp; 66995 | 3186617 |
| Kornit Digital Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 145170 | 2906303 |
| Kvutzat Acro Ltd. | &nbsp;&nbsp; 93848 | 1364761 |
| M Yochananof & Sons Ltd. | &nbsp;&nbsp; 16275 | 1501155 |
| Magic Software Enterprises Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 88320 | 1853253 |
| Matrix IT Ltd. | &nbsp;&nbsp; 114482 | 4207931 |
| Mega Or Holdings Ltd. | &nbsp;&nbsp; 77849 | 3652479 |
| Melisron Ltd. | &nbsp;&nbsp; 84744 | 9757236 |
| Menora Mivtachim Holdings Ltd. | &nbsp;&nbsp; 70108 | 6094482 |
| Migdal Insurance & Financial Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1693009 | 5166817 |
| Mivne Real Estate KD Ltd. | &nbsp;&nbsp; 1874515 | 7065836 |
| Nayax Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 47106 | 2077088 |
| Next Vision Stabilized Systems Ltd. | &nbsp;&nbsp; 197154 | 8080659 |
| Nova Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 95034 | 25342762 |
| Oddity Tech Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 128630 | 9013104 |
| Oil Refineries Ltd. | &nbsp;&nbsp; 7105562 | 1858824 |
| One Software Technologies Ltd. | &nbsp;&nbsp; 145175 | 3750803 |
| OPC Energy Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 411611 | 6183105 |
| OY Nofar Energy Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 65384 | 1957595 |
| Partner Communications Co. Ltd. | &nbsp;&nbsp; 458849 | 4225768 |
| Paz Retail & Energy Ltd. | &nbsp;&nbsp; 29642 | 5480823 |
| Phoenix Financial Ltd. | &nbsp;&nbsp; 732143 | 24946371 |
| Prashkovsky Investments and Construction Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 28470 | 1091672 |
| Radware Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 112879 | 2889702 |
| Rami Levy Chain Stores Hashikma Marketing 2006 <br> Ltd.<br>| &nbsp;&nbsp; 29849 | 2784122 |
| Reit 1 Ltd. | &nbsp;&nbsp; 637996 | 4183140 |
| Retailors Ltd. | &nbsp;&nbsp; 61066 | 1270451 |
| Riskified Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 287871 | 1468142 |
| Sapiens International Corp. NV | &nbsp;&nbsp; 107505 | 2999786 |
| Sella Capital Real Estate Ltd. | &nbsp;&nbsp; 736126 | 2270404 |
| Shapir Engineering and Industry Ltd. | &nbsp;&nbsp; 522169 | 4317953 |
| Shikun & Binui Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 1060108 | 5046199 |
| Shufersal Ltd. | &nbsp;&nbsp; 649450 | 7851706 |
| SimilarWeb Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 143956 | 1203472 |
| Strauss Group Ltd. | &nbsp;&nbsp; 170060 | 4566483 |
| Summit Real Estate Holdings Ltd. | &nbsp;&nbsp; 134481 | 2552639 |
| Tadiran Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 10634 | 565911 |
| Tamar Petroleum Ltd.<sup>(d)</sup> | &nbsp;&nbsp; 126597 | 1512493 |
| Tel Aviv Stock Exchange Ltd. | &nbsp;&nbsp; 297824 | 5622354 |
| Tower Semiconductor Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 359518 | 16682306 |
| YH Dimri Construction & Development Ltd. | &nbsp;&nbsp; 31091 | 3376761 |
| ZIM Integrated Shipping Services Ltd. | &nbsp;&nbsp; 390714 | 6192817 |
|  |  | 415540687 |
| **Italy — 3.2%** | **Italy — 3.2%** | **Italy — 3.2%** |
| A2A SpA | &nbsp;&nbsp; 5058624 | 12326606 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI EAFE Small-Cap ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| ACEA SpA | &nbsp;&nbsp; 168286 | $3734651 |
| Amplifon SpA | &nbsp;&nbsp; 402859 | 6781689 |
| Ariston Holding NV | &nbsp;&nbsp; 252726 | 1315699 |
| Arnoldo Mondadori Editore SpA | &nbsp;&nbsp; 422621 | 974236 |
| Ascopiave SpA | &nbsp;&nbsp; 272720 | 942007 |
| Azimut Holding SpA | &nbsp;&nbsp; 376350 | 12793073 |
| Banca Generali SpA | &nbsp;&nbsp; 190106 | 10617851 |
| Banca IFIS SpA | &nbsp;&nbsp; 99400 | 2752838 |
| Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp; 2656608 | 22616823 |
| Banca Popolare di Sondrio SpA | &nbsp;&nbsp; 293941 | 4024972 |
| Banco di Desio e della Brianza SpA | &nbsp;&nbsp; 116077 | 993145 |
| BFF Bank SpA<sup>(b)(d)</sup> | &nbsp;&nbsp; 579762 | 6883045 |
| Bio On SpA<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 19879 |  |
| Brembo NV | &nbsp;&nbsp; 483476 | 4634964 |
| Brunello Cucinelli SpA | &nbsp;&nbsp; 109607 | 12291625 |
| Buzzi SpA | &nbsp;&nbsp; 283071 | 14781846 |
| Carel Industries SpA<sup>(d)</sup> | &nbsp;&nbsp; 166364 | 4519214 |
| Cembre SpA | &nbsp;&nbsp; 12011 | 815563 |
| Cementir Holding NV | &nbsp;&nbsp; 160918 | 2390596 |
| CIR SpA-Compagnie Industriali<sup>(b)</sup> | &nbsp;&nbsp; 2125313 | 1637741 |
| Credito Emiliano SpA | &nbsp;&nbsp; 279831 | 4241817 |
| d'Amico International Shipping SA | &nbsp;&nbsp; 158209 | 651992 |
| Danieli & C Officine Meccaniche SpA | &nbsp;&nbsp; 26583 | 1142322 |
| De' Longhi SpA | &nbsp;&nbsp; 243193 | 7976358 |
| El.En. SpA | &nbsp;&nbsp; 158341 | 2108753 |
| Enav SpA<sup>(d)</sup> | &nbsp;&nbsp; 884486 | 3880268 |
| ERG SpA | &nbsp;&nbsp; 171445 | 3714258 |
| Ferretti SpA<sup>(c)</sup> | &nbsp;&nbsp; 418828 | 1263594 |
| Fila SpA | &nbsp;&nbsp; 102253 | 1007978 |
| Fincantieri SpA<sup>(b)</sup> | &nbsp;&nbsp; 319286 | 6178939 |
| GVS SpA<sup>(b)(c)(d)</sup> | &nbsp;&nbsp; 244988 | 1373622 |
| Hera SpA | &nbsp;&nbsp; 2649866 | 11338669 |
| Industrie De Nora SpA | &nbsp;&nbsp; 107955 | 810904 |
| Intercos SpA, NVS | &nbsp;&nbsp; 170998 | 2283171 |
| Interpump Group SpA | &nbsp;&nbsp; 247639 | 10160187 |
| Iren SpA | &nbsp;&nbsp; 1923812 | 5509158 |
| Italgas SpA | &nbsp;&nbsp; 1975659 | 16392765 |
| Iveco Group NV | &nbsp;&nbsp; 568803 | 11757061 |
| Juventus Football Club SpA, NVS<sup>(b)(c)</sup> | &nbsp;&nbsp; 363370 | 1148647 |
| Lottomatica Group SpA | &nbsp;&nbsp; 811947 | 21904670 |
| LU-VE SpA, NVS | &nbsp;&nbsp; 32607 | 1206081 |
| Maire SpA | &nbsp;&nbsp; 479631 | 6662309 |
| MARR SpA<sup>(c)</sup> | &nbsp;&nbsp; 108021 | 1265344 |
| MFE-MediaForEurope NV, Class A | &nbsp;&nbsp; 517983 | 1641592 |
| MFE-MediaForEurope NV, Class B | &nbsp;&nbsp; 222501 | 999894 |
| NewPrinces SpA, NVS<sup>(b)</sup> | &nbsp;&nbsp; 64008 | 1668079 |
| OVS SpA<sup>(d)</sup> | &nbsp;&nbsp; 512096 | 2119907 |
| Pharmanutra SpA | &nbsp;&nbsp; 12186 | 638071 |
| Piaggio & C SpA | &nbsp;&nbsp; 635609 | 1372095 |
| Pirelli & C SpA<sup>(d)</sup> | &nbsp;&nbsp; 1360187 | 9169522 |
| RAI Way SpA<sup>(d)</sup> | &nbsp;&nbsp; 303564 | 2026562 |
| Reply SpA | &nbsp;&nbsp; 72518 | 11358770 |
| Saipem SpA<sup>(c)</sup> | &nbsp;&nbsp; 4212202 | 11259339 |
| Salvatore Ferragamo SpA<sup>(b)(c)</sup> | &nbsp;&nbsp; 175830 | 994371 |
| Sanlorenzo SpA/Ameglia | &nbsp;&nbsp; 52639 | 1774095 |
| Sesa SpA<sup>(c)</sup> | &nbsp;&nbsp; 25594 | 1927277 |
| SOL SpA | &nbsp;&nbsp; 130739 | 6982526 |
| Tamburi Investment Partners SpA | &nbsp;&nbsp; 326997 | 2879555 |
| Technogym SpA<sup>(d)</sup> | &nbsp;&nbsp; 366638 | 5656949 |
| Technoprobe SpA<sup>(b)(c)</sup> | &nbsp;&nbsp; 525839 | 4314384 |
| Webuild SpA | &nbsp;&nbsp; 1628134 | 7327665 |
| Wiit SpA | &nbsp;&nbsp; 35771 | 636742 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| Zignago Vetro SpA<sup>(c)</sup> | &nbsp;&nbsp; 104354 | $933301 |
|  |  | 327487747 |
| **Japan — 35.2%** | **Japan — 35.2%** | **Japan — 35.2%** |
| 77 Bank Ltd. (The) | &nbsp;&nbsp; 197400 | 6818530 |
| ABC-Mart Inc. | &nbsp;&nbsp; 321400 | 6014476 |
| Acom Co. Ltd. | &nbsp;&nbsp; 1288100 | 3725090 |
| Activia Properties Inc. | &nbsp;&nbsp; 6588 | 5628445 |
| Adastria Co. Ltd. | &nbsp;&nbsp; 89180 | 1771060 |
| ADEKA Corp. | &nbsp;&nbsp; 251400 | 4961452 |
| Advance Residence Investment Corp. | &nbsp;&nbsp; 9280 | 9570995 |
| AEON Financial Service Co. Ltd. | &nbsp;&nbsp; 359100 | 3229215 |
| Aeon Hokkaido Corp. | &nbsp;&nbsp; 118400 | 703649 |
| AEON REIT Investment Corp. | &nbsp;&nbsp; 5485 | 4676319 |
| Ai Holdings Corp. | &nbsp;&nbsp; 124200 | 1987930 |
| Aica Kogyo Co. Ltd. | &nbsp;&nbsp; 174000 | 4284366 |
| Aichi Corp. | &nbsp;&nbsp; 80100 | 683317 |
| Aichi Financial Group Inc., NVS | &nbsp;&nbsp; 109100 | 1954483 |
| Aichi Steel Corp. | &nbsp;&nbsp; 98400 | 1497640 |
| Aiful Corp. | &nbsp;&nbsp; 1032400 | 3050561 |
| Ain Holdings Inc. | &nbsp;&nbsp; 86400 | 3325517 |
| Air Water Inc. | &nbsp;&nbsp; 597400 | 8825210 |
| Aisan Industry Co. Ltd. | &nbsp;&nbsp; 103300 | 1142019 |
| Alfresa Holdings Corp. | &nbsp;&nbsp; 529600 | 7687670 |
| Alpen Co. Ltd. | &nbsp;&nbsp; 45800 | 731352 |
| Alps Alpine Co. Ltd. | &nbsp;&nbsp; 527200 | 5585311 |
| ALSOK Co Ltd. | &nbsp;&nbsp; 1154900 | 8044569 |
| Amada Co. Ltd. | &nbsp;&nbsp; 1009600 | 11384174 |
| Amano Corp. | &nbsp;&nbsp; 173700 | 4846877 |
| Anritsu Corp. | &nbsp;&nbsp; 421800 | 4546456 |
| Anycolor Inc. | &nbsp;&nbsp; 98500 | 3069540 |
| AOKI Holdings Inc. | &nbsp;&nbsp; 115200 | 1309416 |
| Aoyama Trading Co. Ltd. | &nbsp;&nbsp; 133300 | 2022085 |
| Aozora Bank Ltd. | &nbsp;&nbsp; 345400 | 5067495 |
| Appier Group Inc.<sup>(c)</sup> | &nbsp;&nbsp; 194600 | 1973282 |
| Arata Corp. | &nbsp;&nbsp; 93700 | 1997990 |
| Arclands Corp. | &nbsp;&nbsp; 156962 | 1812323 |
| Arcs Co. Ltd. | &nbsp;&nbsp; 112300 | 2259659 |
| ARE Holdings Inc. | &nbsp;&nbsp; 247600 | 2918578 |
| Argo Graphics Inc. | &nbsp;&nbsp; 51900 | 1814684 |
| Ariake Japan Co. Ltd. | &nbsp;&nbsp; 58000 | 2569127 |
| Artience Co. Ltd. | &nbsp;&nbsp; 113000 | 2392897 |
| As One Corp. | &nbsp;&nbsp; 184000 | 2891514 |
| Asahi Intecc Co. Ltd. | &nbsp;&nbsp; 707900 | 11016396 |
| Asahi Yukizai Corp. | &nbsp;&nbsp; 43500 | 1245442 |
| ASKUL Corp. | &nbsp;&nbsp; 127700 | 1275444 |
| Atom Corp.<sup>(b)(c)</sup> | &nbsp;&nbsp; 392200 | 1753711 |
| Autobacs Seven Co. Ltd. | &nbsp;&nbsp; 213000 | 2078048 |
| Awa Bank Ltd. (The) | &nbsp;&nbsp; 104500 | 2215256 |
| Axial Retailing Inc. | &nbsp;&nbsp; 182200 | 1378789 |
| Azbil Corp. | &nbsp;&nbsp; 1454100 | 13587695 |
| AZ-COM MARUWA Holdings Inc. | &nbsp;&nbsp; 188400 | 1453327 |
| Bank of Nagoya Ltd. (The) | &nbsp;&nbsp; 34500 | 2007840 |
| BayCurrent Inc. | &nbsp;&nbsp; 428800 | 24621716 |
| Belc Co. Ltd. | &nbsp;&nbsp; 33600 | 1607445 |
| Bell System24 Holdings Inc. | &nbsp;&nbsp; 104000 | 934727 |
| Belluna Co. Ltd. | &nbsp;&nbsp; 160100 | 1016078 |
| Bic Camera Inc. | &nbsp;&nbsp; 305800 | 3192955 |
| BIPROGY Inc. | &nbsp;&nbsp; 228200 | 9202191 |
| BML Inc. | &nbsp;&nbsp; 73700 | 1711563 |
| Brother Industries Ltd. | &nbsp;&nbsp; 749900 | 12760179 |
| Bunka Shutter Co. Ltd. | &nbsp;&nbsp; 165100 | 2794482 |
| C Uyemura & Co. Ltd. | &nbsp;&nbsp; 32100 | 2055961 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI EAFE Small-Cap ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Calbee Inc. | &nbsp;&nbsp; 262800 | $4823080 |
| Canon Electronics Inc. | &nbsp;&nbsp; 60800 | 1027265 |
| Canon Marketing Japan Inc. | &nbsp;&nbsp; 161600 | 5838328 |
| Casio Computer Co. Ltd. | &nbsp;&nbsp; 611800 | 4846897 |
| Central Automotive Products Ltd. | &nbsp;&nbsp; 98600 | 1258989 |
| Central Glass Co. Ltd. | &nbsp;&nbsp; 69500 | 1501244 |
| Change Holdings Inc. | &nbsp;&nbsp; 120500 | 921809 |
| Chiyoda Corp.<sup>(b)</sup> | &nbsp;&nbsp; 494500 | 1174886 |
| Chudenko Corp. | &nbsp;&nbsp; 85000 | 2062881 |
| Chugin Financial Group Inc., NVS | &nbsp;&nbsp; 481300 | 6248603 |
| Chugoku Electric Power Co. Inc. (The) | &nbsp;&nbsp; 999400 | 5441531 |
| Chugoku Marine Paints Ltd. | &nbsp;&nbsp; 124600 | 2559328 |
| Citizen Watch Co. Ltd. | &nbsp;&nbsp; 642600 | 3857147 |
| CKD Corp. | &nbsp;&nbsp; 177500 | 3168950 |
| Coca-Cola Bottlers Japan Holdings Inc. | &nbsp;&nbsp; 422200 | 6455584 |
| Colowide Co. Ltd. | &nbsp;&nbsp; 293700 | 3791714 |
| Comforia Residential REIT Inc. | &nbsp;&nbsp; 2132 | 4187775 |
| COMSYS Holdings Corp. | &nbsp;&nbsp; 367500 | 8424882 |
| Cosmo Energy Holdings Co. Ltd. | &nbsp;&nbsp; 173200 | 7687062 |
| Cosmos Pharmaceutical Corp. | &nbsp;&nbsp; 129600 | 8050938 |
| Cover Corp.<sup>(b)(c)</sup> | &nbsp;&nbsp; 133900 | 1891979 |
| CRE Logistics REIT Inc. | &nbsp;&nbsp; 1840 | 1821879 |
| Create Restaurants Holdings Inc. | &nbsp;&nbsp; 377000 | 3835771 |
| Create SD Holdings Co. Ltd. | &nbsp;&nbsp; 85600 | 1951966 |
| Credit Saison Co. Ltd. | &nbsp;&nbsp; 422100 | 11136485 |
| CyberAgent Inc. | &nbsp;&nbsp; 1398900 | 14010457 |
| Cybozu Inc. | &nbsp;&nbsp; 77900 | 2054319 |
| Daicel Corp. | &nbsp;&nbsp; 703700 | 6053278 |
| Dai-Dan Co. Ltd. | &nbsp;&nbsp; 87600 | 2663969 |
| Daido Steel Co. Ltd. | &nbsp;&nbsp; 428700 | 3301175 |
| Daiei Kankyo Co. Ltd. | &nbsp;&nbsp; 131100 | 2701368 |
| Daihen Corp. | &nbsp;&nbsp; 56000 | 2644213 |
| Daiichikosho Co. Ltd. | &nbsp;&nbsp; 235900 | 2532653 |
| Daikokutenbussan Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 22600 | 1073483 |
| Daio Paper Corp. | &nbsp;&nbsp; 272900 | 1520340 |
| Daiseki Co. Ltd. | &nbsp;&nbsp; 134860 | 3139660 |
| Daishi Hokuetsu Financial Group Inc. | &nbsp;&nbsp; 222300 | 5440570 |
| Daiwa House REIT Investment Corp. | &nbsp;&nbsp; 7487 | 12520682 |
| Daiwa Industries Ltd. | &nbsp;&nbsp; 89700 | 997084 |
| Daiwa Office Investment Corp. | &nbsp;&nbsp; 1700 | 3949572 |
| Daiwa Securities Living Investments Corp. | &nbsp;&nbsp; 6127 | 4151277 |
| Daiwabo Holdings Co. Ltd. | &nbsp;&nbsp; 267000 | 4910025 |
| DCM Holdings Co. Ltd. | &nbsp;&nbsp; 302200 | 2873060 |
| DeNA Co. Ltd. | &nbsp;&nbsp; 242300 | 3776109 |
| Denka Co. Ltd. | &nbsp;&nbsp; 260100 | 3667494 |
| Dentsu Soken Inc. | &nbsp;&nbsp; 83200 | 3654401 |
| Dexerials Corp. | &nbsp;&nbsp; 539900 | 7805680 |
| DIC Corp. | &nbsp;&nbsp; 247300 | 4881350 |
| Digital Arts Inc. | &nbsp;&nbsp; 35000 | 1850289 |
| Digital Garage Inc. | &nbsp;&nbsp; 85800 | 2257616 |
| Dip Corp. | &nbsp;&nbsp; 108900 | 1762712 |
| DMG Mori Co. Ltd. | &nbsp;&nbsp; 441000 | 10190285 |
| Doshisha Co. Ltd. | &nbsp;&nbsp; 68000 | 1134297 |
| Doutor Nichires Holdings Co. Ltd. | &nbsp;&nbsp; 92500 | 1536450 |
| Dowa Holdings Co. Ltd. | &nbsp;&nbsp; 168100 | 5489677 |
| DTS Corp. | &nbsp;&nbsp; 106100 | 3520179 |
| Duskin Co. Ltd. | &nbsp;&nbsp; 123600 | 3263171 |
| DyDo Group Holdings Inc.<sup>(c)</sup> | &nbsp;&nbsp; 55700 | 983673 |
| Eagle Industry Co. Ltd. | &nbsp;&nbsp; 60000 | 959469 |
| Earth Corp. | &nbsp;&nbsp; 47200 | 1525159 |
| Ebara Corp. | &nbsp;&nbsp; 1495800 | 27314546 |
| EDION Corp. | &nbsp;&nbsp; 257300 | 3421280 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| eGuarantee Inc. | &nbsp;&nbsp; 113600 | $1124624 |
| Eiken Chemical Co. Ltd. | &nbsp;&nbsp; 102100 | 1604726 |
| Eizo Corp. | &nbsp;&nbsp; 98000 | 1394357 |
| Elecom Co. Ltd. | &nbsp;&nbsp; 143400 | 1854744 |
| Electric Power Development Co. Ltd. | &nbsp;&nbsp; 475300 | 8225359 |
| en Japan Inc. | &nbsp;&nbsp; 96300 | 1118034 |
| ES-Con Japan Ltd. | &nbsp;&nbsp; 136400 | 877883 |
| Exedy Corp. | &nbsp;&nbsp; 69900 | 2194306 |
| EXEO Group Inc. | &nbsp;&nbsp; 613800 | 8062316 |
| Ezaki Glico Co. Ltd. | &nbsp;&nbsp; 156000 | 4817007 |
| FCC Co. Ltd. | &nbsp;&nbsp; 107600 | 2159753 |
| Ferrotec Corp. | &nbsp;&nbsp; 136200 | 3266678 |
| Financial Products Group Co. Ltd. | &nbsp;&nbsp; 188100 | 3020073 |
| Food & Life Companies Ltd. | &nbsp;&nbsp; 358800 | 18071467 |
| FP Corp. | &nbsp;&nbsp; 152800 | 2723974 |
| Freee KK<sup>(b)(c)</sup> | &nbsp;&nbsp; 144500 | 3883933 |
| Frontier Real Estate Investment Corp. | &nbsp;&nbsp; 8200 | 4677191 |
| Fuji Co. Ltd./Ehime | &nbsp;&nbsp; 96200 | 1294368 |
| Fuji Corp./Aichi | &nbsp;&nbsp; 254100 | 4768438 |
| Fuji Kyuko Co. Ltd. | &nbsp;&nbsp; 73800 | 1037910 |
| Fuji Media Holdings Inc. | &nbsp;&nbsp; 152300 | 3590247 |
| Fuji Oil Co. Ltd. | &nbsp;&nbsp; 143300 | 2696496 |
| Fuji Seal International Inc. | &nbsp;&nbsp; 127400 | 2340555 |
| Fujimi Inc. | &nbsp;&nbsp; 170700 | 2545420 |
| Fujita Kanko Inc.<sup>(c)</sup> | &nbsp;&nbsp; 24700 | 1718664 |
| Fujitec Co. Ltd. | &nbsp;&nbsp; 205100 | 7591896 |
| Fukuda Denshi Co. Ltd. | &nbsp;&nbsp; 49200 | 2289892 |
| Fukuoka Financial Group Inc. | &nbsp;&nbsp; 565200 | 15411327 |
| Fukuoka REIT Corp. | &nbsp;&nbsp; 2205 | 2639740 |
| Fukuyama Transporting Co. Ltd. | &nbsp;&nbsp; 62000 | 1476154 |
| Funai Soken Holdings Inc. | &nbsp;&nbsp; 111660 | 1757550 |
| Furukawa Electric Co. Ltd. | &nbsp;&nbsp; 219000 | 13227972 |
| Furuya Metal Co. Ltd. | &nbsp;&nbsp; 52600 | 895848 |
| Fuso Chemical Co. Ltd. | &nbsp;&nbsp; 66300 | 1878581 |
| Future Corp. | &nbsp;&nbsp; 141900 | 2217814 |
| Fuyo General Lease Co. Ltd. | &nbsp;&nbsp; 161500 | 4362530 |
| Galilei Co. Ltd. | &nbsp;&nbsp; 81100 | 1778975 |
| GENDA Inc.<sup>(b)</sup> | &nbsp;&nbsp; 307300 | 1892948 |
| Genky DrugStores Co. Ltd. | &nbsp;&nbsp; 50800 | 1499896 |
| Global One Real Estate Investment Corp. | &nbsp;&nbsp; 3142 | 2970754 |
| Glory Ltd. | &nbsp;&nbsp; 131200 | 3373667 |
| GLP J-REIT | &nbsp;&nbsp; 14708 | 12888700 |
| GMO Financial Holdings Inc. | &nbsp;&nbsp; 139200 | 770448 |
| GMO internet group Inc. | &nbsp;&nbsp; 207900 | 5325848 |
| GMO Payment Gateway Inc. | &nbsp;&nbsp; 137700 | 7674407 |
| GNI Group Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 155997 | 2840741 |
| Goldcrest Co. Ltd. | &nbsp;&nbsp; 49800 | 1089733 |
| Goldwin Inc. | &nbsp;&nbsp; 62400 | 3213021 |
| Gree Inc. | &nbsp;&nbsp; 238700 | 780403 |
| GS Yuasa Corp. | &nbsp;&nbsp; 259600 | 4658853 |
| GungHo Online Entertainment Inc. | &nbsp;&nbsp; 131930 | 2525643 |
| Gunma Bank Ltd. (The) | &nbsp;&nbsp; 983300 | 9207552 |
| Gunze Ltd. | &nbsp;&nbsp; 95200 | 2412128 |
| H.U. Group Holdings Inc. | &nbsp;&nbsp; 176700 | 3796787 |
| H2O Retailing Corp. | &nbsp;&nbsp; 305400 | 4035567 |
| Hachijuni Bank Ltd. (The) | &nbsp;&nbsp; 1119500 | 10071750 |
| Hakuhodo DY Holdings Inc. | &nbsp;&nbsp; 693500 | 5457453 |
| Hakuto Co. Ltd. | &nbsp;&nbsp; 37000 | 931601 |
| Halows Co. Ltd. | &nbsp;&nbsp; 28500 | 935737 |
| Hamakyorex Co. Ltd. | &nbsp;&nbsp; 190200 | 1840413 |
| Hamamatsu Photonics KK | &nbsp;&nbsp; 964000 | 11765710 |
| Hankyu Hanshin REIT Inc. | &nbsp;&nbsp; 2062 | 2182317 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI EAFE Small-Cap ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Hanwa Co. Ltd. | &nbsp;&nbsp; 114600 | $4616596 |
| Happinet Corp. | &nbsp;&nbsp; 46500 | 1747377 |
| Harmonic Drive Systems Inc.<sup>(c)</sup> | &nbsp;&nbsp; 202500 | 3839235 |
| Haseko Corp. | &nbsp;&nbsp; 780300 | 11608392 |
| Hazama Ando Corp. | &nbsp;&nbsp; 466500 | 4946897 |
| Heiwa Corp. | &nbsp;&nbsp; 178200 | 2468879 |
| Heiwa Real Estate Co. Ltd. | &nbsp;&nbsp; 129800 | 1900406 |
| Heiwa Real Estate REIT Inc. | &nbsp;&nbsp; 3418 | 3204632 |
| Heiwado Co. Ltd. | &nbsp;&nbsp; 84500 | 1630417 |
| Hiday Hidaka Corp. | &nbsp;&nbsp; 86800 | 1952244 |
| Hino Motors Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 951100 | 2311560 |
| Hioki EE Corp | &nbsp;&nbsp; 29900 | 1104312 |
| Hirogin Holdings Inc. | &nbsp;&nbsp; 800900 | 6986091 |
| Hirose Electric Co. Ltd. | &nbsp;&nbsp; 92300 | 11589659 |
| HIS Co. Ltd. | &nbsp;&nbsp; 169500 | 1595984 |
| Hisamitsu Pharmaceutical Co. Inc. | &nbsp;&nbsp; 166800 | 4490263 |
| Hitachi Construction Machinery Co. Ltd. | &nbsp;&nbsp; 313100 | 9068004 |
| Hogy Medical Co. Ltd. | &nbsp;&nbsp; 63800 | 2014528 |
| Hokkaido Electric Power Co. Inc. | &nbsp;&nbsp; 562000 | 3366618 |
| Hokkoku Financial Holdings Inc. | &nbsp;&nbsp; 66400 | 2456810 |
| Hokuetsu Corp.<sup>(c)</sup> | &nbsp;&nbsp; 336000 | 2261047 |
| Hokuhoku Financial Group Inc. | &nbsp;&nbsp; 339400 | 7168953 |
| Hokuriku Electric Power Co. | &nbsp;&nbsp; 547900 | 2841386 |
| Horiba Ltd. | &nbsp;&nbsp; 109700 | 8067691 |
| Hoshino Resorts REIT Inc. | &nbsp;&nbsp; 1918 | 3327690 |
| Hosiden Corp. | &nbsp;&nbsp; 131200 | 2039629 |
| House Foods Group Inc. | &nbsp;&nbsp; 193100 | 3570907 |
| Hulic REIT Inc. | &nbsp;&nbsp; 4118 | 4490035 |
| Hyakugo Bank Ltd. (The) | &nbsp;&nbsp; 644000 | 3185289 |
| Ibiden Co. Ltd. | &nbsp;&nbsp; 388800 | 16442783 |
| Ichibanya Co. Ltd. | &nbsp;&nbsp; 221600 | 1431299 |
| Ichigo Inc. | &nbsp;&nbsp; 693800 | 1836799 |
| Ichigo Office REIT Investment Corp. | &nbsp;&nbsp; 3269 | 2070437 |
| Idec Corp./Japan | &nbsp;&nbsp; 92500 | 1394403 |
| IDOM Inc. | &nbsp;&nbsp; 179400 | 1158804 |
| Iida Group Holdings Co. Ltd. | &nbsp;&nbsp; 499500 | 7005904 |
| Iino Kaiun Kaisha Ltd. | &nbsp;&nbsp; 233100 | 1598171 |
| Imperial Hotel Ltd. | &nbsp;&nbsp; 137400 | 896235 |
| Inaba Denki Sangyo Co. Ltd. | &nbsp;&nbsp; 165800 | 4348018 |
| Inabata & Co. Ltd. | &nbsp;&nbsp; 141500 | 3070059 |
| Industrial & Infrastructure Fund Investment Corp. | &nbsp;&nbsp; 7756 | 6346150 |
| Infomart Corp. | &nbsp;&nbsp; 640000 | 1756178 |
| Infroneer Holdings Inc. | &nbsp;&nbsp; 621028 | 5248347 |
| Insource Co. Ltd. | &nbsp;&nbsp; 164900 | 995298 |
| Integral Corp.<sup>(c)</sup> | &nbsp;&nbsp; 35600 | 812554 |
| Internet Initiative Japan Inc. | &nbsp;&nbsp; 354800 | 6534179 |
| Invincible Investment Corp. | &nbsp;&nbsp; 24722 | 10995581 |
| Ise Chemicals Corp.<sup>(c)</sup> | &nbsp;&nbsp; 6300 | 1139683 |
| Isetan Mitsukoshi Holdings Ltd. | &nbsp;&nbsp; 1047400 | 14802355 |
| Ito En Ltd. | &nbsp;&nbsp; 169700 | 3685671 |
| Itochu Enex Co. Ltd. | &nbsp;&nbsp; 161500 | 2168285 |
| Itochu-Shokuhin Co. Ltd. | &nbsp;&nbsp; 18700 | 1255700 |
| Itoham Yonekyu Holdings Inc. | &nbsp;&nbsp; 84240 | 2841672 |
| Itoki Corp. | &nbsp;&nbsp; 128600 | 1968157 |
| Iwatani Corp. | &nbsp;&nbsp; 604000 | 6353104 |
| Iyogin Holdings Inc., NVS | &nbsp;&nbsp; 756900 | 8795501 |
| Izumi Co. Ltd. | &nbsp;&nbsp; 116600 | 2454617 |
| J Front Retailing Co. Ltd. | &nbsp;&nbsp; 786000 | 10595091 |
| JAC Recruitment Co. Ltd. | &nbsp;&nbsp; 221200 | 1548097 |
| Jaccs Co. Ltd. | &nbsp;&nbsp; 69900 | 1895199 |
| JAFCO Group Co. Ltd. | &nbsp;&nbsp; 163400 | 2685075 |
| Japan Airport Terminal Co. Ltd. | &nbsp;&nbsp; 210600 | 6395843 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Japan Aviation Electronics Industry Ltd. | &nbsp;&nbsp; 145800 | $2336769 |
| Japan Elevator Service Holdings Co. Ltd. | &nbsp;&nbsp; 231900 | 6190689 |
| Japan Excellent Inc. | &nbsp;&nbsp; 3856 | 3567404 |
| Japan Hotel REIT Investment Corp. | &nbsp;&nbsp; 16384 | 9004215 |
| Japan Lifeline Co. Ltd. | &nbsp;&nbsp; 176700 | 1688314 |
| Japan Logistics Fund Inc. | &nbsp;&nbsp; 8007 | 4970177 |
| Japan Material Co. Ltd. | &nbsp;&nbsp; 218700 | 1993293 |
| Japan Metropolitan Fund Invest | &nbsp;&nbsp; 23858 | 17352471 |
| Japan Petroleum Exploration Co. Ltd. | &nbsp;&nbsp; 490900 | 3565243 |
| Japan Prime Realty Investment Corp. | &nbsp;&nbsp; 10890 | 7154055 |
| Japan Pulp & Paper Co. Ltd. | &nbsp;&nbsp; 312800 | 1356652 |
| Japan Real Estate Investment Corp. | &nbsp;&nbsp; 21227 | 17217325 |
| Japan Securities Finance Co. Ltd. | &nbsp;&nbsp; 261800 | 3168386 |
| Japan Steel Works Ltd. (The) | &nbsp;&nbsp; 205700 | 12687075 |
| Japan Wool Textile Co. Ltd. (The) | &nbsp;&nbsp; 144200 | 1331816 |
| JCU Corp. | &nbsp;&nbsp; 66800 | 1571222 |
| Jeol Ltd. | &nbsp;&nbsp; 141300 | 4042490 |
| JGC Holdings Corp. | &nbsp;&nbsp; 711800 | 6363811 |
| JINS Holdings Inc. | &nbsp;&nbsp; 38600 | 2046631 |
| JMDC Inc. | &nbsp;&nbsp; 86900 | 2245471 |
| Joyful Honda Co. Ltd. | &nbsp;&nbsp; 156900 | 2165464 |
| JTEKT Corp. | &nbsp;&nbsp; 608000 | 5254252 |
| Juroku Financial Group Inc. | &nbsp;&nbsp; 97600 | 3366001 |
| Justsystems Corp. | &nbsp;&nbsp; 93900 | 2364692 |
| JVCKenwood Corp. | &nbsp;&nbsp; 482100 | 3812407 |
| K&O Energy Group Inc. | &nbsp;&nbsp; 40100 | 767019 |
| Kadokawa Corp. | &nbsp;&nbsp; 265734 | 6454011 |
| Kaga Electronics Co. Ltd. | &nbsp;&nbsp; 124800 | 2395461 |
| Kagome Co. Ltd. | &nbsp;&nbsp; 276200 | 5277911 |
| Kakaku.com Inc. | &nbsp;&nbsp; 415400 | 7060338 |
| Kaken Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 89600 | 2334891 |
| Kameda Seika Co. Ltd. | &nbsp;&nbsp; 44300 | 1184758 |
| Kamigumi Co. Ltd. | &nbsp;&nbsp; 258500 | 7264743 |
| Kanadevia Corp. | &nbsp;&nbsp; 514700 | 3473779 |
| Kanamoto Co. Ltd. | &nbsp;&nbsp; 93600 | 2099266 |
| Kandenko Co. Ltd. | &nbsp;&nbsp; 332200 | 7869488 |
| Kaneka Corp. | &nbsp;&nbsp; 138000 | 3906323 |
| Kanematsu Corp. | &nbsp;&nbsp; 258700 | 4860492 |
| Kansai Paint Co. Ltd. | &nbsp;&nbsp; 459300 | 6503640 |
| Kasumigaseki Capital Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 24600 | 3121530 |
| Katitas Co. Ltd. | &nbsp;&nbsp; 167000 | 2800291 |
| Kato Sangyo Co. Ltd. | &nbsp;&nbsp; 66900 | 2539341 |
| Kawasaki Heavy Industries Ltd. | &nbsp;&nbsp; 490300 | 35808096 |
| KDX Realty Investment Corp. | &nbsp;&nbsp; 13801 | 14831420 |
| KeePer Technical Laboratory Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 41500 | 896174 |
| Keihan Holdings Co. Ltd. | &nbsp;&nbsp; 294800 | 6047019 |
| Keihanshin Building Co. Ltd. | &nbsp;&nbsp; 96900 | 1000227 |
| Keikyu Corp. | &nbsp;&nbsp; 671300 | 6899502 |
| Keio Corp. | &nbsp;&nbsp; 311600 | 7275339 |
| Keisei Electric Railway Co. Ltd. | &nbsp;&nbsp; 1260900 | 10578118 |
| Keiyo Bank Ltd. (The) | &nbsp;&nbsp; 292200 | 2195586 |
| Kewpie Corp. | &nbsp;&nbsp; 320600 | 8761331 |
| KH Neochem Co. Ltd. | &nbsp;&nbsp; 104000 | 1968384 |
| Kinden Corp. | &nbsp;&nbsp; 389700 | 12270365 |
| Kintetsu Group Holdings Co. Ltd. | &nbsp;&nbsp; 587000 | 11264814 |
| Kissei Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 92400 | 2722254 |
| Kitz Corp. | &nbsp;&nbsp; 190200 | 1595350 |
| Kiyo Bank Ltd. (The) | &nbsp;&nbsp; 186300 | 3389198 |
| Kobayashi Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 151600 | 5331394 |
| Kobe Steel Ltd. | &nbsp;&nbsp; 1153300 | 12671420 |
| Koei Tecmo Holdings Co. Ltd. | &nbsp;&nbsp; 274400 | 3592994 |
| Kohnan Shoji Co. Ltd. | &nbsp;&nbsp; 58700 | 1515759 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI EAFE Small-Cap ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Koito Manufacturing Co. Ltd. | &nbsp;&nbsp; 593000 | $7582592 |
| Kokusai Electric Corp., NVS | &nbsp;&nbsp; 579800 | 12796945 |
| Kokuyo Co. Ltd. | &nbsp;&nbsp; 1045600 | 6160423 |
| KOMEDA Holdings Co. Ltd. | &nbsp;&nbsp; 141900 | 2830117 |
| Komeri Co. Ltd. | &nbsp;&nbsp; 84100 | 1732487 |
| Konica Minolta Inc.<sup>(b)</sup> | &nbsp;&nbsp; 1466100 | 4766427 |
| Konishi Co. Ltd. | &nbsp;&nbsp; 174400 | 1403890 |
| Konoike Transport Co. Ltd. | &nbsp;&nbsp; 92500 | 1979586 |
| Kose Corp. | &nbsp;&nbsp; 109900 | 4217607 |
| Koshidaka Holdings Co. Ltd. | &nbsp;&nbsp; 160200 | 1447409 |
| Kotobuki Spirits Co. Ltd. | &nbsp;&nbsp; 329000 | 4390059 |
| Krosaki Harima Corp. | &nbsp;&nbsp; 61800 | 1415344 |
| K's Holdings Corp. | &nbsp;&nbsp; 400340 | 4004720 |
| Kumagai Gumi Co. Ltd. | &nbsp;&nbsp; 103600 | 3081997 |
| Kumiai Chemical Industry Co. Ltd. | &nbsp;&nbsp; 237300 | 1279022 |
| Kura Sushi Inc. | &nbsp;&nbsp; 67500 | 1854048 |
| Kuraray Co. Ltd. | &nbsp;&nbsp; 943300 | 11662461 |
| Kureha Corp. | &nbsp;&nbsp; 98000 | 2234913 |
| Kurita Water Industries Ltd. | &nbsp;&nbsp; 341600 | 13167744 |
| Kusuri no Aoki Holdings Co. Ltd. | &nbsp;&nbsp; 134300 | 3574797 |
| KYB Corp. | &nbsp;&nbsp; 114400 | 2458946 |
| Kyoei Steel Ltd. | &nbsp;&nbsp; 66700 | 958471 |
| Kyokuto Kaihatsu Kogyo Co. Ltd. | &nbsp;&nbsp; 96700 | 1675570 |
| Kyorin Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 129400 | 1300308 |
| Kyoritsu Maintenance Co. Ltd. | &nbsp;&nbsp; 202400 | 4873022 |
| Kyoto Financial Group Inc. | &nbsp;&nbsp; 731400 | 13231567 |
| Kyudenko Corp. | &nbsp;&nbsp; 140200 | 5990075 |
| Kyushu Electric Power Co. Inc. | &nbsp;&nbsp; 1384100 | 12270178 |
| Kyushu Financial Group Inc. | &nbsp;&nbsp; 1055600 | 5390779 |
| Kyushu Railway Co. | &nbsp;&nbsp; 460500 | 11136143 |
| LaSalle Logiport REIT | &nbsp;&nbsp; 5815 | 5534652 |
| Leopalace21 Corp. | &nbsp;&nbsp; 520400 | 2452190 |
| Life Corp. | &nbsp;&nbsp; 115100 | 1839571 |
| Lifedrink Co. Inc. | &nbsp;&nbsp; 111800 | 1669858 |
| Lifenet Insurance Co.<sup>(b)(c)</sup> | &nbsp;&nbsp; 193800 | 2935513 |
| Lintec Corp. | &nbsp;&nbsp; 126800 | 2542433 |
| Lion Corp. | &nbsp;&nbsp; 826700 | 8054340 |
| Lixil Corp. | &nbsp;&nbsp; 933500 | 10814708 |
| M&A Capital Partners Co. Ltd. | &nbsp;&nbsp; 51500 | 1003689 |
| M&A Research Institute Holdings Inc., NVS<sup>(b)(c)</sup> | &nbsp;&nbsp; 93200 | 837900 |
| Mabuchi Motor Co. Ltd. | &nbsp;&nbsp; 293500 | 4243533 |
| Macnica Holdings Inc. | &nbsp;&nbsp; 437250 | 5710633 |
| Maeda Kosen Co. Ltd. | &nbsp;&nbsp; 133100 | 1678941 |
| Makino Milling Machine Co. Ltd. | &nbsp;&nbsp; 68600 | 5246416 |
| Mani Inc. | &nbsp;&nbsp; 240900 | 2028624 |
| Maruha Nichiro Corp. | &nbsp;&nbsp; 132900 | 2760175 |
| Marui Group Co. Ltd. | &nbsp;&nbsp; 543700 | 11072984 |
| Maruichi Steel Tube Ltd. | &nbsp;&nbsp; 188500 | 4557060 |
| Maruwa Co. Ltd./Aichi | &nbsp;&nbsp; 28200 | 8499976 |
| Maruzen Showa Unyu Co. Ltd. | &nbsp;&nbsp; 33600 | 1601457 |
| Matsuda Sangyo Co. Ltd. | &nbsp;&nbsp; 45400 | 1081172 |
| Matsui Securities Co. Ltd. | &nbsp;&nbsp; 334100 | 1633036 |
| Matsuyafoods Holdings Co. Ltd. | &nbsp;&nbsp; 27600 | 1148824 |
| Max Co. Ltd. | &nbsp;&nbsp; 81000 | 2713694 |
| Maxell Ltd. | &nbsp;&nbsp; 127100 | 1689080 |
| Maxvalu Tokai Co. Ltd. | &nbsp;&nbsp; 33600 | 705871 |
| Mazda Motor Corp. | &nbsp;&nbsp; 1942900 | 11650599 |
| McDonald's Holdings Co. Japan Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 279900 | 11177317 |
| MCJ Co. Ltd. | &nbsp;&nbsp; 213800 | 1987649 |
| Mebuki Financial Group Inc. | &nbsp;&nbsp; 2883400 | 15633967 |
| Medipal Holdings Corp. | &nbsp;&nbsp; 601200 | 9954416 |
| Medley Inc.<sup>(b)</sup> | &nbsp;&nbsp; 75700 | 1548634 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Megachips Corp. | &nbsp;&nbsp; 40400 | $1458344 |
| Megmilk Snow Brand Co. Ltd. | &nbsp;&nbsp; 149000 | 2815835 |
| Meidensha Corp. | &nbsp;&nbsp; 112000 | 4218090 |
| Meiko Electronics Co. Ltd. | &nbsp;&nbsp; 66100 | 3239134 |
| MEITEC Group Holdings Inc. | &nbsp;&nbsp; 228600 | 4781764 |
| Menicon Co. Ltd. | &nbsp;&nbsp; 219800 | 1700112 |
| Mercari Inc.<sup>(b)</sup> | &nbsp;&nbsp; 370200 | 5648096 |
| Metaplanet Inc.<sup>(b)(c)</sup> | &nbsp;&nbsp; 975800 | 7218491 |
| METAWATER Co. Ltd. | &nbsp;&nbsp; 78500 | 1427029 |
| Micronics Japan Co. Ltd. | &nbsp;&nbsp; 92200 | 3359127 |
| Milbon Co. Ltd. | &nbsp;&nbsp; 91100 | 1536321 |
| Mirai Corp. | &nbsp;&nbsp; 6058 | 1842398 |
| Mirai Industry Co. Ltd. | &nbsp;&nbsp; 30100 | 756618 |
| Mirait One Corp. | &nbsp;&nbsp; 262600 | 4698657 |
| MISUMI Group Inc. | &nbsp;&nbsp; 925200 | 13322908 |
| Mitani Sekisan Co. Ltd. | &nbsp;&nbsp; 29900 | 1710429 |
| Mitsubishi Estate Logistics REIT Investment Corp. | &nbsp;&nbsp; 4536 | 3614664 |
| Mitsubishi Gas Chemical Co. Inc. | &nbsp;&nbsp; 478800 | 8271336 |
| Mitsubishi Logisnext Co. Ltd. | &nbsp;&nbsp; 102500 | 1318572 |
| Mitsubishi Logistics Corp. | &nbsp;&nbsp; 799100 | 6831019 |
| Mitsubishi Materials Corp. | &nbsp;&nbsp; 400500 | 6117093 |
| Mitsubishi Motors Corp. | &nbsp;&nbsp; 2119900 | 5570414 |
| Mitsubishi Pencil Co. Ltd. | &nbsp;&nbsp; 99600 | 1365491 |
| Mitsubishi Research Institute Inc. | &nbsp;&nbsp; 29900 | 936175 |
| Mitsubishi Shokuhin Co. Ltd. | &nbsp;&nbsp; 63300 | 2647652 |
| Mitsuboshi Belting Ltd. | &nbsp;&nbsp; 74300 | 1769848 |
| Mitsui Chemicals Inc. | &nbsp;&nbsp; 580500 | 12958602 |
| Mitsui DM Sugar Co. Ltd. | &nbsp;&nbsp; 48800 | 999898 |
| Mitsui E&S Co. Ltd. | &nbsp;&nbsp; 301600 | 6283662 |
| Mitsui Fudosan Logistics Park Inc. | &nbsp;&nbsp; 10329 | 6924436 |
| Mitsui High-Tec Inc. | &nbsp;&nbsp; 321900 | 1617297 |
| Mitsui Mining & Smelting Co. Ltd. | &nbsp;&nbsp; 176700 | 7473643 |
| Mitsui-Soko Holdings Co. Ltd. | &nbsp;&nbsp; 179700 | 4669352 |
| Mitsuuroko Group Holdings Co. Ltd. | &nbsp;&nbsp; 85500 | 1209359 |
| Miura Co. Ltd. | &nbsp;&nbsp; 283900 | 5660779 |
| Mixi Inc. | &nbsp;&nbsp; 108500 | 2482994 |
| Mizuho Leasing Co. Ltd. | &nbsp;&nbsp; 453200 | 3481057 |
| Mizuno Corp. | &nbsp;&nbsp; 166300 | 3029342 |
| Mochida Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 68100 | 1390876 |
| Modec Inc. | &nbsp;&nbsp; 155900 | 6642224 |
| Monex Group Inc. | &nbsp;&nbsp; 580370 | 3015189 |
| Money Forward Inc.<sup>(b)</sup> | &nbsp;&nbsp; 143200 | 5663182 |
| Monogatari Corp. (The) | &nbsp;&nbsp; 101700 | 2639604 |
| Mori Hills REIT Investment Corp. | &nbsp;&nbsp; 4619 | 4174360 |
| Mori Trust REIT Inc. | &nbsp;&nbsp; 8519 | 4145256 |
| Morinaga & Co. Ltd./Japan | &nbsp;&nbsp; 224800 | 3588465 |
| Morinaga Milk Industry Co. Ltd. | &nbsp;&nbsp; 215300 | 4682162 |
| Morita Holdings Corp. | &nbsp;&nbsp; 102100 | 1551293 |
| MOS Food Services Inc. | &nbsp;&nbsp; 82000 | 2077648 |
| Musashi Seimitsu Industry Co. Ltd. | &nbsp;&nbsp; 149600 | 3220791 |
| Musashino Bank Ltd. (The) | &nbsp;&nbsp; 80000 | 1972687 |
| Nabtesco Corp. | &nbsp;&nbsp; 353300 | 6499470 |
| Nachi-Fujikoshi Corp. | &nbsp;&nbsp; 41300 | 883388 |
| Nagase & Co. Ltd. | &nbsp;&nbsp; 265000 | 5222532 |
| Nagawa Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 26000 | 1112694 |
| Nagoya Railroad Co. Ltd. | &nbsp;&nbsp; 616700 | 6725321 |
| Nakanishi Inc. | &nbsp;&nbsp; 216500 | 2786861 |
| Namura Shipbuilding Co. Ltd. | &nbsp;&nbsp; 147600 | 3013596 |
| Nankai Electric Railway Co. Ltd. | &nbsp;&nbsp; 326400 | 5242873 |
| Nanto Bank Ltd. (The) | &nbsp;&nbsp; 79500 | 2384320 |
| Nextage Co. Ltd. | &nbsp;&nbsp; 147800 | 1834608 |
| NGK Insulators Ltd. | &nbsp;&nbsp; 717500 | 9083718 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI EAFE Small-Cap ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| NH Foods Ltd. | &nbsp;&nbsp; 272600 | $9158368 |
| NHK Spring Co. Ltd. | &nbsp;&nbsp; 599700 | 6752412 |
| Nichias Corp. | &nbsp;&nbsp; 174200 | 6664965 |
| Nichicon Corp. | &nbsp;&nbsp; 141300 | 1210177 |
| Nichiden Corp. | &nbsp;&nbsp; 40500 | 765116 |
| Nichiha Corp. | &nbsp;&nbsp; 76500 | 1593208 |
| Nichirei Corp. | &nbsp;&nbsp; 664500 | 7997295 |
| Nifco Inc./Japan | &nbsp;&nbsp; 241700 | 5897481 |
| Nihon Kohden Corp. | &nbsp;&nbsp; 526900 | 5795134 |
| Nihon M&A Center Holdings Inc. | &nbsp;&nbsp; 926700 | 4632775 |
| Nihon Parkerizing Co. Ltd. | &nbsp;&nbsp; 281400 | 2566961 |
| Nikkon Holdings Co. Ltd. | &nbsp;&nbsp; 305600 | 6883244 |
| Nikon Corp. | &nbsp;&nbsp; 809100 | 7857732 |
| Nippn Corp., New | &nbsp;&nbsp; 150900 | 2176006 |
| Nippon Accommodations Fund Inc. | &nbsp;&nbsp; 7286 | 5708222 |
| Nippon Densetsu Kogyo Co. Ltd. | &nbsp;&nbsp; 113400 | 2153162 |
| Nippon Electric Glass Co. Ltd. | &nbsp;&nbsp; 216700 | 5800265 |
| Nippon Express Holdings Inc. | &nbsp;&nbsp; 740400 | 16264321 |
| Nippon Gas Co. Ltd. | &nbsp;&nbsp; 330000 | 6003206 |
| Nippon Kanzai Holdings Co. Ltd. | &nbsp;&nbsp; 53200 | 977825 |
| Nippon Kayaku Co. Ltd. | &nbsp;&nbsp; 423400 | 3953688 |
| Nippon Light Metal Holdings Co. Ltd. | &nbsp;&nbsp; 177190 | 2056102 |
| Nippon Paper Industries Co. Ltd. | &nbsp;&nbsp; 323500 | 2380076 |
| Nippon Prologis REIT Inc. | &nbsp;&nbsp; 22014 | 11880121 |
| Nippon REIT Investment Corp. | &nbsp;&nbsp; 5479 | 3429884 |
| Nippon Shinyaku Co. Ltd. | &nbsp;&nbsp; 170600 | 3673196 |
| Nippon Shokubai Co. Ltd. | &nbsp;&nbsp; 327600 | 3724474 |
| Nippon Soda Co. Ltd. | &nbsp;&nbsp; 137100 | 3108229 |
| Nippon Television Holdings Inc. | &nbsp;&nbsp; 174000 | 3763269 |
| Nipro Corp. | &nbsp;&nbsp; 470800 | 4334999 |
| Nishimatsu Construction Co. Ltd. | &nbsp;&nbsp; 96200 | 3199105 |
| Nishimatsuya Chain Co. Ltd. | &nbsp;&nbsp; 125000 | 1841488 |
| Nishi-Nippon Financial Holdings Inc. | &nbsp;&nbsp; 380600 | 6011831 |
| Nishi-Nippon Railroad Co. Ltd. | &nbsp;&nbsp; 187200 | 2662928 |
| Nishio Holdings Co. Ltd. | &nbsp;&nbsp; 59100 | 1649552 |
| Nissan Chemical Corp. | &nbsp;&nbsp; 397000 | 12941704 |
| Nissan Shatai Co. Ltd. | &nbsp;&nbsp; 231600 | 1597912 |
| Nissha Co. Ltd. | &nbsp;&nbsp; 119500 | 1061093 |
| Nisshin Oillio Group Ltd. (The) | &nbsp;&nbsp; 86400 | 2937724 |
| Nisshin Seifun Group Inc. | &nbsp;&nbsp; 664800 | 7706240 |
| Nisshinbo Holdings Inc. | &nbsp;&nbsp; 454600 | 2888542 |
| Nissui Corp. | &nbsp;&nbsp; 912300 | 5326250 |
| Niterra Co. Ltd. | &nbsp;&nbsp; 485300 | 16730081 |
| Nitta Corp. | &nbsp;&nbsp; 54400 | 1486604 |
| Nittetsu Mining Co. Ltd. | &nbsp;&nbsp; 35500 | 1743839 |
| Nitto Boseki Co. Ltd. | &nbsp;&nbsp; 74500 | 3259350 |
| Nitto Kogyo Corp. | &nbsp;&nbsp; 79900 | 1765519 |
| Noevir Holdings Co. Ltd. | &nbsp;&nbsp; 52100 | 1588447 |
| NOF Corp. | &nbsp;&nbsp; 652900 | 12995917 |
| Nohmi Bosai Ltd. | &nbsp;&nbsp; 80200 | 2082350 |
| Nojima Corp. | &nbsp;&nbsp; 198600 | 4540013 |
| NOK Corp. | &nbsp;&nbsp; 247800 | 3759902 |
| Nomura Co. Ltd. | &nbsp;&nbsp; 256100 | 1558122 |
| Nomura Micro Science Co. Ltd. | &nbsp;&nbsp; 87600 | 1580020 |
| Nomura Real Estate Holdings Inc. | &nbsp;&nbsp; 1794900 | 9946642 |
| Nomura Real Estate Master Fund Inc. | &nbsp;&nbsp; 12779 | 13458662 |
| Noritake Co. Ltd. | &nbsp;&nbsp; 64700 | 1840858 |
| Noritsu Koki Co. Ltd. | &nbsp;&nbsp; 178800 | 1869476 |
| Noritz Corp. | &nbsp;&nbsp; 101000 | 1281514 |
| North Pacific Bank Ltd. | &nbsp;&nbsp; 843400 | 3629003 |
| NS Solutions Corp. | &nbsp;&nbsp; 208400 | 4887895 |
| NS United Kaiun Kaisha Ltd. | &nbsp;&nbsp; 31300 | 868638 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| NSD Co. Ltd. | &nbsp;&nbsp; 206880 | $4948176 |
| NSK Ltd. | &nbsp;&nbsp; 1222500 | 5850327 |
| NTN Corp. | &nbsp;&nbsp; 1441300 | 2459069 |
| NTT UD REIT Investment Corp. | &nbsp;&nbsp; 4537 | 3908426 |
| Nxera Pharma Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 243700 | 1468328 |
| Obara Group Inc. | &nbsp;&nbsp; 30300 | 775619 |
| OBIC Business Consultants Co. Ltd. | &nbsp;&nbsp; 98200 | 5663679 |
| Odakyu Electric Railway Co. Ltd. | &nbsp;&nbsp; 1009900 | 10883523 |
| Ogaki Kyoritsu Bank Ltd. (The) | &nbsp;&nbsp; 111600 | 2101850 |
| Ohsho Food Service Corp. | &nbsp;&nbsp; 115200 | 2850156 |
| Oiles Corp. | &nbsp;&nbsp; 66900 | 951127 |
| Oji Holdings Corp. | &nbsp;&nbsp; 2551100 | 12433697 |
| Okamoto Industries Inc. | &nbsp;&nbsp; 30900 | 1046458 |
| Okamura Corp. | &nbsp;&nbsp; 174600 | 2752120 |
| Okasan Securities Group Inc. | &nbsp;&nbsp; 450200 | 1947683 |
| Oki Electric Industry Co. Ltd. | &nbsp;&nbsp; 271800 | 2828219 |
| Okinawa Cellular Telephone Co. | &nbsp;&nbsp; 67500 | 2291769 |
| OKUMA Corp. | &nbsp;&nbsp; 143000 | 3890496 |
| Okumura Corp. | &nbsp;&nbsp; 98600 | 2912466 |
| Onward Holdings Co. Ltd. | &nbsp;&nbsp; 363900 | 1480835 |
| Open House Group Co. Ltd. | &nbsp;&nbsp; 235000 | 10391798 |
| Open Up Group Inc. | &nbsp;&nbsp; 183231 | 2245341 |
| Optorun Co. Ltd. | &nbsp;&nbsp; 95900 | 1033679 |
| Organo Corp. | &nbsp;&nbsp; 83000 | 5114084 |
| Orient Corp. | &nbsp;&nbsp; 184660 | 1221543 |
| Orix JREIT Inc. | &nbsp;&nbsp; 8478 | 11082705 |
| Osaka Soda Co. Ltd. | &nbsp;&nbsp; 243700 | 2967744 |
| Osaka Steel Co. Ltd. | &nbsp;&nbsp; 37700 | 638120 |
| OSG Corp. | &nbsp;&nbsp; 225000 | 2911349 |
| Pacific Industrial Co. Ltd. | &nbsp;&nbsp; 131000 | 1787171 |
| PAL GROUP Holdings Co. Ltd. | &nbsp;&nbsp; 137000 | 4482625 |
| PALTAC Corp. | &nbsp;&nbsp; 92500 | 2647072 |
| Paramount Bed Holdings Co. Ltd. | &nbsp;&nbsp; 128800 | 2113300 |
| Park24 Co. Ltd. | &nbsp;&nbsp; 415500 | 5247099 |
| Pasona Group Inc. | &nbsp;&nbsp; 77300 | 1058775 |
| Penta-Ocean Construction Co. Ltd. | &nbsp;&nbsp; 876700 | 5673464 |
| PeptiDream Inc.<sup>(b)</sup> | &nbsp;&nbsp; 318300 | 3527226 |
| Persol Holdings Co. Ltd. | &nbsp;&nbsp; 5520700 | 10552531 |
| PHC Holdings Corp. | &nbsp;&nbsp; 101800 | 623877 |
| Pigeon Corp. | &nbsp;&nbsp; 374900 | 4144445 |
| PILLAR Corp. | &nbsp;&nbsp; 58300 | 1493221 |
| Pilot Corp. | &nbsp;&nbsp; 93100 | 2710528 |
| Piolax Inc. | &nbsp;&nbsp; 61900 | 717482 |
| PKSHA Technology Inc.<sup>(b)(c)</sup> | &nbsp;&nbsp; 55400 | 1289687 |
| Plus Alpha Consulting Co. Ltd. | &nbsp;&nbsp; 84200 | 1266488 |
| Pola Orbis Holdings Inc. | &nbsp;&nbsp; 300200 | 2533935 |
| Prestige International Inc. | &nbsp;&nbsp; 298500 | 1298672 |
| Prima Meat Packers Ltd. | &nbsp;&nbsp; 84200 | 1329318 |
| Raito Kogyo Co. Ltd. | &nbsp;&nbsp; 115700 | 2390602 |
| Raiznext Corp. | &nbsp;&nbsp; 89800 | 1112380 |
| Rakus Co. Ltd. | &nbsp;&nbsp; 295000 | 4524582 |
| Rakuten Bank Ltd., NVS<sup>(b)</sup> | &nbsp;&nbsp; 312300 | 14547481 |
| Relo Group Inc. | &nbsp;&nbsp; 299600 | 3440368 |
| Rengo Co. Ltd. | &nbsp;&nbsp; 620300 | 3597721 |
| Resonac Holdings Corp. | &nbsp;&nbsp; 570400 | 13717056 |
| Resorttrust Inc. | &nbsp;&nbsp; 560200 | 6939460 |
| Restar Corp. | &nbsp;&nbsp; 77500 | 1391789 |
| Ricoh Leasing Co. Ltd. | &nbsp;&nbsp; 45600 | 1659318 |
| Rigaku Holdings Corp. | &nbsp;&nbsp; 365400 | 1864860 |
| Riken Keiki Co. Ltd. | &nbsp;&nbsp; 100600 | 2117986 |
| Riken Vitamin Co. Ltd. | &nbsp;&nbsp; 60800 | 1160245 |
| Rinnai Corp. | &nbsp;&nbsp; 327500 | 8083336 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI EAFE Small-Cap ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Riso Kagaku Corp. | &nbsp;&nbsp; 128400 | $990597 |
| Rohm Co. Ltd. | &nbsp;&nbsp; 1103700 | 13888814 |
| Rohto Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 615500 | 8785698 |
| Roland Corp. | &nbsp;&nbsp; 46900 | 980286 |
| Rorze Corp. | &nbsp;&nbsp; 315500 | 4242386 |
| Round One Corp. | &nbsp;&nbsp; 562100 | 5772285 |
| Royal Holdings Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 113800 | 2008921 |
| RS Technologies Co. Ltd. | &nbsp;&nbsp; 45500 | 936396 |
| Ryohin Keikaku Co. Ltd. | &nbsp;&nbsp; 820200 | 38399935 |
| Ryoyo Ryosan Holdings Inc. | &nbsp;&nbsp; 88492 | 1625442 |
| S Foods Inc. | &nbsp;&nbsp; 50900 | 896152 |
| Saizeriya Co. Ltd. | &nbsp;&nbsp; 110100 | 3862528 |
| Sakai Moving Service Co. Ltd. | &nbsp;&nbsp; 76500 | 1353936 |
| Sakata INX Corp. | &nbsp;&nbsp; 133300 | 1896089 |
| Sakata Seed Corp. | &nbsp;&nbsp; 88800 | 1996698 |
| Sakura Internet Inc.<sup>(c)</sup> | &nbsp;&nbsp; 76100 | 1485312 |
| Samty Residential Investment Corp. | &nbsp;&nbsp; 1368 | 895799 |
| San-A Co. Ltd. | &nbsp;&nbsp; 126300 | 2516508 |
| San-Ai Obbli Co. Ltd. | &nbsp;&nbsp; 156800 | 2113634 |
| SanBio Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 175100 | 2630390 |
| Sangetsu Corp. | &nbsp;&nbsp; 151900 | 3023121 |
| San-In Godo Bank Ltd. (The) | &nbsp;&nbsp; 459700 | 3870959 |
| Sanken Electric Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 68400 | 3879995 |
| Sanki Engineering Co. Ltd. | &nbsp;&nbsp; 117000 | 3442455 |
| Sankyo Co. Ltd. | &nbsp;&nbsp; 587500 | 10962925 |
| Sankyu Inc. | &nbsp;&nbsp; 143300 | 8435701 |
| Sansan Inc.<sup>(b)</sup> | &nbsp;&nbsp; 227500 | 2878535 |
| Santen Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 1055200 | 11658813 |
| Sanwa Holdings Corp. | &nbsp;&nbsp; 588700 | 16060809 |
| Sanyo Chemical Industries Ltd. | &nbsp;&nbsp; 33600 | 880548 |
| Sanyo Denki Co. Ltd. | &nbsp;&nbsp; 26900 | 1667957 |
| Sapporo Holdings Ltd. | &nbsp;&nbsp; 203800 | 9430271 |
| Sawai Group Holdings Co. Ltd. | &nbsp;&nbsp; 316100 | 4057610 |
| SBI Sumishin Net Bank Ltd., NVS | &nbsp;&nbsp; 170000 | 5424235 |
| SBS Holdings Inc. | &nbsp;&nbsp; 52300 | 1113543 |
| Sega Sammy Holdings Inc. | &nbsp;&nbsp; 510200 | 10429633 |
| Seibu Holdings Inc. | &nbsp;&nbsp; 683600 | 19102996 |
| Seiko Epson Corp. | &nbsp;&nbsp; 966500 | 12263246 |
| Seiko Group Corp. | &nbsp;&nbsp; 86900 | 2415717 |
| Seino Holdings Co. Ltd. | &nbsp;&nbsp; 304800 | 4635940 |
| Seiren Co. Ltd. | &nbsp;&nbsp; 159600 | 2607281 |
| Sekisui House REIT Inc. | &nbsp;&nbsp; 13472 | 6998624 |
| Senko Group Holdings Co. Ltd. | &nbsp;&nbsp; 423600 | 5701318 |
| Senshu Electric Co. Ltd. | &nbsp;&nbsp; 37300 | 1053558 |
| Senshu Ikeda Holdings Inc. | &nbsp;&nbsp; 756500 | 3220047 |
| Septeni Holdings Co. Ltd. | &nbsp;&nbsp; 246100 | 721820 |
| Seria Co. Ltd. | &nbsp;&nbsp; 148400 | 2733019 |
| Seven Bank Ltd. | &nbsp;&nbsp; 1906500 | 3424462 |
| Sharp Corp./Japan<sup>(b)</sup> | &nbsp;&nbsp; 843000 | 3985345 |
| Shibaura Machine Co. Ltd. | &nbsp;&nbsp; 72200 | 1858270 |
| Shibaura Mechatronics Corp. | &nbsp;&nbsp; 40300 | 2836095 |
| Shibuya Corp. | &nbsp;&nbsp; 53900 | 1296120 |
| SHIFT Inc.<sup>(b)</sup> | &nbsp;&nbsp; 604900 | 6348094 |
| Shiga Bank Ltd. (The) | &nbsp;&nbsp; 110800 | 4449764 |
| Shikoku Electric Power Co. Inc. | &nbsp;&nbsp; 539700 | 4490986 |
| Shikoku Kasei Holdings Corp. | &nbsp;&nbsp; 88900 | 1230334 |
| Shimamura Co. Ltd. | &nbsp;&nbsp; 144700 | 10477226 |
| Shimizu Corp. | &nbsp;&nbsp; 1624700 | 17998363 |
| Shin Nippon Air Technologies Co. Ltd. | &nbsp;&nbsp; 68900 | 1208678 |
| Shinagawa Refractories Co. Ltd. | &nbsp;&nbsp; 77600 | 886542 |
| Shin-Etsu Polymer Co. Ltd. | &nbsp;&nbsp; 127500 | 1505449 |
| Shinmaywa Industries Ltd. | &nbsp;&nbsp; 174400 | 2104912 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Shinnihon Corp. | &nbsp;&nbsp; 72000 | $836187 |
| Ship Healthcare Holdings Inc. | &nbsp;&nbsp; 246600 | 3441098 |
| Shizuoka Financial Group Inc., NVS | &nbsp;&nbsp; 1407300 | 16645801 |
| Shizuoka Gas Co. Ltd. | &nbsp;&nbsp; 120000 | 901932 |
| SHO-BOND Holdings Co. Ltd. | &nbsp;&nbsp; 125200 | 3997626 |
| Shochiku Co. Ltd. | &nbsp;&nbsp; 26600 | 2254202 |
| Shoei Co. Ltd. | &nbsp;&nbsp; 157300 | 1883503 |
| Showa Sangyo Co. Ltd. | &nbsp;&nbsp; 58600 | 1176892 |
| Simplex Holdings Inc. | &nbsp;&nbsp; 126400 | 3431351 |
| Sinfonia Technology Co. Ltd. | &nbsp;&nbsp; 73300 | 4603587 |
| Sinko Industries Ltd. | &nbsp;&nbsp; 157000 | 1328176 |
| SKY Perfect JSAT Holdings Inc. | &nbsp;&nbsp; 523300 | 4955781 |
| Skylark Holdings Co. Ltd. | &nbsp;&nbsp; 742500 | 14113322 |
| SMS Co. Ltd. | &nbsp;&nbsp; 224900 | 2251452 |
| Socionext Inc. | &nbsp;&nbsp; 584100 | 11007259 |
| Sojitz Corp. | &nbsp;&nbsp; 726620 | 17293456 |
| SOSiLA Logistics REIT Inc. | &nbsp;&nbsp; 2258 | 1756077 |
| Sotetsu Holdings Inc. | &nbsp;&nbsp; 254600 | 4020410 |
| Square Enix Holdings Co. Ltd. | &nbsp;&nbsp; 258500 | 17476192 |
| Stanley Electric Co. Ltd. | &nbsp;&nbsp; 346100 | 6527274 |
| Star Asia Investment Corp. | &nbsp;&nbsp; 8598 | 3339284 |
| Star Micronics Co. Ltd. | &nbsp;&nbsp; 92700 | 1066037 |
| Starts Corp. Inc. | &nbsp;&nbsp; 104000 | 3144688 |
| Sugi Holdings Co. Ltd. | &nbsp;&nbsp; 339000 | 8216479 |
| SUMCO Corp. | &nbsp;&nbsp; 1137700 | 8897724 |
| Sumitomo Bakelite Co. Ltd. | &nbsp;&nbsp; 242900 | 7043856 |
| Sumitomo Chemical Co. Ltd. | &nbsp;&nbsp; 4853200 | 12138290 |
| Sumitomo Densetsu Co. Ltd. | &nbsp;&nbsp; 53900 | 2342324 |
| Sumitomo Forestry Co. Ltd. | &nbsp;&nbsp; 1497500 | 15043352 |
| Sumitomo Heavy Industries Ltd. | &nbsp;&nbsp; 359500 | 7961681 |
| Sumitomo Osaka Cement Co. Ltd. | &nbsp;&nbsp; 94500 | 2459666 |
| Sumitomo Pharma Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 586600 | 5046832 |
| Sumitomo Riko Co. Ltd. | &nbsp;&nbsp; 118700 | 1503162 |
| Sumitomo Rubber Industries Ltd. | &nbsp;&nbsp; 592600 | 6773104 |
| Sumitomo Warehouse Co. Ltd. (The) | &nbsp;&nbsp; 150900 | 3129846 |
| Sun Corp. | &nbsp;&nbsp; 42400 | 1626865 |
| Sun Frontier Fudousan Co. Ltd. | &nbsp;&nbsp; 99100 | 1387439 |
| Sundrug Co. Ltd. | &nbsp;&nbsp; 231600 | 6864401 |
| Suruga Bank Ltd. | &nbsp;&nbsp; 409400 | 3769633 |
| Suzuken Co. Ltd. | &nbsp;&nbsp; 187200 | 7075631 |
| SWCC Corp. | &nbsp;&nbsp; 99600 | 5962553 |
| Synspective Inc., NVS<sup>(b)(c)</sup> | &nbsp;&nbsp; 112800 | 745439 |
| Systena Corp. | &nbsp;&nbsp; 844600 | 2237326 |
| T Hasegawa Co. Ltd. | &nbsp;&nbsp; 104000 | 2145802 |
| Tadano Ltd. | &nbsp;&nbsp; 320600 | 2306662 |
| Taihei Dengyo Kaisha Ltd. | &nbsp;&nbsp; 40100 | 1724050 |
| Taiheiyo Cement Corp. | &nbsp;&nbsp; 361200 | 8826586 |
| Taikisha Ltd. | &nbsp;&nbsp; 155000 | 2777043 |
| Taiyo Holdings Co. Ltd. | &nbsp;&nbsp; 122700 | 5328512 |
| Taiyo Yuden Co. Ltd. | &nbsp;&nbsp; 403900 | 7546132 |
| Takamatsu Construction Group Co. Ltd. | &nbsp;&nbsp; 52600 | 1072399 |
| Takara Bio Inc. | &nbsp;&nbsp; 159700 | 933367 |
| Takara Holdings Inc. | &nbsp;&nbsp; 478100 | 4024737 |
| Takara Leben Real Estate Investment Corp. | &nbsp;&nbsp; 2822 | 1763088 |
| Takara Standard Co. Ltd. | &nbsp;&nbsp; 127700 | 2183407 |
| Takasago International Corp. | &nbsp;&nbsp; 39300 | 1884117 |
| Takasago Thermal Engineering Co. Ltd. | &nbsp;&nbsp; 136400 | 6618200 |
| Takashimaya Co. Ltd. | &nbsp;&nbsp; 923400 | 7136229 |
| Takeuchi Manufacturing Co. Ltd. | &nbsp;&nbsp; 109900 | 3928495 |
| Takuma Co. Ltd. | &nbsp;&nbsp; 201400 | 2913200 |
| Tama Home Co. Ltd. | &nbsp;&nbsp; 47100 | 1110795 |
| Tamron Co. Ltd. | &nbsp;&nbsp; 452800 | 2721019 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI EAFE Small-Cap ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| TBS Holdings Inc. | &nbsp;&nbsp; 106100 | $3490067 |
| TechMatrix Corp. | &nbsp;&nbsp; 125800 | 1789688 |
| TechnoPro Holdings Inc. | &nbsp;&nbsp; 340600 | 10786864 |
| Teijin Ltd. | &nbsp;&nbsp; 576100 | 4896684 |
| THK Co. Ltd. | &nbsp;&nbsp; 339300 | 9537373 |
| Timee Inc.<sup>(b)</sup> | &nbsp;&nbsp; 142700 | 1901725 |
| TKC Corp. | &nbsp;&nbsp; 84400 | 2535212 |
| Toa Corp./Tokyo | &nbsp;&nbsp; 172200 | 2151206 |
| Toagosei Co. Ltd. | &nbsp;&nbsp; 266000 | 2607499 |
| Tobu Railway Co. Ltd. | &nbsp;&nbsp; 589000 | 10025848 |
| Tocalo Co. Ltd. | &nbsp;&nbsp; 181900 | 2434042 |
| Toda Corp. | &nbsp;&nbsp; 679100 | 4330729 |
| Toei Animation Co. Ltd. | &nbsp;&nbsp; 205800 | 4502437 |
| Toei Co. Ltd. | &nbsp;&nbsp; 95400 | 3295009 |
| Toenec Corp. | &nbsp;&nbsp; 148900 | 1312581 |
| Toho Bank Ltd. (The) | &nbsp;&nbsp; 600100 | 1461089 |
| Toho Gas Co. Ltd. | &nbsp;&nbsp; 221100 | 6174038 |
| Toho Holdings Co. Ltd. | &nbsp;&nbsp; 165000 | 5568336 |
| Tohoku Electric Power Co. Inc. | &nbsp;&nbsp; 1550300 | 10876428 |
| Tokai Carbon Co. Ltd. | &nbsp;&nbsp; 658700 | 4498013 |
| Tokai Corp./Gifu | &nbsp;&nbsp; 40500 | 565134 |
| TOKAI Holdings Corp. | &nbsp;&nbsp; 308200 | 2182285 |
| Tokai Rika Co. Ltd. | &nbsp;&nbsp; 167000 | 2673813 |
| Tokai Tokyo Financial Holdings Inc. | &nbsp;&nbsp; 656800 | 2367740 |
| Token Corp. | &nbsp;&nbsp; 18000 | 1662869 |
| Tokuyama Corp. | &nbsp;&nbsp; 209500 | 4486374 |
| Tokyo Century Corp. | &nbsp;&nbsp; 476100 | 5448843 |
| Tokyo Electric Power Co. Holdings Inc.<sup>(b)</sup> | &nbsp;&nbsp; 4951700 | 18749824 |
| Tokyo Electron Device Ltd. | &nbsp;&nbsp; 62800 | 1092451 |
| Tokyo Kiraboshi Financial Group Inc. | &nbsp;&nbsp; 80200 | 3457870 |
| Tokyo Ohka Kogyo Co. Ltd. | &nbsp;&nbsp; 310400 | 8501733 |
| Tokyo Seimitsu Co. Ltd. | &nbsp;&nbsp; 129300 | 8043714 |
| Tokyo Steel Manufacturing Co. Ltd. | &nbsp;&nbsp; 180600 | 1879113 |
| Tokyo Tatemono Co. Ltd. | &nbsp;&nbsp; 615000 | 10291941 |
| Tokyotokeiba Co. Ltd. | &nbsp;&nbsp; 45600 | 1571467 |
| Tokyu Construction Co. Ltd. | &nbsp;&nbsp; 253140 | 1739100 |
| Tokyu Fudosan Holdings Corp. | &nbsp;&nbsp; 1867000 | 13165439 |
| Tokyu REIT Inc. | &nbsp;&nbsp; 2646 | 3440597 |
| TOMONY Holdings Inc. | &nbsp;&nbsp; 523100 | 2114558 |
| Tomy Co. Ltd. | &nbsp;&nbsp; 272400 | 5756578 |
| Topcon Corp. | &nbsp;&nbsp; 333100 | 7252376 |
| Topre Corp. | &nbsp;&nbsp; 117500 | 1609726 |
| Toridoll Holdings Corp. | &nbsp;&nbsp; 157300 | 4627235 |
| Tosei Corp. | &nbsp;&nbsp; 97200 | 1874259 |
| Toshiba TEC Corp. | &nbsp;&nbsp; 86800 | 1735274 |
| Tosoh Corp. | &nbsp;&nbsp; 893600 | 13452639 |
| Totech Corp. | &nbsp;&nbsp; 82800 | 1556044 |
| Totetsu Kogyo Co. Ltd. | &nbsp;&nbsp; 77300 | 2139137 |
| TOTO Ltd. | &nbsp;&nbsp; 430800 | 10966530 |
| Towa Corp. | &nbsp;&nbsp; 208900 | 2594190 |
| Towa Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 84300 | 1828898 |
| Toyo Construction Co. Ltd. | &nbsp;&nbsp; 161800 | 1768302 |
| Toyo Seikan Group Holdings Ltd. | &nbsp;&nbsp; 341400 | 7070665 |
| Toyo Suisan Kaisha Ltd. | &nbsp;&nbsp; 287200 | 18348805 |
| Toyo Tanso Co. Ltd. | &nbsp;&nbsp; 43600 | 1399599 |
| Toyo Tire Corp. | &nbsp;&nbsp; 376200 | 7968312 |
| Toyobo Co. Ltd. | &nbsp;&nbsp; 253500 | 1641500 |
| Toyoda Gosei Co. Ltd. | &nbsp;&nbsp; 182600 | 3853595 |
| Toyota Boshoku Corp. | &nbsp;&nbsp; 269500 | 3829732 |
| Transcosmos Inc. | &nbsp;&nbsp; 71500 | 1703025 |
| TRE Holdings Corp. | &nbsp;&nbsp; 134600 | 1206954 |
| Tri Chemical Laboratories Inc. | &nbsp;&nbsp; 86400 | 1962631 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Trial Holdings Inc.<sup>(c)</sup> | &nbsp;&nbsp; 119300 | $1854695 |
| Trusco Nakayama Corp. | &nbsp;&nbsp; 150900 | 2197728 |
| TS Tech Co. Ltd. | &nbsp;&nbsp; 260100 | 3123072 |
| Tsubakimoto Chain Co. | &nbsp;&nbsp; 234000 | 3284383 |
| Tsuburaya Fields Holdings Inc. | &nbsp;&nbsp; 119900 | 1825017 |
| Tsugami Corp. | &nbsp;&nbsp; 120300 | 1656802 |
| Tsumura & Co. | &nbsp;&nbsp; 188100 | 4640021 |
| Tsuruha Holdings Inc. | &nbsp;&nbsp; 120100 | 8839911 |
| Tsurumi Manufacturing Co. Ltd. | &nbsp;&nbsp; 49900 | 1295521 |
| TV Asahi Holdings Corp. | &nbsp;&nbsp; 71300 | 1339698 |
| UACJ Corp. | &nbsp;&nbsp; 120394 | 4737731 |
| UBE Corp. | &nbsp;&nbsp; 306400 | 4690325 |
| Ulvac Inc. | &nbsp;&nbsp; 150700 | 5535505 |
| U-Next Holdings Co. Ltd. | &nbsp;&nbsp; 207300 | 2787791 |
| Union Tool Co. | &nbsp;&nbsp; 28600 | 1194427 |
| United Super Markets Holdings Inc. | &nbsp;&nbsp; 284000 | 1770514 |
| United Urban Investment Corp. | &nbsp;&nbsp; 9550 | 10485685 |
| Ushio Inc. | &nbsp;&nbsp; 224800 | 2757389 |
| USS Co. Ltd. | &nbsp;&nbsp; 1334100 | 14500182 |
| UT Group Co. Ltd. | &nbsp;&nbsp; 92200 | 1556524 |
| Valor Holdings Co. Ltd. | &nbsp;&nbsp; 114500 | 2022169 |
| Visional Inc.<sup>(b)</sup> | &nbsp;&nbsp; 77200 | 6034373 |
| Wacoal Holdings Corp. | &nbsp;&nbsp; 116800 | 4221252 |
| Wacom Co. Ltd. | &nbsp;&nbsp; 390900 | 1683132 |
| Wakita & Co. Ltd. | &nbsp;&nbsp; 101000 | 1177562 |
| Welcia Holdings Co. Ltd. | &nbsp;&nbsp; 308200 | 5171493 |
| West Holdings Corp. | &nbsp;&nbsp; 72130 | 718837 |
| WingArc1st Inc. | &nbsp;&nbsp; 63200 | 1511619 |
| Workman Co. Ltd. | &nbsp;&nbsp; 66500 | 2846415 |
| Yamabiko Corp. | &nbsp;&nbsp; 96900 | 1407592 |
| Yamada Holdings Co. Ltd. | &nbsp;&nbsp; 1733300 | 5282615 |
| Yamaguchi Financial Group Inc. | &nbsp;&nbsp; 531200 | 6012537 |
| Yamaha Corp. | &nbsp;&nbsp; 1210300 | 8722766 |
| Yamato Holdings Co. Ltd. | &nbsp;&nbsp; 812100 | 11742303 |
| Yamato Kogyo Co. Ltd. | &nbsp;&nbsp; 126400 | 7092754 |
| Yamazaki Baking Co. Ltd. | &nbsp;&nbsp; 394200 | 8421029 |
| Yamazen Corp. | &nbsp;&nbsp; 162300 | 1438580 |
| Yaoko Co. Ltd. | &nbsp;&nbsp; 60300 | 3902458 |
| Yaskawa Electric Corp. | &nbsp;&nbsp; 737400 | 15423299 |
| Yellow Hat Ltd. | &nbsp;&nbsp; 209200 | 2214522 |
| Yodogawa Steel Works Ltd. | &nbsp;&nbsp; 330600 | 2544758 |
| Yokogawa Bridge Holdings Corp. | &nbsp;&nbsp; 103200 | 1829288 |
| Yokohama Rubber Co. Ltd. (The) | &nbsp;&nbsp; 411900 | 11777005 |
| Yonex Co. Ltd. | &nbsp;&nbsp; 193400 | 3797494 |
| Yoshinoya Holdings Co. Ltd. | &nbsp;&nbsp; 210100 | 4553616 |
| Yuasa Trading Co. Ltd. | &nbsp;&nbsp; 50200 | 1559661 |
| Yurtec Corp. | &nbsp;&nbsp; 114700 | 1877630 |
| Zacros Corp. | &nbsp;&nbsp; 40100 | 1044987 |
| Zenkoku Hosho Co. Ltd. | &nbsp;&nbsp; 339000 | 7232615 |
| Zeon Corp. | &nbsp;&nbsp; 414200 | 4396112 |
| ZERIA Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 79600 | 1098307 |
| Zojirushi Corp. | &nbsp;&nbsp; 110300 | 1315874 |
| Zuken Inc. | &nbsp;&nbsp; 50800 | 1953794 |
|  |  | 3578519118 |
| **Netherlands — 1.3%** | **Netherlands — 1.3%** | **Netherlands — 1.3%** |
| Aalberts NV | &nbsp;&nbsp; 325731 | 10411098 |
| Allfunds Group PLC | &nbsp;&nbsp; 1022636 | 7080941 |
| AMG Critical Materials NV | &nbsp;&nbsp; 100572 | 2831796 |
| Arcadis NV | &nbsp;&nbsp; 236291 | 11792735 |
| Basic-Fit NV<sup>(b)(c)(d)</sup> | &nbsp;&nbsp; 160704 | 4536759 |
| Brunel International NV<sup>(c)</sup> | &nbsp;&nbsp; 71794 | 745893 |
| Corbion NV | &nbsp;&nbsp; 167185 | 3172806 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI EAFE Small-Cap ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| Eurocommercial Properties NV | &nbsp;&nbsp; 142942 | $4363022 |
| Flow Traders Ltd. | &nbsp;&nbsp; 110431 | 3307615 |
| Fugro NV | &nbsp;&nbsp; 355240 | 5092330 |
| Just Eat Takeaway.com NV<sup>(b)(d)</sup> | &nbsp;&nbsp; 576468 | 13167912 |
| Koninklijke BAM Groep NV | &nbsp;&nbsp; 872865 | 7620320 |
| Koninklijke Heijmans NV | &nbsp;&nbsp; 80647 | 5140176 |
| Koninklijke Vopak NV | &nbsp;&nbsp; 191080 | 9128077 |
| OCI NV | &nbsp;&nbsp; 345996 | 2881940 |
| Pharming Group NV<sup>(b)(c)</sup> | &nbsp;&nbsp; 2214785 | 2434110 |
| Pharvaris NV<sup>(b)(c)</sup> | &nbsp;&nbsp; 73023 | 1451697 |
| PostNL NV<sup>(c)</sup> | &nbsp;&nbsp; 1038509 | 1132403 |
| SBM Offshore NV | &nbsp;&nbsp; 458667 | 11961685 |
| Signify NV<sup>(d)</sup> | &nbsp;&nbsp; 431761 | 10328836 |
| Sligro Food Group NV | &nbsp;&nbsp; 67636 | 854911 |
| TKH Group NV | &nbsp;&nbsp; 123887 | 5095872 |
| TomTom NV<sup>(b)</sup> | &nbsp;&nbsp; 192368 | 1158174 |
| Van Lanschot Kempen NV | &nbsp;&nbsp; 89769 | 5847138 |
| Wereldhave NV | &nbsp;&nbsp; 129016 | 2640729 |
|  |  | 134178975 |
| **New Zealand — 0.5%** | **New Zealand — 0.5%** | **New Zealand — 0.5%** |
| Air New Zealand Ltd. | &nbsp;&nbsp; 5382746 | 1839166 |
| EBOS Group Ltd. | &nbsp;&nbsp; 619338 | 14922444 |
| Fletcher Building Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3487287 | 6221022 |
| Goodman Property Trust | &nbsp;&nbsp; 3536764 | 4187850 |
| Kiwi Property Group Ltd. | &nbsp;&nbsp; 5178266 | 2968951 |
| Mercury NZ Ltd. | &nbsp;&nbsp; 2264397 | 8250998 |
| Ryman Healthcare Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2906088 | 4271714 |
| Spark New Zealand Ltd. | &nbsp;&nbsp; 6146794 | 8799214 |
|  |  | 51461359 |
| **Norway — 2.1%** | **Norway — 2.1%** | **Norway — 2.1%** |
| Aker ASA, Class A | &nbsp;&nbsp; 72103 | 4972524 |
| Aker Solutions ASA | &nbsp;&nbsp; 947531 | 2802514 |
| Atea ASA | &nbsp;&nbsp; 262667 | 3628004 |
| Austevoll Seafood ASA | &nbsp;&nbsp; 294004 | 2705455 |
| AutoStore Holdings Ltd.<sup>(b)(d)</sup> | &nbsp;&nbsp; 3843413 | 2700140 |
| Bakkafrost P/F | &nbsp;&nbsp; 164314 | 6563390 |
| BlueNord ASA | &nbsp;&nbsp; 78234 | 3735229 |
| BW LPG Ltd.<sup>(c)(d)</sup> | &nbsp;&nbsp; 312162 | 4149789 |
| BW Offshore Ltd. | &nbsp;&nbsp; 298209 | 1008096 |
| Cadeler AS<sup>(b)</sup> | &nbsp;&nbsp; 740614 | 3898785 |
| DNO ASA | &nbsp;&nbsp; 1424772 | 1945667 |
| DOF Group ASA | &nbsp;&nbsp; 474257 | 4342446 |
| Elkem ASA<sup>(c)(d)</sup> | &nbsp;&nbsp; 919371 | 2136129 |
| Elopak ASA | &nbsp;&nbsp; 353668 | 1717250 |
| Entra ASA<sup>(b)(d)</sup> | &nbsp;&nbsp; 158707 | 1949548 |
| Europris ASA<sup>(d)</sup> | &nbsp;&nbsp; 517729 | 4849703 |
| Flex LNG Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 101412 | 2530714 |
| Frontline PLC<sup>(c)</sup> | &nbsp;&nbsp; 470837 | 8670124 |
| Golden Ocean Group Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 353329 | 2925413 |
| Grieg Seafood ASA<sup>(b)(c)</sup> | &nbsp;&nbsp; 164265 | 1093238 |
| Hexagon Composites ASA<sup>(b)(c)</sup> | &nbsp;&nbsp; 510582 | 843625 |
| Hoegh Autoliners ASA | &nbsp;&nbsp; 343568 | 3452553 |
| Kitron ASA | &nbsp;&nbsp; 608679 | 3702096 |
| Leroy Seafood Group ASA | &nbsp;&nbsp; 879319 | 4000080 |
| MPC Container Ships ASA | &nbsp;&nbsp; 1187720 | 2187908 |
| NORBIT ASA | &nbsp;&nbsp; 110008 | 2186113 |
| Norconsult Norge A/S | &nbsp;&nbsp; 365551 | 1534517 |
| Nordic Semiconductor ASA<sup>(b)</sup> | &nbsp;&nbsp; 562137 | 7642290 |
| Norwegian Air Shuttle ASA<sup>(b)</sup> | &nbsp;&nbsp; 1571448 | 2570369 |
| Odfjell Drilling Ltd. | &nbsp;&nbsp; 317927 | 2259029 |
| Odfjell SE, Class A | &nbsp;&nbsp; 57814 | 709166 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Norway (continued)** | **Norway (continued)** | **Norway (continued)** |
| Paratus Energy Services Ltd. | &nbsp;&nbsp; 306201 | $1167501 |
| Protector Forsikring ASA | &nbsp;&nbsp; 174513 | 8520343 |
| Scatec ASA<sup>(b)(d)</sup> | &nbsp;&nbsp; 410003 | 4067957 |
| SpareBank 1 Nord Norge | &nbsp;&nbsp; 296061 | 4236629 |
| SpareBank 1 Oestlandet | &nbsp;&nbsp; 136069 | 2535669 |
| SpareBank 1 SMN | &nbsp;&nbsp; 436043 | 8102250 |
| SpareBank 1 Sor-Norge ASA | &nbsp;&nbsp; 668255 | 11704114 |
| Stolt-Nielsen Ltd. | &nbsp;&nbsp; 77054 | 2254778 |
| Storebrand ASA | &nbsp;&nbsp; 1406327 | 19970237 |
| Subsea 7 SA | &nbsp;&nbsp; 724897 | 14047753 |
| TGS ASA | &nbsp;&nbsp; 636840 | 4678761 |
| TOMRA Systems ASA | &nbsp;&nbsp; 716181 | 9947813 |
| Vend Marketplaces ASA, Class A | &nbsp;&nbsp; 233599 | 9220619 |
| Vend Marketplaces ASA, Class B | &nbsp;&nbsp; 321052 | 12063122 |
| Wallenius Wilhelmsen ASA | &nbsp;&nbsp; 344661 | 3083400 |
| Wilh Wilhelmsen Holding ASA, Class A | &nbsp;&nbsp; 39112 | 1802632 |
|  |  | 216815482 |
| **Portugal — 0.4%** | **Portugal — 0.4%** | **Portugal — 0.4%** |
| Altri SGPS SA<sup>(c)</sup> | &nbsp;&nbsp; 228558 | 1243877 |
| Banco Comercial Portugues SA, Class R | &nbsp;&nbsp; 27088651 | 22243693 |
| Corticeira Amorim SGPS SA | &nbsp;&nbsp; 95088 | 845159 |
| CTT-Correios de Portugal SA | &nbsp;&nbsp; 247790 | 2088243 |
| Mota-Engil SGPS SA<sup>(c)</sup> | &nbsp;&nbsp; 308719 | 1577470 |
| Navigator Co. SA (The) | &nbsp;&nbsp; 715885 | 2528408 |
| NOS SGPS SA | &nbsp;&nbsp; 678489 | 2796815 |
| REN - Redes Energeticas Nacionais SGPS SA | &nbsp;&nbsp; 1314311 | 4460123 |
| Semapa-Sociedade de Investimento e Gestao | &nbsp;&nbsp; 51873 | 1015828 |
| Sonae SGPS SA | &nbsp;&nbsp; 2604843 | 3757424 |
|  |  | 42557040 |
| **Singapore — 2.1%** | **Singapore — 2.1%** | **Singapore — 2.1%** |
| AIMS APAC REIT | &nbsp;&nbsp; 1907075 | 2038567 |
| Bitdeer Technologies Group, Class A<sup>(b)(c)</sup> | &nbsp;&nbsp; 282272 | 3638486 |
| CapitaLand Ascott Trust | &nbsp;&nbsp; 8883196 | 6114607 |
| CapitaLand China Trust<sup>(c)</sup> | &nbsp;&nbsp; 3904234 | 2279896 |
| Capitaland India Trust<sup>(c)</sup> | &nbsp;&nbsp; 3402742 | 3118656 |
| CDL Hospitality Trusts<sup>(c)</sup> | &nbsp;&nbsp; 2599400 | 1596167 |
| City Developments Ltd. | &nbsp;&nbsp; 1597900 | 7564732 |
| ComfortDelGro Corp. Ltd. | &nbsp;&nbsp; 6942600 | 8161902 |
| Digital Core REIT Management Pte. Ltd. | &nbsp;&nbsp; 3055300 | 1597855 |
| Eagle Hospitality Trust<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 1640200 | 16 |
| ESR-REIT | &nbsp;&nbsp; 2035987 | 4311662 |
| Far East Hospitality Trust<sup>(c)</sup> | &nbsp;&nbsp; 3411200 | 1573190 |
| First Resources Ltd. | &nbsp;&nbsp; 1830900 | 2136130 |
| Frasers Centrepoint Trust | &nbsp;&nbsp; 4306599 | 7344048 |
| Frasers Hospitality Trust | &nbsp;&nbsp; 2502400 | 1345688 |
| Frasers Logistics & Commercial Trust<sup>(c)</sup> | &nbsp;&nbsp; 8931836 | 6032216 |
| Golden Agri-Resources Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 21265300 | 4162768 |
| Hafnia Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 994208 | 5463756 |
| Hong Fok Corp. Ltd. | &nbsp;&nbsp; 1141600 | 710455 |
| Hutchison Port Holdings Trust, Class U | &nbsp;&nbsp; 15326900 | 3055249 |
| iFAST Corp. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 492700 | 3428073 |
| Keppel DC REIT | &nbsp;&nbsp; 5886751 | 10712835 |
| Keppel Infrastructure Trust | &nbsp;&nbsp; 13877890 | 4692627 |
| Keppel REIT<sup>(c)</sup> | &nbsp;&nbsp; 8335300 | 6083601 |
| Lendlease Global Commercial REIT<sup>(c)</sup> | &nbsp;&nbsp; 5544729 | 2340940 |
| Mapletree Industrial Trust | &nbsp;&nbsp; 6876993 | 10720535 |
| Mapletree Logistics Trust<sup>(c)</sup> | &nbsp;&nbsp; 11492400 | 10219792 |
| Mapletree Pan Asia Commercial Trust<sup>(c)</sup> | &nbsp;&nbsp; 7690000 | 7620053 |
| NetLink NBN Trust<sup>(c)</sup> | &nbsp;&nbsp; 9252400 | 6377771 |
| Olam Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 3175800 | 2543771 |
| Parkway Life REIT | &nbsp;&nbsp; 1465600 | 4539938 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI EAFE Small-Cap ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Singapore (continued)** | **Singapore (continued)** | **Singapore (continued)** |
| Raffles Medical Group Ltd. | &nbsp;&nbsp; 2569200 | $1953114 |
| Riverstone Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1815900 | 984917 |
| Sasseur REIT | &nbsp;&nbsp; 1836400 | 952792 |
| SATS Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2908679 | 7097307 |
| Seatrium Ltd. | &nbsp;&nbsp; 7181700 | 12481511 |
| Sheng Siong Group Ltd. | &nbsp;&nbsp; 2150300 | 3471194 |
| SIA Engineering Co. Ltd. | &nbsp;&nbsp; 922800 | 2180558 |
| Singapore Post Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 4838400 | 1817836 |
| Starhill Global REIT | &nbsp;&nbsp; 4669000 | 1936851 |
| StarHub Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2048000 | 1940111 |
| Stoneweg Europe Stapled Trust, NVS | &nbsp;&nbsp; 1014360 | 1828988 |
| Suntec REIT | &nbsp;&nbsp; 6517000 | 5800476 |
| Super Hi International Holding Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 767000 | 1575135 |
| UMS Integration Ltd. | &nbsp;&nbsp; 2013500 | 2344642 |
| UOL Group Ltd. | &nbsp;&nbsp; 1501500 | 7937217 |
| Venture Corp. Ltd. | &nbsp;&nbsp; 903700 | 8964012 |
| Yangzijiang Financial Holding Ltd. | &nbsp;&nbsp; 7156400 | 5291442 |
| Yanlord Land Group Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 1850800 | 820876 |
|  |  | 210904961 |
| **Spain — 1.5%** | **Spain — 1.5%** | **Spain — 1.5%** |
| Acerinox SA | &nbsp;&nbsp; 602691 | 6954750 |
| Aedas Homes SA<sup>(d)</sup> | &nbsp;&nbsp; 27625 | 664762 |
| Almirall SA | &nbsp;&nbsp; 248715 | 2993816 |
| Atresmedia Corp. de Medios de Comunicacion SA | &nbsp;&nbsp; 293392 | 1658001 |
| Audax Renovables SA | &nbsp;&nbsp; 609364 | 1005284 |
| CIE Automotive SA | &nbsp;&nbsp; 132569 | 3980231 |
| Construcciones y Auxiliar de Ferrocarriles SA | &nbsp;&nbsp; 60217 | 3646519 |
| Distribuidora Internacional de Alimentacion SA<sup>(b)</sup> | &nbsp;&nbsp; 51910 | 1700178 |
| eDreams ODIGEO SA<sup>(b)</sup> | &nbsp;&nbsp; 291868 | 2762469 |
| Enagas SA | &nbsp;&nbsp; 764358 | 11448162 |
| Ence Energia y Celulosa SA | &nbsp;&nbsp; 416147 | 1309548 |
| Fluidra SA | &nbsp;&nbsp; 308552 | 7695479 |
| Gestamp Automocion SA<sup>(d)</sup> | &nbsp;&nbsp; 511108 | 1921257 |
| Grenergy Renovables SA<sup>(b)</sup> | &nbsp;&nbsp; 42284 | 3133692 |
| Indra Sistemas SA | &nbsp;&nbsp; 259026 | 10729892 |
| Inmobiliaria Colonial SOCIMI SA | &nbsp;&nbsp; 999312 | 6617882 |
| Laboratorios Farmaceuticos Rovi SA | &nbsp;&nbsp; 65890 | 4067189 |
| Let's Gowex SA.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 51450 | 1 |
| Linea Directa Aseguradora SA Cia de Seguros <br> y Reaseguros<br>| &nbsp;&nbsp; 1822551 | 2807920 |
| Logista Integral SA | &nbsp;&nbsp; 192163 | 6082059 |
| Melia Hotels International SA | &nbsp;&nbsp; 353850 | 3141914 |
| Merlin Properties SOCIMI SA | &nbsp;&nbsp; 1279118 | 17710724 |
| Neinor Homes SA<sup>(d)</sup> | &nbsp;&nbsp; 117916 | 2291903 |
| Pharma Mar SA | &nbsp;&nbsp; 44495 | 4055807 |
| Prosegur Cash SA<sup>(d)</sup> | &nbsp;&nbsp; 911733 | 781392 |
| Prosegur Cia. de Seguridad SA | &nbsp;&nbsp; 419667 | 1242821 |
| Sacyr SA | &nbsp;&nbsp; 1786898 | 7316915 |
| Solaria Energia y Medio Ambiente SA<sup>(b)(c)</sup> | &nbsp;&nbsp; 268752 | 3455641 |
| Talgo SA<sup>(b)(c)(d)</sup> | &nbsp;&nbsp; 208868 | 722440 |
| Tecnicas Reunidas SA<sup>(b)</sup> | &nbsp;&nbsp; 153634 | 3783520 |
| Unicaja Banco SA<sup>(d)</sup> | &nbsp;&nbsp; 3317522 | 8716448 |
| Vidrala SA | &nbsp;&nbsp; 70409 | 7579285 |
| Viscofan SA | &nbsp;&nbsp; 131928 | 9027525 |
|  |  | 151005426 |
| **Sweden — 5.1%** | **Sweden — 5.1%** | **Sweden — 5.1%** |
| AAK AB | &nbsp;&nbsp; 591479 | 15215452 |
| AcadeMedia AB<sup>(d)</sup> | &nbsp;&nbsp; 254420 | 2329671 |
| AddLife AB, Class B | &nbsp;&nbsp; 382593 | 6737518 |
| Addnode Group AB, Class B | &nbsp;&nbsp; 398678 | 4561423 |
| AFRY AB | &nbsp;&nbsp; 321066 | 4969642 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| Alimak Group AB<sup>(d)</sup> | &nbsp;&nbsp; 229502 | $3933952 |
| Alleima AB | &nbsp;&nbsp; 607332 | 4291990 |
| Ambea AB<sup>(d)</sup> | &nbsp;&nbsp; 262634 | 3304071 |
| AQ Group AB | &nbsp;&nbsp; 192662 | 3926540 |
| Arjo AB, Class B | &nbsp;&nbsp; 704975 | 2456677 |
| Asmodee Group AB, Class B<sup>(b)</sup> | &nbsp;&nbsp; 434228 | 5468490 |
| Atrium Ljungberg AB, Class B | &nbsp;&nbsp; 851594 | 2754372 |
| Attendo AB<sup>(d)</sup> | &nbsp;&nbsp; 329918 | 2305265 |
| Avanza Bank Holding AB | &nbsp;&nbsp; 407991 | 15030212 |
| Axfood AB | &nbsp;&nbsp; 352334 | 10498955 |
| Betsson AB, Class B | &nbsp;&nbsp; 382105 | 6469942 |
| Better Collective A/S<sup>(b)(c)</sup> | &nbsp;&nbsp; 124817 | 1762107 |
| Bilia AB, Class A | &nbsp;&nbsp; 199882 | 2348475 |
| Billerud Aktiebolag | &nbsp;&nbsp; 724924 | 6155128 |
| BioArctic AB, Class B<sup>(b)(c)(d)</sup> | &nbsp;&nbsp; 121232 | 2654330 |
| BioGaia AB, Class B | &nbsp;&nbsp; 280852 | 2810144 |
| BoneSupport Holding AB<sup>(b)(d)</sup> | &nbsp;&nbsp; 182377 | 6159188 |
| Boozt AB<sup>(b)(d)</sup> | &nbsp;&nbsp; 180980 | 1611231 |
| Bravida Holding AB<sup>(d)</sup> | &nbsp;&nbsp; 661498 | 6207460 |
| Bufab AB | &nbsp;&nbsp; 434489 | 4308896 |
| Bure Equity AB | &nbsp;&nbsp; 178962 | 5283192 |
| Camurus AB<sup>(b)</sup> | &nbsp;&nbsp; 113860 | 7900037 |
| Castellum AB | &nbsp;&nbsp; 1367744 | 15569794 |
| Catena AB | &nbsp;&nbsp; 145741 | 6583735 |
| Cibus Nordic Real Estate AB publ | &nbsp;&nbsp; 210650 | 3733460 |
| Clas Ohlson AB, Class B | &nbsp;&nbsp; 125334 | 4360937 |
| Cloetta AB, Class B | &nbsp;&nbsp; 607305 | 1953117 |
| Corem Property Group AB, Class B | &nbsp;&nbsp; 1848355 | 824424 |
| Creades AB, Class A | &nbsp;&nbsp; 168942 | 1349053 |
| Dios Fastigheter AB | &nbsp;&nbsp; 347323 | 2281839 |
| Dometic Group AB<sup>(d)</sup> | &nbsp;&nbsp; 980794 | 4954409 |
| Electrolux AB, Class B<sup>(b)</sup> | &nbsp;&nbsp; 707136 | 4306883 |
| Electrolux Professional AB, Class B | &nbsp;&nbsp; 764917 | 5197392 |
| Elekta AB, Class B | &nbsp;&nbsp; 1191306 | 5874467 |
| Embracer Group AB<sup>(b)</sup> | &nbsp;&nbsp; 450352 | 4658708 |
| Engcon AB | &nbsp;&nbsp; 127002 | 995166 |
| Fabege AB | &nbsp;&nbsp; 704445 | 5904407 |
| FastPartner AB, Class A | &nbsp;&nbsp; 187975 | 959229 |
| Getinge AB, Class B | &nbsp;&nbsp; 740702 | 14620172 |
| Granges AB | &nbsp;&nbsp; 345375 | 4631179 |
| Hemnet Group AB | &nbsp;&nbsp; 283995 | 8178621 |
| Hexatronic Group AB<sup>(b)(c)</sup> | &nbsp;&nbsp; 575513 | 1222369 |
| Hexpol AB | &nbsp;&nbsp; 847889 | 7301162 |
| HMS Networks AB<sup>(b)</sup> | &nbsp;&nbsp; 106562 | 4477708 |
| Hoist Finance AB<sup>(d)</sup> | &nbsp;&nbsp; 153023 | 1507703 |
| Hufvudstaden AB, Class A | &nbsp;&nbsp; 364022 | 4404893 |
| Husqvarna AB, Class B | &nbsp;&nbsp; 1144270 | 6197484 |
| Instalco AB | &nbsp;&nbsp; 785715 | 2057374 |
| Intea Fastigheter AB<sup>(b)</sup> | &nbsp;&nbsp; 210771 | 1644958 |
| INVISIO AB | &nbsp;&nbsp; 117370 | 3802914 |
| Inwido AB | &nbsp;&nbsp; 168538 | 3133635 |
| JM AB | &nbsp;&nbsp; 199027 | 2852055 |
| Kinnevik AB, Class B | &nbsp;&nbsp; 792182 | 7102688 |
| Lindab International AB | &nbsp;&nbsp; 228055 | 4793391 |
| Loomis AB, Class B | &nbsp;&nbsp; 230936 | 9131047 |
| Medicover AB, Class B | &nbsp;&nbsp; 214067 | 5996771 |
| MEKO AB | &nbsp;&nbsp; 127066 | 1112399 |
| Mildef Group AB<sup>(c)</sup> | &nbsp;&nbsp; 129686 | 2282606 |
| Millicom International Cellular SA | &nbsp;&nbsp; 333757 | 13400344 |
| MIPS AB | &nbsp;&nbsp; 86528 | 3667172 |
| Modern Times Group MTG AB, Class B<sup>(b)</sup> | &nbsp;&nbsp; 277586 | 2853747 |
| Munters Group AB<sup>(d)</sup> | &nbsp;&nbsp; 416739 | 5864881 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI EAFE Small-Cap ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| Mycronic AB | &nbsp;&nbsp; 506672 | $10994214 |
| NCAB Group AB<sup>(b)</sup> | &nbsp;&nbsp; 591870 | 3198464 |
| NCC AB, Class B | &nbsp;&nbsp; 270367 | 5119477 |
| New Wave Group AB, Class B | &nbsp;&nbsp; 302814 | 3626489 |
| Nolato AB, Class B | &nbsp;&nbsp; 621938 | 3679033 |
| Nordnet AB publ | &nbsp;&nbsp; 449677 | 12144014 |
| Norion Bank AB<sup>(b)</sup> | &nbsp;&nbsp; 198630 | 1269159 |
| NP3 Fastigheter AB | &nbsp;&nbsp; 107517 | 2850133 |
| Nyfosa AB | &nbsp;&nbsp; 541271 | 4692447 |
| Pandox AB, Class B | &nbsp;&nbsp; 348330 | 6219893 |
| Paradox Interactive AB | &nbsp;&nbsp; 119034 | 2035323 |
| Peab AB, Class B | &nbsp;&nbsp; 551872 | 4150390 |
| Platzer Fastigheter Holding AB, Class B | &nbsp;&nbsp; 189691 | 1351721 |
| Polestar Automotive Holding U.K. PLC, <br> Class A<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 1369088 | 1464924 |
| Ratos AB, Class B | &nbsp;&nbsp; 667364 | 2362526 |
| RaySearch Laboratories AB | &nbsp;&nbsp; 92393 | 3166592 |
| Rusta AB | &nbsp;&nbsp; 177504 | 1388142 |
| Samhallsbyggnadsbolaget i Norden AB<sup>(c)</sup> | &nbsp;&nbsp; 3533668 | 1771726 |
| Scandic Hotels Group AB<sup>(d)</sup> | &nbsp;&nbsp; 490645 | 4068605 |
| Sdiptech AB, Class B<sup>(b)(c)</sup> | &nbsp;&nbsp; 102189 | 2054179 |
| Sectra AB, Class B | &nbsp;&nbsp; 443361 | 16438038 |
| Sinch AB<sup>(b)(d)</sup> | &nbsp;&nbsp; 2044132 | 7017411 |
| SkiStar AB | &nbsp;&nbsp; 135079 | 2130931 |
| SSAB AB, Class A | &nbsp;&nbsp; 733273 | 4228526 |
| SSAB AB, Class B | &nbsp;&nbsp; 2040688 | 11533297 |
| Storskogen Group AB, Class B | &nbsp;&nbsp; 4501448 | 5224507 |
| Storytel AB | &nbsp;&nbsp; 174006 | 1514933 |
| Surgical Science Sweden AB<sup>(b)</sup> | &nbsp;&nbsp; 118195 | 1791033 |
| Svolder AB, Class B | &nbsp;&nbsp; 286838 | 1614211 |
| Sweco AB, Class B | &nbsp;&nbsp; 648077 | 10223110 |
| SwedenCare AB<sup>(c)</sup> | &nbsp;&nbsp; 197850 | 767005 |
| Synsam AB | &nbsp;&nbsp; 447185 | 2439569 |
| Thule Group AB<sup>(d)</sup> | &nbsp;&nbsp; 350659 | 9917251 |
| Troax Group AB | &nbsp;&nbsp; 127153 | 1776508 |
| Truecaller AB, Class B | &nbsp;&nbsp; 886897 | 4430298 |
| VBG Group AB, Class B | &nbsp;&nbsp; 57045 | 1639006 |
| Vimian Group AB<sup>(b)(c)</sup> | &nbsp;&nbsp; 576896 | 1956743 |
| Vitec Software Group AB, Class B | &nbsp;&nbsp; 108763 | 4216473 |
| Vitrolife AB | &nbsp;&nbsp; 244661 | 3595278 |
| Wallenstam AB, Class B | &nbsp;&nbsp; 1245930 | 5646840 |
| Wihlborgs Fastigheter AB | &nbsp;&nbsp; 893735 | 8782789 |
| Xvivo Perfusion AB<sup>(b)(c)</sup> | &nbsp;&nbsp; 81442 | 1660071 |
| Yubico AB<sup>(b)(c)</sup> | &nbsp;&nbsp; 157994 | 2174201 |
|  |  | 521524133 |
| **Switzerland — 5.0%** | **Switzerland — 5.0%** | **Switzerland — 5.0%** |
| Accelleron Industries AG | &nbsp;&nbsp; 307124 | 27973419 |
| Adecco Group AG, Registered | &nbsp;&nbsp; 547811 | 17249550 |
| Allreal Holding AG, Registered | &nbsp;&nbsp; 48783 | 11033955 |
| ALSO Holding AG, Registered | &nbsp;&nbsp; 18464 | 5576667 |
| ams-OSRAM AG<sup>(b)</sup> | &nbsp;&nbsp; 326400 | 4302216 |
| Arbonia AG | &nbsp;&nbsp; 171584 | 1162106 |
| Aryzta AG<sup>(b)</sup> | &nbsp;&nbsp; 76102 | 7142397 |
| Autoneum Holding AG | &nbsp;&nbsp; 8831 | 1569956 |
| Bachem Holding AG<sup>(c)</sup> | &nbsp;&nbsp; 109846 | 9254145 |
| Basilea Pharmaceutica Ag Allschwil, Registered<sup>(b)</sup> | &nbsp;&nbsp; 41489 | 2942273 |
| Belimo Holding AG, Registered | &nbsp;&nbsp; 31927 | 37154338 |
| Bossard Holding AG, Class A, Registered | &nbsp;&nbsp; 18669 | 3956627 |
| Bucher Industries AG, Registered | &nbsp;&nbsp; 21834 | 10311077 |
| Burckhardt Compression Holding AG | &nbsp;&nbsp; 10391 | 9254143 |
| Burkhalter Holding AG | &nbsp;&nbsp; 23650 | 4252959 |
| Bystronic AG, Registered | &nbsp;&nbsp; 4350 | 2155586 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| Cembra Money Bank AG | &nbsp;&nbsp; 98932 | $11103159 |
| Clariant AG, Registered | &nbsp;&nbsp; 692432 | 7106397 |
| Comet Holding AG, Registered | &nbsp;&nbsp; 23909 | 6019819 |
| COSMO Pharmaceuticals NV | &nbsp;&nbsp; 25113 | 1801501 |
| Daetwyler Holding AG, Bearer<sup>(c)</sup> | &nbsp;&nbsp; 25320 | 4509343 |
| DKSH Holding AG | &nbsp;&nbsp; 115800 | 8007599 |
| dormakaba Holding AG | &nbsp;&nbsp; 10233 | 9878167 |
| Dottikon Es Holding AG<sup>(b)(c)</sup> | &nbsp;&nbsp; 11196 | 4352433 |
| EFG International AG | &nbsp;&nbsp; 303129 | 6008221 |
| Emmi AG, Registered | &nbsp;&nbsp; 6956 | 6331718 |
| Flughafen Zurich AG, Registered | &nbsp;&nbsp; 65174 | 18368417 |
| Forbo Holding AG, Registered | &nbsp;&nbsp; 3052 | 2894868 |
| Galenica AG<sup>(d)</sup> | &nbsp;&nbsp; 161886 | 17180900 |
| Georg Fischer AG | &nbsp;&nbsp; 252573 | 19758448 |
| Hiag Immobilien Holding AG | &nbsp;&nbsp; 13511 | 1796866 |
| Huber + Suhner AG, Registered | &nbsp;&nbsp; 46771 | 6245140 |
| Implenia AG, Registered | &nbsp;&nbsp; 39268 | 2643104 |
| Inficon Holding AG | &nbsp;&nbsp; 55637 | 6694579 |
| Interroll Holding AG, Registered | &nbsp;&nbsp; 2330 | 6561206 |
| Intershop Holding AG | &nbsp;&nbsp; 17948 | 3322390 |
| Kardex Holding AG, Registered | &nbsp;&nbsp; 20041 | 7717128 |
| Komax Holding AG, Registered<sup>(b)(c)</sup> | &nbsp;&nbsp; 12683 | 1736024 |
| Kuros Biosciences AG<sup>(b)</sup> | &nbsp;&nbsp; 87045 | 3196417 |
| Landis+Gyr Group AG | &nbsp;&nbsp; 84081 | 6865577 |
| LEM Holding SA, Registered<sup>(b)</sup> | &nbsp;&nbsp; 1681 | 1366425 |
| Medacta Group SA<sup>(d)</sup> | &nbsp;&nbsp; 23224 | 4212354 |
| Medmix AG<sup>(d)</sup> | &nbsp;&nbsp; 85419 | 1248475 |
| Metall Zug AG, Class B, Registered | &nbsp;&nbsp; 612 | 751682 |
| Mobilezone Holding AG, Registered | &nbsp;&nbsp; 130282 | 1817343 |
| Mobimo Holding AG, Registered | &nbsp;&nbsp; 23592 | 9239883 |
| Montana Aerospace AG<sup>(b)(d)</sup> | &nbsp;&nbsp; 91259 | 3178537 |
| OC Oerlikon Corp. AG Pfaffikon, Registered | &nbsp;&nbsp; 624409 | 3050590 |
| PolyPeptide Group AG<sup>(b)(d)</sup> | &nbsp;&nbsp; 49896 | 1387821 |
| PSP Swiss Property AG, Registered | &nbsp;&nbsp; 150443 | 25524811 |
| R&S Group Holding AG | &nbsp;&nbsp; 78714 | 3595045 |
| Rieter Holding AG, Registered<sup>(c)</sup> | &nbsp;&nbsp; 7993 | 609493 |
| Schweiter Technologies AG | &nbsp;&nbsp; 3359 | 1550441 |
| Sensirion Holding AG<sup>(b)(d)</sup> | &nbsp;&nbsp; 30673 | 3038888 |
| SFS Group AG | &nbsp;&nbsp; 56873 | 7349466 |
| Siegfried Holding AG | &nbsp;&nbsp; 131889 | 14746006 |
| SKAN Group AG | &nbsp;&nbsp; 41823 | 3835541 |
| Softwareone Holding AG | &nbsp;&nbsp; 378721 | 3090903 |
| Softwareone Holding AG<sup>(b)</sup> | &nbsp;&nbsp; 209131 | 1708860 |
| Stadler Rail AG | &nbsp;&nbsp; 178412 | 4714835 |
| Sulzer AG, Registered | &nbsp;&nbsp; 60915 | 11720708 |
| Sunrise Communications AG, Class A | &nbsp;&nbsp; 214886 | 11448684 |
| Swissquote Group Holding SA, Registered | &nbsp;&nbsp; 34797 | 23120711 |
| Tecan Group AG, Registered | &nbsp;&nbsp; 41657 | 8247737 |
| TX Group AG | &nbsp;&nbsp; 9498 | 2582277 |
| u-blox Holding AG<sup>(b)</sup> | &nbsp;&nbsp; 22831 | 2842965 |
| Valiant Holding AG, Registered | &nbsp;&nbsp; 51159 | 8052310 |
| Vetropack Holding AG, Class A, Registered | &nbsp;&nbsp; 41374 | 1526101 |
| Vontobel Holding AG, Registered | &nbsp;&nbsp; 93041 | 6783987 |
| Ypsomed Holding AG, Registered | &nbsp;&nbsp; 13277 | 6352475 |
| Zehnder Group AG, Registered | &nbsp;&nbsp; 27688 | 2439487 |
|  |  | 506525676 |
| **United Kingdom — 13.3%** | **United Kingdom — 13.3%** | **United Kingdom — 13.3%** |
| 4imprint Group PLC | &nbsp;&nbsp; 91898 | 4352900 |
| AB Dynamics PLC | &nbsp;&nbsp; 57260 | 1092715 |
| Aberdeen Group PLC | &nbsp;&nbsp; 5969677 | 15752395 |
| Advanced Medical Solutions Group PLC | &nbsp;&nbsp; 705395 | 1892737 |
| AG Barr PLC | &nbsp;&nbsp; 342266 | 3109237 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI EAFE Small-Cap ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Airtel Africa PLC<sup>(d)</sup> | &nbsp;&nbsp; 2969203 | $7993002 |
| AJ Bell PLC | &nbsp;&nbsp; 1055946 | 7478803 |
| Alfa Financial Software Holdings PLC<sup>(d)</sup> | &nbsp;&nbsp; 406271 | 1228681 |
| Alpha Group International PLC | &nbsp;&nbsp; 115639 | 6337654 |
| Alphawave IP Group PLC<sup>(b)(c)</sup> | &nbsp;&nbsp; 1219013 | 2774992 |
| AO World PLC<sup>(b)</sup> | &nbsp;&nbsp; 1014326 | 1247139 |
| Ashmore Group PLC | &nbsp;&nbsp; 1455092 | 3359074 |
| Ashtead Technology Holdings PLC | &nbsp;&nbsp; 261958 | 1157891 |
| ASOS PLC<sup>(b)(c)</sup> | &nbsp;&nbsp; 135390 | 554289 |
| Assura PLC | &nbsp;&nbsp; 10511857 | 6922139 |
| Aston Martin Lagonda Global Holdings PLC<sup>(b)(c)(d)</sup> | &nbsp;&nbsp; 884709 | 813767 |
| Atalaya Mining PLC | &nbsp;&nbsp; 347855 | 2096585 |
| Auction Technology Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 311758 | 2027736 |
| B&M European Value Retail SA | &nbsp;&nbsp; 3273400 | 9675746 |
| Babcock International Group PLC | &nbsp;&nbsp; 818680 | 11224370 |
| Bakkavor Group PLC<sup>(d)</sup> | &nbsp;&nbsp; 635542 | 1972422 |
| Balfour Beatty PLC | &nbsp;&nbsp; 1646430 | 11766203 |
| Baltic Classifieds Group PLC | &nbsp;&nbsp; 1472412 | 6961455 |
| Beazley PLC | &nbsp;&nbsp; 2053283 | 24193262 |
| Bellway PLC | &nbsp;&nbsp; 385415 | 12613855 |
| Berkeley Group Holdings PLC | &nbsp;&nbsp; 321914 | 15481420 |
| Big Yellow Group PLC | &nbsp;&nbsp; 602261 | 7425652 |
| Bodycote PLC | &nbsp;&nbsp; 585262 | 4919675 |
| boohoo Group PLC<sup>(b)(c)</sup> | &nbsp;&nbsp; 1892446 | 435371 |
| Breedon Group PLC | &nbsp;&nbsp; 892952 | 4276058 |
| Bridgepoint Group PLC<sup>(d)</sup> | &nbsp;&nbsp; 804170 | 3481324 |
| British Land Co. PLC (The) | &nbsp;&nbsp; 3220000 | 14798903 |
| Burberry Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 1164222 | 19748562 |
| Bytes Technology Group PLC | &nbsp;&nbsp; 753935 | 3637812 |
| C&C Group PLC | &nbsp;&nbsp; 1263426 | 2956659 |
| Carnival PLC<sup>(b)(c)</sup> | &nbsp;&nbsp; 446687 | 12154778 |
| Cerillion PLC | &nbsp;&nbsp; 69474 | 1394613 |
| Chemring Group PLC | &nbsp;&nbsp; 882500 | 6391149 |
| Clarkson PLC | &nbsp;&nbsp; 94085 | 4284092 |
| CMC Markets PLC<sup>(d)</sup> | &nbsp;&nbsp; 371040 | 1114782 |
| Coats Group PLC | &nbsp;&nbsp; 6103563 | 5964895 |
| Cohort PLC | &nbsp;&nbsp; 109405 | 2102893 |
| Computacenter PLC | &nbsp;&nbsp; 210415 | 6359416 |
| Conduit Holdings Ltd. | &nbsp;&nbsp; 483714 | 1945533 |
| ConvaTec Group PLC<sup>(d)</sup> | &nbsp;&nbsp; 5318195 | 16385489 |
| Craneware PLC | &nbsp;&nbsp; 99920 | 2954978 |
| Cranswick PLC | &nbsp;&nbsp; 172676 | 12093023 |
| Crest Nicholson Holdings PLC | &nbsp;&nbsp; 766445 | 1844770 |
| Currys PLC<sup>(b)</sup> | &nbsp;&nbsp; 3314073 | 4941328 |
| CVS Group PLC | &nbsp;&nbsp; 234066 | 3789166 |
| Deliveroo PLC<sup>(b)(d)</sup> | &nbsp;&nbsp; 3156664 | 7378423 |
| Derwent London PLC | &nbsp;&nbsp; 345423 | 8804328 |
| Diploma PLC | &nbsp;&nbsp; 435564 | 30833540 |
| DiscoverIE Group PLC | &nbsp;&nbsp; 314303 | 2868232 |
| Diversified Energy Co. PLC | &nbsp;&nbsp; 181337 | 2719895 |
| Domino's Pizza Group PLC | &nbsp;&nbsp; 1150945 | 3643201 |
| Dowlais Group PLC | &nbsp;&nbsp; 4282221 | 3956582 |
| Dr. Martens PLC | &nbsp;&nbsp; 1882367 | 2009889 |
| Drax Group PLC | &nbsp;&nbsp; 1159176 | 10826173 |
| Dunelm Group PLC | &nbsp;&nbsp; 422844 | 6783005 |
| easyJet PLC | &nbsp;&nbsp; 984353 | 6382799 |
| Elementis PLC | &nbsp;&nbsp; 1937422 | 4433312 |
| Empiric Student Property PLC | &nbsp;&nbsp; 2177881 | 2772674 |
| Endeavour Mining PLC | &nbsp;&nbsp; 622887 | 18895184 |
| Energean PLC | &nbsp;&nbsp; 458350 | 5541703 |
| Ferrexpo PLC<sup>(b)</sup> | &nbsp;&nbsp; 863161 | 524783 |
| Fevertree Drinks PLC<sup>(c)</sup> | &nbsp;&nbsp; 337140 | 4229019 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Firstgroup PLC | &nbsp;&nbsp; 1905762 | $5647798 |
| Foresight Group Holdings Ltd. | &nbsp;&nbsp; 207952 | 1271545 |
| Frasers Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 363341 | 3289690 |
| Future PLC | &nbsp;&nbsp; 311583 | 2914110 |
| Games Workshop Group PLC | &nbsp;&nbsp; 106940 | 22913192 |
| Gamma Communications PLC | &nbsp;&nbsp; 284087 | 4081952 |
| GB Group PLC | &nbsp;&nbsp; 808746 | 2491664 |
| Genuit Group PLC | &nbsp;&nbsp; 796764 | 4092585 |
| Genus PLC | &nbsp;&nbsp; 214839 | 7036170 |
| GlobalData PLC<sup>(c)</sup> | &nbsp;&nbsp; 938877 | 1754498 |
| Grafton Group PLC | &nbsp;&nbsp; 569317 | 6674297 |
| Grainger PLC | &nbsp;&nbsp; 2228291 | 6024349 |
| Great Portland Estates PLC | &nbsp;&nbsp; 1112841 | 4989541 |
| Greencore Group PLC | &nbsp;&nbsp; 1416103 | 4806353 |
| Greggs PLC | &nbsp;&nbsp; 328741 | 6836000 |
| Hammerson PLC | &nbsp;&nbsp; 1529524 | 5976925 |
| Harbour Energy PLC | &nbsp;&nbsp; 1865377 | 4905824 |
| Hays PLC | &nbsp;&nbsp; 5098487 | 4285776 |
| HBX Group International PLC<sup>(b)</sup> | &nbsp;&nbsp; 247927 | 2415752 |
| Helios Towers PLC<sup>(b)</sup> | &nbsp;&nbsp; 2437949 | 3821444 |
| Hill & Smith PLC | &nbsp;&nbsp; 258487 | 6957109 |
| Hilton Food Group PLC | &nbsp;&nbsp; 251459 | 2822759 |
| Hiscox Ltd. | &nbsp;&nbsp; 1097671 | 18688149 |
| Hochschild Mining PLC | &nbsp;&nbsp; 1089778 | 4005012 |
| Hollywood Bowl Group PLC | &nbsp;&nbsp; 547660 | 1779237 |
| Home REIT PLC<sup>(a)(b)</sup> | &nbsp;&nbsp; 3524118 | 530570 |
| Howden Joinery Group PLC | &nbsp;&nbsp; 1783259 | 20644019 |
| Hunting PLC | &nbsp;&nbsp; 445553 | 1853521 |
| Ibstock PLC<sup>(d)</sup> | &nbsp;&nbsp; 1285354 | 2549649 |
| ICG PLC | &nbsp;&nbsp; 942593 | 26988851 |
| IG Group Holdings PLC | &nbsp;&nbsp; 1131266 | 16845467 |
| IMI PLC | &nbsp;&nbsp; 823928 | 24070998 |
| Inchcape PLC | &nbsp;&nbsp; 1070011 | 9902800 |
| IntegraFin Holdings PLC | &nbsp;&nbsp; 948571 | 4491012 |
| International Workplace Group PLC | &nbsp;&nbsp; 2408657 | 7027792 |
| Investec PLC | &nbsp;&nbsp; 1976280 | 14655003 |
| IP Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 3090806 | 2281767 |
| ITV PLC | &nbsp;&nbsp; 10864647 | 11784781 |
| J D Wetherspoon PLC | &nbsp;&nbsp; 271862 | 2694510 |
| JET2 PLC | &nbsp;&nbsp; 338183 | 7243654 |
| John Wood Group PLC<sup>(a)(b)</sup> | &nbsp;&nbsp; 2027957 | 444478 |
| Johnson Matthey PLC | &nbsp;&nbsp; 517938 | 12068371 |
| Johnson Service Group PLC | &nbsp;&nbsp; 1384737 | 2582199 |
| JTC PLC<sup>(d)</sup> | &nbsp;&nbsp; 496831 | 6141819 |
| Judges Scientific PLC<sup>(c)</sup> | &nbsp;&nbsp; 18757 | 1486286 |
| Jupiter Fund Management PLC | &nbsp;&nbsp; 1507455 | 2564176 |
| Just Group PLC | &nbsp;&nbsp; 3358024 | 9357373 |
| Kainos Group PLC | &nbsp;&nbsp; 276091 | 2693916 |
| Keller Group PLC | &nbsp;&nbsp; 235102 | 4106403 |
| Kier Group PLC | &nbsp;&nbsp; 1455565 | 3804998 |
| Lancashire Holdings Ltd. | &nbsp;&nbsp; 787986 | 6514491 |
| Lion Finance Group PLC | &nbsp;&nbsp; 114297 | 11458756 |
| LondonMetric Property PLC | &nbsp;&nbsp; 7497584 | 18868924 |
| Man Group PLC/Jersey | &nbsp;&nbsp; 3835994 | 8330791 |
| Marshalls PLC | &nbsp;&nbsp; 780001 | 2132324 |
| Me Group International PLC | &nbsp;&nbsp; 704523 | 2064400 |
| Metro Bank Holdings PLC<sup>(b)</sup> | &nbsp;&nbsp; 1090224 | 1857347 |
| Mitchells & Butlers PLC<sup>(b)</sup> | &nbsp;&nbsp; 878358 | 3201093 |
| Mitie Group PLC | &nbsp;&nbsp; 3821157 | 7085483 |
| Mobico Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 1537028 | 735402 |
| Molten Ventures PLC<sup>(b)</sup> | &nbsp;&nbsp; 503708 | 2360207 |
| MONY Group PLC | &nbsp;&nbsp; 1627317 | 4305532 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI EAFE Small-Cap ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Moonpig Group PLC | &nbsp;&nbsp; 1034290 | $2923101 |
| Morgan Advanced Materials PLC | &nbsp;&nbsp; 921126 | 2822245 |
| Morgan Sindall Group PLC | &nbsp;&nbsp; 147478 | 8947368 |
| NCC Group PLC | &nbsp;&nbsp; 950239 | 1885101 |
| Ninety One PLC | &nbsp;&nbsp; 890416 | 2214272 |
| Ocado Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 1772225 | 7345109 |
| OSB Group PLC | &nbsp;&nbsp; 1184208 | 8662175 |
| Oxford Instruments PLC | &nbsp;&nbsp; 191877 | 4601786 |
| Oxford Nanopore Technologies PLC<sup>(b)(c)</sup> | &nbsp;&nbsp; 1547809 | 4148890 |
| Pagegroup PLC | &nbsp;&nbsp; 996849 | 3486730 |
| Pan African Resources PLC | &nbsp;&nbsp; 6611450 | 4645110 |
| Paragon Banking Group PLC | &nbsp;&nbsp; 642195 | 7658483 |
| Penno Group PLC | &nbsp;&nbsp; 1525841 | 10080344 |
| Persimmon PLC | &nbsp;&nbsp; 1036955 | 15635972 |
| Pets at Home Group PLC | &nbsp;&nbsp; 1474824 | 4442510 |
| Playtech PLC | &nbsp;&nbsp; 803440 | 4223030 |
| Plus500 Ltd. | &nbsp;&nbsp; 234207 | 10394479 |
| Polar Capital Holdings PLC | &nbsp;&nbsp; 269084 | 1684397 |
| Premier Foods PLC | &nbsp;&nbsp; 2163551 | 5508861 |
| Primary Health Properties PLC | &nbsp;&nbsp; 4179705 | 5293803 |
| PRS REIT PLC (The) | &nbsp;&nbsp; 1705220 | 2377966 |
| QinetiQ Group PLC | &nbsp;&nbsp; 1605655 | 10526825 |
| Quilter PLC<sup>(d)</sup> | &nbsp;&nbsp; 4517845 | 10095303 |
| Raspberry PI Holdings PLC<sup>(b)(c)</sup> | &nbsp;&nbsp; 283437 | 1542723 |
| Rathbones Group PLC | &nbsp;&nbsp; 149874 | 3778339 |
| Renew Holdings PLC | &nbsp;&nbsp; 260766 | 2911951 |
| Renishaw PLC | &nbsp;&nbsp; 128364 | 5043336 |
| RHI Magnesita NV | &nbsp;&nbsp; 54482 | 1715342 |
| Rightmove PLC | &nbsp;&nbsp; 2533118 | 27336112 |
| Rotork PLC | &nbsp;&nbsp; 2714584 | 11643415 |
| RS Group PLC | &nbsp;&nbsp; 1522709 | 11205547 |
| RWS Holdings PLC | &nbsp;&nbsp; 904164 | 1071093 |
| Safestore Holdings PLC | &nbsp;&nbsp; 695615 | 6168298 |
| Savills PLC | &nbsp;&nbsp; 429853 | 5557639 |
| Senior PLC | &nbsp;&nbsp; 1342717 | 3581983 |
| Serco Group PLC | &nbsp;&nbsp; 3302466 | 9099819 |
| Serica Energy PLC | &nbsp;&nbsp; 849924 | 1889106 |
| Shaftesbury Capital PLC | &nbsp;&nbsp; 4706899 | 9808618 |
| SigmaRoc PLC<sup>(b)</sup> | &nbsp;&nbsp; 3182969 | 4835269 |
| Sirius Real Estate Ltd. | &nbsp;&nbsp; 4810436 | 6613370 |
| Softcat PLC | &nbsp;&nbsp; 418078 | 8991978 |
| Spectris PLC | &nbsp;&nbsp; 322267 | 16922146 |
| Spire Healthcare Group PLC<sup>(d)</sup> | &nbsp;&nbsp; 915655 | 2621715 |
| Spirent Communications PLC | &nbsp;&nbsp; 1868300 | 4803826 |
| SSP Group PLC | &nbsp;&nbsp; 2548968 | 5728339 |
| St. James's Place PLC | &nbsp;&nbsp; 1743390 | 30005260 |
| SThree PLC | &nbsp;&nbsp; 432760 | 1206998 |
| Supermarket Income REIT PLC | &nbsp;&nbsp; 4137667 | 4355336 |
| Target Healthcare REIT PLC | &nbsp;&nbsp; 2056321 | 2694261 |
| Tate & Lyle PLC | &nbsp;&nbsp; 1221512 | 8624784 |
| Taylor Wimpey PLC | &nbsp;&nbsp; 11480265 | 15446520 |
| TBC Bank Group PLC | &nbsp;&nbsp; 135535 | 8663243 |
| Telecom Plus PLC | &nbsp;&nbsp; 221185 | 5388745 |
| THG PLC<sup>(b)(c)</sup> | &nbsp;&nbsp; 2146186 | 855662 |
| TP ICAP Group PLC | &nbsp;&nbsp; 2438695 | 9844498 |
| Trainline PLC<sup>(b)(d)</sup> | &nbsp;&nbsp; 1397588 | 5018585 |
| Travis Perkins PLC | &nbsp;&nbsp; 683205 | 4894830 |
| Tritax Big Box REIT PLC | &nbsp;&nbsp; 7173457 | 13343496 |
| Trustpilot Group PLC<sup>(b)(d)</sup> | &nbsp;&nbsp; 1126609 | 3715434 |
| TUI AG<sup>(b)</sup> | &nbsp;&nbsp; 1487760 | 13422644 |
| UNITE Group PLC (The) | &nbsp;&nbsp; 1270365 | 12525026 |
| Vesuvius PLC | &nbsp;&nbsp; 644382 | 3032975 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Victrex PLC | &nbsp;&nbsp; 278983 | $2525646 |
| Vistry Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 1060384 | 8126813 |
| Volex PLC<sup>(c)</sup> | &nbsp;&nbsp; 408459 | 2004153 |
| Volution Group PLC | &nbsp;&nbsp; 646227 | 5718045 |
| Watches of Switzerland Group PLC<sup>(b)(d)</sup> | &nbsp;&nbsp; 735907 | 3384511 |
| Weir Group PLC (The) | &nbsp;&nbsp; 840224 | 29517815 |
| WH Smith PLC | &nbsp;&nbsp; 412689 | 5570621 |
| Workspace Group PLC | &nbsp;&nbsp; 453527 | 2380828 |
| XPS Pensions Group PLC | &nbsp;&nbsp; 616031 | 3010177 |
| Yellow Cake PLC<sup>(b)(d)</sup> | &nbsp;&nbsp; 697856 | 4499797 |
| YouGov PLC | &nbsp;&nbsp; 368364 | 1518872 |
| Young & Co's Brewery PLC, Series A, Class A<sup>(c)</sup> | &nbsp;&nbsp; 105583 | 1259127 |
| Zigup PLC | &nbsp;&nbsp; 674791 | 2986654 |
|  |  | 1348310206 |
| **Total Common Stocks — 99.2%** <br>**(Cost: $9,583,878,990)** | **Total Common Stocks — 99.2%** <br>**(Cost: $9,583,878,990)** | 10085632994 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Germany — 0.3%** | **Germany — 0.3%** | **Germany — 0.3%** |
| Draegerwerk AG & Co. KGaA, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 28368 | 2263423 |
| Einhell Germany AG, Preference Shares, NVS | &nbsp;&nbsp; 15397 | 1307286 |
| FUCHS SE, Preference Shares, NVS | &nbsp;&nbsp; 219041 | 10023375 |
| Jungheinrich AG, Preference Shares, NVS | &nbsp;&nbsp; 156577 | 6002864 |
| Sixt SE, Preference Shares, NVS | &nbsp;&nbsp; 54821 | 3823138 |
| STO SE & Co. KGaA, Preference Shares, NVS | &nbsp;&nbsp; 9142 | 1301604 |
|  |  | 24721690 |
| **Italy — 0.0%** | **Italy — 0.0%** | **Italy — 0.0%** |
| Danieli & C Officine Meccaniche SpA, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 124436 | 4045650 |
| **Japan — 0.0%** | **Japan — 0.0%** | **Japan — 0.0%** |
| Ito En Ltd., Preference Shares, NVS | &nbsp;&nbsp; 62300 | 736154 |
| **Total Preferred Stocks — 0.3%** <br>**(Cost: $26,174,646)** | **Total Preferred Stocks — 0.3%** <br>**(Cost: $26,174,646)** | 29503494 |
| **Warrants** | **Warrants** | **Warrants** |
| **Italy — 0.0%** | **Italy — 0.0%** | **Italy — 0.0%** |
| Webuild SpA, ((Issued/Exercisable 08/02/21, <br> 1 Share for 1 Warrant, Expires 08/31/30, Strike <br> Price EUR 0.01)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 96743 | 1 |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** | 1 |
| **Total Long-Term Investments — 99.5%** <br>**(Cost: $9,610,053,636)** | **Total Long-Term Investments — 99.5%** <br>**(Cost: $9,610,053,636)** | 10115136489 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 3.7%** | **Money Market Funds — 3.7%** | **Money Market Funds — 3.7%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(f)(g)(h)</sup><br>| &nbsp;&nbsp; 367456079 | 367603061 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI EAFE Small-Cap ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Money Market Funds (continued)** | **Money Market Funds (continued)** | **Money Market Funds (continued)** |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.30%<sup>(f)(g)</sup><br>| &nbsp;&nbsp; 3370000 | $3370000 |
| **Total Short-Term Securities — 3.7%** <br>**(Cost: $370,979,058)** | **Total Short-Term Securities — 3.7%** <br>**(Cost: $370,979,058)** | 370973061 |
| **Total Investments — 103.2%** <br>**(Cost: $9,981,032,694)** | **Total Investments — 103.2%** <br>**(Cost: $9,981,032,694)** | 10486109550 |
| **Liabilities in Excess of Other Assets — (3.2)%** | **Liabilities in Excess of Other Assets — (3.2)%** | (320546028)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $10165563522 |

---

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

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

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

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

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

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

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

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 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>*07/31/24*<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>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<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>| $330445904 | $37153313 <br><sup>(a)</sup><br>| $— | $135521 | $(131677)<br>| $367603061 | 367456079 | $6562483 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| 4530000 |  | &nbsp;&nbsp; (1160000 )<sup>(a)</sup><br>|  |  | 3370000 | 3370000 | 192481 |  |
|  |  |  |  | $135521 | $(131677) | $370973061 |  | $6754964 | $— |

---

&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 | 128 | 09/11/25 | &nbsp;&nbsp; $24756 | $739982 |
| Euro STOXX 50 Index | 228 | 09/19/25 | &nbsp;&nbsp; 13894 | 92819 |
| FTSE 100 Index | 172 | 09/19/25 | &nbsp;&nbsp; 20656 | 529460 |
|  |  |  |  | $1362261 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI EAFE Small-Cap ETF**

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1362261 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1362261 |

---

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

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts 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 July 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; $4439951 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4439951 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1262339 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1262339 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $82782180 |

---

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; $565021069 | &nbsp;&nbsp; $9518865026 | &nbsp;&nbsp; $1746899 | &nbsp;&nbsp; $10085632994 |
| Preferred Stocks | &nbsp;&nbsp; 1307286 | &nbsp;&nbsp; 28196208 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29503494 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 370973061 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 370973061 |
|  | &nbsp;&nbsp; $937301416 | &nbsp;&nbsp; $9547061235 | &nbsp;&nbsp; $1746899 | &nbsp;&nbsp; $10486109550 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $92819 | &nbsp;&nbsp; $1269442 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1362261 |

---

&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

July 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>Currency <br> Hedged <br> MSCI ACWI <br> ex U.S. ETF <br>| &nbsp;&nbsp; iShares <br>Currency Hedged <br> MSCI EAFE ETF <br>| &nbsp;&nbsp; iShares <br>Currency <br> Hedged <br> MSCI EAFE <br> Small-Cap <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI ACWI ex <br> U.S. ETF <br>|
| **ASSETS** |  |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $— | $— | $— | $6345266680 |
| Investments, at value—affiliated<sup>(c)</sup> | 258715296 | 6995767846 | 162348355 | 50846752 |
| Cash | 6350 | 5987 | 1836 | 6577 |
| Cash pledged for futures contracts |  |  |  | 360000 |
| Foreign currency, at value<sup>(d)</sup> |  |  |  | 10298652 |
| Receivables: |  |  |  |  |
| Securities lending income—affiliated |  | 98734 |  | 46005 |
| Dividends—unaffiliated |  |  |  | 7799944 |
| Dividends—affiliated | 3329 | 90394 | 1875 | 23896 |
| From custodian | 480000 |  |  |  |
| Tax reclaims |  |  |  | 7422837 |
| Foreign withholding tax claims |  |  |  | 126282 |
| Unrealized appreciation on forward foreign currency exchange contracts | 7243660 | 226869392 | 5701371 |  |
| Total assets | 266448635 | 7222832353 | 168053437 | 6422197625 |
| **LIABILITIES** |  |  |  |  |
| Cash received as collateral for OTC derivatives | 890000 |  |  |  |
| Collateral on securities loaned, at value |  | 643417528 |  | 42555339 |
| Payables: |  |  |  |  |
| Investments purchased | 6336596 | 190578899 | 5009490 | 979252 |
| Capital shares redeemed |  |  | 23739 |  |
| Deferred foreign capital gain tax |  |  |  | 13624031 |
| Investment advisory fees | 5904 | 151582 | 4101 | 1696847 |
| Professional fees |  |  |  | 4748 |
| Due to custodian |  |  |  | 191326 |
| Variation margin on futures contracts |  |  |  | 99917 |
| Unrealized depreciation on forward foreign currency exchange contracts | 648120 | 27146293 | 438405 |  |
| Total liabilities | 7880620 | 861294302 | 5475735 | 59151460 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $258568015 | $6361538051 | $162577702 | $6363046165 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $222352513 | $6192057717 | $150153943 | $5913134039 |
| Accumulated earnings | 36215502 | 169480334 | 12423759 | 449912126 |
| NET ASSETS | $258568015 | $6361538051 | $162577702 | $6363046165 |
| **NET ASSET VALUE** |  |  |  |  |
| Shares outstanding | 7300000 | 168200000 | 4500000 | 105600000 |
| Net asset value | $35.42 | $37.82 | $36.13 | $60.26 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value |  |  |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $— | $— | $— | $5067509066 |
| <sup>(b)</sup> Securities loaned, at value | $— | $623945571 | $— | $39336432 |
| <sup>(c)</sup> Investments, at cost—affiliated | $212226573 | $6417369598 | $137414715 | $50838270 |
| <sup>(d)</sup> Foreign currency, at cost | $— | $— | $— | $10390701 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Assets and Liabilities (continued)

July 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>MSCI EAFE ETF <br>| &nbsp;&nbsp; iShares <br>MSCI EAFE <br> Small-Cap ETF <br>|
| **ASSETS** |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $62566196501 | $10115136489 |
| Investments, at value—affiliated<sup>(c)</sup> | 217880254 | 370973061 |
| Cash | 5508 | 10135 |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> | 20520278 | 4307801 |
| Foreign currency, at value<sup>(e)</sup> | 105829368 | 20438476 |
| Receivables: |  |  |
| Investments sold |  | 20657304 |
| Securities lending income—affiliated | 61139 | 1003307 |
| Dividends—unaffiliated | 43843850 | 15758042 |
| Dividends—affiliated | 57110 | 8615 |
| Tax reclaims | 112247117 | 11009931 |
| Foreign withholding tax claims | 60808389 |  |
| Total assets | 63127449514 | 10559303161 |
| **LIABILITIES** |  |  |
| Collateral on securities loaned, at value | 201519444 | 367439335 |
| Payables: |  |  |
| Investments purchased | 21964871 | 22252056 |
| Deferred foreign capital gain tax |  | 286130 |
| Investment advisory fees | 16892678 | 3456128 |
| Professional fees | 6407757 | 89148 |
| Variation margin on futures contracts | 1337712 | 216842 |
| Total liabilities | 248122462 | 393739639 |
| **Commitments and contingent liabilities** |  |  |
| NET ASSETS | $62879327052 | $10165563522 |
| **NET ASSETS CONSIST OF** |  |  |
| Paid-in capital | $56643762786 | $10778716335 |
| Accumulated earnings (loss) | 6235564266 | (613152813) |
| NET ASSETS | $62879327052 | $10165563522 |
| **NET ASSET VALUE** |  |  |
| Shares outstanding | 721200000 | 141200000 |
| Net asset value | $87.19 | $71.99 |
| Shares authorized | Unlimited | Unlimited |
| Par value |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $45821145337 | $9610053636 |
| <sup>(b)</sup> Securities loaned, at value | $187267825 | $335332824 |
| <sup>(c)</sup> Investments, at cost—affiliated | $217880254 | $370979058 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $20708069 | $4504617 |
| <sup>(e)</sup> Foreign currency, at cost | $108303475 | $20663414 |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Operations

Year Ended July 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Currency <br> Hedged <br> MSCI ACWI <br> ex U.S. ETF <br>| &nbsp;&nbsp; iShares <br>Currency <br> Hedged <br> MSCI EAFE <br> ETF <br>| &nbsp;&nbsp; iShares <br>Currency <br> Hedged <br> MSCI EAFE <br> Small-Cap <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI ACWI <br> ex U.S. ETF <br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $170450876 |
| Dividends—affiliated | &nbsp;&nbsp; 6884384 | &nbsp;&nbsp;&nbsp; 182913420 | &nbsp;&nbsp;&nbsp; 5255118 | &nbsp;&nbsp;&nbsp; 297220 |
| Interest—unaffiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 81606 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 815464 | &nbsp;&nbsp;&nbsp; 724844 | &nbsp;&nbsp;&nbsp; 15334 | &nbsp;&nbsp;&nbsp; 344440 |
| Other income—unaffiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 225304 |
| Foreign taxes withheld | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (15466456)<br>|
| Foreign withholding tax claims | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1515322 |
| Total investment income | &nbsp;&nbsp; 7699848 | &nbsp;&nbsp;&nbsp; 183638264 | &nbsp;&nbsp;&nbsp; 5270452 | &nbsp;&nbsp;&nbsp; 157448312 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 908880 | &nbsp;&nbsp;&nbsp; 23888431 | &nbsp;&nbsp;&nbsp; 655438 | &nbsp;&nbsp;&nbsp; 16546982 |
| Interest expense | &nbsp;&nbsp; 5868 | &nbsp;&nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10027 |
| Commitment costs | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 39896 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 39896 |
| Professional | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 152089 |
| Total expenses | &nbsp;&nbsp; 914748 | &nbsp;&nbsp;&nbsp; 23931227 | &nbsp;&nbsp;&nbsp; 655438 | &nbsp;&nbsp;&nbsp; 16748994 |
| Less: |  |  |  |  |
| Investment advisory fees waived | &nbsp;&nbsp; (842994)<br>| &nbsp;&nbsp;&nbsp; (22045298)<br>| &nbsp;&nbsp;&nbsp; (609710)<br>| &nbsp;&nbsp;&nbsp; — |
| Total expenses after fees waived | &nbsp;&nbsp; 71754 | &nbsp;&nbsp;&nbsp; 1885929 | &nbsp;&nbsp;&nbsp; 45728 | &nbsp;&nbsp;&nbsp; 16748994 |
| Net investment income | &nbsp;&nbsp; 7628094 | &nbsp;&nbsp;&nbsp; 181752335 | &nbsp;&nbsp;&nbsp; 5224724 | &nbsp;&nbsp;&nbsp; 140699318 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (96321865)<br>|
| Investments—affiliated | &nbsp;&nbsp; 247286 | &nbsp;&nbsp;&nbsp; 13535893 | &nbsp;&nbsp;&nbsp; 284061 | &nbsp;&nbsp;&nbsp; (2380)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; (12714062)<br>| &nbsp;&nbsp;&nbsp; (581914990)<br>| &nbsp;&nbsp;&nbsp; (9645429)<br>| &nbsp;&nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp; (4604)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 708281 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2743794 |
| In-kind redemptions—unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19908747 |
| In-kind redemptions—affiliated<sup>(b)</sup> | &nbsp;&nbsp; 10828344 | &nbsp;&nbsp;&nbsp; 705443402 | &nbsp;&nbsp;&nbsp; 3103187 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; (1643036)<br>| &nbsp;&nbsp;&nbsp; 137064305 | &nbsp;&nbsp;&nbsp; (6258181)<br>| &nbsp;&nbsp;&nbsp; (72963423)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments—unaffiliated<sup>(c)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 685600212 |
| Investments—affiliated | &nbsp;&nbsp; 16720183 | &nbsp;&nbsp;&nbsp; (11767795)<br>| &nbsp;&nbsp;&nbsp; 14082055 | &nbsp;&nbsp;&nbsp; (1451)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 9332839 | &nbsp;&nbsp;&nbsp; 336011900 | &nbsp;&nbsp;&nbsp; 8946638 | &nbsp;&nbsp;&nbsp; — |
| Foreign currency translations | &nbsp;&nbsp; 207 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 144749 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 70262 |
|  | &nbsp;&nbsp; 26053229 | &nbsp;&nbsp;&nbsp; 324244105 | &nbsp;&nbsp;&nbsp; 23028693 | &nbsp;&nbsp;&nbsp; 685813772 |
| Net realized and unrealized gain | &nbsp;&nbsp; 24410193 | &nbsp;&nbsp;&nbsp; 461308410 | &nbsp;&nbsp;&nbsp; 16770512 | &nbsp;&nbsp;&nbsp; 612850349 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $32038287 | &nbsp;&nbsp;&nbsp; $643060745 | &nbsp;&nbsp;&nbsp; $21995236 | &nbsp;&nbsp;&nbsp; $753549667 |
| <sup>(a)</sup> Net of foreign capital gain tax and capital gain tax refund, if applicable of | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(551856)<br>|
| <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. |
| <sup>(c)</sup> Net of reduction in deferred foreign capital gain tax of | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1231405 |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Operations (continued)

Year Ended July 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | iShares <br>MSCI EAFE ETF <br>| &nbsp;&nbsp; iShares <br>MSCI EAFE <br> Small-Cap ETF <br>|
| **INVESTMENT INCOME** |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $1897988245 | &nbsp;&nbsp;&nbsp; $322633807 |
| Dividends—affiliated | &nbsp;&nbsp; 2567752 | &nbsp;&nbsp;&nbsp; 192481 |
| Interest—unaffiliated | &nbsp;&nbsp; 1019859 | &nbsp;&nbsp;&nbsp; 166328 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 824024 | &nbsp;&nbsp;&nbsp; 6562483 |
| Other income—unaffiliated | &nbsp;&nbsp; 1775375 | &nbsp;&nbsp;&nbsp; 209274 |
| Foreign taxes withheld | &nbsp;&nbsp; (130782531)<br>| &nbsp;&nbsp;&nbsp; (27690203)<br>|
| Foreign withholding tax claims | &nbsp;&nbsp; 2943320 | &nbsp;&nbsp;&nbsp; 833935 |
| Total investment income | &nbsp;&nbsp; 1776336044 | &nbsp;&nbsp;&nbsp; 302908105 |
| EXPENSES |  |  |
| Investment advisory | &nbsp;&nbsp; 182022209 | &nbsp;&nbsp;&nbsp; 36346182 |
| Professional | &nbsp;&nbsp; 335219 | &nbsp;&nbsp;&nbsp; 107259 |
| Interest expense | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 322 |
| Total expenses | &nbsp;&nbsp; 182357428 | &nbsp;&nbsp;&nbsp; 36453763 |
| Net investment income | &nbsp;&nbsp; 1593978616 | &nbsp;&nbsp;&nbsp; 266454342 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (626928894)<br>| &nbsp;&nbsp;&nbsp; (143493780)<br>|
| Investments—affiliated | &nbsp;&nbsp; 54875 | &nbsp;&nbsp;&nbsp; 135521 |
| Foreign currency transactions | &nbsp;&nbsp; 10430685 | &nbsp;&nbsp;&nbsp; 769295 |
| Futures contracts | &nbsp;&nbsp; 25640139 | &nbsp;&nbsp;&nbsp; 4439951 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 37087532 | &nbsp;&nbsp;&nbsp; 286181564 |
|  | &nbsp;&nbsp; (553715663)<br>| &nbsp;&nbsp;&nbsp; 148032551 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments—unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; 5670263410 | &nbsp;&nbsp;&nbsp; 923322188 |
| Investments—affiliated | &nbsp;&nbsp; (70813)<br>| &nbsp;&nbsp;&nbsp; (131677)<br>|
| Foreign currency translations | &nbsp;&nbsp; 4872988 | &nbsp;&nbsp;&nbsp; (997444)<br>|
| Futures contracts | &nbsp;&nbsp; 3401696 | &nbsp;&nbsp;&nbsp; 1262339 |
|  | &nbsp;&nbsp; 5678467281 | &nbsp;&nbsp;&nbsp; 923455406 |
| Net realized and unrealized gain | &nbsp;&nbsp; 5124751618 | &nbsp;&nbsp;&nbsp; 1071487957 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $6718730234 | &nbsp;&nbsp;&nbsp; $1337942299 |
| <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |
| <sup>(b)</sup> Net of increase in deferred foreign capital gain tax of | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(281043)<br>|

---

*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>Currency Hedged MSCI ACWI ex U.S. <br> ETF  | iShares <br>Currency Hedged MSCI ACWI ex U.S. <br> ETF  | iShares <br>Currency Hedged MSCI EAFE ETF  | iShares <br>Currency Hedged MSCI EAFE ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $7628094 | &nbsp;&nbsp;&nbsp; $6108321 | &nbsp;&nbsp;&nbsp; $181752335 | &nbsp;&nbsp;&nbsp; $159717633 |
| Net realized gain (loss) | &nbsp;&nbsp; (1643036)<br>| &nbsp;&nbsp;&nbsp; 9197762 | &nbsp;&nbsp;&nbsp; 137064305 | &nbsp;&nbsp;&nbsp; 443268795 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 26053229 | &nbsp;&nbsp;&nbsp; 13066242 | &nbsp;&nbsp;&nbsp; 324244105 | &nbsp;&nbsp;&nbsp; 152342274 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 32038287 | &nbsp;&nbsp;&nbsp; 28372325 | &nbsp;&nbsp;&nbsp; 643060745 | &nbsp;&nbsp;&nbsp; 755328702 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (7614942)<br>| &nbsp;&nbsp;&nbsp; (6088385)<br>| &nbsp;&nbsp;&nbsp; (181045462)<br>| &nbsp;&nbsp;&nbsp; (159638899)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 4586775 | &nbsp;&nbsp;&nbsp; 26978736 | &nbsp;&nbsp;&nbsp; (760645446)<br>| &nbsp;&nbsp;&nbsp; 2507919371 |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 29010120 | &nbsp;&nbsp;&nbsp; 49262676 | &nbsp;&nbsp;&nbsp; (298630163)<br>| &nbsp;&nbsp;&nbsp; 3103609174 |
| Beginning of year | &nbsp;&nbsp; 229557895 | &nbsp;&nbsp;&nbsp; 180295219 | &nbsp;&nbsp;&nbsp; 6660168214 | &nbsp;&nbsp;&nbsp; 3556559040 |
| End of year | &nbsp;&nbsp; $258568015 | &nbsp;&nbsp;&nbsp; $229557895 | &nbsp;&nbsp;&nbsp; $6361538051 | &nbsp;&nbsp;&nbsp; $6660168214 |

---

&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>Currency Hedged MSCI EAFE Small-Cap <br> ETF  | iShares <br>Currency Hedged MSCI EAFE Small-Cap <br> ETF  | iShares <br>MSCI ACWI ex U.S. ETF  | iShares <br>MSCI ACWI ex U.S. ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $5224724 | &nbsp;&nbsp;&nbsp; $3362451 | &nbsp;&nbsp;&nbsp; $140699318 | &nbsp;&nbsp;&nbsp; $116577104 |
| Net realized gain (loss) | &nbsp;&nbsp; (6258181)<br>| &nbsp;&nbsp;&nbsp; 6930602 | &nbsp;&nbsp;&nbsp; (72963423)<br>| &nbsp;&nbsp;&nbsp; 12906918 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 23028693 | &nbsp;&nbsp;&nbsp; 7391534 | &nbsp;&nbsp;&nbsp; 685813772 | &nbsp;&nbsp;&nbsp; 280498819 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 21995236 | &nbsp;&nbsp;&nbsp; 17684587 | &nbsp;&nbsp;&nbsp; 753549667 | &nbsp;&nbsp;&nbsp; 409982841 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (5192410)<br>| &nbsp;&nbsp;&nbsp; (3365192)<br>| &nbsp;&nbsp;&nbsp; (157695029)<br>| &nbsp;&nbsp;&nbsp; (130886807)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (5130447)<br>| &nbsp;&nbsp;&nbsp; 39311979 | &nbsp;&nbsp;&nbsp; 1200799242 | &nbsp;&nbsp;&nbsp; (332138545)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 11672379 | &nbsp;&nbsp;&nbsp; 53631374 | &nbsp;&nbsp;&nbsp; 1796653880 | &nbsp;&nbsp;&nbsp; (53042511)<br>|
| Beginning of year | &nbsp;&nbsp; 150905323 | &nbsp;&nbsp;&nbsp; 97273949 | &nbsp;&nbsp;&nbsp; 4566392285 | &nbsp;&nbsp;&nbsp; 4619434796 |
| End of year | &nbsp;&nbsp; $162577702 | &nbsp;&nbsp;&nbsp; $150905323 | &nbsp;&nbsp;&nbsp; $6363046165 | &nbsp;&nbsp;&nbsp; $4566392285 |

---

&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 EAFE ETF  | iShares <br>MSCI EAFE ETF  | iShares <br>MSCI EAFE Small-Cap ETF  | iShares <br>MSCI EAFE Small-Cap ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $1593978616 | &nbsp;&nbsp;&nbsp; $1377557656 | &nbsp;&nbsp;&nbsp; $266454342 | &nbsp;&nbsp;&nbsp; $256151988 |
| Net realized gain (loss) | &nbsp;&nbsp; (553715663)<br>| &nbsp;&nbsp;&nbsp; 49788592 | &nbsp;&nbsp;&nbsp; 148032551 | &nbsp;&nbsp;&nbsp; (134558016)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 5678467281 | &nbsp;&nbsp;&nbsp; 4083835256 | &nbsp;&nbsp;&nbsp; 923455406 | &nbsp;&nbsp;&nbsp; 579821371 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 6718730234 | &nbsp;&nbsp;&nbsp; 5511181504 | &nbsp;&nbsp;&nbsp; 1337942299 | &nbsp;&nbsp;&nbsp; 701415343 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (1819191272)<br>| &nbsp;&nbsp;&nbsp; (1557518348)<br>| &nbsp;&nbsp;&nbsp; (320855509)<br>| &nbsp;&nbsp;&nbsp; (269724422)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 2215433096 | &nbsp;&nbsp;&nbsp; 656390035 | &nbsp;&nbsp;&nbsp; (602864846)<br>| &nbsp;&nbsp;&nbsp; (1720856783)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 7114972058 | &nbsp;&nbsp;&nbsp; 4610053191 | &nbsp;&nbsp;&nbsp; 414221944 | &nbsp;&nbsp;&nbsp; (1289165862)<br>|
| Beginning of year | &nbsp;&nbsp; 55764354994 | &nbsp;&nbsp;&nbsp; 51154301803 | &nbsp;&nbsp;&nbsp; 9751341578 | &nbsp;&nbsp;&nbsp; 11040507440 |
| End of year | &nbsp;&nbsp; $62879327052 | &nbsp;&nbsp;&nbsp; $55764354994 | &nbsp;&nbsp;&nbsp; $10165563522 | &nbsp;&nbsp;&nbsp; $9751341578 |

---

&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 Currency Hedged MSCI ACWI ex U.S. ETF  | iShares Currency Hedged MSCI ACWI ex U.S. ETF  | iShares Currency Hedged MSCI ACWI ex U.S. ETF  | iShares Currency Hedged MSCI ACWI ex U.S. ETF  | iShares Currency Hedged MSCI ACWI ex U.S. ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Year Ended <br>07/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $32.11 | &nbsp;&nbsp;&nbsp; $28.85 | &nbsp;&nbsp;&nbsp; $29.49 | &nbsp;&nbsp;&nbsp; $32.11 | &nbsp;&nbsp;&nbsp; $25.83 |
| Net investment income<sup>(a)</sup> | 1.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 3.31 | &nbsp;&nbsp;&nbsp;&nbsp;3.24 | &nbsp;&nbsp;&nbsp;&nbsp;2.92 | &nbsp;&nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.25 |
| Net increase (decrease) from investment operations | 4.37 | &nbsp;&nbsp;&nbsp;&nbsp;4.16 | &nbsp;&nbsp;&nbsp;&nbsp;3.63 | &nbsp;&nbsp;&nbsp; (1.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.89 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp;&nbsp; (0.61)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3.62)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp;&nbsp; (4.27)<br>| &nbsp;&nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp;&nbsp; (0.61)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $35.42 | &nbsp;&nbsp;&nbsp; $32.11 | &nbsp;&nbsp;&nbsp; $28.85 | &nbsp;&nbsp;&nbsp; $29.49 | &nbsp;&nbsp;&nbsp; $32.11 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 13.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.81<br> %<br>| &nbsp;&nbsp;&nbsp; (5.03)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.76<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<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 | 3.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.12<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $258568 | &nbsp;&nbsp;&nbsp; $229558 | &nbsp;&nbsp;&nbsp; $180295 | &nbsp;&nbsp;&nbsp; $120300 | &nbsp;&nbsp;&nbsp; $120406 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 5<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.*

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 Currency Hedged MSCI EAFE ETF  | iShares Currency Hedged MSCI EAFE ETF  | iShares Currency Hedged MSCI EAFE ETF  | iShares Currency Hedged MSCI EAFE ETF  | iShares Currency Hedged MSCI EAFE ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Year Ended <br>07/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $35.12 | &nbsp;&nbsp;&nbsp; $30.97 | &nbsp;&nbsp;&nbsp; $32.77 | &nbsp;&nbsp;&nbsp; $34.28 | &nbsp;&nbsp;&nbsp; $26.72 |
| Net investment income<sup>(a)</sup> | 1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 2.77 | &nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp;&nbsp;&nbsp;4.08 | &nbsp;&nbsp;&nbsp; (1.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.55 |
| Net increase (decrease) from investment operations | 3.81 | &nbsp;&nbsp;&nbsp;&nbsp;5.15 | &nbsp;&nbsp;&nbsp;&nbsp;4.76 | &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.30 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp;&nbsp; (0.74)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5.89)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp;&nbsp; (6.56)<br>| &nbsp;&nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp;&nbsp; (0.74)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $37.82 | &nbsp;&nbsp;&nbsp; $35.12 | &nbsp;&nbsp;&nbsp; $30.97 | &nbsp;&nbsp;&nbsp; $32.77 | &nbsp;&nbsp;&nbsp; $34.28 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 11.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.89<br> %<br>| &nbsp;&nbsp;&nbsp; (0.29)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.22<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<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 | 2.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.42<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $6361538 | &nbsp;&nbsp;&nbsp; $6660168 | &nbsp;&nbsp;&nbsp; $3556559 | &nbsp;&nbsp;&nbsp; $3663639 | &nbsp;&nbsp;&nbsp; $2838619 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Currency Hedged MSCI EAFE Small-Cap ETF  | iShares Currency Hedged MSCI EAFE Small-Cap ETF  | iShares Currency Hedged MSCI EAFE Small-Cap ETF  | iShares Currency Hedged MSCI EAFE Small-Cap ETF  | iShares Currency Hedged MSCI EAFE Small-Cap ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Year Ended <br>07/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $32.31 | &nbsp;&nbsp;&nbsp; $28.78 | &nbsp;&nbsp;&nbsp; $32.76 | &nbsp;&nbsp;&nbsp; $36.63 | &nbsp;&nbsp;&nbsp; $26.78 |
| Net investment income<sup>(a)</sup> | 1.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 3.83 | &nbsp;&nbsp;&nbsp;&nbsp;3.48 | &nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp; (3.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.78 |
| Net increase (decrease) from investment operations | 4.95 | &nbsp;&nbsp;&nbsp;&nbsp;4.35 | &nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp; (2.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.40 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp;&nbsp; (0.55)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6.34)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp; (6.81)<br>| &nbsp;&nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp;&nbsp; (0.55)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $36.13 | &nbsp;&nbsp;&nbsp; $32.31 | &nbsp;&nbsp;&nbsp; $28.78 | &nbsp;&nbsp;&nbsp; $32.76 | &nbsp;&nbsp;&nbsp; $36.63 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 15.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.67<br> %<br>| &nbsp;&nbsp;&nbsp; (6.97)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.96<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<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 | 3.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.85<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $162578 | &nbsp;&nbsp;&nbsp; $150905 | &nbsp;&nbsp;&nbsp; $97274 | &nbsp;&nbsp;&nbsp; $107768 | &nbsp;&nbsp;&nbsp; $98178 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 7<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 ACWI ex U.S. ETF  | iShares MSCI ACWI ex U.S. ETF  | iShares MSCI ACWI ex U.S. ETF  | iShares MSCI ACWI ex U.S. ETF  | iShares MSCI ACWI ex U.S. ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Year Ended <br>07/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $54.36 | &nbsp;&nbsp;&nbsp; $51.10 | &nbsp;&nbsp;&nbsp; $46.36 | &nbsp;&nbsp;&nbsp; $56.45 | &nbsp;&nbsp;&nbsp; $45.11 |
| Net investment income<sup>(a)</sup> | 1.50 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.43 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.38 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 6.01 | &nbsp;&nbsp;&nbsp;&nbsp;3.44 | &nbsp;&nbsp;&nbsp;&nbsp;4.49 | &nbsp;&nbsp;&nbsp; (9.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.31 |
| Net increase (decrease) from investment operations | 7.51 | &nbsp;&nbsp;&nbsp;&nbsp;4.76 | &nbsp;&nbsp;&nbsp;&nbsp;5.92 | &nbsp;&nbsp;&nbsp; (8.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.45 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.61)<br>| &nbsp;&nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp;&nbsp; (1.74)<br>| &nbsp;&nbsp;&nbsp; (1.11)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $60.26 | &nbsp;&nbsp;&nbsp; $54.36 | &nbsp;&nbsp;&nbsp; $51.10 | &nbsp;&nbsp;&nbsp; $46.36 | &nbsp;&nbsp;&nbsp; $56.45 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 14.02 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.50 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.96 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (15.04 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.66<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>|
| Total expenses after fees waived | 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>|
| Net investment income | 2.67 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.60 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.04 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.62 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.14<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $6363046 | &nbsp;&nbsp;&nbsp; $4566392 | &nbsp;&nbsp;&nbsp; $4619435 | &nbsp;&nbsp;&nbsp; $4125856 | &nbsp;&nbsp;&nbsp; $4290381 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024, July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.00, $0.06 and $0.01.<br> • Total return by 0.02%, 0.01%, 0.12% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.03%, 0.01%, 0.12% and 0.02%. | <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 July 31, 2025, July 31, <br> 2024, July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.00, $0.06 and $0.01.<br> • Total return by 0.02%, 0.01%, 0.12% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.03%, 0.01%, 0.12% and 0.02%. | <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 July 31, 2025, July 31, <br> 2024, July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.00, $0.06 and $0.01.<br> • Total return by 0.02%, 0.01%, 0.12% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.03%, 0.01%, 0.12% and 0.02%. | <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 July 31, 2025, July 31, <br> 2024, July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.00, $0.06 and $0.01.<br> • Total return by 0.02%, 0.01%, 0.12% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.03%, 0.01%, 0.12% and 0.02%. | <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 July 31, 2025, July 31, <br> 2024, July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.00, $0.06 and $0.01.<br> • Total return by 0.02%, 0.01%, 0.12% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.03%, 0.01%, 0.12% and 0.02%. | <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 July 31, 2025, July 31, <br> 2024, July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.00, $0.06 and $0.01.<br> • Total return by 0.02%, 0.01%, 0.12% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.03%, 0.01%, 0.12% and 0.02%. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI EAFE ETF  | iShares MSCI EAFE ETF  | iShares MSCI EAFE ETF  | iShares MSCI EAFE ETF  | iShares MSCI EAFE ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Year Ended <br>07/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $80.33 | &nbsp;&nbsp;&nbsp; $74.40 | &nbsp;&nbsp;&nbsp; $65.61 | &nbsp;&nbsp;&nbsp; $79.41 | &nbsp;&nbsp;&nbsp; $62.17 |
| Net investment income<sup>(a)</sup> | 2.26 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.04 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.09 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.90 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 7.18 | &nbsp;&nbsp;&nbsp;&nbsp;6.21 | &nbsp;&nbsp;&nbsp;&nbsp;8.37 | &nbsp;&nbsp;&nbsp; (12.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.14 |
| Net increase (decrease) from investment operations | 9.44 | &nbsp;&nbsp;&nbsp;&nbsp;8.25 | &nbsp;&nbsp;&nbsp;&nbsp;10.37 | &nbsp;&nbsp;&nbsp; (10.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.04 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (2.58)<br>| &nbsp;&nbsp;&nbsp; (2.32)<br>| &nbsp;&nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp;&nbsp; (3.01)<br>| &nbsp;&nbsp;&nbsp; (1.80)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $87.19 | &nbsp;&nbsp;&nbsp; $80.33 | &nbsp;&nbsp;&nbsp; $74.40 | &nbsp;&nbsp;&nbsp; $65.61 | &nbsp;&nbsp;&nbsp; $79.41 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 11.92 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.27 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.94 %<sup>(b)(f)</sup><br>| &nbsp;&nbsp;&nbsp; (13.84 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.73<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>|
| Net investment income | 2.76 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.72 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.96 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.82 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.60<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $62879327 | &nbsp;&nbsp;&nbsp; $55764355 | &nbsp;&nbsp;&nbsp; $51154302 | &nbsp;&nbsp;&nbsp; $47594212 | &nbsp;&nbsp;&nbsp; $57269991 |
| Portfolio turnover rate<sup>(h)</sup> | &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024, July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.00, $0.01, $0.03 and $0.07.<br> • Total return by 0.00%, 0.01%, 0.04% and 0.10%.<br> • Ratio of net investment income to average net assets by 0.00%, 0.02%, 0.04% and 0.09%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024, July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.00, $0.01, $0.03 and $0.07.<br> • Total return by 0.00%, 0.01%, 0.04% and 0.10%.<br> • Ratio of net investment income to average net assets by 0.00%, 0.02%, 0.04% and 0.09%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024, July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.00, $0.01, $0.03 and $0.07.<br> • Total return by 0.00%, 0.01%, 0.04% and 0.10%.<br> • Ratio of net investment income to average net assets by 0.00%, 0.02%, 0.04% and 0.09%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024, July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.00, $0.01, $0.03 and $0.07.<br> • Total return by 0.00%, 0.01%, 0.04% and 0.10%.<br> • Ratio of net investment income to average net assets by 0.00%, 0.02%, 0.04% and 0.09%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024, July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.00, $0.01, $0.03 and $0.07.<br> • Total return by 0.00%, 0.01%, 0.04% and 0.10%.<br> • Ratio of net investment income to average net assets by 0.00%, 0.02%, 0.04% and 0.09%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024, July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.00, $0.01, $0.03 and $0.07.<br> • Total return by 0.00%, 0.01%, 0.04% and 0.10%.<br> • Ratio of net investment income to average net assets by 0.00%, 0.02%, 0.04% and 0.09%. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(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 payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(f)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(f)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(f)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(f)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(f)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. |
| <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;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI EAFE Small-Cap ETF  | iShares MSCI EAFE Small-Cap ETF  | iShares MSCI EAFE Small-Cap ETF  | iShares MSCI EAFE Small-Cap ETF  | iShares MSCI EAFE Small-Cap ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Year Ended <br>07/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $64.92 | &nbsp;&nbsp;&nbsp; $61.27 | &nbsp;&nbsp;&nbsp; $58.15 | &nbsp;&nbsp;&nbsp; $75.41 | &nbsp;&nbsp;&nbsp; $55.23 |
| Net investment income<sup>(a)</sup> | 1.90 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.57 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.39 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 7.46 | &nbsp;&nbsp;&nbsp;&nbsp;3.81 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp; (16.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;20.00 |
| Net increase (decrease) from investment operations | 9.36 | &nbsp;&nbsp;&nbsp;&nbsp;5.38 | &nbsp;&nbsp;&nbsp;&nbsp;4.12 | &nbsp;&nbsp;&nbsp; (14.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.39 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (2.29)<br>| &nbsp;&nbsp;&nbsp; (1.73)<br>| &nbsp;&nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp;&nbsp; (2.58)<br>| &nbsp;&nbsp;&nbsp; (1.21)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $71.99 | &nbsp;&nbsp;&nbsp; $64.92 | &nbsp;&nbsp;&nbsp; $61.27 | &nbsp;&nbsp;&nbsp; $58.15 | &nbsp;&nbsp;&nbsp; $75.41 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 14.80 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.98 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.12 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (19.80 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.84<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| Net investment income | 2.90 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.62 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.88 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.50 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.03<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $10165564 | &nbsp;&nbsp;&nbsp; $9751342 | &nbsp;&nbsp;&nbsp; $11040507 | &nbsp;&nbsp;&nbsp; $10966490 | &nbsp;&nbsp;&nbsp; $13135610 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024, July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.01, $0.01 and $0.03.<br> • Total return by 0.01%, 0.02%, 0.03% and 0.04%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.01%, 0.02% and 0.04%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024, July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.01, $0.01 and $0.03.<br> • Total return by 0.01%, 0.02%, 0.03% and 0.04%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.01%, 0.02% and 0.04%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024, July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.01, $0.01 and $0.03.<br> • Total return by 0.01%, 0.02%, 0.03% and 0.04%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.01%, 0.02% and 0.04%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024, July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.01, $0.01 and $0.03.<br> • Total return by 0.01%, 0.02%, 0.03% and 0.04%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.01%, 0.02% and 0.04%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024, July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.01, $0.01 and $0.03.<br> • Total return by 0.01%, 0.02%, 0.03% and 0.04%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.01%, 0.02% and 0.04%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024, July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.01, $0.01 and $0.03.<br> • Total return by 0.01%, 0.02%, 0.03% and 0.04%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.01%, 0.02% and 0.04%. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

*Notes to Financial Statements* 

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

***1. ORGANIZATION***

iShares 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>|
| Currency Hedged MSCI ACWI ex U.S. | &nbsp;&nbsp; Diversified |
| Currency Hedged MSCI EAFE | &nbsp;&nbsp; Diversified |
| Currency Hedged MSCI EAFE Small-Cap | &nbsp;&nbsp; Diversified |
| MSCI ACWI ex U.S. | &nbsp;&nbsp; Diversified |
| MSCI EAFE | &nbsp;&nbsp; Diversified |
| MSCI EAFE Small-Cap | &nbsp;&nbsp; Diversified |

---

Currently each currency hedged 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 included in this report and should be read in conjunction with the financial statements of the Funds.

***2. SIGNIFICANT ACCOUNTING POLICIES***

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

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest.

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

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

**Foreign Taxes:** 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 July 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.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

**Collateralization:** If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**In-kind Redemptions:** For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds' tax year. These reclassifications have no effect on net assets or net asset value ("NAV") per share.

**Distributions:** Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

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

**Segment Reporting:** The 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE based on that day's prevailing forward exchange rate for the underlying currencies.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

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***

**Warrants:** Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

**Securities Lending:** Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| Currency Hedged MSCI EAFE |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $11867712 | &nbsp;&nbsp;&nbsp; $(11867712) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp; 15245984 | &nbsp;&nbsp;&nbsp; (15245984) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets Inc. | &nbsp;&nbsp; 62603056 | &nbsp;&nbsp;&nbsp; (62603056) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 425084640 | &nbsp;&nbsp;&nbsp; (425084640) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| RBC Capital Markets LLC | &nbsp;&nbsp; 61841632 | &nbsp;&nbsp;&nbsp; (61841632) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Toronto-Dominion Bank | &nbsp;&nbsp; 40791059 | &nbsp;&nbsp;&nbsp; (40791059) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 6511488 | &nbsp;&nbsp;&nbsp; (6511488) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $623945571 | &nbsp;&nbsp;&nbsp; $(623945571) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| MSCI ACWI ex U.S. |  |  |  |  |
| Barclays Capital, Inc. | &nbsp;&nbsp; $3752811 | &nbsp;&nbsp;&nbsp; $(3752811) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp; 48171 | &nbsp;&nbsp;&nbsp; (48171) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 4990327 | &nbsp;&nbsp;&nbsp; (4990327) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets Ltd. | &nbsp;&nbsp; 421737 | &nbsp;&nbsp;&nbsp; (421737) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 6186998 | &nbsp;&nbsp;&nbsp; (6186998) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 11157453 | &nbsp;&nbsp;&nbsp; (11157453) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 1762485 | &nbsp;&nbsp;&nbsp; (1762485) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 541660 | &nbsp;&nbsp;&nbsp; (541660) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 2267187 | &nbsp;&nbsp;&nbsp; (2267187) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Macquarie Bank Ltd. | &nbsp;&nbsp; 359618 | &nbsp;&nbsp;&nbsp; (359618) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 4935187 | &nbsp;&nbsp;&nbsp; (4935187) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Nomura Securities International, Inc. | &nbsp;&nbsp; 712711 | &nbsp;&nbsp;&nbsp; (712711) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| SG Americas Securities LLC | &nbsp;&nbsp; 691681 | &nbsp;&nbsp;&nbsp; (691681) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 609206 | &nbsp;&nbsp;&nbsp; (609206) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 899200 | &nbsp;&nbsp;&nbsp; (899200) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $39336432 | &nbsp;&nbsp;&nbsp; $(39336432) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| MSCI EAFE |  |  |  |  |
| BofA Securities, Inc. | &nbsp;&nbsp; $37701333 | &nbsp;&nbsp;&nbsp; $(37701333) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 18989534 | &nbsp;&nbsp;&nbsp; (18989534) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 55725227 | &nbsp;&nbsp;&nbsp; (55725227) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 19517126 | &nbsp;&nbsp;&nbsp; (19517126) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 55171414 | &nbsp;&nbsp;&nbsp; (55171414) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 163191 | &nbsp;&nbsp;&nbsp; (163191) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $187267825 | &nbsp;&nbsp;&nbsp; $(187267825) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| MSCI EAFE Small-Cap |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $920900 | &nbsp;&nbsp;&nbsp; $(920900) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Barclays Capital, Inc. | &nbsp;&nbsp; 23038504 | &nbsp;&nbsp;&nbsp; (23038504) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 12817880 | &nbsp;&nbsp;&nbsp; (12817880) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 19609053 | &nbsp;&nbsp;&nbsp; (19609053) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 17915252 | &nbsp;&nbsp;&nbsp; (17915252) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 122467053 | &nbsp;&nbsp;&nbsp; (122467053) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 30315717 | &nbsp;&nbsp;&nbsp; (30315717) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 16612566 | &nbsp;&nbsp;&nbsp; (16612566) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 687039 | &nbsp;&nbsp;&nbsp; (687039) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Macquarie Bank Ltd. | &nbsp;&nbsp; 414591 | &nbsp;&nbsp;&nbsp; (414591) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Mizuho Securities USA Inc. | &nbsp;&nbsp; 15661 | &nbsp;&nbsp;&nbsp; (15661) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 70709813 | &nbsp;&nbsp;&nbsp; (70709813) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Nomura Securities International, Inc. | &nbsp;&nbsp; 6700962 | &nbsp;&nbsp;&nbsp; (6700962) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Scotia Capital (USA), Inc. | &nbsp;&nbsp; 511803 | &nbsp;&nbsp;&nbsp; (511803) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| SG Americas Securities LLC | &nbsp;&nbsp; 140553 | &nbsp;&nbsp;&nbsp; (140553) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 5370224 | &nbsp;&nbsp;&nbsp; (5370224) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Toronto-Dominion Bank | &nbsp;&nbsp; 14669 | &nbsp;&nbsp;&nbsp; (14669) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 6537522 | &nbsp;&nbsp;&nbsp; (6537522) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 533062 | &nbsp;&nbsp;&nbsp; (533062) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $335332824 | &nbsp;&nbsp;&nbsp; $(335332824) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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

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

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

***5. DERIVATIVE FINANCIAL INSTRUMENTS***

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

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

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

**Forward Foreign Currency Exchange Contracts:** Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market.The contracts are traded over-the-counter ("OTC") and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A fund's risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

**Master Netting Arrangements:** In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

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

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the 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* |
| Currency Hedged MSCI ACWI ex U.S. | 0.38% |
| Currency Hedged MSCI EAFE | 0.38 |
| Currency Hedged MSCI EAFE Small-Cap | 0.43 |

---

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

---

For its investment advisory services to the iShares MSCI EAFE Small-Cap ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund's allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

---

| | |
|:---|:---|
| *Aggregate Average Daily Net Assets* | *Investment Advisory Fees* |
| First $12 billion | 0.4000% |
| Over $12 billion, up to and including $18 billion | 0.380000 |
| Over $18 billion, up to and including $24 billion | 0.361000 |
| Over $24 billion, up to and including $30 billion | 0.342950 |
| Over $30 billion | 0.325802 |

---

**Expense Waivers:** A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies ("acquired fund fees and expenses"). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund's total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.

For the iShares Currency Hedged MSCI ACWI ex U.S. ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 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 investments in the iShares MSCI ACWI ex U.S. ETF ("ACWX"), after taking into account any fee waivers by ACWX, plus 0.03%.

For the iShares Currency Hedged MSCI EAFE ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 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 investments in the iShares MSCI EAFE ETF ("EFA"), after taking into account any fee waivers by EFA, plus 0.03%.

For the iShares Currency Hedged MSCI EAFE Small-Cap ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 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 investments in the iShares MSCI EAFE Small-Cap ETF ("SCZ"), taking into account any fee waivers by SCZ, plus 0.03%.

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

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

These amounts are included in investment advisory fees waived in the Statements of Operations. For the year ended July 31, 2025, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts Waived* |
| Currency Hedged MSCI ACWI ex U.S. | &nbsp;&nbsp; $842994 |
| Currency Hedged MSCI EAFE | &nbsp;&nbsp; 22045298 |
| Currency Hedged MSCI EAFE Small-Cap | &nbsp;&nbsp; 609710 |

---

**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 July 31, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| Currency Hedged MSCI ACWI ex U.S. | &nbsp;&nbsp; $193712 |
| Currency Hedged MSCI EAFE | &nbsp;&nbsp; 297826 |
| Currency Hedged MSCI EAFE Small-Cap | &nbsp;&nbsp; 6197 |
| MSCI ACWI ex U.S. | &nbsp;&nbsp; 85058 |
| MSCI EAFE | &nbsp;&nbsp; 245661 |
| MSCI EAFE Small-Cap | &nbsp;&nbsp; 1562000 |

---

**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 July 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 ACWI ex U.S. | &nbsp;&nbsp; $17941572 | &nbsp;&nbsp;&nbsp; $32057217 | &nbsp;&nbsp;&nbsp; $(17582821) |
| MSCI EAFE | &nbsp;&nbsp; 428944792 | &nbsp;&nbsp;&nbsp; 464143262 | &nbsp;&nbsp;&nbsp; (245752814) |
| MSCI EAFE Small-Cap | &nbsp;&nbsp; 580302982 | &nbsp;&nbsp;&nbsp; 388669545 | &nbsp;&nbsp;&nbsp; 202475152 |

---

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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

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

***7. PURCHASES AND SALES***

For the year ended July 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 ACWI ex U.S. | &nbsp;&nbsp; $29781739 | &nbsp;&nbsp;&nbsp; $33196449 |
| Currency Hedged MSCI EAFE | &nbsp;&nbsp; 865909646 | &nbsp;&nbsp;&nbsp; 1154372687 |
| Currency Hedged MSCI EAFE Small-Cap | &nbsp;&nbsp; 24066743 | &nbsp;&nbsp;&nbsp; 24745194 |
| MSCI ACWI ex U.S. | &nbsp;&nbsp; 606191439 | &nbsp;&nbsp;&nbsp; 269494211 |
| MSCI EAFE | &nbsp;&nbsp; 3207485009 | &nbsp;&nbsp;&nbsp; 2157700978 |
| MSCI EAFE Small-Cap | &nbsp;&nbsp; 1720526068 | &nbsp;&nbsp;&nbsp; 1624716306 |

---

For the year ended July 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 ACWI ex U.S. | &nbsp;&nbsp; $51899803 | &nbsp;&nbsp;&nbsp; $47717179 |
| Currency Hedged MSCI EAFE | &nbsp;&nbsp; 2899381226 | &nbsp;&nbsp;&nbsp; 3635338221 |
| Currency Hedged MSCI EAFE Small-Cap | &nbsp;&nbsp; 21073932 | &nbsp;&nbsp;&nbsp; 26681225 |
| MSCI ACWI ex U.S. | &nbsp;&nbsp; 903454211 | &nbsp;&nbsp;&nbsp; 60634791 |
| MSCI EAFE | &nbsp;&nbsp; 983700093 | &nbsp;&nbsp;&nbsp; 90818674 |
| MSCI EAFE Small-Cap | &nbsp;&nbsp; 895949223 | &nbsp;&nbsp;&nbsp; 1532389001 |

---

***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 July 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 July 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>|
| Currency Hedged MSCI ACWI ex U.S. | &nbsp;&nbsp; $10487918 | &nbsp;&nbsp;&nbsp; $(10487918) |
| Currency Hedged MSCI EAFE | &nbsp;&nbsp; 669067643 | &nbsp;&nbsp;&nbsp; (669067643) |
| Currency Hedged MSCI EAFE Small-Cap | &nbsp;&nbsp; 2673558 | &nbsp;&nbsp;&nbsp; (2673558) |
| MSCI ACWI ex U.S. | &nbsp;&nbsp; 18704880 | &nbsp;&nbsp;&nbsp; (18704880) |
| MSCI EAFE | &nbsp;&nbsp; 35693200 | &nbsp;&nbsp;&nbsp; (35693200) |
| MSCI EAFE Small-Cap | &nbsp;&nbsp; 264722819 | &nbsp;&nbsp;&nbsp; (264722819) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended* <br>*07/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*07/31/24*<br>|
| Currency Hedged MSCI ACWI ex U.S. |  |  |
| Ordinary income | &nbsp;&nbsp; $7614942 | &nbsp;&nbsp;&nbsp; $6088385 |
| Currency Hedged MSCI EAFE |  |  |
| Ordinary income | &nbsp;&nbsp; $181045462 | &nbsp;&nbsp;&nbsp; $159638899 |

---

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended*<br> *07/31/25*<br>| &nbsp;&nbsp; *Year Ended*<br> *07/31/24*<br>|
| Currency Hedged MSCI EAFE Small-Cap |  |  |
| Ordinary income | &nbsp;&nbsp; $5192410 | &nbsp;&nbsp;&nbsp; $3365192 |
| MSCI ACWI ex U.S. |  |  |
| Ordinary income | &nbsp;&nbsp; $157695029 | &nbsp;&nbsp;&nbsp; $130886807 |
| MSCI EAFE |  |  |
| Ordinary income | &nbsp;&nbsp; $1819191272 | &nbsp;&nbsp;&nbsp; $1557518348 |
| MSCI EAFE Small-Cap |  |  |
| Ordinary income | &nbsp;&nbsp; $320855509 | &nbsp;&nbsp;&nbsp; $269724422 |

---

As of July 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 ACWI ex U.S. | &nbsp;&nbsp; $38405 | &nbsp;&nbsp;&nbsp; $(8385019) | &nbsp;&nbsp;&nbsp; $44562116 | &nbsp;&nbsp;&nbsp; $36215502 |
| Currency Hedged MSCI EAFE | &nbsp;&nbsp; 1000784 | &nbsp;&nbsp;&nbsp; (402639212) | &nbsp;&nbsp;&nbsp; 571118762 | &nbsp;&nbsp;&nbsp; 169480334 |
| Currency Hedged MSCI EAFE Small-Cap | &nbsp;&nbsp; 32314 | &nbsp;&nbsp;&nbsp; (10610973) | &nbsp;&nbsp;&nbsp; 23002418 | &nbsp;&nbsp;&nbsp; 12423759 |
| MSCI ACWI ex U.S. | &nbsp;&nbsp; 34338100 | &nbsp;&nbsp;&nbsp; (747165202) | &nbsp;&nbsp;&nbsp; 1162739228 | &nbsp;&nbsp;&nbsp; 449912126 |
| MSCI EAFE | &nbsp;&nbsp; 243554416 | &nbsp;&nbsp;&nbsp; (9567009698) | &nbsp;&nbsp;&nbsp; 15559019548 | &nbsp;&nbsp;&nbsp; 6235564266 |
| MSCI EAFE Small-Cap | &nbsp;&nbsp; 95587302 | &nbsp;&nbsp;&nbsp; (1047878182) | &nbsp;&nbsp;&nbsp; 339138067 | &nbsp;&nbsp;&nbsp; (613152813) |

---

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

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

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain foreign currency contracts and futures contracts, the timing and recognition of partnership income, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies. 

As of July 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 ACWI ex U.S. | &nbsp;&nbsp; $214763360 | &nbsp;&nbsp;&nbsp; $45858356 | &nbsp;&nbsp;&nbsp; $(1296240) | &nbsp;&nbsp;&nbsp; $44562116 |
| Currency Hedged MSCI EAFE | &nbsp;&nbsp; 6426818518 | &nbsp;&nbsp;&nbsp; 607713975 | &nbsp;&nbsp;&nbsp; (36595213) | &nbsp;&nbsp;&nbsp; 571118762 |
| Currency Hedged MSCI EAFE Small-Cap | &nbsp;&nbsp; 139414192 | &nbsp;&nbsp;&nbsp; 23879228 | &nbsp;&nbsp;&nbsp; (876810) | &nbsp;&nbsp;&nbsp; 23002418 |
| MSCI ACWI ex U.S. | &nbsp;&nbsp; 5220037564 | &nbsp;&nbsp;&nbsp; 1597570825 | &nbsp;&nbsp;&nbsp; (421494957) | &nbsp;&nbsp;&nbsp; 1176075868 |
| MSCI EAFE | &nbsp;&nbsp; 47231110354 | &nbsp;&nbsp;&nbsp; 20302691407 | &nbsp;&nbsp;&nbsp; (4746277026) | &nbsp;&nbsp;&nbsp; 15556414381 |
| MSCI EAFE Small-Cap | &nbsp;&nbsp; 10146935353 | &nbsp;&nbsp;&nbsp; 1916161848 | &nbsp;&nbsp;&nbsp; (1576247401) | &nbsp;&nbsp;&nbsp; 339914447 |

---

***9. LINE OF CREDIT***

The iShares Currency Hedged MSCI EAFE ETF and iShares MSCI ACWI ex U.S. ETF, along with certain other iShares funds ("Participating Funds"), are parties to a $800 million credit agreement ("Syndicated Credit Agreement") with a group of lenders, which expires on October 15, 2025. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate ("SOFR") plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund's relative exposure to certain target markets or a Participating Fund's maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the year ended July 31, 2025, the iShares Currency Hedged MSCI EAFE ETF did not borrow under the Syndicated Credit Agreement.

For the year ended July 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 ACWI ex U.S. | &nbsp;&nbsp; $11000000 | &nbsp;&nbsp;&nbsp; $156712 | &nbsp;&nbsp;&nbsp;&nbsp;6.02% |

---

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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

***10. PRINCIPAL RISKS***

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

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

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

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

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

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

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

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

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

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

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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

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

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

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

***11. CAPITAL SHARE TRANSACTIONS***

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

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>07/31/25 | Year Ended <br>07/31/25 | Year Ended <br>07/31/24 | Year Ended <br>07/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| Currency Hedged MSCI ACWI ex U.S. |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1580000 | &nbsp;&nbsp;&nbsp; $51823350 | &nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; $28571881 |
| Shares redeemed | &nbsp;&nbsp; (1430000)<br>| &nbsp;&nbsp;&nbsp; (47236575)<br>| &nbsp;&nbsp;&nbsp; (50000)<br>| &nbsp;&nbsp;&nbsp; (1593145)<br>|
|  | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; $4586775 | &nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; $26978736 |
| Currency Hedged MSCI EAFE |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 79150000 | &nbsp;&nbsp;&nbsp; $2883084854 | &nbsp;&nbsp;&nbsp; 97950000 | &nbsp;&nbsp;&nbsp; $3322608956 |
| Shares redeemed | &nbsp;&nbsp; (100600000)<br>| &nbsp;&nbsp;&nbsp; (3643730300)<br>| &nbsp;&nbsp;&nbsp; (23150000)<br>| &nbsp;&nbsp;&nbsp; (814689585)<br>|
|  | &nbsp;&nbsp; (21450000)<br>| &nbsp;&nbsp;&nbsp; $(760645446)<br>| &nbsp;&nbsp;&nbsp; 74800000 | &nbsp;&nbsp;&nbsp; $2507919371 |
| Currency Hedged MSCI EAFE Small-Cap |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; $21187686 | &nbsp;&nbsp;&nbsp; 1370000 | &nbsp;&nbsp;&nbsp; $41592001 |
| Shares redeemed | &nbsp;&nbsp; (820000)<br>| &nbsp;&nbsp;&nbsp; (26318133)<br>| &nbsp;&nbsp;&nbsp; (80000)<br>| &nbsp;&nbsp;&nbsp; (2280022)<br>|
|  | &nbsp;&nbsp; (170000)<br>| &nbsp;&nbsp;&nbsp; $(5130447)<br>| &nbsp;&nbsp;&nbsp; 1290000 | &nbsp;&nbsp;&nbsp; $39311979 |
| MSCI ACWI ex U.S. |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 23000000 | &nbsp;&nbsp;&nbsp; $1274648635 | &nbsp;&nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp; $109424934 |
| Shares redeemed | &nbsp;&nbsp; (1400000)<br>| &nbsp;&nbsp;&nbsp; (73849393)<br>| &nbsp;&nbsp;&nbsp; (8600000)<br>| &nbsp;&nbsp;&nbsp; (441563479)<br>|
|  | &nbsp;&nbsp; 21600000 | &nbsp;&nbsp;&nbsp; $1200799242 | &nbsp;&nbsp;&nbsp; (6400000)<br>| &nbsp;&nbsp;&nbsp; $(332138545)<br>|
| MSCI EAFE |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 28200000 | &nbsp;&nbsp;&nbsp; $2306784107 | &nbsp;&nbsp;&nbsp; 33000000 | &nbsp;&nbsp;&nbsp; $2563390724 |
| Shares redeemed | &nbsp;&nbsp; (1200000)<br>| &nbsp;&nbsp;&nbsp; (91351011)<br>| &nbsp;&nbsp;&nbsp; (26400000)<br>| &nbsp;&nbsp;&nbsp; (1907000689)<br>|
|  | &nbsp;&nbsp; 27000000 | &nbsp;&nbsp;&nbsp; $2215433096 | &nbsp;&nbsp;&nbsp; 6600000 | &nbsp;&nbsp;&nbsp; $656390035 |

---

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> 07/31/25 | Year Ended<br> 07/31/25 | Year Ended<br> 07/31/24 | Year Ended<br> 07/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| MSCI EAFE Small-Cap |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 14200000 | &nbsp;&nbsp;&nbsp; $937327033 | &nbsp;&nbsp;&nbsp; 3600000 | &nbsp;&nbsp;&nbsp; $218376996 |
| Shares redeemed | &nbsp;&nbsp; (23200000)<br>| &nbsp;&nbsp;&nbsp; (1540191879)<br>| &nbsp;&nbsp;&nbsp; (33600000)<br>| &nbsp;&nbsp;&nbsp; (1939233779)<br>|
|  | &nbsp;&nbsp; (9000000)<br>| &nbsp;&nbsp;&nbsp; $(602864846)<br>| &nbsp;&nbsp;&nbsp; (30000000)<br>| &nbsp;&nbsp;&nbsp; $(1720856783)<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 EAFE ETF has filed claims to recover taxes withheld by Sweden on dividend income based upon certain provisions in the Treaty on the Functioning of the European Union. The Fund has recorded receivables for all recoverable taxes withheld by Sweden based upon previous determinations made by the Swedish tax authorities. Professional and other fees associated with the filing of these claims for foreign withholding taxes have been approved by the Board as appropriate expenses of the Fund. Based upon the Fund's evaluation of the facts and circumstances related to the outstanding claims, Swedish tax claim receivables and related liabilities are disclosed in the statements of assets and liabilities. The collection of these receivables, and any payment of associated liabilities, depends upon future determinations made by the Swedish tax authorities, the outcome of which is uncertain. If such future determinations are unfavorable, the potential negative impact to the Fund, as of July 31, 2025, is $54,400,632 or $0.08 per share.

The iShares MSCI ACWI ex U.S. ETF has filed European Union Discrimination Claims ("ECJ Claims") to recover taxes withheld by either Finland or Poland (the "ECJ Paying Countries") on dividend income based upon certain provisions in the Treaty on the Functioning of the European Union. The Fund has recorded receivables for all recoverable taxes withheld by the ECJ Paying Countries based upon previous determinations made by the local tax authorities. Professional and other fees associated with the filing of these claims for foreign withholding taxes have been approved by the Board as appropriate expenses of the Fund. Based upon the Fund's evaluation of the facts and circumstances related to the outstanding ECJ Claims, ECJ Paying Countries' tax claim receivables and related liabilities are disclosed in the Statements of Assets and Liabilities. The collection of these receivables, and any payment of associated liabilities, depends upon future determinations made by the local tax authorities, the outcome of which is uncertain. If such future determinations are unfavorable, the potential negative impact to the Fund, as of July 31, 2025, is $126,282 or $0.00 per share.

The Internal Revenue Service ("IRS") has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which each of the iShares MSCI ACWI ex U.S., iShares MSCI EAFE ETF and iShares MSCI EAFE Small-Cap ETFs is able to pass through to shareholders as a foreign tax credit in the current year, each of the Funds will be able to offset the prior years' withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Funds.

During the year, the iShares MSCI EAFE ETF filed a closing agreement with the IRS related to the recovery of foreign taxes received in fiscal year 2021 and 2022, and the related tax compliance fee, including interest, was paid to the IRS.

***13. SUBSEQUENT EVENTS***

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

Notes to Financial Statements

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and Shareholders of each of the six 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 (six of the funds constituting iShares Trust, hereafter collectively referred to as the "Funds") as of July 31, 2025, the related statements of operations for the year ended July 31, 2025, the statements of changes in net assets for each of the two years in the period ended July 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended July 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 July 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 July 31, 2025 and each of the financial highlights for each of the five years in the period ended July 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

---

| |
|:---|
| iShares Currency Hedged MSCI ACWI ex U.S. ETF |
| iShares Currency Hedged MSCI EAFE ETF |
| iShares Currency Hedged MSCI EAFE Small-Cap ETF |
| iShares MSCI ACWI ex U.S. ETF |
| iShares MSCI EAFE ETF |
| iShares MSCI EAFE Small-Cap 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 July 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

September 23, 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 July 31, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Dividend* <br>*Income*<br>|
| Currency Hedged MSCI ACWI ex U.S. | &nbsp;&nbsp; $5614189 |
| Currency Hedged MSCI EAFE | &nbsp;&nbsp; 173568603 |
| Currency Hedged MSCI EAFE Small-Cap | &nbsp;&nbsp; 3865747 |
| MSCI ACWI ex U.S. | &nbsp;&nbsp; 137759692 |
| MSCI EAFE | &nbsp;&nbsp; 1768806003 |
| MSCI EAFE Small-Cap | &nbsp;&nbsp; 258684367 |

---

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 July 31, 2025:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Foreign Source* <br>*Income Earned*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Foreign* <br>*Taxes Paid*<br>|
| Currency Hedged MSCI ACWI ex U.S. | &nbsp;&nbsp; $7442974 | &nbsp;&nbsp;&nbsp;&nbsp; $579856 |
| Currency Hedged MSCI EAFE | &nbsp;&nbsp; 195299509 | &nbsp;&nbsp;&nbsp;&nbsp; 12727574 |
| Currency Hedged MSCI EAFE Small-Cap | &nbsp;&nbsp; 5626012 | &nbsp;&nbsp;&nbsp;&nbsp; 379708 |
| MSCI ACWI ex U.S. | &nbsp;&nbsp; 170480951 | &nbsp;&nbsp;&nbsp;&nbsp; 13234723 |
| MSCI EAFE | &nbsp;&nbsp; 1898219479 | &nbsp;&nbsp;&nbsp;&nbsp; 126687650 |
| MSCI EAFE Small-Cap | &nbsp;&nbsp; 322720722 | &nbsp;&nbsp;&nbsp;&nbsp; 23105003 |

---

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 EAFE ETF and iShares MSCI EAFE Small-Cap 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 EAFE ETF and iShares MSCI EAFE Small-Cap 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

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Board Review and Approval of Investment Advisory Contract

**iShares Currency Hedged MSCI ACWI ex U.S. 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 within range of the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the

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 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.

**iShares Currency Hedged MSCI EAFE 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 within range of the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

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 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.

**iShares Currency Hedged MSCI EAFE 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

2025 iShares Annual Financial Statements and Additional Information

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Board Review and Approval of Investment Advisory Contract (continued)

the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund 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.

Board Review and Approval of Investment Advisory Contract

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Board Review and Approval of Investment Advisory Contract (continued)

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares MSCI ACWI ex U.S. 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.

2025 iShares Annual Financial Statements and Additional Information

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Board Review and Approval of Investment Advisory Contract (continued)

The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c)

Board Review and Approval of Investment Advisory Contract

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Board Review and Approval of Investment Advisory Contract (continued)

Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board reviewed all of the breakpoint arrangements and noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. Further, with respect to comparisons with one or more open-end index mutual funds registered under the 1940 Act managed by BFA (or an affiliate) that track the same index as the Fund or have a similar investment strategy or mandate, and have investment advisory fee rates and overall expenses (net of any waivers and reimbursements) that are lower than the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) of the Fund, the Board considered management's explanations of the relevant circumstances applicable to such mutual funds.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

2025 iShares Annual Financial Statements and Additional Information

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Board Review and Approval of Investment Advisory Contract (continued)

**iShares MSCI EAFE 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 within range of the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.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

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. Further, with respect to comparisons with one or more open-end index mutual funds registered under the 1940 Act managed by BFA (or an affiliate) that track the same index as the Fund or have a similar investment strategy or mandate, and have investment advisory fee rates and overall expenses (net of any waivers and reimbursements) that are lower than the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) of the Fund, the Board considered management's explanations of the relevant circumstances applicable to such mutual funds.

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

2025 iShares Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

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 EAFE 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

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

performed in line with its underlying index over the relevant periods. The Board also noted the revised investment advisory fee rate for the Fund adopted by the Board at a meeting held on December 9-11, 2024 to reflect calculation of the rate to the sixth decimal place on the same or lower basis than the prior fee rate.

Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board reviewed all of the breakpoint arrangements and noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**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

2025 iShares Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

Board Review and Approval of Investment Advisory Contract

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Glossary of Terms Used in these Financial Statements

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

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| | |
|:---|:---|
| **Currency Abbreviation**  | **Currency Abbreviation**  |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CLP | Chilean Peso |
| CNH | Chinese Yuan |
| CNY | Chinese Yuan |
| DKK | Danish Krone |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| IDR | Indonesian Rupiah |
| ILS | Israeli Shekel |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| TRY | Turkish Lira |
| TWD | New Taiwan Dollar |
| USD | United States Dollar |
| ZAR | South African Rand |

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

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| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| JSC | Joint Stock Company |
| NVDR | Non-Voting Depositary Receipt |
| NVS | Non-Voting Shares |
| PJSC | Public Joint Stock Company |
| REIT | Real Estate Investment Trust |

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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.

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July 31, 2025

![](g68177img2fcd32311.jpg)

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

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Annual Financial Statements <br> and Additional Information <br>

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

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| |
|:---|
| **iShares Trust** |
| • iShares MSCI EAFE Growth ETF \| EFG \| Cboe BZX Exchange |
| • iShares MSCI EAFE Value ETF \| EFV \| Cboe BZX Exchange |

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**Table of Contents**

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

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| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_31ae66dd-9c62-42c2-a3a8-ff6145990a49_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_31ae66dd-9c62-42c2-a3a8-ff6145990a49_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 15 |
| [Statements of Operations](#xx_31ae66dd-9c62-42c2-a3a8-ff6145990a49_FS-Footer-iSharesReport_2)  | &nbsp;&nbsp; 16 |
| [Statements of Changes in Net Assets](#xx_31ae66dd-9c62-42c2-a3a8-ff6145990a49_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 17 |
| [Financial Highlights](#xx_31ae66dd-9c62-42c2-a3a8-ff6145990a49_FS-Footer-iSharesReport_4)  | &nbsp;&nbsp; 18 |
| [Notes to Financial Statements](#xx_31ae66dd-9c62-42c2-a3a8-ff6145990a49_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 20 |
| [Report of Independent Registered Public Accounting Firm](#xx_31ae66dd-9c62-42c2-a3a8-ff6145990a49_opinion-Footer-iSharesReport_1)  | &nbsp;&nbsp; 29 |
| [Important Tax Information](#xx_31ae66dd-9c62-42c2-a3a8-ff6145990a49_Tax-annual-Footer-iSharesReport_1)  | &nbsp;&nbsp; 30 |
| [Additional Information](#xx_31ae66dd-9c62-42c2-a3a8-ff6145990a49_SAI-Footer-iSharesReport-126_1)  | &nbsp;&nbsp; 31 |
| [Board Review and Approval of Investment Advisory Contract](#xx_31ae66dd-9c62-42c2-a3a8-ff6145990a49_15Cheader-Footer-iSharesReport-126_1)  | &nbsp;&nbsp; 32 |
| [Glossary of Terms Used in these Financial Statements](#xx_31ae66dd-9c62-42c2-a3a8-ff6145990a49_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 37 |

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Schedule of Investments

July 31, 2025

**iShares® MSCI EAFE Growth 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** |
| **Australia — 7.1%** | **Australia — 7.1%** | **Australia — 7.1%** |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp; 770357 | $34494180 |
| ASX Ltd. | &nbsp;&nbsp; 132541 | 5941031 |
| BlueScope Steel Ltd. | &nbsp;&nbsp; 210339 | 3188800 |
| Brambles Ltd. | &nbsp;&nbsp; 1872826 | 28653193 |
| CAR Group Ltd. | &nbsp;&nbsp; 513943 | 12509126 |
| Cochlear Ltd. | &nbsp;&nbsp; 89724 | 18317423 |
| Coles Group Ltd. | &nbsp;&nbsp; 1837149 | 24459738 |
| Commonwealth Bank of Australia | &nbsp;&nbsp; 2287739 | 259725909 |
| Computershare Ltd. | &nbsp;&nbsp; 717797 | 19322665 |
| CSL Ltd. | &nbsp;&nbsp; 661952 | 114507240 |
| Evolution Mining Ltd. | &nbsp;&nbsp; 2729584 | 12353331 |
| Goodman Group | &nbsp;&nbsp; 1805667 | 40371946 |
| James Hardie Industries PLC<sup>(a)(b)</sup> | &nbsp;&nbsp; 790980 | 20761191 |
| Lottery Corp. Ltd. (The) | &nbsp;&nbsp; 1983983 | 6881207 |
| Medibank Pvt Ltd. | &nbsp;&nbsp; 1321239 | 4318342 |
| Northern Star Resources Ltd. | &nbsp;&nbsp; 1861001 | 18489653 |
| Pro Medicus Ltd. | &nbsp;&nbsp; 78825 | 16187074 |
| Qantas Airways Ltd. | &nbsp;&nbsp; 1016835 | 7052093 |
| QBE Insurance Group Ltd. | &nbsp;&nbsp; 724927 | 10753724 |
| REA Group Ltd. | &nbsp;&nbsp; 72504 | 11044603 |
| Reece Ltd. | &nbsp;&nbsp; 305351 | 2643901 |
| SGH Ltd. | &nbsp;&nbsp; 279138 | 9129858 |
| Sigma Healthcare Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 6299601 | 11636091 |
| Transurban Group | &nbsp;&nbsp; 4251860 | 37628206 |
| Wesfarmers Ltd. | &nbsp;&nbsp; 1551324 | 84856642 |
| WiseTech Global Ltd. | &nbsp;&nbsp; 273863 | 20742425 |
| Woolworths Group Ltd. | &nbsp;&nbsp; 1666613 | 33645746 |
| Xero Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 223637 | 25754161 |
|  |  | 895369499 |
| **Austria — 0.1%** | **Austria — 0.1%** | **Austria — 0.1%** |
| Verbund AG | &nbsp;&nbsp; 93384 | 6953324 |
| **Belgium — 1.1%** | **Belgium — 1.1%** | **Belgium — 1.1%** |
| Anheuser-Busch InBev SA | &nbsp;&nbsp; 675721 | 38848993 |
| Argenx SE<sup>(a)</sup> | &nbsp;&nbsp; 83482 | 56068941 |
| D'ieteren Group | &nbsp;&nbsp; 29449 | 5817150 |
| Lotus Bakeries NV | &nbsp;&nbsp; 560 | 4734472 |
| UCB SA | &nbsp;&nbsp; 172486 | 37059451 |
|  |  | 142529007 |
| **Denmark — 3.2%** | **Denmark — 3.2%** | **Denmark — 3.2%** |
| Carlsberg A/S, Class B | &nbsp;&nbsp; 84715 | 10561181 |
| Coloplast A/S, Class B | &nbsp;&nbsp; 172026 | 15711481 |
| Demant A/S<sup>(a)</sup> | &nbsp;&nbsp; 117252 | 4442396 |
| DSV A/S | &nbsp;&nbsp; 279399 | 62609097 |
| Genmab A/S<sup>(a)</sup> | &nbsp;&nbsp; 87479 | 18834004 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp; 4402813 | 204765878 |
| Novonesis Novozymes B, Class B | &nbsp;&nbsp; 482125 | 31192289 |
| Pandora A/S | &nbsp;&nbsp; 111872 | 18469572 |
| Rockwool A/S, Class B | &nbsp;&nbsp; 129478 | 5673805 |
| Vestas Wind Systems A/S | &nbsp;&nbsp; 1383743 | 25264504 |
|  |  | 397524207 |
| **Finland — 0.5%** | **Finland — 0.5%** | **Finland — 0.5%** |
| Kone OYJ, Class B | &nbsp;&nbsp; 301412 | 18509241 |
| Metso OYJ | &nbsp;&nbsp; 852714 | 10709478 |
| Neste OYJ | &nbsp;&nbsp; 376988 | 5949859 |
| Orion OYJ, Class B | &nbsp;&nbsp; 148690 | 11903932 |
| Wartsila OYJ Abp | &nbsp;&nbsp; 685599 | 18942004 |
|  |  | 66014514 |
| **France — 12.6%** | **France — 12.6%** | **France — 12.6%** |
| Accor SA | &nbsp;&nbsp; 268844 | 13626054 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **France (continued)** | **France (continued)** | **France (continued)** |
| Aeroports de Paris SA | &nbsp;&nbsp; 47496 | $5764801 |
| Air Liquide SA | &nbsp;&nbsp; 790728 | 155565013 |
| Airbus SE | &nbsp;&nbsp; 812330 | 163323057 |
| BioMerieux | &nbsp;&nbsp; 56816 | 8129475 |
| Bureau Veritas SA | &nbsp;&nbsp; 432928 | 13332494 |
| Capgemini SE | &nbsp;&nbsp; 222683 | 33152222 |
| Dassault Aviation SA | &nbsp;&nbsp; 26883 | 8370210 |
| Dassault Systemes SE | &nbsp;&nbsp; 917179 | 30130451 |
| Edenred SE | &nbsp;&nbsp; 327980 | 9366480 |
| EssilorLuxottica SA | &nbsp;&nbsp; 406539 | 120886140 |
| Eurofins Scientific SE | &nbsp;&nbsp; 81176 | 6216734 |
| Euronext NV<sup>(c)</sup> | &nbsp;&nbsp; 69326 | 11174581 |
| FDJ UNITED | &nbsp;&nbsp; 152794 | 4765924 |
| Getlink SE | &nbsp;&nbsp; 207300 | 3759574 |
| Hermes International SCA | &nbsp;&nbsp; 43296 | 105879842 |
| Legrand SA | &nbsp;&nbsp; 358561 | 52961867 |
| L'Oreal SA | &nbsp;&nbsp; 328699 | 145443703 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 376051 | 201868600 |
| Safran SA | &nbsp;&nbsp; 492265 | 162324965 |
| Sartorius Stedim Biotech | &nbsp;&nbsp; 39625 | 7918279 |
| Schneider Electric SE | &nbsp;&nbsp; 747582 | 193469153 |
| Sodexo SA | &nbsp;&nbsp; 42419 | 2522804 |
| Thales SA | &nbsp;&nbsp; 126777 | 34102209 |
| Vinci SA | &nbsp;&nbsp; 676771 | 94009423 |
|  |  | 1588064055 |
| **Germany — 10.2%** | **Germany — 10.2%** | **Germany — 10.2%** |
| adidas AG | &nbsp;&nbsp; 233769 | 44679994 |
| Beiersdorf AG | &nbsp;&nbsp; 135338 | 16817387 |
| Brenntag SE | &nbsp;&nbsp; 166947 | 10357243 |
| CTS Eventim AG & Co. KGaA | &nbsp;&nbsp; 85599 | 9666213 |
| Daimler Truck Holding AG | &nbsp;&nbsp; 228062 | 11094135 |
| Delivery Hero SE, Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 260523 | 7775164 |
| Deutsche Boerse AG | &nbsp;&nbsp; 257419 | 74493771 |
| Deutsche Telekom AG, Registered | &nbsp;&nbsp; 1670124 | 59900497 |
| E.ON SE | &nbsp;&nbsp; 3069236 | 55992787 |
| GEA Group AG | &nbsp;&nbsp; 199844 | 14354842 |
| Hannover Rueck SE | &nbsp;&nbsp; 82265 | 24954542 |
| Infineon Technologies AG | &nbsp;&nbsp; 893240 | 35089247 |
| Knorr-Bremse AG | &nbsp;&nbsp; 99504 | 9931040 |
| MTU Aero Engines AG | &nbsp;&nbsp; 73663 | 31775140 |
| Nemetschek SE | &nbsp;&nbsp; 78534 | 11701021 |
| QIAGEN NV | &nbsp;&nbsp; 148192 | 7348198 |
| Rational AG | &nbsp;&nbsp; 7018 | 5417524 |
| Rheinmetall AG | &nbsp;&nbsp; 61114 | 120974921 |
| SAP SE | &nbsp;&nbsp; 1427533 | 408210942 |
| Scout24 SE<sup>(c)</sup> | &nbsp;&nbsp; 102162 | 13653094 |
| Siemens AG, Registered | &nbsp;&nbsp; 519486 | 132314706 |
| Siemens Energy AG<sup>(a)</sup> | &nbsp;&nbsp; 928805 | 107535800 |
| Siemens Healthineers AG<sup>(c)</sup> | &nbsp;&nbsp; 463501 | 24965381 |
| Symrise AG, Class A | &nbsp;&nbsp; 181156 | 16421292 |
| Talanx AG<sup>(a)</sup> | &nbsp;&nbsp; 88568 | 11739426 |
| Vonovia SE | &nbsp;&nbsp; 504972 | 15672093 |
| Zalando SE<sup>(a)(c)</sup> | &nbsp;&nbsp; 307962 | 8979570 |
|  |  | 1291815970 |
| **Hong Kong — 2.1%** | **Hong Kong — 2.1%** | **Hong Kong — 2.1%** |
| AIA Group Ltd. | &nbsp;&nbsp; 7310200 | 68161515 |
| CK Infrastructure Holdings Ltd. | &nbsp;&nbsp; 859500 | 6053448 |
| CLP Holdings Ltd. | &nbsp;&nbsp; 2252500 | 19551193 |
| Futu Holdings Ltd., ADR | &nbsp;&nbsp; 83839 | 12884378 |
| Galaxy Entertainment Group Ltd. | &nbsp;&nbsp; 2979000 | 14527579 |
| Hong Kong & China Gas Co. Ltd. | &nbsp;&nbsp; 15275000 | 13633903 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI EAFE Growth ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 1643200 | $88928005 |
| MTR Corp. Ltd. | &nbsp;&nbsp; 1066500 | 3836487 |
| Sands China Ltd. | &nbsp;&nbsp; 3330000 | 8061155 |
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp; 2008500 | 24016937 |
| Wharf Holdings Ltd. (The) | &nbsp;&nbsp; 1467000 | 4176745 |
|  |  | 263831345 |
| **Ireland — 0.5%** | **Ireland — 0.5%** | **Ireland — 0.5%** |
| Kerry Group PLC, Class A | &nbsp;&nbsp; 146302 | 13513910 |
| Kingspan Group PLC | &nbsp;&nbsp; 211081 | 17518009 |
| Ryanair Holdings PLC | &nbsp;&nbsp; 1163495 | 34209879 |
|  |  | 65241798 |
| **Israel — 0.9%** | **Israel — 0.9%** | **Israel — 0.9%** |
| Check Point Software Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 118277 | 22023177 |
| CyberArk Software Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 64102 | 26376050 |
| Elbit Systems Ltd. | &nbsp;&nbsp; 36791 | 16972878 |
| Monday.com Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 55392 | 14528768 |
| Nice Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 56393 | 8803574 |
| Teva Pharmaceutical Industries Ltd., ADR<sup>(a)(b)</sup> | &nbsp;&nbsp; 550644 | 8507450 |
| Wix.com Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 72527 | 9865848 |
|  |  | 107077745 |
| **Italy — 2.0%** | **Italy — 2.0%** | **Italy — 2.0%** |
| Davide Campari-Milano NV<sup>(b)</sup> | &nbsp;&nbsp; 295101 | 2032604 |
| DiaSorin SpA | &nbsp;&nbsp; 30532 | 2984961 |
| Ferrari NV | &nbsp;&nbsp; 172319 | 75563136 |
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp; 293540 | 6250645 |
| Infrastrutture Wireless Italiane SpA<sup>(c)</sup> | &nbsp;&nbsp; 383248 | 4530870 |
| Leonardo SpA | &nbsp;&nbsp; 552137 | 29761908 |
| Moncler SpA | &nbsp;&nbsp; 318679 | 16995973 |
| Prysmian SpA | &nbsp;&nbsp; 383361 | 30616522 |
| Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp; 157812 | 9051099 |
| UniCredit SpA | &nbsp;&nbsp; 958252 | 70502208 |
|  |  | 248289926 |
| **Japan — 21.8%** | **Japan — 21.8%** | **Japan — 21.8%** |
| Advantest Corp. | &nbsp;&nbsp; 1047400 | 69651150 |
| Aeon Co. Ltd. | &nbsp;&nbsp; 1015800 | 32447526 |
| Ajinomoto Co. Inc. | &nbsp;&nbsp; 1238600 | 32768927 |
| Asahi Group Holdings Ltd. | &nbsp;&nbsp; 1971300 | 25008067 |
| Asics Corp. | &nbsp;&nbsp; 905900 | 21297063 |
| Bandai Namco Holdings Inc. | &nbsp;&nbsp; 526700 | 17031855 |
| Canon Inc. | &nbsp;&nbsp; 831400 | 23613955 |
| Capcom Co. Ltd. | &nbsp;&nbsp; 475200 | 12096564 |
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 918300 | 44020482 |
| Daifuku Co. Ltd. | &nbsp;&nbsp; 440500 | 11151782 |
| Dai-ichi Life Holdings Inc. | &nbsp;&nbsp; 2398000 | 18973414 |
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 2347900 | 57598495 |
| Daikin Industries Ltd. | &nbsp;&nbsp; 360800 | 44362436 |
| Denso Corp. | &nbsp;&nbsp; 900900 | 12222887 |
| Disco Corp. | &nbsp;&nbsp; 126100 | 37265888 |
| East Japan Railway Co. | &nbsp;&nbsp; 431100 | 9240268 |
| ENEOS Holdings Inc. | &nbsp;&nbsp; 1310300 | 6877283 |
| FANUC Corp. | &nbsp;&nbsp; 1293900 | 36018230 |
| Fast Retailing Co. Ltd. | &nbsp;&nbsp; 261000 | 79612751 |
| Fujikura Ltd. | &nbsp;&nbsp; 344800 | 23405861 |
| Fujitsu Ltd. | &nbsp;&nbsp; 2406600 | 52425174 |
| Hikari Tsushin Inc. | &nbsp;&nbsp; 24200 | 6506380 |
| Hitachi Ltd. | &nbsp;&nbsp; 6261600 | 191608990 |
| Hoshizaki Corp. | &nbsp;&nbsp; 149200 | 5109022 |
| Hoya Corp. | &nbsp;&nbsp; 472800 | 59649716 |
| IHI Corp. | &nbsp;&nbsp; 100000 | 11135672 |
| ITOCHU Corp. | &nbsp;&nbsp; 1625000 | 85235469 |
| Japan Exchange Group Inc. | &nbsp;&nbsp; 680700 | 6652057 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Kao Corp. | &nbsp;&nbsp; 221500 | $9966712 |
| Keyence Corp. | &nbsp;&nbsp; 265948 | 96201719 |
| Kikkoman Corp. | &nbsp;&nbsp; 931100 | 8179676 |
| Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 693200 | 9134758 |
| Kobe Bussan Co. Ltd. | &nbsp;&nbsp; 206600 | 5501615 |
| Konami Group Corp. | &nbsp;&nbsp; 137700 | 18693975 |
| Lasertec Corp. | &nbsp;&nbsp; 109700 | 11052130 |
| LY Corp. | &nbsp;&nbsp; 1373100 | 5018906 |
| M3 Inc. | &nbsp;&nbsp; 605600 | 7448150 |
| MatsukiyoCocokara & Co. | &nbsp;&nbsp; 296700 | 6092639 |
| Minebea Mitsumi Inc. | &nbsp;&nbsp; 323500 | 5091363 |
| Mitsubishi Electric Corp. | &nbsp;&nbsp; 908200 | 20427449 |
| Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp; 510400 | 9555920 |
| Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp; 4381400 | 104612047 |
| MonotaRO Co. Ltd. | &nbsp;&nbsp; 343900 | 6123798 |
| NEC Corp. | &nbsp;&nbsp; 1678600 | 48202464 |
| Nexon Co. Ltd. | &nbsp;&nbsp; 451200 | 8256077 |
| Nidec Corp. | &nbsp;&nbsp; 1144000 | 21949101 |
| Nintendo Co. Ltd. | &nbsp;&nbsp; 1509100 | 126128890 |
| Nippon Paint Holdings Co. Ltd. | &nbsp;&nbsp; 1287900 | 10918220 |
| Nippon Sanso Holdings Corp. | &nbsp;&nbsp; 235100 | 8321018 |
| Nissin Foods Holdings Co. Ltd. | &nbsp;&nbsp; 270000 | 5121391 |
| Nitori Holdings Co. Ltd. | &nbsp;&nbsp; 70600 | 5978884 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 515470 | 20397362 |
| Obic Co. Ltd. | &nbsp;&nbsp; 441600 | 15722095 |
| Olympus Corp. | &nbsp;&nbsp; 1554100 | 18566905 |
| Oracle Corp./Japan | &nbsp;&nbsp; 52800 | 5710025 |
| Oriental Land Co. Ltd./Japan | &nbsp;&nbsp; 1478300 | 30438968 |
| Otsuka Corp. | &nbsp;&nbsp; 203400 | 3853852 |
| Otsuka Holdings Co. Ltd. | &nbsp;&nbsp; 602500 | 28684844 |
| Pan Pacific International Holdings Corp. | &nbsp;&nbsp; 519900 | 17393899 |
| Rakuten Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1345600 | 6808349 |
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 1924200 | 114164937 |
| Resona Holdings Inc. | &nbsp;&nbsp; 1840700 | 16757736 |
| Ricoh Co. Ltd. | &nbsp;&nbsp; 371000 | 3253110 |
| Sanrio Co. Ltd. | &nbsp;&nbsp; 243300 | 9983120 |
| SBI Holdings Inc. | &nbsp;&nbsp; 131100 | 4870085 |
| SCREEN Holdings Co. Ltd. | &nbsp;&nbsp; 111400 | 8690303 |
| SCSK Corp. | &nbsp;&nbsp; 139500 | 4340529 |
| Secom Co. Ltd. | &nbsp;&nbsp; 201700 | 7243696 |
| Seven & i Holdings Co. Ltd. | &nbsp;&nbsp; 3026800 | 39902888 |
| Shimadzu Corp. | &nbsp;&nbsp; 211300 | 4677479 |
| Shimano Inc. | &nbsp;&nbsp; 36600 | 4003889 |
| Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp; 2462800 | 70871758 |
| Shiseido Co. Ltd. | &nbsp;&nbsp; 548700 | 8919406 |
| SMC Corp. | &nbsp;&nbsp; 39100 | 13605761 |
| SoftBank Group Corp. | &nbsp;&nbsp; 653300 | 49885291 |
| Sompo Holdings Inc. | &nbsp;&nbsp; 1219600 | 35962379 |
| Sony Group Corp. | &nbsp;&nbsp; 8407200 | 202220902 |
| Sumitomo Metal Mining Co. Ltd. | &nbsp;&nbsp; 118700 | 2610842 |
| Suntory Beverage & Food Ltd. | &nbsp;&nbsp; 190700 | 5758324 |
| Suzuki Motor Corp. | &nbsp;&nbsp; 754300 | 8287926 |
| Sysmex Corp. | &nbsp;&nbsp; 685000 | 11128408 |
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 1414200 | 38847766 |
| TDK Corp. | &nbsp;&nbsp; 2652000 | 32309130 |
| Terumo Corp. | &nbsp;&nbsp; 1823300 | 30918186 |
| TIS Inc. | &nbsp;&nbsp; 288800 | 9213274 |
| Toho Co. Ltd./Tokyo | &nbsp;&nbsp; 99900 | 6303011 |
| Tokio Marine Holdings Inc. | &nbsp;&nbsp; 2511700 | 100852017 |
| Tokyo Electron Ltd. | &nbsp;&nbsp; 612500 | 97374443 |
| Tokyo Gas Co. Ltd. | &nbsp;&nbsp; 450600 | 15089962 |
| Tokyo Metro Co. Ltd. | &nbsp;&nbsp; 258800 | 2788658 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI EAFE Growth ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Tokyu Corp. | &nbsp;&nbsp; 342600 | $3856551 |
| Trend Micro Inc./Japan | &nbsp;&nbsp; 173000 | 10549266 |
| Unicharm Corp. | &nbsp;&nbsp; 1520600 | 10518213 |
| Yakult Honsha Co. Ltd. | &nbsp;&nbsp; 122500 | 1970723 |
| Yokogawa Electric Corp. | &nbsp;&nbsp; 313200 | 8348058 |
| Zensho Holdings Co. Ltd. | &nbsp;&nbsp; 132200 | 6956818 |
| ZOZO Inc. | &nbsp;&nbsp; 553400 | 5478311 |
|  |  | 2747053721 |
| **Netherlands — 5.5%** | **Netherlands — 5.5%** | **Netherlands — 5.5%** |
| Adyen NV<sup>(a)(c)</sup> | &nbsp;&nbsp; 34444 | 59076647 |
| Akzo Nobel NV | &nbsp;&nbsp; 234304 | 14714616 |
| ASM International NV | &nbsp;&nbsp; 63934 | 30947697 |
| ASML Holding NV | &nbsp;&nbsp; 538394 | 373146297 |
| BE Semiconductor Industries NV | &nbsp;&nbsp; 111325 | 15041308 |
| Coca-Cola Europacific Partners PLC | &nbsp;&nbsp; 315416 | 30570119 |
| CVC Capital Partners PLC<sup>(c)</sup> | &nbsp;&nbsp; 290045 | 5561850 |
| Heineken NV | &nbsp;&nbsp; 137521 | 10794251 |
| IMCD NV | &nbsp;&nbsp; 81086 | 8887892 |
| InPost SA<sup>(a)</sup> | &nbsp;&nbsp; 308478 | 4430574 |
| Koninklijke Philips NV | &nbsp;&nbsp; 398166 | 10398237 |
| Prosus NV | &nbsp;&nbsp; 626560 | 35792703 |
| Universal Music Group NV | &nbsp;&nbsp; 1501026 | 43179853 |
| Wolters Kluwer NV | &nbsp;&nbsp; 326068 | 50787998 |
|  |  | 693330042 |
| **New Zealand — 0.2%** | **New Zealand — 0.2%** | **New Zealand — 0.2%** |
| Fisher & Paykel Healthcare Corp. Ltd. | &nbsp;&nbsp; 799826 | 17339329 |
| Infratil Ltd. | &nbsp;&nbsp; 1261309 | 8612346 |
|  |  | 25951675 |
| **Norway — 0.4%** | **Norway — 0.4%** | **Norway — 0.4%** |
| Gjensidige Forsikring ASA | &nbsp;&nbsp; 274278 | 7214504 |
| Kongsberg Gruppen ASA | &nbsp;&nbsp; 600023 | 17930564 |
| Mowi ASA | &nbsp;&nbsp; 633221 | 11795314 |
| Norsk Hydro ASA | &nbsp;&nbsp; 964093 | 5714170 |
| Orkla ASA | &nbsp;&nbsp; 624878 | 6571234 |
| Salmar ASA<sup>(b)</sup> | &nbsp;&nbsp; 32445 | 1318048 |
|  |  | 50543834 |
| **Portugal — 0.2%** | **Portugal — 0.2%** | **Portugal — 0.2%** |
| EDP Renovaveis SA | &nbsp;&nbsp; 430330 | 5052378 |
| Galp Energia SGPS SA | &nbsp;&nbsp; 566844 | 10824019 |
| Jeronimo Martins SGPS SA | &nbsp;&nbsp; 388425 | 9468893 |
|  |  | 25345290 |
| **Singapore — 2.0%** | **Singapore — 2.0%** | **Singapore — 2.0%** |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 2911940 | 106881212 |
| Grab Holdings Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3237174 | 15829781 |
| Sea Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 522965 | 81922467 |
| Singapore Exchange Ltd. | &nbsp;&nbsp; 1169672 | 14342053 |
| Singapore Technologies Engineering Ltd. | &nbsp;&nbsp; 2125300 | 14297488 |
| Singapore Telecommunications Ltd. | &nbsp;&nbsp; 3536100 | 10538098 |
| Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp; 2301600 | 4514422 |
|  |  | 248325521 |
| **Spain — 2.5%** | **Spain — 2.5%** | **Spain — 2.5%** |
| Acciona SA | &nbsp;&nbsp; 16910 | 3243251 |
| ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp; 247628 | 17089983 |
| Aena SME SA<sup>(c)</sup> | &nbsp;&nbsp; 1023220 | 27553380 |
| Amadeus IT Group SA | &nbsp;&nbsp; 615864 | 49450031 |
| Banco Santander SA | &nbsp;&nbsp; 7250077 | 62283830 |
| Cellnex Telecom SA<sup>(c)</sup> | &nbsp;&nbsp; 677277 | 23900779 |
| Endesa SA | &nbsp;&nbsp; 432564 | 12513820 |
| Ferrovial SE | &nbsp;&nbsp; 698636 | 35814117 |
| Grifols SA<sup>(a)</sup> | &nbsp;&nbsp; 265675 | 3958592 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Spain (continued)** | **Spain (continued)** | **Spain (continued)** |
| Industria de Diseno Textil SA | &nbsp;&nbsp; 1491237 | $71231954 |
| International Consolidated Airlines Group SA, <br> Class DI<br>| &nbsp;&nbsp; 1704562 | 8545425 |
|  |  | 315585162 |
| **Sweden — 3.8%** | **Sweden — 3.8%** | **Sweden — 3.8%** |
| AddTech AB, Class B | &nbsp;&nbsp; 354620 | 11921680 |
| Alfa Laval AB | &nbsp;&nbsp; 394729 | 17150029 |
| Assa Abloy AB, Class B | &nbsp;&nbsp; 1370691 | 45356482 |
| Atlas Copco AB, Class A | &nbsp;&nbsp; 3672031 | 55919098 |
| Atlas Copco AB, Class B | &nbsp;&nbsp; 2136779 | 28917356 |
| Beijer Ref AB, Class B | &nbsp;&nbsp; 527730 | 8858948 |
| Epiroc AB, Class A | &nbsp;&nbsp; 899087 | 18299254 |
| Epiroc AB, Class B | &nbsp;&nbsp; 535105 | 9592286 |
| EQT AB | &nbsp;&nbsp; 510524 | 17063804 |
| Essity AB, Class B | &nbsp;&nbsp; 821819 | 20264010 |
| Evolution AB<sup>(c)</sup> | &nbsp;&nbsp; 202302 | 17996998 |
| H & M Hennes & Mauritz AB, Class B | &nbsp;&nbsp; 776977 | 10467154 |
| Hexagon AB, Class B | &nbsp;&nbsp; 2832523 | 31123986 |
| Industrivarden AB, Class A | &nbsp;&nbsp; 57134 | 2113840 |
| Industrivarden AB, Class C | &nbsp;&nbsp; 74227 | 2741178 |
| Indutrade AB | &nbsp;&nbsp; 371220 | 9014854 |
| Investment AB Latour, Class B | &nbsp;&nbsp; 203014 | 5182782 |
| Investor AB, Class B | &nbsp;&nbsp; 2366177 | 68570670 |
| Lifco AB, Class B | &nbsp;&nbsp; 318031 | 11328607 |
| Nibe Industrier AB, Class B | &nbsp;&nbsp; 2078653 | 9591758 |
| Saab AB, Class B | &nbsp;&nbsp; 438817 | 23869001 |
| Sagax AB, Class B | &nbsp;&nbsp; 301386 | 6379023 |
| Sandvik AB | &nbsp;&nbsp; 1459073 | 35600883 |
| Swedish Orphan Biovitrum AB<sup>(a)</sup> | &nbsp;&nbsp; 268549 | 7384154 |
| Trelleborg AB, Class B | &nbsp;&nbsp; 277645 | 10088171 |
|  |  | 484796006 |
| **Switzerland — 9.7%** | **Switzerland — 9.7%** | **Switzerland — 9.7%** |
| ABB Ltd., Registered | &nbsp;&nbsp; 2162051 | 141177799 |
| Alcon AG | &nbsp;&nbsp; 683125 | 59888182 |
| Avolta AG, Registered | &nbsp;&nbsp; 120545 | 6266357 |
| Baloise Holding AG, Registered | &nbsp;&nbsp; 56236 | 13477795 |
| Barry Callebaut AG, Registered | &nbsp;&nbsp; 1710 | 2082435 |
| BKW AG | &nbsp;&nbsp; 28962 | 6466419 |
| Chocoladefabriken Lindt & Spruengli AG, <br> Participation Certificates, NVS<br>| &nbsp;&nbsp; 1297 | 19079609 |
| Chocoladefabriken Lindt & Spruengli <br> AG, Registered<br>| &nbsp;&nbsp; 147 | 21494671 |
| Cie Financiere Richemont SA, Class A, Registered | &nbsp;&nbsp; 734912 | 119993624 |
| EMS-Chemie Holding AG, Registered | &nbsp;&nbsp; 4813 | 3786825 |
| Galderma Group AG | &nbsp;&nbsp; 162976 | 25117553 |
| Geberit AG, Registered | &nbsp;&nbsp; 45738 | 35039808 |
| Givaudan SA, Registered | &nbsp;&nbsp; 12623 | 52768519 |
| Julius Baer Group Ltd. | &nbsp;&nbsp; 98874 | 6690237 |
| Logitech International SA, Registered | &nbsp;&nbsp; 207502 | 19241007 |
| Lonza Group AG, Registered | &nbsp;&nbsp; 98738 | 68817314 |
| Nestle SA, Registered | &nbsp;&nbsp; 1253603 | 109536149 |
| Novartis AG, Registered | &nbsp;&nbsp; 1299522 | 147998720 |
| Partners Group Holding AG | &nbsp;&nbsp; 31043 | 41730996 |
| Roche Holding AG, Bearer | &nbsp;&nbsp; 43633 | 14500775 |
| Schindler Holding AG, Participation <br> Certificates, NVS<br>| &nbsp;&nbsp; 27931 | 10100852 |
| Schindler Holding AG, Registered | &nbsp;&nbsp; 16015 | 5616929 |
| SGS SA | &nbsp;&nbsp; 109798 | 11156944 |
| SIG Group AG | &nbsp;&nbsp; 146646 | 2372552 |
| Sika AG, Registered | &nbsp;&nbsp; 208417 | 49182143 |
| Sonova Holding AG, Registered | &nbsp;&nbsp; 69481 | 18913281 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI EAFE Growth ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| Straumann Holding AG | &nbsp;&nbsp; 152281 | $18553895 |
| Swatch Group AG (The), Bearer | &nbsp;&nbsp; 13872 | 2453363 |
| Temenos AG, Registered | &nbsp;&nbsp; 50228 | 4492626 |
| UBS Group AG, Registered | &nbsp;&nbsp; 4496268 | 167099337 |
| VAT Group AG<sup>(c)</sup> | &nbsp;&nbsp; 36799 | 12886591 |
|  |  | 1217983307 |
| **United Kingdom — 12.1%** | **United Kingdom — 12.1%** | **United Kingdom — 12.1%** |
| 3i Group PLC | &nbsp;&nbsp; 864961 | 47263300 |
| Admiral Group PLC | &nbsp;&nbsp; 355073 | 16005441 |
| Antofagasta PLC | &nbsp;&nbsp; 537999 | 13267919 |
| Ashtead Group PLC | &nbsp;&nbsp; 590976 | 39483883 |
| AstraZeneca PLC | &nbsp;&nbsp; 2119810 | 309262545 |
| Auto Trader Group PLC<sup>(c)</sup> | &nbsp;&nbsp; 1199500 | 13242228 |
| BAE Systems PLC | &nbsp;&nbsp; 4118159 | 98261810 |
| Coca-Cola HBC AG, Class DI | &nbsp;&nbsp; 299232 | 15551742 |
| Compass Group PLC | &nbsp;&nbsp; 2320505 | 81541297 |
| Diageo PLC | &nbsp;&nbsp; 1062573 | 25754161 |
| Entain PLC | &nbsp;&nbsp; 832034 | 11173150 |
| Experian PLC | &nbsp;&nbsp; 1255221 | 66138508 |
| Haleon PLC | &nbsp;&nbsp; 12337283 | 57870101 |
| Halma PLC | &nbsp;&nbsp; 520190 | 22258148 |
| Informa PLC | &nbsp;&nbsp; 1799604 | 20578540 |
| InterContinental Hotels Group PLC | &nbsp;&nbsp; 202292 | 23271696 |
| Intertek Group PLC | &nbsp;&nbsp; 219761 | 14288856 |
| London Stock Exchange Group PLC | &nbsp;&nbsp; 651558 | 79421641 |
| Marks & Spencer Group PLC | &nbsp;&nbsp; 2800604 | 12862023 |
| Melrose Industries PLC | &nbsp;&nbsp; 1734532 | 11710919 |
| Next PLC | &nbsp;&nbsp; 159824 | 25942788 |
| NMC Health PLC, NVS<sup>(a)(d)</sup> | &nbsp;&nbsp; 50450 | 1 |
| Pearson PLC | &nbsp;&nbsp; 409771 | 5794552 |
| RELX PLC | &nbsp;&nbsp; 2525407 | 131222863 |
| Rolls-Royce Holdings PLC | &nbsp;&nbsp; 11589789 | 164493536 |
| Sage Group PLC (The) | &nbsp;&nbsp; 1345685 | 21607189 |
| Smith & Nephew PLC | &nbsp;&nbsp; 1135272 | 17350300 |
| Spirax Group PLC | &nbsp;&nbsp; 65665 | 5487535 |
| SSE PLC | &nbsp;&nbsp; 1513298 | 37094306 |
| Unilever PLC | &nbsp;&nbsp; 2222866 | 128971680 |
| Wise PLC, Class A<sup>(a)</sup> | &nbsp;&nbsp; 908961 | 12142791 |
|  |  | 1529315449 |
| **United States — 1.0%** | **United States — 1.0%** | **United States — 1.0%** |
| Spotify Technology SA<sup>(a)</sup> | &nbsp;&nbsp; 209887 | 131502601 |
| **Total Common Stocks — 99.5%** <br>**(Cost: $11,141,206,681)** | **Total Common Stocks — 99.5%** <br>**(Cost: $11,141,206,681)** | 12542443998 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Germany — 0.1%** | **Germany — 0.1%** | **Germany — 0.1%** |
| Sartorius AG, Preference Shares, NVS | &nbsp;&nbsp; 35946 | $7654763 |
| **Total Preferred Stocks — 0.1%** <br>**(Cost: $13,290,097)** | **Total Preferred Stocks — 0.1%** <br>**(Cost: $13,290,097)** | 7654763 |
| **Total Long-Term Investments — 99.6%** <br>**(Cost: $11,154,496,778)** | **Total Long-Term Investments — 99.6%** <br>**(Cost: $11,154,496,778)** | 12550098761 |
| **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; 24969822 | 24979810 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.30%<sup>(e)(f)</sup><br>| &nbsp;&nbsp; 3690000 | 3690000 |
| **Total Short-Term Securities — 0.2%** <br>**(Cost: $28,669,810)** | **Total Short-Term Securities — 0.2%** <br>**(Cost: $28,669,810)** | 28669810 |
| **Total Investments — 99.8%** <br>**(Cost: $11,183,166,588)** | **Total Investments — 99.8%** <br>**(Cost: $11,183,166,588)** | 12578768571 |
| **Other Assets Less Liabilities — 0.2%** | **Other Assets Less Liabilities — 0.2%** | 27031564 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $12605800135 |

---

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

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

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

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

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

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

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

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

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI EAFE Growth ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 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>*07/31/24*<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>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<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>| $36017449 | $—<br> $(11029867 )<sup>(a)</sup><br>| $5762 | $(13534)<br>| $24979810 | 24969822 | $144665 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 4690000 | —<br> (1000000 )<sup>(a)</sup><br>|  |  | 3690000 | 3690000 | 193799 |  |
|  |  |  | $5762 | $(13534) | $28669810 |  | $338464 | $— |

---

&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 | 70 | 09/11/25 | &nbsp;&nbsp; $13539 | $590924 |
| Euro STOXX 50 Index | 387 | 09/19/25 | &nbsp;&nbsp; 23584 | 145143 |
| FTSE 100 Index | 57 | 09/19/25 | &nbsp;&nbsp; 6845 | 200385 |
|  |  |  |  | $936452 |

---

**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; $936452 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $936452 |

---

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

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts 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 July 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; $4308544 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4308544 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $980487 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $980487 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI EAFE Growth ETF**

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $59590331 |

---

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; $389358581 | &nbsp;&nbsp; $12153085416 | &nbsp;&nbsp; $1 | &nbsp;&nbsp; $12542443998 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 7654763 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7654763 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 28669810 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28669810 |
|  | &nbsp;&nbsp; $418028391 | &nbsp;&nbsp; $12160740179 | &nbsp;&nbsp; $1 | &nbsp;&nbsp; $12578768571 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $145143 | &nbsp;&nbsp; $791309 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $936452 |

---

&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

July 31, 2025

**iShares® MSCI EAFE 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** |
| **Australia — 6.9%** | **Australia — 6.9%** | **Australia — 6.9%** |
| ANZ Group Holdings Ltd. | &nbsp;&nbsp; 8353828 | $163931319 |
| APA Group | &nbsp;&nbsp; 3684595 | 19817174 |
| ASX Ltd. | &nbsp;&nbsp; 273282 | 12249620 |
| BHP Group Ltd. | &nbsp;&nbsp; 14262221 | 360195439 |
| BlueScope Steel Ltd. | &nbsp;&nbsp; 803794 | 12185750 |
| Fortescue Ltd. | &nbsp;&nbsp; 4750210 | 53745091 |
| Goodman Group | &nbsp;&nbsp; 1994388 | 44591458 |
| Insurance Australia Group Ltd. | &nbsp;&nbsp; 6721913 | 37732902 |
| Lottery Corp. Ltd. (The) | &nbsp;&nbsp; 2178735 | 7556681 |
| Macquarie Group Ltd. | &nbsp;&nbsp; 1015778 | 140670428 |
| Medibank Pvt Ltd. | &nbsp;&nbsp; 5043527 | 16484281 |
| National Australia Bank Ltd. | &nbsp;&nbsp; 8604991 | 213546995 |
| Origin Energy Ltd. | &nbsp;&nbsp; 4895884 | 36610495 |
| QBE Insurance Group Ltd. | &nbsp;&nbsp; 2753699 | 40848966 |
| Rio Tinto Ltd. | &nbsp;&nbsp; 1040949 | 74030126 |
| Santos Ltd. | &nbsp;&nbsp; 9112257 | 45851842 |
| Scentre Group | &nbsp;&nbsp; 14616413 | 34980567 |
| Sonic Healthcare Ltd. | &nbsp;&nbsp; 1303775 | 23023154 |
| South32 Ltd. | &nbsp;&nbsp; 12879617 | 24085392 |
| Stockland | &nbsp;&nbsp; 6737450 | 23886182 |
| Suncorp Group Ltd. | &nbsp;&nbsp; 3038332 | 40728118 |
| Telstra Group Ltd. | &nbsp;&nbsp; 11297287 | 36005364 |
| Vicinity Ltd. | &nbsp;&nbsp; 10892205 | 17149765 |
| Washington H Soul Pattinson & Co. Ltd. | &nbsp;&nbsp; 669292 | 17388242 |
| Westpac Banking Corp. | &nbsp;&nbsp; 9617919 | 207652097 |
| Woodside Energy Group Ltd. | &nbsp;&nbsp; 5324418 | 90101808 |
|  |  | 1795049256 |
| **Austria — 0.4%** | **Austria — 0.4%** | **Austria — 0.4%** |
| Erste Group Bank AG | &nbsp;&nbsp; 863291 | 78942668 |
| OMV AG | &nbsp;&nbsp; 415527 | 21162113 |
|  |  | 100104781 |
| **Belgium — 0.9%** | **Belgium — 0.9%** | **Belgium — 0.9%** |
| Ageas SA | &nbsp;&nbsp; 418838 | 28477745 |
| Anheuser-Busch InBev SA | &nbsp;&nbsp; 1392320 | 80048170 |
| Elia Group SA, Class B | &nbsp;&nbsp; 141831 | 16363497 |
| Groupe Bruxelles Lambert NV | &nbsp;&nbsp; 233185 | 19494274 |
| KBC Group NV | &nbsp;&nbsp; 644037 | 67175558 |
| Sofina SA | &nbsp;&nbsp; 43482 | 13315143 |
| Syensqo SA | &nbsp;&nbsp; 205322 | 16272962 |
|  |  | 241147349 |
| **Denmark — 0.7%** | **Denmark — 0.7%** | **Denmark — 0.7%** |
| AP Moller - Maersk A/S, Class A | &nbsp;&nbsp; 8211 | 16111370 |
| AP Moller - Maersk A/S, Class B, NVS<sup>(a)</sup> | &nbsp;&nbsp; 12181 | 24054566 |
| Carlsberg A/S, Class B | &nbsp;&nbsp; 93969 | 11714851 |
| Danske Bank A/S | &nbsp;&nbsp; 1934662 | 76750890 |
| Orsted A/S<sup>(b)(c)</sup> | &nbsp;&nbsp; 472361 | 22263081 |
| Tryg A/S | &nbsp;&nbsp; 952118 | 22966910 |
|  |  | 173861668 |
| **Finland — 1.1%** | **Finland — 1.1%** | **Finland — 1.1%** |
| Elisa OYJ | &nbsp;&nbsp; 402112 | 20689734 |
| Fortum OYJ | &nbsp;&nbsp; 1269448 | 23288940 |
| Kesko OYJ, Class B | &nbsp;&nbsp; 781139 | 16989317 |
| Kone OYJ, Class B | &nbsp;&nbsp; 335488 | 20601795 |
| Neste OYJ | &nbsp;&nbsp; 421165 | 6647087 |
| Nokia OYJ | &nbsp;&nbsp; 14933477 | 60859077 |
| Sampo OYJ, Class A | &nbsp;&nbsp; 6789461 | 72875836 |
| Stora Enso OYJ, Class R | &nbsp;&nbsp; 1635746 | 16830978 |
| UPM-Kymmene OYJ | &nbsp;&nbsp; 1515883 | 39288294 |
|  |  | 278071058 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **France — 9.6%** | **France — 9.6%** | **France — 9.6%** |
| Alstom SA<sup>(a)(c)</sup> | &nbsp;&nbsp; 965450 | $22645907 |
| Amundi SA<sup>(b)</sup> | &nbsp;&nbsp; 173111 | 12792980 |
| ArcelorMittal SA | &nbsp;&nbsp; 1315944 | 41026093 |
| Arkema SA | &nbsp;&nbsp; 161631 | 10991128 |
| AXA SA | &nbsp;&nbsp; 4978448 | 241798927 |
| BNP Paribas SA | &nbsp;&nbsp; 2860767 | 260839666 |
| Bollore SE | &nbsp;&nbsp; 2009349 | 11590044 |
| Bouygues SA | &nbsp;&nbsp; 531952 | 21903928 |
| Carrefour SA | &nbsp;&nbsp; 1522812 | 21823426 |
| Cie de Saint-Gobain SA | &nbsp;&nbsp; 1263769 | 144975913 |
| Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp; 1893738 | 67372511 |
| Covivio SA/France | &nbsp;&nbsp; 160208 | 10372155 |
| Credit Agricole SA | &nbsp;&nbsp; 2970486 | 54670348 |
| Danone SA | &nbsp;&nbsp; 1809764 | 148105316 |
| Eiffage SA | &nbsp;&nbsp; 193292 | 25946629 |
| Engie SA | &nbsp;&nbsp; 5142017 | 115583364 |
| Eurazeo SE | &nbsp;&nbsp; 114222 | 6702521 |
| Eurofins Scientific SE | &nbsp;&nbsp; 173234 | 13266848 |
| Euronext NV<sup>(b)</sup> | &nbsp;&nbsp; 77243 | 12450713 |
| Gecina SA | &nbsp;&nbsp; 129344 | 12710975 |
| Getlink SE | &nbsp;&nbsp; 426093 | 7727583 |
| Ipsen SA | &nbsp;&nbsp; 106634 | 12564907 |
| Kering SA | &nbsp;&nbsp; 208839 | 51279428 |
| Klepierre SA | &nbsp;&nbsp; 605711 | 23121154 |
| Orange SA | &nbsp;&nbsp; 5253755 | 79915190 |
| Pernod Ricard SA | &nbsp;&nbsp; 565999 | 58166978 |
| Publicis Groupe SA | &nbsp;&nbsp; 642130 | 58678927 |
| Renault SA | &nbsp;&nbsp; 539558 | 19964065 |
| Rexel SA | &nbsp;&nbsp; 623686 | 18850553 |
| Sanofi SA | &nbsp;&nbsp; 3116867 | 279803108 |
| Societe Generale SA | &nbsp;&nbsp; 2028336 | 129465655 |
| Sodexo SA | &nbsp;&nbsp; 162123 | 9642014 |
| STMicroelectronics NV | &nbsp;&nbsp; 1906510 | 48451932 |
| Teleperformance SE | &nbsp;&nbsp; 155533 | 15163086 |
| TotalEnergies SE | &nbsp;&nbsp; 5740445 | 341358222 |
| Unibail-Rodamco-Westfield, New | &nbsp;&nbsp; 341173 | 33073061 |
| Veolia Environnement SA | &nbsp;&nbsp; 1766664 | 59870561 |
|  |  | 2504665816 |
| **Germany — 9.8%** | **Germany — 9.8%** | **Germany — 9.8%** |
| Allianz SE, Registered | &nbsp;&nbsp; 1085024 | 428777213 |
| BASF SE | &nbsp;&nbsp; 2512411 | 123131693 |
| Bayer AG, Registered | &nbsp;&nbsp; 2754983 | 85684712 |
| Bayerische Motoren Werke AG | &nbsp;&nbsp; 813000 | 77358074 |
| Commerzbank AG | &nbsp;&nbsp; 2503415 | 91289079 |
| Continental AG | &nbsp;&nbsp; 308826 | 26377003 |
| Covestro AG, NVS<sup>(c)</sup> | &nbsp;&nbsp; 509338 | 34526622 |
| Daimler Truck Holding AG | &nbsp;&nbsp; 868897 | 42267719 |
| Deutsche Bank AG, Registered | &nbsp;&nbsp; 5200487 | 171285966 |
| Deutsche Lufthansa AG, Registered | &nbsp;&nbsp; 1693410 | 14520705 |
| Deutsche Post AG, Registered | &nbsp;&nbsp; 2702365 | 121081372 |
| Deutsche Telekom AG, Registered | &nbsp;&nbsp; 6365264 | 228295907 |
| Evonik Industries AG | &nbsp;&nbsp; 737961 | 14654476 |
| Fresenius Medical Care AG | &nbsp;&nbsp; 626110 | 31757185 |
| Fresenius SE & Co. KGaA | &nbsp;&nbsp; 1184831 | 56552730 |
| Heidelberg Materials AG | &nbsp;&nbsp; 375311 | 86582179 |
| Henkel AG & Co. KGaA | &nbsp;&nbsp; 291831 | 20752192 |
| Infineon Technologies AG | &nbsp;&nbsp; 1834531 | 72066087 |
| LEG Immobilien SE | &nbsp;&nbsp; 209167 | 16602312 |
| Mercedes-Benz Group AG | &nbsp;&nbsp; 2033146 | 115117230 |
| Merck KGaA | &nbsp;&nbsp; 364433 | 45548429 |
| Muenchener Rueckversicherungs-Gesellschaft AG <br> in Muenchen, Registered<br>| &nbsp;&nbsp; 375831 | 246045507 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI EAFE Value ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| QIAGEN NV | &nbsp;&nbsp; 313064 | $15523485 |
| RWE AG | &nbsp;&nbsp; 1773272 | 72748806 |
| Siemens AG, Registered | &nbsp;&nbsp; 1066032 | 271521679 |
| Vonovia SE | &nbsp;&nbsp; 1043310 | 32379718 |
|  |  | 2542448080 |
| **Hong Kong — 2.2%** | **Hong Kong — 2.2%** | **Hong Kong — 2.2%** |
| AIA Group Ltd. | &nbsp;&nbsp; 15002400 | 139884862 |
| BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 10376000 | 46590880 |
| CK Asset Holdings Ltd. | &nbsp;&nbsp; 5401000 | 24748453 |
| CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 7517000 | 48928163 |
| Hang Seng Bank Ltd. | &nbsp;&nbsp; 2112500 | 30772146 |
| Henderson Land Development Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4204794 | 14713731 |
| HKT Trust & HKT Ltd., Class SS | &nbsp;&nbsp; 10640000 | 16753503 |
| Hongkong Land Holdings Ltd. | &nbsp;&nbsp; 3097800 | 18741690 |
| Jardine Matheson Holdings Ltd. | &nbsp;&nbsp; 448700 | 24365018 |
| Link REIT | &nbsp;&nbsp; 7387260 | 41159998 |
| MTR Corp. Ltd. | &nbsp;&nbsp; 2303000 | 8284509 |
| Power Assets Holdings Ltd. | &nbsp;&nbsp; 3964500 | 26102653 |
| Sino Land Co. Ltd. | &nbsp;&nbsp; 10102000 | 11644565 |
| SITC International Holdings Co. Ltd. | &nbsp;&nbsp; 3892000 | 12618013 |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 4061500 | 48240327 |
| Swire Pacific Ltd., Class A | &nbsp;&nbsp; 1063000 | 9608812 |
| WH Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 23412000 | 23438642 |
| Wharf Real Estate Investment Co. Ltd. | &nbsp;&nbsp; 4679419 | 14856279 |
|  |  | 561452244 |
| **Ireland — 0.4%** | **Ireland — 0.4%** | **Ireland — 0.4%** |
| AIB Group PLC | &nbsp;&nbsp; 5870659 | 46311573 |
| Bank of Ireland Group PLC | &nbsp;&nbsp; 2800186 | 37550408 |
| Kerry Group PLC, Class A | &nbsp;&nbsp; 165924 | 15326393 |
|  |  | 99188374 |
| **Israel — 1.0%** | **Israel — 1.0%** | **Israel — 1.0%** |
| Azrieli Group Ltd. | &nbsp;&nbsp; 123234 | 12107635 |
| Bank Hapoalim BM | &nbsp;&nbsp; 3519284 | 65997379 |
| Bank Leumi Le-Israel BM | &nbsp;&nbsp; 4207253 | 77829030 |
| ICL Group Ltd. | &nbsp;&nbsp; 2179343 | 13577106 |
| Isracard Ltd. | &nbsp;&nbsp; 1 | 2 |
| Israel Discount Bank Ltd., Class A | &nbsp;&nbsp; 3450791 | 33001742 |
| Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp; 436595 | 26970143 |
| Nice Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 61859 | 9656878 |
| Teva Pharmaceutical Industries Ltd., ADR<sup>(c)</sup> | &nbsp;&nbsp; 2097082 | 32399917 |
|  |  | 271539832 |
| **Italy — 4.5%** | **Italy — 4.5%** | **Italy — 4.5%** |
| Banca Mediolanum SpA | &nbsp;&nbsp; 624835 | 11021328 |
| Banco BPM SpA | &nbsp;&nbsp; 3190683 | 40691253 |
| BPER Banca SpA | &nbsp;&nbsp; 4106869 | 40413711 |
| Davide Campari-Milano NV<sup>(a)</sup> | &nbsp;&nbsp; 1119098 | 7708152 |
| Enel SpA | &nbsp;&nbsp; 22852918 | 201523533 |
| Eni SpA | &nbsp;&nbsp; 6206201 | 105923299 |
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp; 1119007 | 23828152 |
| Generali | &nbsp;&nbsp; 2421308 | 90328756 |
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 42510004 | 256133797 |
| Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp; 1403070 | 30890479 |
| Nexi SpA<sup>(b)</sup> | &nbsp;&nbsp; 1413967 | 8074082 |
| Poste Italiane SpA<sup>(b)</sup> | &nbsp;&nbsp; 1283206 | 27723547 |
| Snam SpA | &nbsp;&nbsp; 5741756 | 33274987 |
| Stellantis NV | &nbsp;&nbsp; 5655204 | 49907759 |
| Telecom Italia SpA/Milano<sup>(c)</sup> | &nbsp;&nbsp; 30134869 | 13847952 |
| Tenaris SA | &nbsp;&nbsp; 1145729 | 20010349 |
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp; 3996534 | 38670243 |
| UniCredit SpA | &nbsp;&nbsp; 1972832 | 145148679 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| Unipol Gruppo SpA | &nbsp;&nbsp; 1005148 | $20160958 |
|  |  | 1165281016 |
| **Japan — 21.3%** | **Japan — 21.3%** | **Japan — 21.3%** |
| AGC Inc. | &nbsp;&nbsp; 548300 | 16500908 |
| Aisin Corp. | &nbsp;&nbsp; 1477000 | 20412152 |
| ANA Holdings Inc. | &nbsp;&nbsp; 445100 | 8253292 |
| Asahi Kasei Corp. | &nbsp;&nbsp; 3461200 | 24082177 |
| Astellas Pharma Inc. | &nbsp;&nbsp; 5076900 | 52640447 |
| Bandai Namco Holdings Inc. | &nbsp;&nbsp; 585800 | 18942966 |
| Bridgestone Corp. | &nbsp;&nbsp; 1600900 | 64756672 |
| Canon Inc. | &nbsp;&nbsp; 928900 | 26383213 |
| Central Japan Railway Co. | &nbsp;&nbsp; 2166600 | 50508166 |
| Chiba Bank Ltd. (The) | &nbsp;&nbsp; 1603800 | 14948546 |
| Chubu Electric Power Co. Inc. | &nbsp;&nbsp; 1822100 | 22285641 |
| Concordia Financial Group Ltd. | &nbsp;&nbsp; 2856500 | 18942103 |
| Dai Nippon Printing Co. Ltd. | &nbsp;&nbsp; 1104800 | 17013322 |
| Dai-ichi Life Holdings Inc. | &nbsp;&nbsp; 4959500 | 39240469 |
| Daito Trust Construction Co. Ltd. | &nbsp;&nbsp; 162900 | 16677321 |
| Daiwa House Industry Co. Ltd. | &nbsp;&nbsp; 1571900 | 51968445 |
| Daiwa Securities Group Inc. | &nbsp;&nbsp; 3745900 | 26078401 |
| Denso Corp. | &nbsp;&nbsp; 3442500 | 46705838 |
| Dentsu Group Inc. | &nbsp;&nbsp; 556800 | 10980426 |
| East Japan Railway Co. | &nbsp;&nbsp; 1659300 | 35565707 |
| Eisai Co. Ltd. | &nbsp;&nbsp; 736400 | 20652603 |
| ENEOS Holdings Inc. | &nbsp;&nbsp; 4995850 | 26221381 |
| Fuji Electric Co. Ltd. | &nbsp;&nbsp; 375300 | 18659234 |
| FUJIFILM Holdings Corp. | &nbsp;&nbsp; 3156700 | 65476979 |
| Hankyu Hanshin Holdings Inc. | &nbsp;&nbsp; 634600 | 16538720 |
| Honda Motor Co. Ltd. | &nbsp;&nbsp; 11868800 | 122876534 |
| Hulic Co. Ltd. | &nbsp;&nbsp; 1298900 | 12388522 |
| Idemitsu Kosan Co. Ltd. | &nbsp;&nbsp; 2287015 | 14702330 |
| IHI Corp. | &nbsp;&nbsp; 204900 | 22816993 |
| Inpex Corp. | &nbsp;&nbsp; 2473700 | 35222398 |
| Isuzu Motors Ltd. | &nbsp;&nbsp; 1520800 | 19490587 |
| Japan Airlines Co. Ltd. | &nbsp;&nbsp; 412300 | 8187241 |
| Japan Exchange Group Inc. | &nbsp;&nbsp; 1391000 | 13593377 |
| Japan Post Bank Co. Ltd. | &nbsp;&nbsp; 5055700 | 56428154 |
| Japan Post Holdings Co. Ltd. | &nbsp;&nbsp; 5005700 | 46356119 |
| Japan Post Insurance Co. Ltd. | &nbsp;&nbsp; 543600 | 13918663 |
| Japan Tobacco Inc. | &nbsp;&nbsp; 3363400 | 96057421 |
| JFE Holdings Inc. | &nbsp;&nbsp; 1616000 | 18702063 |
| Kajima Corp. | &nbsp;&nbsp; 1205300 | 30193551 |
| Kansai Electric Power Co. Inc. (The) | &nbsp;&nbsp; 2700300 | 32420987 |
| Kao Corp. | &nbsp;&nbsp; 859900 | 38692441 |
| Kawasaki Kisen Kaisha Ltd. | &nbsp;&nbsp; 1006400 | 14217301 |
| KDDI Corp. | &nbsp;&nbsp; 8631800 | 141661662 |
| Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 771900 | 10171840 |
| Komatsu Ltd. | &nbsp;&nbsp; 2532400 | 81588564 |
| Kubota Corp. | &nbsp;&nbsp; 2745900 | 30793200 |
| Kyocera Corp. | &nbsp;&nbsp; 3602100 | 42520509 |
| Kyowa Kirin Co. Ltd. | &nbsp;&nbsp; 672400 | 11477605 |
| LY Corp. | &nbsp;&nbsp; 5240700 | 19155621 |
| Makita Corp. | &nbsp;&nbsp; 664600 | 20574765 |
| Marubeni Corp. | &nbsp;&nbsp; 3958600 | 81047325 |
| MatsukiyoCocokara & Co. | &nbsp;&nbsp; 329300 | 6762070 |
| MEIJI Holdings Co. Ltd. | &nbsp;&nbsp; 673200 | 13612762 |
| Minebea Mitsumi Inc. | &nbsp;&nbsp; 354700 | 5582400 |
| Mitsubishi Chemical Group Corp. | &nbsp;&nbsp; 3781700 | 20598057 |
| Mitsubishi Corp. | &nbsp;&nbsp; 9583400 | 189017000 |
| Mitsubishi Electric Corp. | &nbsp;&nbsp; 3473600 | 78129032 |
| Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp; 1943500 | 36387012 |
| Mitsubishi HC Capital Inc. | &nbsp;&nbsp; 2471400 | 18267672 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI EAFE Value ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp; 32211900 | $443969164 |
| Mitsui & Co. Ltd. | &nbsp;&nbsp; 6947900 | 141435894 |
| Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp; 7412300 | 66253357 |
| Mitsui OSK Lines Ltd. | &nbsp;&nbsp; 967000 | 32503083 |
| Mizuho Financial Group Inc. | &nbsp;&nbsp; 6712020 | 196874678 |
| MS&AD Insurance Group Holdings Inc. | &nbsp;&nbsp; 3620024 | 77345664 |
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 4705200 | 70032561 |
| Nippon Building Fund Inc. | &nbsp;&nbsp; 21826 | 20021592 |
| Nippon Steel Corp. | &nbsp;&nbsp; 2712400 | 52235435 |
| Nippon Yusen KK | &nbsp;&nbsp; 1227900 | 43062172 |
| Nissan Motor Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 6264100 | 13281768 |
| Nitori Holdings Co. Ltd. | &nbsp;&nbsp; 78600 | 6656378 |
| Nitto Denko Corp. | &nbsp;&nbsp; 2000700 | 41402285 |
| Nomura Holdings Inc. | &nbsp;&nbsp; 8430900 | 55697017 |
| NTT Inc. | &nbsp;&nbsp; 83796800 | 84623154 |
| Obayashi Corp. | &nbsp;&nbsp; 1822800 | 26841199 |
| Omron Corp. | &nbsp;&nbsp; 489200 | 12609009 |
| Ono Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 1068300 | 11946553 |
| ORIX Corp. | &nbsp;&nbsp; 3261200 | 73256474 |
| Osaka Gas Co. Ltd. | &nbsp;&nbsp; 1019900 | 25804827 |
| Otsuka Corp. | &nbsp;&nbsp; 223800 | 4240374 |
| Panasonic Holdings Corp. | &nbsp;&nbsp; 6538900 | 61853537 |
| Rakuten Group Inc.<sup>(c)</sup> | &nbsp;&nbsp; 1523300 | 7707460 |
| Renesas Electronics Corp. | &nbsp;&nbsp; 4722300 | 57437586 |
| Resona Holdings Inc. | &nbsp;&nbsp; 2060500 | 18758795 |
| Ricoh Co. Ltd. | &nbsp;&nbsp; 764800 | 6706140 |
| SBI Holdings Inc. | &nbsp;&nbsp; 498500 | 18518210 |
| SCSK Corp. | &nbsp;&nbsp; 154000 | 4791695 |
| Secom Co. Ltd. | &nbsp;&nbsp; 767900 | 27577758 |
| Sekisui Chemical Co. Ltd. | &nbsp;&nbsp; 1060800 | 18399703 |
| Sekisui House Ltd. | &nbsp;&nbsp; 1674200 | 35119394 |
| SG Holdings Co. Ltd. | &nbsp;&nbsp; 906100 | 10052645 |
| Shimadzu Corp. | &nbsp;&nbsp; 230800 | 5109144 |
| Shimano Inc. | &nbsp;&nbsp; 136800 | 14965356 |
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 2122000 | 35488999 |
| SMC Corp. | &nbsp;&nbsp; 81700 | 28429428 |
| SoftBank Corp. | &nbsp;&nbsp; 80265600 | 115970615 |
| SoftBank Group Corp. | &nbsp;&nbsp; 1340500 | 102359150 |
| Subaru Corp. | &nbsp;&nbsp; 1646100 | 30281345 |
| Sumitomo Corp. | &nbsp;&nbsp; 3075200 | 78601352 |
| Sumitomo Electric Industries Ltd. | &nbsp;&nbsp; 2004000 | 49728633 |
| Sumitomo Metal Mining Co. Ltd. | &nbsp;&nbsp; 451500 | 9930876 |
| Sumitomo Mitsui Financial Group Inc. | &nbsp;&nbsp; 10372200 | 261655378 |
| Sumitomo Mitsui Trust Group Inc. | &nbsp;&nbsp; 1801110 | 47215665 |
| Sumitomo Realty & Development Co. Ltd. | &nbsp;&nbsp; 867900 | 31703664 |
| Suzuki Motor Corp. | &nbsp;&nbsp; 2867000 | 31501371 |
| T&D Holdings Inc. | &nbsp;&nbsp; 1373900 | 33548877 |
| Taisei Corp. | &nbsp;&nbsp; 442300 | 26446832 |
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 1568100 | 43075366 |
| Toho Co. Ltd./Tokyo | &nbsp;&nbsp; 110100 | 6946561 |
| Tokyo Metro Co. Ltd. | &nbsp;&nbsp; 283900 | 3059119 |
| Tokyu Corp. | &nbsp;&nbsp; 706900 | 7957372 |
| Toppan Holdings Inc. | &nbsp;&nbsp; 681800 | 18373300 |
| Toray Industries Inc. | &nbsp;&nbsp; 3894200 | 26635766 |
| Toyota Industries Corp. | &nbsp;&nbsp; 456700 | 48836108 |
| Toyota Motor Corp. | &nbsp;&nbsp; 26627680 | 473642567 |
| Toyota Tsusho Corp. | &nbsp;&nbsp; 1810300 | 41489064 |
| West Japan Railway Co. | &nbsp;&nbsp; 1255900 | 27496952 |
| Yakult Honsha Co. Ltd. | &nbsp;&nbsp; 467800 | 7525749 |
| Yamaha Motor Co. Ltd. | &nbsp;&nbsp; 2595100 | 18769893 |
|  |  | 5527806970 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Netherlands — 3.5%** | **Netherlands — 3.5%** | **Netherlands — 3.5%** |
| ABN AMRO Bank NV, CVA<sup>(b)</sup> | &nbsp;&nbsp; 1285745 | $37168874 |
| Aegon Ltd. | &nbsp;&nbsp; 3711817 | 26526603 |
| AerCap Holdings NV | &nbsp;&nbsp; 520056 | 55776006 |
| ASR Nederland NV | &nbsp;&nbsp; 422356 | 28054537 |
| DSM-Firmenich AG | &nbsp;&nbsp; 521588 | 50113890 |
| EXOR NV | &nbsp;&nbsp; 248158 | 23916576 |
| Heineken Holding NV | &nbsp;&nbsp; 368460 | 24867765 |
| Heineken NV | &nbsp;&nbsp; 527952 | 41439826 |
| ING Groep NV | &nbsp;&nbsp; 8845555 | 206149438 |
| JDE Peet's NV | &nbsp;&nbsp; 486121 | 14415952 |
| Koninklijke Ahold Delhaize NV | &nbsp;&nbsp; 2559659 | 101097313 |
| Koninklijke KPN NV | &nbsp;&nbsp; 10908700 | 48734596 |
| Koninklijke Philips NV | &nbsp;&nbsp; 1538374 | 40175146 |
| NN Group NV | &nbsp;&nbsp; 754618 | 50812654 |
| Prosus NV | &nbsp;&nbsp; 2391158 | 136596667 |
| Randstad NV<sup>(a)</sup> | &nbsp;&nbsp; 305755 | 14532362 |
|  |  | 900378205 |
| **New Zealand — 0.2%** | **New Zealand — 0.2%** | **New Zealand — 0.2%** |
| Auckland International Airport Ltd. | &nbsp;&nbsp; 3800798 | 16860044 |
| Contact Energy Ltd. | &nbsp;&nbsp; 2331179 | 12493623 |
| Meridian Energy Ltd. | &nbsp;&nbsp; 3678886 | 12353218 |
|  |  | 41706885 |
| **Norway — 0.8%** | **Norway — 0.8%** | **Norway — 0.8%** |
| Aker BP ASA | &nbsp;&nbsp; 899069 | 21628554 |
| DNB Bank ASA | &nbsp;&nbsp; 2511428 | 63538457 |
| Equinor ASA | &nbsp;&nbsp; 2349821 | 60361189 |
| Norsk Hydro ASA | &nbsp;&nbsp; 1964692 | 11644711 |
| Orkla ASA | &nbsp;&nbsp; 697474 | 7334656 |
| Salmar ASA | &nbsp;&nbsp; 128683 | 5227626 |
| Telenor ASA | &nbsp;&nbsp; 1728574 | 26517877 |
| Yara International ASA | &nbsp;&nbsp; 462308 | 17090205 |
|  |  | 213343275 |
| **Portugal — 0.1%** | **Portugal — 0.1%** | **Portugal — 0.1%** |
| EDP SA | &nbsp;&nbsp; 8919745 | 38554352 |
| **Singapore — 1.6%** | **Singapore — 1.6%** | **Singapore — 1.6%** |
| CapitaLand Ascendas REIT | &nbsp;&nbsp; 10691400 | 22891643 |
| CapitaLand Integrated Commercial Trust | &nbsp;&nbsp; 16426892 | 27736157 |
| CapitaLand Investment Ltd./Singapore<sup>(a)</sup> | &nbsp;&nbsp; 6617600 | 14094178 |
| Genting Singapore Ltd. | &nbsp;&nbsp; 17325000 | 9772746 |
| Keppel Ltd. | &nbsp;&nbsp; 4089000 | 26565566 |
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 9491600 | 123003146 |
| Sembcorp Industries Ltd. | &nbsp;&nbsp; 2593200 | 15419394 |
| Singapore Airlines Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4171100 | 21786336 |
| Singapore Telecommunications Ltd. | &nbsp;&nbsp; 13645100 | 40664405 |
| United Overseas Bank Ltd. | &nbsp;&nbsp; 3539400 | 98334220 |
| Wilmar International Ltd. | &nbsp;&nbsp; 5429200 | 12288215 |
| Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp; 2529900 | 4962216 |
|  |  | 417518222 |
| **Spain — 4.4%** | **Spain — 4.4%** | **Spain — 4.4%** |
| Acciona SA | &nbsp;&nbsp; 34931 | 6699586 |
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 16193486 | 270079104 |
| Banco de Sabadell SA | &nbsp;&nbsp; 15272193 | 56368144 |
| Banco Santander SA | &nbsp;&nbsp; 27696137 | 237931471 |
| Bankinter SA | &nbsp;&nbsp; 1920782 | 27417669 |
| CaixaBank SA | &nbsp;&nbsp; 11124417 | 104661910 |
| Grifols SA<sup>(c)</sup> | &nbsp;&nbsp; 292875 | 4363875 |
| Iberdrola SA | &nbsp;&nbsp; 17820297 | 313215192 |
| Redeia Corp. SA | &nbsp;&nbsp; 396106 | 7678904 |
| Repsol SA | &nbsp;&nbsp; 3281125 | 49747601 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI EAFE Value ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Spain (continued)** | **Spain (continued)** | **Spain (continued)** |
| Telefonica SA | &nbsp;&nbsp; 10435497 | $53855437 |
|  |  | 1132018893 |
| **Sweden — 2.7%** | **Sweden — 2.7%** | **Sweden — 2.7%** |
| Boliden AB<sup>(c)</sup> | &nbsp;&nbsp; 797746 | 24418385 |
| Fastighets AB Balder, Class B<sup>(c)</sup> | &nbsp;&nbsp; 2017027 | 13619152 |
| Holmen AB, Class B | &nbsp;&nbsp; 220306 | 8188028 |
| Industrivarden AB, Class A | &nbsp;&nbsp; 218560 | 8086267 |
| Industrivarden AB, Class C | &nbsp;&nbsp; 283739 | 10478384 |
| L E Lundbergforetagen AB, Class B | &nbsp;&nbsp; 215776 | 10524935 |
| Nordea Bank Abp | &nbsp;&nbsp; 8842318 | 129025173 |
| Securitas AB, Class B | &nbsp;&nbsp; 1380977 | 20495541 |
| Skandinaviska Enskilda Banken AB, Class A | &nbsp;&nbsp; 4479024 | 78349445 |
| Skanska AB, Class B | &nbsp;&nbsp; 955727 | 22293758 |
| SKF AB, Class B | &nbsp;&nbsp; 969646 | 22585419 |
| Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp; 1705653 | 21390846 |
| Svenska Handelsbanken AB, Class A | &nbsp;&nbsp; 4091158 | 49848207 |
| Swedbank AB, Class A | &nbsp;&nbsp; 2380951 | 63400025 |
| Tele2 AB, Class B | &nbsp;&nbsp; 1537001 | 23754521 |
| Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp; 7848513 | 57008306 |
| Telia Co. AB | &nbsp;&nbsp; 6623440 | 23392071 |
| Volvo AB, Class B | &nbsp;&nbsp; 4453320 | 127898398 |
|  |  | 714756861 |
| **Switzerland — 9.1%** | **Switzerland — 9.1%** | **Switzerland — 9.1%** |
| Amrize Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1461149 | 73862454 |
| Banque Cantonale Vaudoise, Registered | &nbsp;&nbsp; 85630 | 9909469 |
| Barry Callebaut AG, Registered | &nbsp;&nbsp; 6478 | 7888898 |
| EMS-Chemie Holding AG, Registered | &nbsp;&nbsp; 9845 | 7745957 |
| Helvetia Holding AG, Registered | &nbsp;&nbsp; 104513 | 25133438 |
| Holcim AG | &nbsp;&nbsp; 1467929 | 117067219 |
| Julius Baer Group Ltd. | &nbsp;&nbsp; 382913 | 25909527 |
| Kuehne + Nagel International AG, Registered | &nbsp;&nbsp; 135578 | 27641492 |
| Nestle SA, Registered | &nbsp;&nbsp; 4784972 | 418096803 |
| Novartis AG, Registered | &nbsp;&nbsp; 2668547 | 303912931 |
| Roche Holding AG, NVS | &nbsp;&nbsp; 1974004 | 616033406 |
| Sandoz Group AG | &nbsp;&nbsp; 1172321 | 67043737 |
| Schindler Holding AG, Participation <br> Certificates, NVS<br>| &nbsp;&nbsp; 58480 | 21148467 |
| Schindler Holding AG, Registered | &nbsp;&nbsp; 33642 | 11799234 |
| SGS SA | &nbsp;&nbsp; 226032 | 22967872 |
| SIG Group AG | &nbsp;&nbsp; 557929 | 9026606 |
| Swatch Group AG (The), Bearer | &nbsp;&nbsp; 53039 | 9380329 |
| Swiss Life Holding AG, Registered | &nbsp;&nbsp; 81040 | 83941034 |
| Swiss Prime Site AG, Registered | &nbsp;&nbsp; 225131 | 31137577 |
| Swiss Re AG | &nbsp;&nbsp; 848318 | 151850073 |
| Swisscom AG, Registered | &nbsp;&nbsp; 72644 | 50475545 |
| Temenos AG, Registered | &nbsp;&nbsp; 55663 | 4978757 |
| Zurich Insurance Group AG | &nbsp;&nbsp; 411222 | 280497072 |
|  |  | 2377447897 |
| **United Kingdom — 17.8%** | **United Kingdom — 17.8%** | **United Kingdom — 17.8%** |
| 3i Group PLC | &nbsp;&nbsp; 963315 | 52637571 |
| Anglo American PLC, NVS | &nbsp;&nbsp; 3139531 | 88340413 |
| Associated British Foods PLC | &nbsp;&nbsp; 930833 | 26952722 |
| Aviva PLC | &nbsp;&nbsp; 8539237 | 72959270 |
| Barclays PLC | &nbsp;&nbsp; 40192711 | 196462700 |
| Barratt Redrow PLC | &nbsp;&nbsp; 3929765 | 19351930 |
| BP PLC | &nbsp;&nbsp; 44714810 | 239683896 |
| British American Tobacco PLC | &nbsp;&nbsp; 5565918 | 298207003 |
| BT Group PLC | &nbsp;&nbsp; 16733756 | 45700498 |
| Bunzl PLC | &nbsp;&nbsp; 931249 | 27637104 |
| Centrica PLC | &nbsp;&nbsp; 14308842 | 31103883 |
| Croda International PLC | &nbsp;&nbsp; 371120 | 12773080 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| DCC PLC | &nbsp;&nbsp; 279248 | $17489589 |
| Diageo PLC | &nbsp;&nbsp; 4063196 | 98481897 |
| Glencore PLC | &nbsp;&nbsp; 28867150 | 115853151 |
| GSK PLC | &nbsp;&nbsp; 11565455 | 212734766 |
| Hikma Pharmaceuticals PLC | &nbsp;&nbsp; 466367 | 12054303 |
| HSBC Holdings PLC | &nbsp;&nbsp; 49656084 | 604958619 |
| Imperial Brands PLC | &nbsp;&nbsp; 2192566 | 85464865 |
| J Sainsbury PLC | &nbsp;&nbsp; 4926198 | 19697857 |
| JD Sports Fashion PLC | &nbsp;&nbsp; 7225351 | 8110358 |
| Kingfisher PLC | &nbsp;&nbsp; 4997450 | 17769950 |
| Land Securities Group PLC | &nbsp;&nbsp; 2008518 | 15274658 |
| Legal & General Group PLC | &nbsp;&nbsp; 16473509 | 55730952 |
| Lloyds Banking Group PLC | &nbsp;&nbsp; 169069411 | 173371822 |
| M&G PLC | &nbsp;&nbsp; 6401244 | 22032408 |
| Mondi PLC | &nbsp;&nbsp; 1237011 | 16722204 |
| National Grid PLC | &nbsp;&nbsp; 13724772 | 192861447 |
| NatWest Group PLC | &nbsp;&nbsp; 22573591 | 156696292 |
| Pearson PLC | &nbsp;&nbsp; 840823 | 11890037 |
| Phoenix Group Holdings PLC | &nbsp;&nbsp; 1991918 | 17419462 |
| Prudential PLC | &nbsp;&nbsp; 7312878 | 92772462 |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp; 1918330 | 143770699 |
| Rentokil Initial PLC | &nbsp;&nbsp; 7147338 | 35654098 |
| Rio Tinto PLC | &nbsp;&nbsp; 3171370 | 188884843 |
| Schroders PLC | &nbsp;&nbsp; 2125691 | 10926365 |
| Segro PLC | &nbsp;&nbsp; 3657023 | 31167826 |
| Severn Trent PLC | &nbsp;&nbsp; 770790 | 27029531 |
| Shell PLC | &nbsp;&nbsp; 16818818 | 604352311 |
| Smiths Group PLC | &nbsp;&nbsp; 941574 | 29166356 |
| Spirax Group PLC | &nbsp;&nbsp; 74723 | 6244500 |
| Standard Chartered PLC | &nbsp;&nbsp; 5657902 | 101428976 |
| Tesco PLC | &nbsp;&nbsp; 18857257 | 105948003 |
| Unilever PLC | &nbsp;&nbsp; 2453809 | 142371096 |
| United Utilities Group PLC | &nbsp;&nbsp; 1943567 | 29013277 |
| Vodafone Group PLC | &nbsp;&nbsp; 56364057 | 61109725 |
| Whitbread PLC | &nbsp;&nbsp; 494656 | 19870717 |
| WPP PLC | &nbsp;&nbsp; 3023202 | 16368785 |
|  |  | 4612504277 |
| **Total Common Stocks — 99.0%** <br>**(Cost: $22,230,775,325)** | **Total Common Stocks — 99.0%** <br>**(Cost: $22,230,775,325)** | 25708845311 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Germany — 0.6%** | **Germany — 0.6%** | **Germany — 0.6%** |
| Bayerische Motoren Werke AG, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 158817 | 13884638 |
| Dr Ing hc F Porsche AG, Preference Shares, <br> NVS<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 318133 | 16131399 |
| Henkel AG & Co. KGaA, Preference Shares, NVS | &nbsp;&nbsp; 474976 | 36601221 |
| Porsche Automobil Holding SE, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 438853 | 17612961 |
| Volkswagen AG, Preference Shares, NVS | &nbsp;&nbsp; 578340 | 60474529 |
|  |  | 144704748 |
| **Total Preferred Stocks — 0.6%** <br>**(Cost: $191,072,448)** | **Total Preferred Stocks — 0.6%** <br>**(Cost: $191,072,448)** | 144704748 |
| **Total Long-Term Investments — 99.6%** <br>**(Cost: $22,421,847,773)** | **Total Long-Term Investments — 99.6%** <br>**(Cost: $22,421,847,773)** | 25853550059 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI EAFE Value ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.3%** | **Money Market Funds — 0.3%** | **Money Market Funds — 0.3%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 76270082 | $76300590 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.30%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 6690000 | 6690000 |
| **Total Short-Term Securities — 0.3%** <br>**(Cost: $82,990,314)** | **Total Short-Term Securities — 0.3%** <br>**(Cost: $82,990,314)** | 82990590 |
| **Total Investments — 99.9%** <br>**(Cost: $22,504,838,087)** | **Total Investments — 99.9%** <br>**(Cost: $22,504,838,087)** | 25936540649 |
| **Other Assets Less Liabilities — 0.1%** | **Other Assets Less Liabilities — 0.1%** | 33067745 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $25969608394 |

---

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

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

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

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

<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 July 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>*07/31/24*<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>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<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>| $5408421<br> $70897898 <br><sup>(a)</sup><br>| $— | $(526)<br>| $(5203)<br>| $76300590 | 76270082 | $240697 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 4590000<br> 2100000 <br><sup>(a)</sup><br>|  |  |  | 6690000 | 6690000 | 402987 |  |
|  |  |  | $(526) | $(5203) | $82990590 |  | $643684 | $— |

---

&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 | 145 | 09/11/25 | &nbsp;&nbsp; $28044 | $1085526 |
| Euro STOXX 50 Index | 638 | 09/19/25 | &nbsp;&nbsp; 38880 | 295159 |
| FTSE 100 Index | 373 | 09/19/25 | &nbsp;&nbsp; 44795 | 1174544 |
|  |  |  |  | $2555229 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI EAFE Value 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; $2555229 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2555229 |

---

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

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts 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 July 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; $9130108 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9130108 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1883203 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1883203 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $142049841 |

---

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; $262365590 | &nbsp;&nbsp; $25446479721 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $25708845311 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 144704748 | &nbsp;&nbsp; — | &nbsp;&nbsp; 144704748 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 82990590 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 82990590 |
|  | &nbsp;&nbsp; $345356180 | &nbsp;&nbsp; $25591184469 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $25936540649 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $295159 | &nbsp;&nbsp; $2260070 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2555229 |

---

&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

July 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>MSCI EAFE Growth <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI EAFE Value <br> ETF <br>|
| **ASSETS** |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $12550098761 | $25853550059 |
| Investments, at value—affiliated<sup>(c)</sup> | 28669810 | 82990590 |
| Cash | 679 | 9054 |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> | 2884378 | 7858440 |
| Foreign currency, at value<sup>(e)</sup> | 22037641 | 51251112 |
| Receivables: |  |  |
| Securities lending income—affiliated | 6036 | 29674 |
| Dividends—unaffiliated | 5886795 | 23359356 |
| Dividends—affiliated | 7840 | 15536 |
| Tax reclaims | 25359876 | 47012518 |
| Total assets | 12634951816 | 26066076339 |
| **LIABILITIES** |  |  |
| Collateral on securities loaned, at value | 24979810 | 76317849 |
| Payables: |  |  |
| Investments purchased |  | 12899283 |
| Investment advisory fees | 3844279 | 6593894 |
| Professional fees |  | 1036 |
| Variation margin on futures contracts | 327592 | 655883 |
| Total liabilities | 29151681 | 96467945 |
| **Commitments and contingent liabilities** |  |  |
| NET ASSETS | $12605800135 | $25969608394 |
| **NET ASSETS CONSIST OF** |  |  |
| Paid-in capital | $13051811408 | $23617050476 |
| Accumulated earnings (loss) | (446011273) | 2352557918 |
| NET ASSETS | $12605800135 | $25969608394 |
| **NET ASSET VALUE** |  |  |
| Shares outstanding | 117600000 | 412000000 |
| Net asset value | $107.19 | $63.03 |
| Shares authorized | Unlimited | Unlimited |
| Par value |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $11154496778 | $22421847773 |
| <sup>(b)</sup> Securities loaned, at value | $22628814 | $71259368 |
| <sup>(c)</sup> Investments, at cost—affiliated | $28669810 | $82990314 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $2984073 | $8097424 |
| <sup>(e)</sup> Foreign currency, at cost | $22626582 | $52394949 |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Operations

Year Ended July 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | iShares <br>MSCI EAFE <br> Growth ETF <br>| &nbsp;&nbsp; iShares <br>MSCI EAFE Value <br> ETF <br>|
| **INVESTMENT INCOME** |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $263478982 | &nbsp;&nbsp;&nbsp; $927315650 |
| Dividends—affiliated | &nbsp;&nbsp; 193799 | &nbsp;&nbsp;&nbsp; 402987 |
| Interest—unaffiliated | &nbsp;&nbsp; 182812 | &nbsp;&nbsp;&nbsp; 372132 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 144665 | &nbsp;&nbsp;&nbsp; 240697 |
| Other income—unaffiliated | &nbsp;&nbsp; 16320 | &nbsp;&nbsp;&nbsp; 114429 |
| Foreign taxes withheld | &nbsp;&nbsp; (19522754)<br>| &nbsp;&nbsp;&nbsp; (65815481)<br>|
| Foreign withholding tax claims | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 483578 |
| Total investment income | &nbsp;&nbsp; 244493824 | &nbsp;&nbsp;&nbsp; 863113992 |
| EXPENSES |  |  |
| Investment advisory | &nbsp;&nbsp; 48843979 | &nbsp;&nbsp;&nbsp; 63833960 |
| Professional | &nbsp;&nbsp; 11572 | &nbsp;&nbsp;&nbsp; 64931 |
| Interest expense | &nbsp;&nbsp; 9317 | &nbsp;&nbsp;&nbsp; 184 |
| Total expenses | &nbsp;&nbsp; 48864868 | &nbsp;&nbsp;&nbsp; 63899075 |
| Net investment income | &nbsp;&nbsp; 195628956 | &nbsp;&nbsp;&nbsp; 799214917 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (438071855)<br>| &nbsp;&nbsp;&nbsp; 261798684 |
| Investments—affiliated | &nbsp;&nbsp; 5762 | &nbsp;&nbsp;&nbsp; (526)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 2390407 | &nbsp;&nbsp;&nbsp; 4737288 |
| Futures contracts | &nbsp;&nbsp; 4308544 | &nbsp;&nbsp;&nbsp; 9130108 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 1378268292 | &nbsp;&nbsp;&nbsp; 371498401 |
|  | &nbsp;&nbsp; 946901150 | &nbsp;&nbsp;&nbsp; 647163955 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (417089387)<br>| &nbsp;&nbsp;&nbsp; 2106044320 |
| Investments—affiliated | &nbsp;&nbsp; (13534)<br>| &nbsp;&nbsp;&nbsp; (5203)<br>|
| Foreign currency translations | &nbsp;&nbsp; 253178 | &nbsp;&nbsp;&nbsp; (124471)<br>|
| Futures contracts | &nbsp;&nbsp; 980487 | &nbsp;&nbsp;&nbsp; 1883203 |
|  | &nbsp;&nbsp; (415869256)<br>| &nbsp;&nbsp;&nbsp; 2107797849 |
| Net realized and unrealized gain | &nbsp;&nbsp; 531031894 | &nbsp;&nbsp;&nbsp; 2754961804 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $726660850 | &nbsp;&nbsp;&nbsp; $3554176721 |
| <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 EAFE Growth ETF  | iShares <br>MSCI EAFE Growth ETF  | iShares <br>MSCI EAFE Value ETF  | iShares <br>MSCI EAFE Value ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $195628956 | &nbsp;&nbsp;&nbsp; $171355534 | &nbsp;&nbsp;&nbsp; $799214917 | &nbsp;&nbsp;&nbsp; $669212439 |
| Net realized gain (loss) | &nbsp;&nbsp; 946901150 | &nbsp;&nbsp;&nbsp; (93319608)<br>| &nbsp;&nbsp;&nbsp; 647163955 | &nbsp;&nbsp;&nbsp; 889005649 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (415869256)<br>| &nbsp;&nbsp;&nbsp; 580577762 | &nbsp;&nbsp;&nbsp; 2107797849 | &nbsp;&nbsp;&nbsp; 611337837 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 726660850 | &nbsp;&nbsp;&nbsp; 658613688 | &nbsp;&nbsp;&nbsp; 3554176721 | &nbsp;&nbsp;&nbsp; 2169555925 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (234968611)<br>| &nbsp;&nbsp;&nbsp; (193593828)<br>| &nbsp;&nbsp;&nbsp; (874694827)<br>| &nbsp;&nbsp;&nbsp; (758932956)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (3090730235)<br>| &nbsp;&nbsp;&nbsp; 1802257024 | &nbsp;&nbsp;&nbsp; 8309195733 | &nbsp;&nbsp;&nbsp; (3537523848)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; (2599037996)<br>| &nbsp;&nbsp;&nbsp; 2267276884 | &nbsp;&nbsp;&nbsp; 10988677627 | &nbsp;&nbsp;&nbsp; (2126900879)<br>|
| Beginning of year | &nbsp;&nbsp; 15204838131 | &nbsp;&nbsp;&nbsp; 12937561247 | &nbsp;&nbsp;&nbsp; 14980930767 | &nbsp;&nbsp;&nbsp; 17107831646 |
| End of year | &nbsp;&nbsp; $12605800135 | &nbsp;&nbsp;&nbsp; $15204838131 | &nbsp;&nbsp;&nbsp; $25969608394 | &nbsp;&nbsp;&nbsp; $14980930767 |

---

&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 EAFE Growth ETF  | iShares MSCI EAFE Growth ETF  | iShares MSCI EAFE Growth ETF  | iShares MSCI EAFE Growth ETF  | iShares MSCI EAFE Growth ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Year Ended <br>07/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $103.29 | &nbsp;&nbsp;&nbsp; $96.55 | &nbsp;&nbsp;&nbsp; $86.78 | &nbsp;&nbsp;&nbsp; $108.95 | &nbsp;&nbsp;&nbsp; $86.52 |
| Net investment income<sup>(a)</sup> | 1.41 | &nbsp;&nbsp;&nbsp;&nbsp; 1.39 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.39 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.15 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 4.26 | &nbsp;&nbsp;&nbsp;&nbsp;6.90 | &nbsp;&nbsp;&nbsp;&nbsp;9.48 | &nbsp;&nbsp;&nbsp; (21.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;22.53 |
| Net increase (decrease) from investment operations | 5.67 | &nbsp;&nbsp;&nbsp;&nbsp;8.29 | &nbsp;&nbsp;&nbsp;&nbsp;10.87 | &nbsp;&nbsp;&nbsp; (20.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;23.68 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.77)<br>| &nbsp;&nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp;&nbsp; (1.25)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $107.19 | &nbsp;&nbsp;&nbsp; $103.29 | &nbsp;&nbsp;&nbsp; $96.55 | &nbsp;&nbsp;&nbsp; $86.78 | &nbsp;&nbsp;&nbsp; $108.95 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 5.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.66 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.58 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (18.92 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.42<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>|
| Net investment income | 1.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.57 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $12605800 | &nbsp;&nbsp;&nbsp; $15204838 | &nbsp;&nbsp;&nbsp; $12937561 | &nbsp;&nbsp;&nbsp; $10135618 | &nbsp;&nbsp;&nbsp; $12115330 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 25<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> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2024, July 31, <br> 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.05, $0.03 and $0.01.<br> • Total return by 0.05%, 0.03% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.05%, 0.03% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2024, July 31, <br> 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.05, $0.03 and $0.01.<br> • Total return by 0.05%, 0.03% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.05%, 0.03% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2024, July 31, <br> 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.05, $0.03 and $0.01.<br> • Total return by 0.05%, 0.03% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.05%, 0.03% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2024, July 31, <br> 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.05, $0.03 and $0.01.<br> • Total return by 0.05%, 0.03% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.05%, 0.03% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2024, July 31, <br> 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.05, $0.03 and $0.01.<br> • Total return by 0.05%, 0.03% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.05%, 0.03% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2024, July 31, <br> 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.05, $0.03 and $0.01.<br> • Total return by 0.05%, 0.03% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.05%, 0.03% and 0.01%. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI EAFE Value ETF  | iShares MSCI EAFE Value ETF  | iShares MSCI EAFE Value ETF  | iShares MSCI EAFE Value ETF  | iShares MSCI EAFE Value ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Year Ended <br>07/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $55.32 | &nbsp;&nbsp;&nbsp; $50.92 | &nbsp;&nbsp;&nbsp; $44.33 | &nbsp;&nbsp;&nbsp; $51.48 | &nbsp;&nbsp;&nbsp; $39.94 |
| Net investment income<sup>(a)</sup> | 2.25 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp; 1.99 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.06 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.67 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 7.73 | &nbsp;&nbsp;&nbsp;&nbsp;4.82 | &nbsp;&nbsp;&nbsp;&nbsp;6.45 | &nbsp;&nbsp;&nbsp; (6.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.39 |
| Net increase (decrease) from investment operations | 9.98 | &nbsp;&nbsp;&nbsp;&nbsp;6.89 | &nbsp;&nbsp;&nbsp;&nbsp;8.44 | &nbsp;&nbsp;&nbsp; (4.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.06 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (2.27)<br>| &nbsp;&nbsp;&nbsp; (2.49)<br>| &nbsp;&nbsp;&nbsp; (1.85)<br>| &nbsp;&nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp;&nbsp; (1.52)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $63.03 | &nbsp;&nbsp;&nbsp; $55.32 | &nbsp;&nbsp;&nbsp; $50.92 | &nbsp;&nbsp;&nbsp; $44.33 | &nbsp;&nbsp;&nbsp; $51.48 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 18.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.39 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (9.23 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.79<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>|
| Net investment income | 3.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.29 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.17 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.42<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $25969608 | &nbsp;&nbsp;&nbsp; $14980931 | &nbsp;&nbsp;&nbsp; $17107832 | &nbsp;&nbsp;&nbsp; $14273313 | &nbsp;&nbsp;&nbsp; $14434306 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp; 26<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 July 31, 2023 <br> and July 31, 2022 respectively:<br> • Net investment income per share by $0.02 and $0.06.<br> • Total return by 0.04% and 0.12%.<br> • Ratio of net investment income to average net assets by 0.04% and 0.13%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2023 <br> and July 31, 2022 respectively:<br> • Net investment income per share by $0.02 and $0.06.<br> • Total return by 0.04% and 0.12%.<br> • Ratio of net investment income to average net assets by 0.04% and 0.13%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2023 <br> and July 31, 2022 respectively:<br> • Net investment income per share by $0.02 and $0.06.<br> • Total return by 0.04% and 0.12%.<br> • Ratio of net investment income to average net assets by 0.04% and 0.13%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2023 <br> and July 31, 2022 respectively:<br> • Net investment income per share by $0.02 and $0.06.<br> • Total return by 0.04% and 0.12%.<br> • Ratio of net investment income to average net assets by 0.04% and 0.13%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2023 <br> and July 31, 2022 respectively:<br> • Net investment income per share by $0.02 and $0.06.<br> • Total return by 0.04% and 0.12%.<br> • Ratio of net investment income to average net assets by 0.04% and 0.13%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2023 <br> and July 31, 2022 respectively:<br> • Net investment income per share by $0.02 and $0.06.<br> • Total return by 0.04% and 0.12%.<br> • Ratio of net investment income to average net assets by 0.04% and 0.13%. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due 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

------

*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 EAFE Growth Diversified <br> MSCI EAFE 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:** Certain Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of July 31, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

Consistent with U.S. GAAP accrual requirements, for uncertain tax positions, each Fund recognizes tax reclaims when the Fund determines that it is more likely than not that the Fund will sustain its position that it is due the reclaim.

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

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

**Collateralization:** If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

Notes to Financial Statements

------

*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

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 EAFE Growth |  |  |  |  |
| BNP Paribas SA | &nbsp;&nbsp; $3662331 | &nbsp;&nbsp;&nbsp; $(3662331) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 10822872 | &nbsp;&nbsp;&nbsp; (10822872) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 7453286 | &nbsp;&nbsp;&nbsp; (7453286) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 690325 | &nbsp;&nbsp;&nbsp; (690325) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $22628814 | &nbsp;&nbsp;&nbsp; $(22628814) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| MSCI EAFE Value |  |  |  |  |
| BNP Paribas SA | &nbsp;&nbsp; $2186057 | &nbsp;&nbsp;&nbsp; $(2186057) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 7588077 | &nbsp;&nbsp;&nbsp; (7588077) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 5787438 | &nbsp;&nbsp;&nbsp; (5787438) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 13909618 | &nbsp;&nbsp;&nbsp; (13909618) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 41014253 | &nbsp;&nbsp;&nbsp; (41014253) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Company | &nbsp;&nbsp; 773925 | &nbsp;&nbsp;&nbsp; (773925) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $71259368 | &nbsp;&nbsp;&nbsp; $(71259368) | &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

Notes to Financial Statements

------

*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).

Effective August 1, 2024, for its investment advisory services to the iShares MSCI EAFE Growth 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:

---

| | |
|:---|:---|
| *Average Daily Net Assets* | *Investment Advisory Fees* |
| First $3 billion | 0.4000% |
| Over $3 billion, up to and including $4.5 billion | 0.3800 |
| Over $4.5 billion, up to and including $6 billion | 0.3610 |
| Over $6 billion, up to and including $7.5 billion | 0.3430 |
| Over $7.5 billion, up to and including $9 billion | 0.3258 |
| Over $9 billion, up to and including $10.5 billion | 0.3095 |
| Over $10.5 billion, up to and including $13.5 billion | 0.2940 |
| Over $13.5 billion | 0.2793 |

---

Prior to August 1, 2024, for its investment advisory services to the iShares MSCI EAFE Growth ETF, BFA was 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:

---

| | |
|:---|:---|
| *Average Daily Net Assets* | *Investment Advisory Fees* |
| First $3 billion | 0.4000% |
| Over $3 billion, up to and including $4.5 billion | 0.3800 |
| Over $4.5 billion, up to and including $6 billion | 0.3610 |
| Over $6 billion, up to and including $7.5 billion | 0.3430 |
| Over $7.5 billion, up to and including $9 billion | 0.3258 |
| Over $9 billion, up to and including $10.5 billion | 0.3095 |
| Over $10.5 billion | 0.2940 |

---

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

Effective August 1, 2024, for its investment advisory services to the iShares MSCI EAFE Value 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:

---

| | |
|:---|:---|
| *Average Daily Net Assets* | *Investment Advisory Fees* |
| First $3 billion | 0.4000% |
| Over $3 billion, up to and including $4.5 billion | 0.3800 |
| Over $4.5 billion, up to and including $6 billion | 0.3610 |
| Over $6 billion, up to and including $7.5 billion | 0.3430 |
| Over $7.5 billion, up to and including $9 billion | 0.3258 |
| Over $9 billion, up to and including $10.5 billion | 0.3096 |
| Over $10.5 billion, up to and including $12 billion | 0.2941 |
| Over $12 billion, up to and including $13.5 billion | 0.2793 |
| Over $13.5 billion, up to and including $15 billion | 0.2653 |
| Over $15 billion, up to and including $18 billion | 0.2520 |
| Over $18 billion | 0.2394 |

---

Prior to August 1, 2024, for its investment advisory services to the iShares MSCI EAFE Value ETF, BFA was 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:

---

| | |
|:---|:---|
| *Average Daily Net Assets* | *Investment Advisory Fees* |
| First $3 billion | 0.4000% |
| Over $3 billion, up to and including $4.5 billion | 0.3800 |
| Over $4.5 billion, up to and including $6 billion | 0.3610 |
| Over $6 billion, up to and including $7.5 billion | 0.3430 |
| Over $7.5 billion, up to and including $9 billion | 0.3258 |
| Over $9 billion, up to and including $10.5 billion | 0.3096 |
| Over $10.5 billion, up to and including $12 billion | 0.2941 |
| Over $12 billion, up to and including $13.5 billion | 0.2793 |
| Over $13.5 billion, up to and including $15 billion | 0.2653 |
| Over $15 billion | 0.2520 |

---

**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 July 31, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| MSCI EAFE Growth | &nbsp;&nbsp; $43958 |
| MSCI EAFE Value | &nbsp;&nbsp; 67284 |

---

**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 July 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 EAFE Growth | &nbsp;&nbsp; $2489176969 | &nbsp;&nbsp;&nbsp; $2302185901 | &nbsp;&nbsp;&nbsp; $(338912449) |
| MSCI EAFE Value | &nbsp;&nbsp; 3154561296 | &nbsp;&nbsp;&nbsp; 2747342655 | &nbsp;&nbsp;&nbsp; 255966802 |

---

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 July 31, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| MSCI EAFE Growth | &nbsp;&nbsp; $3231899884 | &nbsp;&nbsp;&nbsp; $3223415503 |
| MSCI EAFE Value | &nbsp;&nbsp; 5485913747 | &nbsp;&nbsp;&nbsp; 4619283302 |

---

For the year ended July 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| MSCI EAFE Growth | &nbsp;&nbsp; $1571274917 | &nbsp;&nbsp;&nbsp; $4710915217 |
| MSCI EAFE Value | &nbsp;&nbsp; 8779791839 | &nbsp;&nbsp;&nbsp; 1431232700 |

---

***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 July 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 July 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 EAFE Growth | &nbsp;&nbsp; $1341127994 | &nbsp;&nbsp;&nbsp; $(1341127994) |
| MSCI EAFE Value | &nbsp;&nbsp; 335371483 | &nbsp;&nbsp;&nbsp; (335371483) |

---

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended* <br>*07/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*07/31/24*<br>|
| MSCI EAFE Growth |  |  |
| Ordinary income | &nbsp;&nbsp; $234968611 | &nbsp;&nbsp;&nbsp; $193593828 |
| MSCI EAFE Value |  |  |
| Ordinary income | &nbsp;&nbsp; $874694827 | &nbsp;&nbsp;&nbsp; $758932956 |

---

As of July 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 EAFE Growth | &nbsp;&nbsp; $26689883 | &nbsp;&nbsp;&nbsp; $(1809042714) | &nbsp;&nbsp;&nbsp; $1336341558 | &nbsp;&nbsp;&nbsp; $(446011273) |
| MSCI EAFE Value | &nbsp;&nbsp; 152006158 | &nbsp;&nbsp;&nbsp; (902168783) | &nbsp;&nbsp;&nbsp; 3102720543 | &nbsp;&nbsp;&nbsp; 2352557918 |

---

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

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

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains(losses) on certain futures contracts, the timing and recognition of partnership income, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies. 

For the year ended July 31, 2025, the iShares MSCI EAFE Value ETF utilized $228,791,173 of its capital loss carryforwards.

As of July 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 EAFE Growth | &nbsp;&nbsp; $11244126260 | &nbsp;&nbsp;&nbsp; $2181661029 | &nbsp;&nbsp;&nbsp; $(846427794) | &nbsp;&nbsp;&nbsp; $1335233235 |
| MSCI EAFE Value | &nbsp;&nbsp; 22835908659 | &nbsp;&nbsp;&nbsp; 4221784981 | &nbsp;&nbsp;&nbsp; (1120067465) | &nbsp;&nbsp;&nbsp; 3101717516 |

---

***9. PRINCIPAL RISKS***

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

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

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

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

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

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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

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

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

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

***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.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>07/31/25 | Year Ended <br>07/31/25 | Year Ended <br>07/31/24 | Year Ended <br>07/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| MSCI EAFE Growth |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 16800000 | &nbsp;&nbsp;&nbsp; $1694759892 | &nbsp;&nbsp;&nbsp; 36000000 | &nbsp;&nbsp;&nbsp; $3729194385 |
| Shares redeemed | &nbsp;&nbsp; (46400000)<br>| &nbsp;&nbsp;&nbsp; (4785490127)<br>| &nbsp;&nbsp;&nbsp; (22800000)<br>| &nbsp;&nbsp;&nbsp; (1926937361)<br>|
|  | &nbsp;&nbsp; (29600000)<br>| &nbsp;&nbsp;&nbsp; $(3090730235)<br>| &nbsp;&nbsp;&nbsp; 13200000 | &nbsp;&nbsp;&nbsp; $1802257024 |
| MSCI EAFE Value |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 166000000 | &nbsp;&nbsp;&nbsp; $9751611028 | &nbsp;&nbsp;&nbsp; 19600000 | &nbsp;&nbsp;&nbsp; $969912608 |
| Shares redeemed | &nbsp;&nbsp; (24800000)<br>| &nbsp;&nbsp;&nbsp; (1442415295)<br>| &nbsp;&nbsp;&nbsp; (84800000)<br>| &nbsp;&nbsp;&nbsp; (4507436456)<br>|
|  | &nbsp;&nbsp; 141200000 | &nbsp;&nbsp;&nbsp; $8309195733 | &nbsp;&nbsp;&nbsp; (65200000)<br>| &nbsp;&nbsp;&nbsp; $(3537523848)<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.

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

The Internal Revenue Service has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which the iShares MSCI EAFE Value ETF is able to pass through to its shareholders as a foreign tax credit in the current year, the iShares MSCI EAFE Value ETF 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.

***12. SUBSEQUENT EVENTS***

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

Notes to Financial Statements

------

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 July 31, 2025, the related statements of operations for the year ended July 31, 2025, the statements of changes in net assets for each of the two years in the period ended July 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended July 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 July 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 July 31, 2025 and each of the financial highlights for each of the five years in the period ended July 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

iShares MSCI EAFE Growth ETF <br> iShares MSCI EAFE 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 July 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

September 23, 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 July 31, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Dividend* <br>*Income*<br>|
| MSCI EAFE Growth | &nbsp;&nbsp; $244531484 |
| MSCI EAFE Value | &nbsp;&nbsp; 859068152 |

---

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 July 31, 2025:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Foreign Source* <br>*Income Earned*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Foreign* <br>*Taxes Paid*<br>|
| MSCI EAFE Growth | &nbsp;&nbsp; $263478983 | &nbsp;&nbsp;&nbsp;&nbsp; $18105028 |
| MSCI EAFE Value | &nbsp;&nbsp; 927325051 | &nbsp;&nbsp;&nbsp;&nbsp; 59154052 |

---

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 MSCI EAFE Growth 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. 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

2025 iShares Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares MSCI EAFE Value 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 within range of the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund's investment advisory fee rate. The Board reviewed all of the breakpoint arrangements and noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

2025 iShares Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

Board Review and Approval of Investment Advisory Contract

------

Glossary of Terms Used in these Financial Statements

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ADR | American Depositary Receipt |
| NVS | Non-Voting Shares |
| REIT | Real Estate Investment Trust |

---

2025 iShares Annual Financial Statements and Additional Information

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Want to know more?

**iShares.com** \| 1-800-474-2737

**This report is intended for the 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.

![](g68177imgb9d165232.gif)

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July 31, 2025

![](g68177imgbc41da1a1.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 Breakthrough Environmental Solutions ETF \| ETEC \| NASDAQ |
| • iShares Cybersecurity and Tech ETF \| IHAK \| NYSE Arca |
| • iShares Energy Storage & Materials ETF \| IBAT \| NASDAQ |
| • iShares Exponential Technologies ETF \| XT \| NASDAQ |
| • iShares Future Cloud 5G and Tech ETF \| IDAT \| NYSE Arca |
| • iShares Genomics Immunology and Healthcare ETF \| IDNA \| NYSE Arca |
| • iShares Neuroscience and Healthcare ETF \| IBRN \| NYSE Arca |
| • iShares Self-Driving EV and Tech ETF \| IDRV \| NYSE Arca |

---

------

**Table of Contents**

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

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_a23c281f-eb38-4df5-9555-d941727bfcd1_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_a23c281f-eb38-4df5-9555-d941727bfcd1_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 28 |
| [Statements of Operations](#xx_a23c281f-eb38-4df5-9555-d941727bfcd1_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 30 |
| [Statements of Changes in Net Assets](#xx_a23c281f-eb38-4df5-9555-d941727bfcd1_FS-Footer-iSharesReport_5)  | &nbsp;&nbsp; 32 |
| [Financial Highlights](#xx_a23c281f-eb38-4df5-9555-d941727bfcd1_FS-Footer-iSharesReport_9)  | &nbsp;&nbsp; 36 |
| [Notes to Financial Statements](#xx_a23c281f-eb38-4df5-9555-d941727bfcd1_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 44 |
| [Report of Independent Registered Public Accounting Firm](#xx_a23c281f-eb38-4df5-9555-d941727bfcd1_opinion-Footer-iSharesReport_1)  | &nbsp;&nbsp; 56 |
| [Important Tax Information](#xx_a23c281f-eb38-4df5-9555-d941727bfcd1_Tax-annual-Footer-iSharesReport_1)  | &nbsp;&nbsp; 57 |
| [Additional Information](#xx_a23c281f-eb38-4df5-9555-d941727bfcd1_SAI-Footer-iSharesReport-1261_1)  | &nbsp;&nbsp; 58 |
| [Board Review and Approval of Investment Advisory Contract](#xx_a23c281f-eb38-4df5-9555-d941727bfcd1_15Cheader-Footer-iSharesReport-329_1)  | &nbsp;&nbsp; 59 |
| [Glossary of Terms Used in these Financial Statements](#xx_a23c281f-eb38-4df5-9555-d941727bfcd1_Abbreviations-Footer-iSharesReport-574_1)  | &nbsp;&nbsp; 66 |

---

------

Schedule of Investments

July 31, 2025

**iShares® Breakthrough Environmental Solutions 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 — 6.4%** | **Automobile Components — 6.4%** | **Automobile Components — 6.4%** |
| BorgWarner Inc. | &nbsp;&nbsp; 5846 | $215133 |
| **Automobiles — 14.4%** | **Automobiles — 14.4%** | **Automobiles — 14.4%** |
| AIMA Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 600 | 2878 |
| BAIC BluePark New Energy Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 5200 | 5837 |
| Li Auto Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3900 | 51058 |
| Lucid Group Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 15529 | 38201 |
| NIO Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 16620 | 79549 |
| Rivian Automotive Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 4200 | 54054 |
| Seres Group Co. Ltd., Class A | &nbsp;&nbsp; 1700 | 29808 |
| Tesla Inc.<sup>(a)</sup> | &nbsp;&nbsp; 269 | 82925 |
| XPeng Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 5900 | 53690 |
| Yadea Group Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 14000 | 22030 |
| Zhejiang Leapmotor Technology Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 8500 | 65360 |
|  |  | 485390 |
| **Chemicals — 4.1%** | **Chemicals — 4.1%** | **Chemicals — 4.1%** |
| Kemira OYJ | &nbsp;&nbsp; 6461 | 137499 |
| **Electrical Equipment — 17.9%** | **Electrical Equipment — 17.9%** | **Electrical Equipment — 17.9%** |
| Advanced Energy Solution Holding Co. Ltd. | &nbsp;&nbsp; 2000 | 82430 |
| Doosan Fuel Cell Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2080 | 34784 |
| Goldwind Science & Technology Co. Ltd., Class A | &nbsp;&nbsp; 5400 | 7211 |
| Gotion High-tech Co. Ltd., Class A | &nbsp;&nbsp; 7800 | 31543 |
| GS Yuasa Corp. | &nbsp;&nbsp; 6000 | 107678 |
| Ming Yang Smart Energy Group Ltd., Class A | &nbsp;&nbsp; 3500 | 5378 |
| Ningbo Deye Technology Co. Ltd., Class A | &nbsp;&nbsp; 3940 | 27873 |
| Nordex SE<sup>(a)</sup> | &nbsp;&nbsp; 2739 | 67231 |
| Siemens Energy AG<sup>(a)</sup> | &nbsp;&nbsp; 1078 | 124810 |
| Vestas Wind Systems A/S | &nbsp;&nbsp; 6231 | 113766 |
|  |  | 602704 |
| **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** |
| Everdisplay Optronics Shanghai Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 53600 | 18998 |
| **Machinery — 18.7%** | **Machinery — 18.7%** | **Machinery — 18.7%** |
| Kenmec Mechanical Engineering Co. Ltd. | &nbsp;&nbsp; 4000 | 9734 |
| Kurita Water Industries Ltd. | &nbsp;&nbsp; 5100 | 196591 |
| NGK Insulators Ltd. | &nbsp;&nbsp; 6700 | 84824 |
| Xylem Inc./New York | &nbsp;&nbsp; 823 | 119022 |
| Yaskawa Electric Corp. | &nbsp;&nbsp; 8800 | 184059 |
| Yutong Bus Co. Ltd., Class A | &nbsp;&nbsp; 10200 | 35211 |
|  |  | 629441 |
| **Semiconductors & Semiconductor Equipment — 37.8%** | **Semiconductors & Semiconductor Equipment — 37.8%** | **Semiconductors & Semiconductor Equipment — 37.8%** |
| Allegro MicroSystems Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 5964 | 187329 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| Cambricon Technologies Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1800 | $176307 |
| Enphase Energy Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3304 | 106918 |
| First Solar Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 895 | 156383 |
| GCL Technology Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 752000 | 111421 |
| Hangzhou First Applied Material Co. Ltd., Class A | &nbsp;&nbsp; 11168 | 22605 |
| JA Solar Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 8580 | 13126 |
| Jinko Solar Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 27724 | 20061 |
| LONGi Green Energy Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 34000 | 74160 |
| Sanken Electric Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1400 | 79415 |
| Shanghai Aiko Solar Energy Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 4900 | 9490 |
| TCL Zhonghuan Renewable Energy Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 18300 | 20644 |
| Trina Solar Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 5600 | 12011 |
| Universal Display Corp. | &nbsp;&nbsp; 1223 | 176601 |
| WONIK IPS Co. Ltd. | &nbsp;&nbsp; 1578 | 36851 |
| Xinyi Solar Holdings Ltd. | &nbsp;&nbsp; 178000 | 68908 |
|  |  | 1272230 |
| **Total Long-Term Investments — 99.8%** <br>**(Cost: $3,350,864)** | **Total Long-Term Investments — 99.8%** <br>**(Cost: $3,350,864)** | 3361395 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 13.3%** | **Money Market Funds — 13.3%** | **Money Market Funds — 13.3%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.44%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 446562 | 446740 |
| **Total Short-Term Securities — 13.3%** <br>**(Cost: $446,735)** | **Total Short-Term Securities — 13.3%** <br>**(Cost: $446,735)** | 446740 |
| **Total Investments — 113.1%** <br>**(Cost: $3,797,599)** | **Total Investments — 113.1%** <br>**(Cost: $3,797,599)** | 3808135 |
| **Liabilities in Excess of Other Assets — (13.1)%** | **Liabilities in Excess of Other Assets — (13.1)%** | (439915)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $3368220 |

---

&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)

July 31, 2025

**iShares® Breakthrough Environmental Solutions ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 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>*07/31/24*<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>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $—<br> $446743 <br><sup>(a)</sup><br>| $— | $(8)<br>| $5 | $446740 | 446562 | $2584 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares<sup>(c)</sup> | —<br> 0 <br><sup>(a)</sup><br>|  |  |  |  |  | 14 |  |
|  |  |  | $(8) | $5 | $446740 |  | $2598 | $— |

---

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

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

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

<sup>(c)</sup> As of period end, the entity is no longer held.

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Micro Euro STOXX 50 Index | 1 | 09/19/25 | &nbsp;&nbsp; $6 | $(3) |

---

**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; $3 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3 |

---

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

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts 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 July 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; $1695 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1695 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1152)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1152)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $7196 |

---

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)

July 31, 2025

**iShares® Breakthrough Environmental Solutions 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; $1136566 | &nbsp;&nbsp; $2224829 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3361395 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 446740 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 446740 |
|  | &nbsp;&nbsp; $1583306 | &nbsp;&nbsp; $2224829 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3808135 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $(3)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3)<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

July 31, 2025

**iShares® Cybersecurity and 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** |
| **Communications Equipment — 9.9%** | **Communications Equipment — 9.9%** | **Communications Equipment — 9.9%** |
| Accton Technology Corp. | &nbsp;&nbsp; 1626000 | $48022590 |
| Calix Inc.<sup>(a)</sup> | &nbsp;&nbsp; 761036 | 43143130 |
|  |  | 91165720 |
| **IT Services — 11.5%** | **IT Services — 11.5%** | **IT Services — 11.5%** |
| Akamai Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 508788 | 38825612 |
| Change Holdings Inc. | &nbsp;&nbsp; 398400 | 3047706 |
| NCC Group PLC | &nbsp;&nbsp; 3489382 | 6922299 |
| Netcompany Group A/S<sup>(a)(b)</sup> | &nbsp;&nbsp; 463720 | 17004505 |
| Okta Inc.<sup>(a)</sup> | &nbsp;&nbsp; 357286 | 34942571 |
| Protean eGov Technologies Ltd. | &nbsp;&nbsp; 489703 | 4362773 |
|  |  | 105105466 |
| **Professional Services — 15.0%** | **Professional Services — 15.0%** | **Professional Services — 15.0%** |
| Booz Allen Hamilton Holding Corp., Class A | &nbsp;&nbsp; 379492 | 40730876 |
| CACI International Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 88246 | 40643460 |
| Science Applications International Corp. | &nbsp;&nbsp; 374304 | 41727410 |
| Zetrix Ai Bhd | &nbsp;&nbsp; 71062300 | 14574953 |
|  |  | 137676699 |
| **Software — 63.5%** | **Software — 63.5%** | **Software — 63.5%** |
| A10 Networks Inc. | &nbsp;&nbsp; 934631 | 17215903 |
| Ahnlab Inc. | &nbsp;&nbsp; 98454 | 4534493 |
| Alarm.com Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 613873 | 33535882 |
| BlackBerry Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 7837992 | 28849422 |
| Check Point Software Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 168110 | 31302082 |
| Clear Secure Inc., Class A | &nbsp;&nbsp; 1117510 | 32865969 |
| Crowdstrike Holdings Inc., Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 84172 | 38262066 |
| CyberArk Software Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 98520 | 40538025 |
| Digital Arts Inc. | &nbsp;&nbsp; 147400 | 7792361 |
| Fortinet Inc.<sup>(a)</sup> | &nbsp;&nbsp; 374117 | 37374288 |
| OneSpan Inc. | &nbsp;&nbsp; 495968 | 7315528 |
| Palo Alto Networks Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 198680 | 34490848 |
| Qualys Inc.<sup>(a)</sup> | &nbsp;&nbsp; 280116 | 37275036 |
| Radware Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 419253 | 10732877 |
| Rapid7 Inc.<sup>(a)</sup> | &nbsp;&nbsp; 662884 | 14000110 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| SentinelOne Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2135087 | $39157496 |
| TeamViewer SE<sup>(a)(b)</sup> | &nbsp;&nbsp; 1681490 | 17196498 |
| Tenable Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1192225 | 37328565 |
| Trend Micro Inc./Japan | &nbsp;&nbsp; 522500 | 31861222 |
| Varonis Systems Inc., Class B<sup>(a)(c)</sup> | &nbsp;&nbsp; 770940 | 43041580 |
| Zscaler Inc.<sup>(a)</sup> | &nbsp;&nbsp; 130416 | 37241593 |
|  |  | 581911844 |
| **Total Long-Term Investments — 99.9%** <br>**(Cost: $779,538,340)** | **Total Long-Term Investments — 99.9%** <br>**(Cost: $779,538,340)** | 915859729 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 5.8%** | **Money Market Funds — 5.8%** | **Money Market Funds — 5.8%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 52382543 | 52403496 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 560000 | 560000 |
| **Total Short-Term Securities — 5.8%** <br>**(Cost: $52,963,496)** | **Total Short-Term Securities — 5.8%** <br>**(Cost: $52,963,496)** | 52963496 |
| **Total Investments — 105.7%** <br>**(Cost: $832,501,836)** | **Total Investments — 105.7%** <br>**(Cost: $832,501,836)** | 968823225 |
| **Liabilities in Excess of Other Assets — (5.7)%** | **Liabilities in Excess of Other Assets — (5.7)%** | (51970440)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $916852785 |

---

&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 July 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>*07/31/24*<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>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<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>| $97858871 | $—<br> $(45495459 )<sup>(a)</sup><br>| $42056 | $(1972)<br>| $52403496 | 52382543 | $282604 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 1640000 | —<br> (1080000 )<sup>(a)</sup><br>|  |  | 560000 | 560000 | 62632 |  |
|  |  |  | $42056 | $(1972) | $52963496 |  | $345236 | $— |

---

&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)

July 31, 2025

**iShares® Cybersecurity and Tech 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 |  |  |  |  |
| E-Mini Technology Select Sector Index | 1 | 09/19/25 | &nbsp;&nbsp; $266 | $6965 |

---

**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; $6965 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6965 |

---

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

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts 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 July 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; $186021 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $186021 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $79874 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $79874 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $852700 |

---

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; $760540329 | &nbsp;&nbsp; $155319400 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $915859729 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 52963496 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 52963496 |
|  | &nbsp;&nbsp; $813503825 | &nbsp;&nbsp; $155319400 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $968823225 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Cybersecurity and Tech 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; $6965 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6965 |

---

&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

July 31, 2025

**iShares® Energy Storage & Materials 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 — 2.3%** | **Automobile Components — 2.3%** | **Automobile Components — 2.3%** |
| QuantumScape Corp., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 16106 | $138512 |
| Sebang Global Battery Co. Ltd. | &nbsp;&nbsp; 236 | 11240 |
|  |  | 149752 |
| **Automobiles — 1.1%** | **Automobiles — 1.1%** | **Automobiles — 1.1%** |
| Yadea Group Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 46000 | 72385 |
| **Building Products — 0.0%** | **Building Products — 0.0%** | **Building Products — 0.0%** |
| Central Glass Co. Ltd. | &nbsp;&nbsp; 100 | 2160 |
| **Chemicals — 39.6%** | **Chemicals — 39.6%** | **Chemicals — 39.6%** |
| Air Liquide SA | &nbsp;&nbsp; 1689 | 332288 |
| Air Products and Chemicals Inc. | &nbsp;&nbsp; 1274 | 366759 |
| Arkema SA | &nbsp;&nbsp; 165 | 11220 |
| Asahi Kasei Corp. | &nbsp;&nbsp; 52600 | 365978 |
| Aspen Aerogels Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3003 | 23003 |
| BASF SE | &nbsp;&nbsp; 7290 | 357278 |
| Evonik Industries AG | &nbsp;&nbsp; 677 | 13444 |
| Ganfeng Lithium Group Co. Ltd., Class A | &nbsp;&nbsp; 4100 | 20420 |
| Ganfeng Lithium Group Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 16200 | 53774 |
| Hanwha Solutions Corp. | &nbsp;&nbsp; 330 | 7224 |
| Kolon Industries Inc. | &nbsp;&nbsp; 49 | 1446 |
| LG Chem Ltd. | &nbsp;&nbsp; 1608 | 345728 |
| Linde PLC | &nbsp;&nbsp; 377 | 173518 |
| Mitsubishi Chemical Group Corp. | &nbsp;&nbsp; 50900 | 277241 |
| Mitsui Chemicals Inc. | &nbsp;&nbsp; 500 | 11161 |
| Nippon Shokubai Co. Ltd. | &nbsp;&nbsp; 400 | 4548 |
| Resonac Holdings Corp. | &nbsp;&nbsp; 500 | 12024 |
| Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp; 5600 | 161151 |
| Syensqo SA | &nbsp;&nbsp; 200 | 15851 |
| Tokuyama Corp. | &nbsp;&nbsp; 200 | 4283 |
| Toray Industries Inc. | &nbsp;&nbsp; 4600 | 31463 |
| Umicore SA | &nbsp;&nbsp; 481 | 7602 |
| Zeon Corp. | &nbsp;&nbsp; 600 | 6368 |
|  |  | 2603772 |
| **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** |
| Seojin System Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1565 | 24532 |
| **Electrical Equipment — 37.7%** | **Electrical Equipment — 37.7%** | **Electrical Equipment — 37.7%** |
| ABB Ltd., Registered | &nbsp;&nbsp; 3085 | 201445 |
| Advanced Energy Solution Holding Co. Ltd. | &nbsp;&nbsp; 1000 | 41215 |
| Alfen NV<sup>(a)(c)</sup> | &nbsp;&nbsp; 905 | 11167 |
| Ballard Power Systems Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9983 | 18269 |
| Bloom Energy Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 8375 | 313141 |
| ChargePoint Holdings Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 864 | 7940 |
| Contemporary Amperex Technology Co. Ltd., Class A | &nbsp;&nbsp; 10200 | 372508 |
| Doosan Fuel Cell Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1759 | 29415 |
| Eaton Corp. PLC | &nbsp;&nbsp; 541 | 208134 |
| EnerSys | &nbsp;&nbsp; 1574 | 145390 |
| Eos Energy Enterprises Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 9192 | 52394 |
| Eve Energy Co. Ltd., Class A | &nbsp;&nbsp; 4900 | 29972 |
| Fluence Energy Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2782 | 22590 |
| Furukawa Electric Co. Ltd. | &nbsp;&nbsp; 2800 | 169125 |
| Gotion High-tech Co. Ltd., Class A | &nbsp;&nbsp; 4500 | 18198 |
| GS Yuasa Corp. | &nbsp;&nbsp; 4100 | 73580 |
| LG Energy Solution Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1641 | 448590 |
| NEL ASA<sup>(a)(b)</sup> | &nbsp;&nbsp; 74091 | 18862 |
| Phihong Technology Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 16000 | 11683 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Electrical Equipment (continued)** | **Electrical Equipment (continued)** | **Electrical Equipment (continued)** |
| Plug Power Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 39115 | $58672 |
| Schneider Electric SE | &nbsp;&nbsp; 707 | 182967 |
| Sungrow Power Supply Co. Ltd., Class A | &nbsp;&nbsp; 5000 | 49785 |
|  |  | 2485042 |
| **Electronic Equipment, Instruments & Components — 13.8%** | **Electronic Equipment, Instruments & Components — 13.8%** | **Electronic Equipment, Instruments & Components — 13.8%** |
| Delta Electronics Inc. | &nbsp;&nbsp; 6000 | 113029 |
| Kyocera Corp. | &nbsp;&nbsp; 4000 | 47217 |
| Maxell Ltd. | &nbsp;&nbsp; 100 | 1329 |
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 24200 | 360195 |
| Nichicon Corp. | &nbsp;&nbsp; 2700 | 23124 |
| Samsung SDI Co. Ltd. | &nbsp;&nbsp; 2106 | 302203 |
| Shenzhen Everwin Precision Technology Co. Ltd., Class A | &nbsp;&nbsp; 3300 | 10341 |
| TDK Corp. | &nbsp;&nbsp; 4100 | 49950 |
|  |  | 907388 |
| **Machinery — 0.8%** | **Machinery — 0.8%** | **Machinery — 0.8%** |
| Kaori Heat Treatment Co. Ltd. | &nbsp;&nbsp; 4000 | 41919 |
| NGK Insulators Ltd. | &nbsp;&nbsp; 800 | 10128 |
|  |  | 52047 |
| **Semiconductors & Semiconductor Equipment — 3.5%** | **Semiconductors & Semiconductor Equipment — 3.5%** | **Semiconductors & Semiconductor Equipment — 3.5%** |
| Enphase Energy Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 5286 | 171055 |
| SolarEdge Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2402 | 61635 |
|  |  | 232690 |
| **Total Common Stocks — 99.2%** <br>**(Cost: $6,709,180)** | **Total Common Stocks — 99.2%** <br>**(Cost: $6,709,180)** | 6529768 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Chemicals — 0.4%** | **Chemicals — 0.4%** | **Chemicals — 0.4%** |
| LG Chem Ltd., Preference Shares, NVS | &nbsp;&nbsp; 269 | 29210 |
| **Total Preferred Stocks — 0.4%** <br>**(Cost: $45,705)** | **Total Preferred Stocks — 0.4%** <br>**(Cost: $45,705)** | 29210 |
| **Total Long-Term Investments — 99.6%** <br>**(Cost: $6,754,885)** | **Total Long-Term Investments — 99.6%** <br>**(Cost: $6,754,885)** | 6558978 |
| **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 Shares, <br> 4.44%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 360326 | 360470 |
| **Total Short-Term Securities — 5.5%** <br>**(Cost: $360,467)** | **Total Short-Term Securities — 5.5%** <br>**(Cost: $360,467)** | 360470 |
| **Total Investments — 105.1%** <br>**(Cost: $7,115,352)** | **Total Investments — 105.1%** <br>**(Cost: $7,115,352)** | 6919448 |
| **Liabilities in Excess of Other Assets — (5.1)%** | **Liabilities in Excess of Other Assets — (5.1)%** | (335246)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $6584202 |

---

&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)

July 31, 2025

**iShares® Energy Storage & Materials ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 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>*07/31/24*<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>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $17890<br> $342637 <br><sup>(a)</sup><br>| $— | $(58)<br>| $1 | $360470 | 360326 | $6034 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares<sup>(c)</sup> | —<br> 0 <br><sup>(a)</sup><br>|  |  |  |  |  | 27 |  |
|  |  |  | $(58) | $1 | $360470 |  | $6061 | $— |

---

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

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

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

<sup>(c)</sup> As of period end, the entity is no longer held.

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Mini TOPIX Index | 1 | 09/11/25 | &nbsp;&nbsp; $20 | $969 |

---

**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; $969 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $969 |

---

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

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts 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 July 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; $3806 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3806 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(461)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(461)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $28040 |

---

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)

July 31, 2025

**iShares® Energy Storage & Materials 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; $1761012 | &nbsp;&nbsp; $4768756 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6529768 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 29210 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29210 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 360470 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 360470 |
|  | &nbsp;&nbsp; $2121482 | &nbsp;&nbsp; $4797966 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6919448 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $969 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $969 |

---

&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

July 31, 2025

**iShares® Exponential Technologies 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 — 3.0%** | **Australia — 3.0%** | **Australia — 3.0%** |
| IGO Ltd. | &nbsp;&nbsp; 5974606 | $16807575 |
| Megaport Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3502662 | 33456229 |
| SiteMinder Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4250674 | 14096074 |
| Technology One Ltd. | &nbsp;&nbsp; 849774 | 22228836 |
| WiseTech Global Ltd. | &nbsp;&nbsp; 212579 | 16100766 |
|  |  | 102689480 |
| **Austria — 0.5%** | **Austria — 0.5%** | **Austria — 0.5%** |
| Verbund AG | &nbsp;&nbsp; 229572 | 17093811 |
| **Belgium — 1.0%** | **Belgium — 1.0%** | **Belgium — 1.0%** |
| Argenx SE<sup>(a)</sup> | &nbsp;&nbsp; 26946 | 18097718 |
| Melexis NV | &nbsp;&nbsp; 232710 | 17798763 |
|  |  | 35896481 |
| **Canada — 2.9%** | **Canada — 2.9%** | **Canada — 2.9%** |
| BlackBerry Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 6043051 | 22242754 |
| Boralex Inc., Class A | &nbsp;&nbsp; 777759 | 17602859 |
| Brookfield Renewable Corp. | &nbsp;&nbsp; 561598 | 20537075 |
| Constellation Software Inc./Canada | &nbsp;&nbsp; 4965 | 17129107 |
| Northland Power Inc. | &nbsp;&nbsp; 1242297 | 20298502 |
|  |  | 97810297 |
| **China — 9.8%** | **China — 9.8%** | **China — 9.8%** |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 1480800 | 22263481 |
| Baidu Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1491750 | 16321735 |
| BYD Co. Ltd., Class A | &nbsp;&nbsp; 1281000 | 18581585 |
| China Longyuan Power Group Corp. Ltd., Class H | &nbsp;&nbsp; 18963000 | 17099722 |
| China Resources Power Holdings Co. Ltd. | &nbsp;&nbsp; 6690000 | 16578411 |
| China Three Gorges Renewables Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 25986610 | 15600547 |
| Ganfeng Lithium Group Co. Ltd., Class A | &nbsp;&nbsp; 3097902 | 15429024 |
| Gotion High-tech Co. Ltd., Class A | &nbsp;&nbsp; 5300504 | 21435296 |
| Innovent Biologics Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 3364500 | 41646114 |
| Li Auto Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1472400 | 19276227 |
| LONGi Green Energy Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 5118400 | 11164087 |
| National Silicon Industry Group Co. Ltd., Class A | &nbsp;&nbsp; 5386103 | 13843232 |
| NIO Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 3548300 | 16983319 |
| TCL Zhonghuan Renewable Energy Technology Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 12891300 | 14542580 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 312700 | 21892814 |
| Tianqi Lithium Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3578907 | 18913123 |
| Tongwei Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3180800 | 8994312 |
| XPeng Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2508900 | 22830978 |
|  |  | 333396587 |
| **Denmark — 1.1%** | **Denmark — 1.1%** | **Denmark — 1.1%** |
| Orsted A/S<sup>(a)(c)</sup> | &nbsp;&nbsp; 300197 | 14148734 |
| Vestas Wind Systems A/S | &nbsp;&nbsp; 1203593 | 21975309 |
|  |  | 36124043 |
| **France — 1.5%** | **France — 1.5%** | **France — 1.5%** |
| Dassault Systemes SE | &nbsp;&nbsp; 445109 | 14622375 |
| Sartorius Stedim Biotech | &nbsp;&nbsp; 85197 | 17024949 |
| STMicroelectronics NV | &nbsp;&nbsp; 600219 | 15253930 |
| Worldline SA<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 783542 | 2854419 |
|  |  | 49755673 |
| **Germany — 2.7%** | **Germany — 2.7%** | **Germany — 2.7%** |
| Infineon Technologies AG | &nbsp;&nbsp; 486219 | 19100196 |
| QIAGEN NV | &nbsp;&nbsp; 346963 | 17204389 |
| SAP SE | &nbsp;&nbsp; 65692 | 18784990 |
| Siemens Energy AG<sup>(a)</sup> | &nbsp;&nbsp; 306967 | 35540229 |
|  |  | 90629804 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India — 0.9%** | **India — 0.9%** | **India — 0.9%** |
| Infosys Ltd. | &nbsp;&nbsp; 704988 | $11989694 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp; 176853 | 6099031 |
| Wipro Ltd. | &nbsp;&nbsp; 4525065 | 12728809 |
|  |  | 30817534 |
| **Israel — 0.4%** | **Israel — 0.4%** | **Israel — 0.4%** |
| Nice Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 85290 | 13314717 |
| **Italy — 1.1%** | **Italy — 1.1%** | **Italy — 1.1%** |
| Infrastrutture Wireless Italiane SpA<sup>(c)</sup> | &nbsp;&nbsp; 1748485 | 20671103 |
| Nexi SpA<sup>(c)</sup> | &nbsp;&nbsp; 2722394 | 15545505 |
|  |  | 36216608 |
| **Japan — 5.3%** | **Japan — 5.3%** | **Japan — 5.3%** |
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 371600 | 17813363 |
| Daifuku Co. Ltd. | &nbsp;&nbsp; 734700 | 18599806 |
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 578300 | 14186809 |
| FANUC Corp. | &nbsp;&nbsp; 625900 | 17423147 |
| Harmonic Drive Systems Inc. | &nbsp;&nbsp; 973700 | 18460557 |
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 1002200 | 14916822 |
| Nabtesco Corp. | &nbsp;&nbsp; 1044200 | 19209586 |
| SUMCO Corp. | &nbsp;&nbsp; 2140500 | 16740421 |
| Taiyo Yuden Co. Ltd. | &nbsp;&nbsp; 996500 | 18617779 |
| TDK Corp. | &nbsp;&nbsp; 1363200 | 16607770 |
| Yaskawa Electric Corp. | &nbsp;&nbsp; 360600 | 7542232 |
|  |  | 180118292 |
| **Netherlands — 2.5%** | **Netherlands — 2.5%** | **Netherlands — 2.5%** |
| Adyen NV<sup>(a)(c)</sup> | &nbsp;&nbsp; 10427 | 17883875 |
| Allfunds Group PLC | &nbsp;&nbsp; 3005044 | 20807541 |
| ASM International NV | &nbsp;&nbsp; 29698 | 14375523 |
| ASML Holding NV | &nbsp;&nbsp; 23784 | 16484046 |
| BE Semiconductor Industries NV | &nbsp;&nbsp; 123348 | 16665756 |
|  |  | 86216741 |
| **Norway — 0.7%** | **Norway — 0.7%** | **Norway — 0.7%** |
| Nordic Semiconductor ASA<sup>(a)</sup> | &nbsp;&nbsp; 1802984 | 24511687 |
| **Portugal — 0.5%** | **Portugal — 0.5%** | **Portugal — 0.5%** |
| EDP Renovaveis SA | &nbsp;&nbsp; 1583372 | 18589907 |
| **South Korea — 2.4%** | **South Korea — 2.4%** | **South Korea — 2.4%** |
| LG Energy Solution Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 72795 | 19899528 |
| Samsung Electro-Mechanics Co. Ltd. | &nbsp;&nbsp; 198394 | 21078820 |
| Samsung SDI Co. Ltd. | &nbsp;&nbsp; 90677 | 13011800 |
| SK Hynix Inc. | &nbsp;&nbsp; 137031 | 26558774 |
|  |  | 80548922 |
| **Spain — 1.6%** | **Spain — 1.6%** | **Spain — 1.6%** |
| Amadeus IT Group SA | &nbsp;&nbsp; 231672 | 18601814 |
| Cellnex Telecom SA<sup>(c)</sup> | &nbsp;&nbsp; 506085 | 17859496 |
| Corp. ACCIONA Energias Renovables SA<sup>(b)</sup> | &nbsp;&nbsp; 713347 | 19205262 |
|  |  | 55666572 |
| **Sweden — 0.9%** | **Sweden — 0.9%** | **Sweden — 0.9%** |
| Swedish Orphan Biovitrum AB<sup>(a)</sup> | &nbsp;&nbsp; 569563 | 15660982 |
| Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp; 1986062 | 14425921 |
|  |  | 30086903 |
| **Switzerland — 0.5%** | **Switzerland — 0.5%** | **Switzerland — 0.5%** |
| Novartis AG, Registered | &nbsp;&nbsp; 165319 | 18827692 |
| **Taiwan — 3.9%** | **Taiwan — 3.9%** | **Taiwan — 3.9%** |
| Advantech Co. Ltd. | &nbsp;&nbsp; 1504000 | 16730257 |
| Globalwafers Co. Ltd. | &nbsp;&nbsp; 1489000 | 16901655 |
| MediaTek Inc. | &nbsp;&nbsp; 406000 | 18385533 |
| Sino-American Silicon Products Inc. | &nbsp;&nbsp; 3898000 | 13068188 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 519000 | 19981112 |
| United Microelectronics Corp. | &nbsp;&nbsp; 12410000 | 17196200 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Exponential Technologies ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| Win Semiconductors Corp. | &nbsp;&nbsp; 4484000 | $12715560 |
| Yageo Corp. | &nbsp;&nbsp; 1034650 | 18180495 |
|  |  | 133159000 |
| **United Kingdom — 2.5%** | **United Kingdom — 2.5%** | **United Kingdom — 2.5%** |
| AstraZeneca PLC | &nbsp;&nbsp; 129744 | 18928564 |
| GSK PLC | &nbsp;&nbsp; 1019330 | 18749537 |
| Ocado Group PLC<sup>(a)(b)</sup> | &nbsp;&nbsp; 3164837 | 13116885 |
| Sage Group PLC (The) | &nbsp;&nbsp; 1002879 | 16102874 |
| Wise PLC, Class A<sup>(a)</sup> | &nbsp;&nbsp; 1459418 | 19496335 |
|  |  | 86394195 |
| **United States — 52.8%** | **United States — 52.8%** | **United States — 52.8%** |
| AbbVie Inc. | &nbsp;&nbsp; 94205 | 17806629 |
| Accenture PLC, Class A | &nbsp;&nbsp; 44959 | 12008549 |
| Advanced Micro Devices Inc.<sup>(a)</sup> | &nbsp;&nbsp; 143170 | 25242303 |
| Akamai Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 148950 | 11366375 |
| Albemarle Corp. | &nbsp;&nbsp; 154948 | 10513222 |
| Alnylam Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 64692 | 25374790 |
| Alphabet Inc., Class A | &nbsp;&nbsp; 84136 | 16145698 |
| Amazon.com Inc.<sup>(a)</sup> | &nbsp;&nbsp; 71242 | 16678465 |
| American Tower Corp. | &nbsp;&nbsp; 82296 | 17149663 |
| Analog Devices Inc. | &nbsp;&nbsp; 77941 | 17507887 |
| Applied Materials Inc. | &nbsp;&nbsp; 97746 | 17600145 |
| Arista Networks Inc.<sup>(a)</sup> | &nbsp;&nbsp; 153680 | 18936450 |
| Atlassian Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 61396 | 11774525 |
| Autodesk Inc.<sup>(a)</sup> | &nbsp;&nbsp; 53731 | 16286403 |
| Bentley Systems Inc., Class B | &nbsp;&nbsp; 385684 | 22361958 |
| Bio-Rad Laboratories Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 27574 | 6671529 |
| Blackbaud Inc.<sup>(a)</sup> | &nbsp;&nbsp; 218299 | 14717719 |
| Box Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 507997 | 16306704 |
| Bridgebio Pharma Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 574911 | 27176043 |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 284344 | 12314939 |
| Broadcom Inc. | &nbsp;&nbsp; 89746 | 26358400 |
| Cadence Design Systems Inc.<sup>(a)</sup> | &nbsp;&nbsp; 54566 | 19893127 |
| Cisco Systems Inc. | &nbsp;&nbsp; 280608 | 19103793 |
| Cloudflare Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 145940 | 30308819 |
| Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp; 201885 | 14487268 |
| Coinbase Global Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 53578 | 20239625 |
| Corning Inc. | &nbsp;&nbsp; 344384 | 21778844 |
| CRISPR Therapeutics AG<sup>(a)(b)</sup> | &nbsp;&nbsp; 344096 | 19358841 |
| Crowdstrike Holdings Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 45300 | 20592021 |
| Crown Castle Inc. | &nbsp;&nbsp; 166805 | 17529537 |
| Danaher Corp. | &nbsp;&nbsp; 68265 | 13459127 |
| Datadog Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 107305 | 15020554 |
| DocuSign Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 177192 | 13402803 |
| Dropbox Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 548315 | 14897719 |
| DuPont de Nemours Inc. | &nbsp;&nbsp; 212337 | 15267030 |
| Dynatrace Inc.<sup>(a)</sup> | &nbsp;&nbsp; 291228 | 15321505 |
| EchoStar Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 701397 | 22858528 |
| Elastic NV<sup>(a)</sup> | &nbsp;&nbsp; 156269 | 13079715 |
| Eli Lilly & Co. | &nbsp;&nbsp; 20635 | 15271344 |
| Enphase Energy Inc.<sup>(a)</sup> | &nbsp;&nbsp; 222304 | 7193757 |
| EPAM Systems Inc.<sup>(a)</sup> | &nbsp;&nbsp; 65159 | 10276226 |
| F5 Inc.<sup>(a)</sup> | &nbsp;&nbsp; 63074 | 19768653 |
| First Solar Inc.<sup>(a)</sup> | &nbsp;&nbsp; 85911 | 15011229 |
| Fortinet Inc.<sup>(a)</sup> | &nbsp;&nbsp; 167212 | 16704479 |
| Garmin Ltd. | &nbsp;&nbsp; 74259 | 16244899 |
| Gen Digital Inc. | &nbsp;&nbsp; 550762 | 16241971 |
| Guidewire Software Inc.<sup>(a)</sup> | &nbsp;&nbsp; 96320 | 21789510 |
| HubSpot Inc.<sup>(a)</sup> | &nbsp;&nbsp; 23741 | 12337011 |
| Illumina Inc.<sup>(a)</sup> | &nbsp;&nbsp; 113565 | 11664261 |
| Intel Corp. | &nbsp;&nbsp; 833641 | 16506092 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| International Business Machines Corp. | &nbsp;&nbsp; 71445 | $18086302 |
| Intuitive Surgical Inc.<sup>(a)</sup> | &nbsp;&nbsp; 30235 | 14545756 |
| Ionis Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 432767 | 18600326 |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> | &nbsp;&nbsp; 135226 | 15500956 |
| KLA Corp. | &nbsp;&nbsp; 25342 | 22276378 |
| Lam Research Corp. | &nbsp;&nbsp; 210160 | 19931574 |
| Lincoln Electric Holdings Inc. | &nbsp;&nbsp; 77806 | 18945761 |
| Manhattan Associates Inc.<sup>(a)</sup> | &nbsp;&nbsp; 55988 | 12298324 |
| MarketAxess Holdings Inc. | &nbsp;&nbsp; 46265 | 9507458 |
| Marvell Technology Inc. | &nbsp;&nbsp; 148081 | 11901270 |
| Merck & Co. Inc. | &nbsp;&nbsp; 160645 | 12549587 |
| Mettler-Toledo International Inc.<sup>(a)</sup> | &nbsp;&nbsp; 13631 | 16816292 |
| Microchip Technology Inc. | &nbsp;&nbsp; 271418 | 18345143 |
| Micron Technology Inc.<sup>(b)</sup> | &nbsp;&nbsp; 160730 | 17542072 |
| Microsoft Corp. | &nbsp;&nbsp; 36620 | 19536770 |
| Moderna Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 418917 | 12383187 |
| MongoDB Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 60253 | 14333586 |
| Monolithic Power Systems Inc. | &nbsp;&nbsp; 27274 | 19398360 |
| Motorola Solutions Inc. | &nbsp;&nbsp; 34178 | 15003458 |
| Nasdaq Inc. | &nbsp;&nbsp; 202201 | 19455780 |
| NEXTracker Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 456176 | 26576814 |
| Nvidia Corp. | &nbsp;&nbsp; 118016 | 20991506 |
| NXP Semiconductors NV | &nbsp;&nbsp; 76936 | 16446609 |
| Okta Inc.<sup>(a)</sup> | &nbsp;&nbsp; 195026 | 19073543 |
| ON Semiconductor Corp.<sup>(a)</sup> | &nbsp;&nbsp; 255222 | 14384312 |
| Palantir Technologies Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 226739 | 35904121 |
| Palo Alto Networks Inc.<sup>(a)</sup> | &nbsp;&nbsp; 82373 | 14299953 |
| Pfizer Inc. | &nbsp;&nbsp; 663338 | 15449142 |
| PTC Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 81630 | 17534940 |
| Qorvo Inc.<sup>(a)</sup> | &nbsp;&nbsp; 243999 | 20398316 |
| Qualcomm Inc. | &nbsp;&nbsp; 107144 | 15724453 |
| Qualys Inc.<sup>(a)</sup> | &nbsp;&nbsp; 106745 | 14204557 |
| Regeneron Pharmaceuticals Inc. | &nbsp;&nbsp; 21327 | 11633025 |
| Repligen Corp.<sup>(a)</sup> | &nbsp;&nbsp; 108764 | 12733001 |
| Roper Technologies Inc. | &nbsp;&nbsp; 29869 | 16439898 |
| Salesforce Inc. | &nbsp;&nbsp; 47531 | 12278683 |
| SBA Communications Corp., Class A | &nbsp;&nbsp; 75851 | 17045237 |
| Seagate Technology Holdings PLC | &nbsp;&nbsp; 167101 | 26236528 |
| SentinelOne Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 699369 | 12826427 |
| ServiceNow Inc.<sup>(a)</sup> | &nbsp;&nbsp; 14370 | 13552634 |
| Skyworks Solutions Inc. | &nbsp;&nbsp; 184355 | 12635692 |
| Snowflake Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 96337 | 21531320 |
| SoFi Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1047053 | 23642457 |
| Synopsys Inc.<sup>(a)</sup> | &nbsp;&nbsp; 33782 | 21399884 |
| Tenable Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 385680 | 12075641 |
| Teradyne Inc. | &nbsp;&nbsp; 144535 | 15527395 |
| Tesla Inc.<sup>(a)</sup> | &nbsp;&nbsp; 40119 | 12367484 |
| Texas Instruments Inc. | &nbsp;&nbsp; 85768 | 15529154 |
| Trade Desk Inc. (The), Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 122938 | 10690688 |
| Tradeweb Markets Inc., Class A | &nbsp;&nbsp; 125453 | 17381513 |
| Tyler Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 26353 | 15404910 |
| Varonis Systems Inc., Class B<sup>(a)</sup> | &nbsp;&nbsp; 350520 | 19569532 |
| Veeva Systems Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 70310 | 19982102 |
| Waters Corp.<sup>(a)</sup> | &nbsp;&nbsp; 41726 | 12048800 |
| Western Digital Corp. | &nbsp;&nbsp; 265844 | 20919264 |
| Zscaler Inc.<sup>(a)</sup> | &nbsp;&nbsp; 83367 | 23806281 |
|  |  | 1801110840 |
| **Total Common Stocks — 98.5%** <br>**(Cost: $2,475,074,792)** | **Total Common Stocks — 98.5%** <br>**(Cost: $2,475,074,792)** | 3358975786 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Exponential Technologies ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Chile — 0.4%** | **Chile — 0.4%** | **Chile — 0.4%** |
| Sociedad Quimica y Minera de Chile SA, Class B, <br> Preference Shares<br>| &nbsp;&nbsp; 398117 | $14641681 |
| **Germany — 0.3%** | **Germany — 0.3%** | **Germany — 0.3%** |
| Sartorius AG, Preference Shares, NVS | &nbsp;&nbsp; 47069 | 10023425 |
| **Total Preferred Stocks — 0.7%** <br>**(Cost: $29,289,180)** | **Total Preferred Stocks — 0.7%** <br>**(Cost: $29,289,180)** | 24665106 |
| **Total Long-Term Investments — 99.2%** <br>**(Cost: $2,504,363,972)** | **Total Long-Term Investments — 99.2%** <br>**(Cost: $2,504,363,972)** | 3383640892 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.6%** | **Money Market Funds — 2.6%** | **Money Market Funds — 2.6%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 79477090 | 79508881 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 7900000 | 7900000 |
| **Total Short-Term Securities — 2.6%** <br>**(Cost: $87,368,573)** | **Total Short-Term Securities — 2.6%** <br>**(Cost: $87,368,573)** | 87408881 |
| **Total Investments — 101.8%** <br>**(Cost: $2,591,732,545)** | **Total Investments — 101.8%** <br>**(Cost: $2,591,732,545)** | 3471049773 |
| **Liabilities in Excess of Other Assets — (1.8)%** | **Liabilities in Excess of Other Assets — (1.8)%** | (60280231)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $3410769542 |

---

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

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

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

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

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 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>*07/31/24*<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>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<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>| $112644064 | $— | &nbsp;&nbsp; $(33153565 )<sup>(a)</sup><br>| $46580 | $(28198)<br>| $79508881 | 79477090 | $782266 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| 4840000 | 3060000 <br><sup>(a)</sup><br>|  |  |  | 7900000 | 7900000 | 273678 |  |
|  |  |  |  | $46580 | $(28198) | $87408881 |  | $1055944 | $— |

---

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

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

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Euro STOXX 50 Index | 55 | 09/19/25 | &nbsp;&nbsp; $3362 | $11495 |
| MSCI Emerging Markets Index | 101 | 09/19/25 | &nbsp;&nbsp; 6253 | (38497) |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Exponential Technologies ETF**

**Futures Contracts (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of*<br> *Contracts*<br>| &nbsp;&nbsp; *Expiration*<br> *Date*<br>| *Notional*<br> *Amount*<br> *(000)*<br>| &nbsp;&nbsp; *Value/*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| S&P 500 E-Mini Index | 53 | 09/19/25 | &nbsp;&nbsp; $16892 | $122364 |
|  |  |  |  | $95362 |

---

**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; $133859 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $133859 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $38497 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $38497 |

---

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

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts 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 July 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; $747608 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $747608 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $282575 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $282575 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $15028815 |

---

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; $1898921137 | &nbsp;&nbsp; $1460054649 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3358975786 |
| Preferred Stocks | &nbsp;&nbsp; 14641681 | &nbsp;&nbsp; 10023425 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24665106 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 87408881 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 87408881 |
|  | &nbsp;&nbsp; $2000971699 | &nbsp;&nbsp; $1470078074 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3471049773 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Exponential Technologies 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; $133859 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $133859 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; (38497)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (38497)<br>|
|  | &nbsp;&nbsp; $95362 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $95362 |

---

&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

July 31, 2025

**iShares® Future Cloud 5G and 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** |
| **Chemicals — 2.1%** | **Chemicals — 2.1%** | **Chemicals — 2.1%** |
| DuPont de Nemours Inc. | &nbsp;&nbsp; 2559 | $183992 |
| **Communications Equipment — 11.2%** | **Communications Equipment — 11.2%** | **Communications Equipment — 11.2%** |
| Arista Networks Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1959 | 241388 |
| Ciena Corp.<sup>(a)</sup> | &nbsp;&nbsp; 2862 | 265708 |
| Lumentum Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 898 | 98852 |
| Nokia OYJ | &nbsp;&nbsp; 48072 | 195910 |
| Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp; 25536 | 185483 |
|  |  | 987341 |
| **Diversified Telecommunication Services — 6.4%** | **Diversified Telecommunication Services — 6.4%** | **Diversified Telecommunication Services — 6.4%** |
| Cellnex Telecom SA<sup>(b)</sup> | &nbsp;&nbsp; 6034 | 212937 |
| China Tower Corp. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 113700 | 159102 |
| HFCL Ltd. | &nbsp;&nbsp; 24607 | 21114 |
| Infrastrutture Wireless Italiane SpA<sup>(b)</sup> | &nbsp;&nbsp; 9462 | 111863 |
| NetLink NBN Trust | &nbsp;&nbsp; 82800 | 57075 |
|  |  | 562091 |
| **Electrical Equipment — 2.8%** | **Electrical Equipment — 2.8%** | **Electrical Equipment — 2.8%** |
| Vertiv Holdings Co., Class A | &nbsp;&nbsp; 1674 | 243734 |
| **Electronic Equipment, Instruments & Components — 9.2%** | **Electronic Equipment, Instruments & Components — 9.2%** | **Electronic Equipment, Instruments & Components — 9.2%** |
| Belden Inc. | &nbsp;&nbsp; 1104 | 136510 |
| Corning Inc. | &nbsp;&nbsp; 4398 | 278129 |
| Keysight Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1249 | 204723 |
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 12900 | 192005 |
|  |  | 811367 |
| **IT Services — 3.5%** | **IT Services — 3.5%** | **IT Services — 3.5%** |
| Akamai Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1953 | 149033 |
| Computacenter PLC | &nbsp;&nbsp; 854 | 25811 |
| Kyndryl Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3015 | 113877 |
| Megaport Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2351 | 22456 |
|  |  | 311177 |
| **Media — 1.3%** | **Media — 1.3%** | **Media — 1.3%** |
| EchoStar Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3564 | 116151 |
| **Semiconductors & Semiconductor Equipment — 34.1%** | **Semiconductors & Semiconductor Equipment — 34.1%** | **Semiconductors & Semiconductor Equipment — 34.1%** |
| Advanced Micro Devices Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1618 | 285270 |
| Broadcom Inc. | &nbsp;&nbsp; 1148 | 337168 |
| Infineon Technologies AG | &nbsp;&nbsp; 6077 | 238723 |
| Intel Corp. | &nbsp;&nbsp; 10419 | 206296 |
| MACOM Technology Solutions Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1502 | 205984 |
| Marvell Technology Inc. | &nbsp;&nbsp; 1883 | 151337 |
| MediaTek Inc. | &nbsp;&nbsp; 5000 | 226423 |
| Micron Technology Inc. | &nbsp;&nbsp; 2062 | 225047 |
| Nordic Semiconductor ASA<sup>(a)</sup> | &nbsp;&nbsp; 4563 | 62034 |
| Nvidia Corp. | &nbsp;&nbsp; 1519 | 270185 |
| NXP Semiconductors NV | &nbsp;&nbsp; 960 | 205219 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| Qorvo Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2613 | $218447 |
| Qualcomm Inc. | &nbsp;&nbsp; 1311 | 192402 |
| Skyworks Solutions Inc. | &nbsp;&nbsp; 2345 | 160726 |
| SOITEC<sup>(a)</sup> | &nbsp;&nbsp; 665 | 28804 |
|  |  | 3014065 |
| **Software — 8.2%** | **Software — 8.2%** | **Software — 8.2%** |
| Datadog Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1340 | 187573 |
| Dynatrace Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3724 | 195920 |
| Elastic NV<sup>(a)</sup> | &nbsp;&nbsp; 1200 | 100440 |
| Nutanix Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3235 | 243175 |
|  |  | 727108 |
| **Specialized REITs — 7.4%** | **Specialized REITs — 7.4%** | **Specialized REITs — 7.4%** |
| American Tower Corp. | &nbsp;&nbsp; 1050 | 218810 |
| Crown Castle Inc. | &nbsp;&nbsp; 2114 | 222160 |
| SBA Communications Corp., Class A | &nbsp;&nbsp; 970 | 217978 |
|  |  | 658948 |
| **Technology Hardware, Storage & Peripherals — 13.6%** | **Technology Hardware, Storage & Peripherals — 13.6%** | **Technology Hardware, Storage & Peripherals — 13.6%** |
| Pure Storage Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3446 | 205106 |
| Seagate Technology Holdings PLC | &nbsp;&nbsp; 2156 | 338513 |
| Super Micro Computer Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5472 | 322684 |
| Western Digital Corp. | &nbsp;&nbsp; 3056 | 240477 |
| Wiwynn Corp. | &nbsp;&nbsp; 1000 | 91266 |
|  |  | 1198046 |
| **Total Long-Term Investments — 99.8%** <br>**(Cost: $7,191,386)** | **Total Long-Term Investments — 99.8%** <br>**(Cost: $7,191,386)** | 8814020 |
| **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> 4.30%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 10000 | 10000 |
| **Total Short-Term Securities — 0.1%** <br>**(Cost: $10,000)** | **Total Short-Term Securities — 0.1%** <br>**(Cost: $10,000)** | 10000 |
| **Total Investments — 99.9%** <br>**(Cost: $7,201,386)** | **Total Investments — 99.9%** <br>**(Cost: $7,201,386)** | 8824020 |
| **Other Assets Less Liabilities — 0.1%** | **Other Assets Less Liabilities — 0.1%** | 11667 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $8835687 |

---

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

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

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

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

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

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Future Cloud 5G and Tech ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 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>*07/31/24*<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>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<sup>(a)</sup><br>| $125539 | $— | &nbsp;&nbsp; $(125454 )<sup>(b)</sup><br>| &nbsp;&nbsp; $(76)<br>| $(9)<br>| $— |  | $712 <br><sup>(c)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares |  | 10000 <br><sup>(b)</sup><br>|  |  |  | 10000 | 10000 | 125 |  |
|  |  |  |  | $(76) | $(9) | $10000 |  | $837 | $— |

---

&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 |  |  |  |  |
| Micro E-Mini Russell 2000 Index | 1 | 09/19/25 | &nbsp;&nbsp; $11 | $(223) |

---

**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; $223 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $223 |

---

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

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts 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 July 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; $1363 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1363 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1439)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1439)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $10868 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Future Cloud 5G and Tech ETF**

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

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $7040089 | &nbsp;&nbsp; $1773931 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8814020 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10000 |
|  | &nbsp;&nbsp; $7050089 | &nbsp;&nbsp; $1773931 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8824020 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $(223)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(223)<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

July 31, 2025

**iShares® Genomics Immunology and Healthcare ETF** 

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Canada — 2.4%** | **Canada — 2.4%** | **Canada — 2.4%** |
| AbCellera Biologics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 574532 | $2568158 |
| **Denmark — 4.1%** | **Denmark — 4.1%** | **Denmark — 4.1%** |
| Genmab A/S<sup>(a)</sup> | &nbsp;&nbsp; 20577 | 4430175 |
| **France — 4.9%** | **France — 4.9%** | **France — 4.9%** |
| Sanofi SA | &nbsp;&nbsp; 45104 | 4049015 |
| Valneva SE<sup>(a)(b)</sup> | &nbsp;&nbsp; 365413 | 1346270 |
|  |  | 5395285 |
| **Germany — 4.1%** | **Germany — 4.1%** | **Germany — 4.1%** |
| BioNTech SE, ADR<sup>(a)(b)</sup> | &nbsp;&nbsp; 41861 | 4500058 |
| **Japan — 4.2%** | **Japan — 4.2%** | **Japan — 4.2%** |
| Ono Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 34900 | 390278 |
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 152700 | 4194636 |
|  |  | 4584914 |
| **South Korea — 2.0%** | **South Korea — 2.0%** | **South Korea — 2.0%** |
| SK Bioscience Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 66285 | 2168783 |
| **Switzerland — 8.7%** | **Switzerland — 8.7%** | **Switzerland — 8.7%** |
| BeOne Medicines Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 228300 | 5190266 |
| Roche Holding AG, NVS | &nbsp;&nbsp; 13942 | 4350922 |
|  |  | 9541188 |
| **United Kingdom — 8.5%** | **United Kingdom — 8.5%** | **United Kingdom — 8.5%** |
| AstraZeneca PLC | &nbsp;&nbsp; 31140 | 4543065 |
| GSK PLC | &nbsp;&nbsp; 221908 | 4081772 |
| Mereo Biopharma Group PLC, ADR<sup>(a)(b)</sup> | &nbsp;&nbsp; 369042 | 623681 |
|  |  | 9248518 |
| **United States — 60.9%** | **United States — 60.9%** | **United States — 60.9%** |
| Arcellx Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 66688 | 4760856 |
| Arcturus Therapeutics Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 63703 | 777814 |
| Arcus Biosciences Inc.<sup>(a)</sup> | &nbsp;&nbsp; 163895 | 1496361 |
| Beam Therapeutics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 8987 | 177134 |
| BioCryst Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 411366 | 3348519 |
| Celcuity Inc.<sup>(a)</sup> | &nbsp;&nbsp; 79136 | 3099361 |
| CRISPR Therapeutics AG<sup>(a)(b)</sup> | &nbsp;&nbsp; 8263 | 464876 |
| Exelixis Inc.<sup>(a)</sup> | &nbsp;&nbsp; 105542 | 3822731 |
| Geron Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1547969 | 1780164 |
| Ginkgo Bioworks Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 95973 | 1261085 |
| ImmunityBio Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 235549 | 579451 |
| Immunome Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 197032 | 2072777 |
| Incyte Corp.<sup>(a)</sup> | &nbsp;&nbsp; 66039 | 4945661 |
| Intellia Therapeutics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 9623 | 112012 |
| Iovance Biotherapeutics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 696710 | 1790545 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Janux Therapeutics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 127193 | $3054540 |
| Kura Oncology Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 211086 | 1277070 |
| Ligand Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1877 | 246976 |
| Merck & Co. Inc. | &nbsp;&nbsp; 57509 | 4492603 |
| Moderna Inc.<sup>(a)</sup> | &nbsp;&nbsp; 165385 | 4888781 |
| Novavax Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 378659 | 2518082 |
| OmniAb Inc., 12.50 Earnout Shares<sup>(a)(c)</sup> | &nbsp;&nbsp; 19498 |  |
| OmniAb Inc., 15.00 Earnout Shares<sup>(c)</sup> | &nbsp;&nbsp; 19498 |  |
| ORIC Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 102394 | 1020868 |
| Pacific Biosciences of California Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 677667 | 935181 |
| Regeneron Pharmaceuticals Inc. | &nbsp;&nbsp; 9208 | 5022596 |
| Revolution Medicines Inc.<sup>(a)</sup> | &nbsp;&nbsp; 110525 | 4119267 |
| Rigel Pharmaceuticals Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 44573 | 938707 |
| Twist Bioscience Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 143854 | 4829179 |
| Vir Biotechnology Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 228550 | 1158749 |
| Xencor Inc.<sup>(a)</sup> | &nbsp;&nbsp; 171392 | 1425981 |
|  |  | 66417927 |
| **Total Long-Term Investments — 99.8%** <br>**(Cost: $125,060,719)** | **Total Long-Term Investments — 99.8%** <br>**(Cost: $125,060,719)** | 108855006 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 15.6%** | **Money Market Funds — 15.6%** | **Money Market Funds — 15.6%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 17013252 | 17020058 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 40000 | 40000 |
| **Total Short-Term Securities — 15.6%** <br>**(Cost: $17,060,058)** | **Total Short-Term Securities — 15.6%** <br>**(Cost: $17,060,058)** | 17060058 |
| **Total Investments — 115.4%** <br>**(Cost: $142,120,777)** | **Total Investments — 115.4%** <br>**(Cost: $142,120,777)** | 125915064 |
| **Liabilities in Excess of Other Assets — (15.4)%** | **Liabilities in Excess of Other Assets — (15.4)%** | (16809678)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $109105386 |

---

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

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

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

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

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

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

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

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Genomics Immunology and Healthcare ETF** 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 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>*07/31/24*<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>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<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>| $12999352 | $4021062 <br><sup>(a)</sup><br>| $— | $706 | $(1062)<br>| $17020058 | 17013252 | $322973 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 120000 |  | &nbsp;&nbsp; (80000 )<sup>(a)</sup><br>|  |  | 40000 | 40000 | 10211 |  |
|  |  |  |  | $706 | $(1062) | $17060058 |  | $333184 | $— |

---

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

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

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| E-Mini Health Care Select Sector Index | 1 | 09/19/25 | &nbsp;&nbsp; $132 | $(6909) |

---

**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; $6909 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6909 |

---

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

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts 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 July 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; $(101036)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(101036)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(14764)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(14764)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $361955 |

---

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)

July 31, 2025

**iShares® Genomics Immunology and Healthcare 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; $74109824 | &nbsp;&nbsp; $34745182 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $108855006 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 17060058 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17060058 |
|  | &nbsp;&nbsp; $91169882 | &nbsp;&nbsp; $34745182 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $125915064 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $(6909)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(6909)<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

July 31, 2025

**iShares® Neuroscience and Healthcare 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** |
| **Biotechnology — 66.8%** | **Biotechnology — 66.8%** | **Biotechnology — 66.8%** |
| Abeona Therapeutics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3626 | $23098 |
| Acadia Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6524 | 155467 |
| Alector Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6196 | 9232 |
| Alkermes PLC<sup>(a)</sup> | &nbsp;&nbsp; 4523 | 119814 |
| Anavex Life Sciences Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 6632 | 74942 |
| Annexon Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 7586 | 18206 |
| Argenx SE, ADR<sup>(a)(b)</sup> | &nbsp;&nbsp; 245 | 164231 |
| BioArctic AB, Class B<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 3170 | 69406 |
| Biogen Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1079 | 138112 |
| Biohaven Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 7167 | 108222 |
| Bright Minds Biosciences Inc.<sup>(a)</sup> | &nbsp;&nbsp; 586 | 19789 |
| Capricor Therapeutics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3222 | 26356 |
| Catalyst Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5561 | 118616 |
| Denali Therapeutics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9755 | 134912 |
| Dianthus Therapeutics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1792 | 37041 |
| Dyne Therapeutics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 6849 | 67463 |
| Entrada Therapeutics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1742 | 10243 |
| Idorsia Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 12548 | 53898 |
| Larimar Therapeutics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3049 | 10549 |
| Neurocrine Biosciences Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1144 | 146695 |
| Neurogene Inc.<sup>(a)</sup> | &nbsp;&nbsp; 943 | 20529 |
| Praxis Precision Medicines Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1463 | 79324 |
| Prothena Corp. PLC<sup>(a)</sup> | &nbsp;&nbsp; 3413 | 23447 |
| PTC Therapeutics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2760 | 143824 |
| REGENXBIO Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3652 | 31078 |
| SanBio Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4300 | 64595 |
| Sangamo Therapeutics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 19103 | 10260 |
| Sarepta Therapeutics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3335 | 54761 |
| Scholar Rock Holding Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 4203 | 155721 |
| Solid Biosciences Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 4491 | 30718 |
| Taysha Gene Therapies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 17152 | 46825 |
| Vanda Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4417 | 18816 |
| Voyager Therapeutics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3598 | 11478 |
| Xenon Pharmaceuticals Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 4533 | 138438 |
|  |  | 2336106 |
| **Health Care Equipment & Supplies — 5.9%** | **Health Care Equipment & Supplies — 5.9%** | **Health Care Equipment & Supplies — 5.9%** |
| Axogen Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3452 | 45187 |
| Ceribell Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1639 | 23602 |
| ClearPoint Neuro Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1956 | 20342 |
| Integra LifeSciences Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp; 5272 | 69274 |
| MicroPort NeuroScientific Corp. | &nbsp;&nbsp; 17000 | 31045 |
| NeuroPace Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1861 | 15837 |
|  |  | 205287 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Pharmaceuticals — 24.2%** | **Pharmaceuticals — 24.2%** | **Pharmaceuticals — 24.2%** |
| Amylyx Pharmaceuticals Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 5249 | $42149 |
| Avadel Pharmaceuticals PLC<sup>(a)(b)</sup> | &nbsp;&nbsp; 7102 | 74642 |
| Cassava Sciences Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3600 | 7560 |
| Edgewise Therapeutics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6195 | 88341 |
| Fulcrum Therapeutics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3889 | 26173 |
| H Lundbeck A/S | &nbsp;&nbsp; 21494 | 111979 |
| KemPharm Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4335 | 48162 |
| Medincell SA, NVS<sup>(a)</sup> | &nbsp;&nbsp; 1619 | 31409 |
| Neuren Pharmaceuticals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 8775 | 96222 |
| Rapport Therapeutics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1398 | 20075 |
| SK Biopharmaceuticals Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2156 | 151842 |
| Supernus Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4259 | 149491 |
|  |  | 848045 |
| **Technology Hardware, Storage & Peripherals — 2.8%** | **Technology Hardware, Storage & Peripherals — 2.8%** | **Technology Hardware, Storage & Peripherals — 2.8%** |
| Dynavox Group AB<sup>(a)</sup> | &nbsp;&nbsp; 7740 | 100050 |
| **Total Long-Term Investments — 99.7%** <br>**(Cost: $3,624,540)** | **Total Long-Term Investments — 99.7%** <br>**(Cost: $3,624,540)** | 3489488 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 32.8%** | **Money Market Funds — 32.8%** | **Money Market Funds — 32.8%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.44%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 1145740 | 1146198 |
| **Total Short-Term Securities — 32.8%** <br>**(Cost: $1,146,163)** | **Total Short-Term Securities — 32.8%** <br>**(Cost: $1,146,163)** | 1146198 |
| **Total Investments — 132.5%** <br>**(Cost: $4,770,703)** | **Total Investments — 132.5%** <br>**(Cost: $4,770,703)** | 4635686 |
| **Liabilities in Excess of Other Assets — (32.5)%** | **Liabilities in Excess of Other Assets — (32.5)%** | (1136803)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $3498883 |

---

&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)

July 31, 2025

**iShares® Neuroscience and Healthcare ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 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>*07/31/24*<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>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<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>| $466189<br> $680026 <br><sup>(a)</sup><br>| $— | $(5)<br>| $(12)<br>| $1146198 | 1145740 | $18312 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares<sup>(c)</sup> | —<br> 0 <br><sup>(a)</sup><br>|  |  |  |  |  | 120 |  |
|  |  |  | $(5) | $(12) | $1146198 |  | $18432 | $— |

---

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

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

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

<sup>(c)</sup> As of period end, the entity is no longer held.

**Derivative Financial Instruments Categorized by Risk Exposure**

For the period ended July 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; $1397 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1397 |

---

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; $2810451 | &nbsp;&nbsp; $679037 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3489488 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 1146198 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1146198 |
|  | &nbsp;&nbsp; $3956649 | &nbsp;&nbsp; $679037 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4635686 |

---

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

July 31, 2025

**iShares® Self-Driving EV and 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** |
| **Australia — 1.9%** | **Australia — 1.9%** | **Australia — 1.9%** |
| Pilbara Minerals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2746451 | $2786847 |
| **Canada — 1.1%** | **Canada — 1.1%** | **Canada — 1.1%** |
| NFI Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 114731 | 1581526 |
| **China — 23.0%** | **China — 23.0%** | **China — 23.0%** |
| BYD Co. Ltd., Class H | &nbsp;&nbsp; 317000 | 4628469 |
| Ganfeng Lithium Group Co. Ltd., Class H<sup>(b)(c)</sup> | &nbsp;&nbsp; 392280 | 1302118 |
| Li Auto Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 364800 | 4775854 |
| NIO Inc., Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 1467100 | 7022018 |
| Tianneng Power International Ltd. | &nbsp;&nbsp; 640000 | 552871 |
| Tianqi Lithium Corp., Class H<sup>(a)(c)</sup> | &nbsp;&nbsp; 137800 | 619452 |
| XPeng Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 547000 | 4977697 |
| Zeekr Intelligent Technology Holding Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 205769 | 5810917 |
| Zhejiang Leapmotor Technology Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 646300 | 4969699 |
|  |  | 34659095 |
| **France — 3.5%** | **France — 3.5%** | **France — 3.5%** |
| Forvia SE<sup>(a)</sup> | &nbsp;&nbsp; 89627 | 1139450 |
| Renault SA | &nbsp;&nbsp; 110883 | 4102757 |
|  |  | 5242207 |
| **Germany — 2.4%** | **Germany — 2.4%** | **Germany — 2.4%** |
| Continental AG | &nbsp;&nbsp; 42410 | 3622262 |
| **Japan — 1.4%** | **Japan — 1.4%** | **Japan — 1.4%** |
| GS Yuasa Corp. | &nbsp;&nbsp; 89600 | 1607986 |
| TS Tech Co. Ltd. | &nbsp;&nbsp; 45100 | 541525 |
|  |  | 2149511 |
| **South Korea — 16.8%** | **South Korea — 16.8%** | **South Korea — 16.8%** |
| Hyundai Mobis Co. Ltd. | &nbsp;&nbsp; 19656 | 4147801 |
| LG Chem Ltd. | &nbsp;&nbsp; 36612 | 7871758 |
| LG Energy Solution Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 25339 | 6926769 |
| Samsung SDI Co. Ltd. | &nbsp;&nbsp; 42325 | 6073474 |
| Sebang Global Battery Co. Ltd. | &nbsp;&nbsp; 5500 | 261953 |
|  |  | 25281755 |
| **Sweden — 1.4%** | **Sweden — 1.4%** | **Sweden — 1.4%** |
| Polestar Automotive Holding U.K. PLC, Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 2003007 | 2143217 |
| **Switzerland — 2.8%** | **Switzerland — 2.8%** | **Switzerland — 2.8%** |
| ABB Ltd., Registered | &nbsp;&nbsp; 63973 | 4177315 |
| **Taiwan — 0.8%** | **Taiwan — 0.8%** | **Taiwan — 0.8%** |
| Advanced Energy Solution Holding Co. Ltd. | &nbsp;&nbsp; 30000 | 1236450 |
| **United Kingdom — 1.9%** | **United Kingdom — 1.9%** | **United Kingdom — 1.9%** |
| Spectris PLC | &nbsp;&nbsp; 55204 | 2898746 |
| **United States — 31.6%** | **United States — 31.6%** | **United States — 31.6%** |
| Adient PLC<sup>(a)</sup> | &nbsp;&nbsp; 46231 | 991193 |
| Albemarle Corp. | &nbsp;&nbsp; 90761 | 6158134 |
| Aptiv PLC<sup>(a)</sup> | &nbsp;&nbsp; 55095 | 3781721 |
| Aurora Innovation Inc., Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 551678 | 3205249 |
| Autoliv Inc. | &nbsp;&nbsp; 40766 | 4547447 |
| Blue Bird Corp.<sup>(a)</sup> | &nbsp;&nbsp; 30172 | 1351404 |
| ChargePoint Holdings Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 19698 | 181025 |
| CTS Corp. | &nbsp;&nbsp; 16341 | 640404 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| EVgo Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 123118 | $414908 |
| Gentex Corp. | &nbsp;&nbsp; 125969 | 3328101 |
| Gentherm Inc.<sup>(a)</sup> | &nbsp;&nbsp; 16926 | 542309 |
| Lear Corp. | &nbsp;&nbsp; 29965 | 2825400 |
| Lucid Group Inc., Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 1161959 | 2858419 |
| Ouster Inc.<sup>(a)</sup> | &nbsp;&nbsp; 27176 | 635375 |
| QuantumScape Corp., Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 383476 | 3297893 |
| Rivian Automotive Inc., Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 387875 | 4991951 |
| Serve Robotics Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 41103 | 418839 |
| Tesla Inc.<sup>(a)</sup> | &nbsp;&nbsp; 18399 | 5671860 |
| Visteon Corp.<sup>(a)</sup> | &nbsp;&nbsp; 15095 | 1677809 |
|  |  | 47519441 |
| **Total Common Stocks — 88.6%** <br>**(Cost: $139,182,467)** | **Total Common Stocks — 88.6%** <br>**(Cost: $139,182,467)** | 133298372 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Chile — 3.4%** | **Chile — 3.4%** | **Chile — 3.4%** |
| Sociedad Quimica y Minera de Chile SA, Class B, <br> Preference Shares<br>| &nbsp;&nbsp; 137297 | 5049417 |
| **Germany — 7.3%** | **Germany — 7.3%** | **Germany — 7.3%** |
| Porsche Automobil Holding SE, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 139988 | 5618289 |
| Volkswagen AG, Preference Shares, NVS | &nbsp;&nbsp; 52030 | 5440554 |
|  |  | 11058843 |
| **Total Preferred Stocks — 10.7%** <br>**(Cost: $19,946,673)** | **Total Preferred Stocks — 10.7%** <br>**(Cost: $19,946,673)** | 16108260 |
| **Total Long-Term Investments — 99.3%** <br>**(Cost: $159,129,140)** | **Total Long-Term Investments — 99.3%** <br>**(Cost: $159,129,140)** | 149406632 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 12.1%** | **Money Market Funds — 12.1%** | **Money Market Funds — 12.1%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 18229712 | 18237004 |
| **Total Short-Term Securities — 12.1%** <br>**(Cost: $18,237,004)** | **Total Short-Term Securities — 12.1%** <br>**(Cost: $18,237,004)** | 18237004 |
| **Total Investments — 111.4%** <br>**(Cost: $177,366,144)** | **Total Investments — 111.4%** <br>**(Cost: $177,366,144)** | 167643636 |
| **Liabilities in Excess of Other Assets — (11.4)%** | **Liabilities in Excess of Other Assets — (11.4)%** | (17091891)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $150551745 |

---

&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)

July 31, 2025

**iShares® Self-Driving EV and Tech ETF** 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 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>*07/31/24*<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>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<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>| $43599493 | $—<br> $(25372085 )<sup>(a)</sup><br>| $8789 | $807 | $18237004 | 18229712 | $835250 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<sup>(c)</sup><br>| 90000 | —<br> (90000 )<sup>(a)</sup><br>|  |  |  |  | 5223 |  |
|  |  |  | $8789 | $807 | $18237004 |  | $840473 | $— |

---

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

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

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

<sup>(c)</sup> As of period end, the entity is no longer held.

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Euro STOXX 50 Index | 11 | 09/19/25 | &nbsp;&nbsp; $672 | $2096 |
| S&P 500 E-Mini Index | 1 | 09/19/25 | &nbsp;&nbsp; 319 | 11559 |
|  |  |  |  | $13655 |

---

**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; $13655 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13655 |

---

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

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts 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). 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *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; $94791 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $94791 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11439 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11439 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Self-Driving EV and Tech ETF** 

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $1106544 |

---

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; $57055101 | &nbsp;&nbsp; $76243271 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $133298372 |
| Preferred Stocks | &nbsp;&nbsp; 5049417 | &nbsp;&nbsp; 11058843 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16108260 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 18237004 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18237004 |
|  | &nbsp;&nbsp; $80341522 | &nbsp;&nbsp; $87302114 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $167643636 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $13655 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13655 |

---

&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

July 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>Breakthrough <br> Environmental <br> Solutions <br> ETF <br>| &nbsp;&nbsp; iShares <br>Cybersecurity <br> and Tech <br> ETF <br>| &nbsp;&nbsp; iShares <br>Energy <br> Storage & <br> Materials <br> ETF <br>| &nbsp;&nbsp; iShares <br>Exponential <br> Technologies ETF <br>|
| **ASSETS** |  |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $3361395 | $915859729 | $6558978 | $3383640892 |
| Investments, at value—affiliated<sup>(c)</sup> | 446740 | 52963496 | 360470 | 87408881 |
| Cash | 1712 | 19957 | 4166 | 54217 |
| Cash pledged for futures contracts | 1000 | 21000 | 1150 | 877000 |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> |  |  |  | 158627 |
| Foreign currency, at value<sup>(e)</sup> | 2185 | 177494 | 11810 | 7965193 |
| Receivables: |  |  |  |  |
| Investments sold |  |  |  | 37103504 |
| Securities lending income—affiliated | 248 | 10917 | 809 | 127368 |
| Dividends—unaffiliated | 837 | 542807 | 2986 | 3431266 |
| Dividends—affiliated |  | 13312 |  | 27868 |
| Tax reclaims | 2214 | 2943 | 7981 | 1062457 |
| Variation margin on futures contracts |  |  | 24 |  |
| Other assets | 34 |  |  |  |
| Total assets | 3816365 | 969611655 | 6948374 | 3521857273 |
| **LIABILITIES** |  |  |  |  |
| Collateral on securities loaned, at value | 446742 | 52380593 | 360516 | 79453775 |
| Payables: |  |  |  |  |
| Investments purchased |  |  | 1073 | 30164254 |
| Investment advisory fees | 1345 | 376218 | 2583 | 1339604 |
| Professional fees |  |  |  | 32611 |
| Variation margin on futures contracts | 58 | 2059 |  | 97487 |
| Total liabilities | 448145 | 52758870 | 364172 | 111087731 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $3368220 | $916852785 | $6584202 | $3410769542 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $4025360 | $792328879 | $7188598 | $2598469492 |
| Accumulated earnings (loss) | (657140) | 124523906 | (604396) | 812300050 |
| NET ASSETS | $3368220 | $916852785 | $6584202 | $3410769542 |
| **NET ASSET VALUE** |  |  |  |  |
| Shares outstanding | 160000 | 18000000 | 280000 | 51700000 |
| Net asset value | $21.05 | $50.94 | $23.52 | $65.97 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value |  |  |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $3350864 | $779538340 | $6754885 | $2504363972 |
| <sup>(b)</sup> Securities loaned, at value | $417501 | $49013426 | $334315 | $73540112 |
| <sup>(c)</sup> Investments, at cost—affiliated | $446735 | $52963496 | $360467 | $87368573 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $— | $— | $— | $161725 |
| <sup>(e)</sup> Foreign currency, at cost | $2225 | $180999 | $12135 | $8069236 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Assets and Liabilities (continued)

July 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>Future Cloud <br> 5G and Tech <br> ETF <br>| &nbsp;&nbsp; iShares <br>Genomics <br> Immunology <br> and <br> Healthcare <br> ETF <br>| &nbsp;&nbsp; iShares <br>Neuroscience <br> and <br> Healthcare <br> ETF <br>| &nbsp;&nbsp; iShares <br>Self-Driving <br> EV and Tech <br> ETF <br>|
| **ASSETS** |  |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $8814020 | $108855006 | $3489488 | $149406632 |
| Investments, at value—affiliated<sup>(c)</sup> | 10000 | 17060058 | 1146198 | 18237004 |
| Cash | 340 | 10040 | 3761 |  |
| Cash pledged for futures contracts | 1000 | 9000 |  | 22000 |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> |  |  |  | 47930 |
| Foreign currency, at value<sup>(e)</sup> | 11127 | 68450 | 4694 | 274192 |
| Receivables: |  |  |  |  |
| Investments sold |  |  |  | 491998 |
| Securities lending income—affiliated | 53 | 40776 | 1911 | 43980 |
| Dividends—unaffiliated | 1865 |  | 241 | 20700 |
| Dividends—affiliated | 58 | 3310 |  | 211 |
| Tax reclaims | 868 | 134084 |  | 773891 |
| Total assets | 8839331 | 126180724 | 4646293 | 169318538 |
| **LIABILITIES** |  |  |  |  |
| Bank overdraft |  |  |  | 202726 |
| Collateral on securities loaned, at value |  | 17027378 | 1146049 | 18216967 |
| Payables: |  |  |  |  |
| Investments purchased |  |  |  | 269434 |
| Investment advisory fees | 3506 | 44046 | 1361 | 61451 |
| Professional fees |  |  |  | 5969 |
| Variation margin on futures contracts | 135 | 3914 |  | 10246 |
| Other liabilities | 3 |  |  |  |
| Total liabilities | 3644 | 17075338 | 1147410 | 18766793 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $8835687 | $109105386 | $3498883 | $150551745 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $7007172 | $276278591 | $3932441 | $325824323 |
| Accumulated earnings (loss) | 1828515 | (167173205) | (433558) | (175272578) |
| NET ASSETS | $8835687 | $109105386 | $3498883 | $150551745 |
| **NET ASSET VALUE** |  |  |  |  |
| Shares outstanding | 240000 | 5150000 | 150000 | 4600000 |
| Net asset value | $36.82 | $21.19 | $23.33 | $32.73 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value |  |  |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $7191386 | $125060719 | $3624540 | $159129140 |
| <sup>(b)</sup> Securities loaned, at value | $— | $15913522 | $1105505 | $17084013 |
| <sup>(c)</sup> Investments, at cost—affiliated | $10000 | $17060058 | $1146163 | $18237004 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $— | $— | $— | $48494 |
| <sup>(e)</sup> Foreign currency, at cost | $11219 | $68768 | $4767 | $275919 |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Operations

Year Ended July 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Breakthrough <br> Environmental <br> Solutions <br> ETF <br>| &nbsp;&nbsp; iShares <br>Cybersecurity <br> and Tech <br> ETF <br>| &nbsp;&nbsp; iShares <br>Energy <br> Storage & <br> Materials <br> ETF <br>| &nbsp;&nbsp; iShares <br>Exponential <br> Technologies <br> ETF <br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $33595 | &nbsp;&nbsp;&nbsp; $4816881 | &nbsp;&nbsp;&nbsp; $120625 | &nbsp;&nbsp;&nbsp; $38662167 |
| Dividends—affiliated | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 62632 | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 273678 |
| Interest—unaffiliated | &nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp; 25689 | &nbsp;&nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp; 45183 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 2584 | &nbsp;&nbsp;&nbsp; 282604 | &nbsp;&nbsp;&nbsp; 6034 | &nbsp;&nbsp;&nbsp; 782266 |
| Other income—unaffiliated | &nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 159492 |
| Foreign taxes withheld | &nbsp;&nbsp; (2346)<br>| &nbsp;&nbsp;&nbsp; (228542)<br>| &nbsp;&nbsp;&nbsp; (13213)<br>| &nbsp;&nbsp;&nbsp; (3413362)<br>|
| Foreign withholding tax claims | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1654073 |
| Total investment income | &nbsp;&nbsp; 33992 | &nbsp;&nbsp;&nbsp; 4959264 | &nbsp;&nbsp;&nbsp; 113684 | &nbsp;&nbsp;&nbsp; 38163497 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 14953 | &nbsp;&nbsp;&nbsp; 4324912 | &nbsp;&nbsp;&nbsp; 29702 | &nbsp;&nbsp;&nbsp; 15106141 |
| Commitment costs | &nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 2792 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18168 |
| Professional | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 177206 |
| Interest expense | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6903 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18543 |
| Total expenses | &nbsp;&nbsp; 14986 | &nbsp;&nbsp;&nbsp; 4334607 | &nbsp;&nbsp;&nbsp; 29702 | &nbsp;&nbsp;&nbsp; 15320058 |
| Net investment income | &nbsp;&nbsp; 19006 | &nbsp;&nbsp;&nbsp; 624657 | &nbsp;&nbsp;&nbsp; 83982 | &nbsp;&nbsp;&nbsp; 22843439 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; (498024)<br>| &nbsp;&nbsp;&nbsp; 18446748 | &nbsp;&nbsp;&nbsp; (273571)<br>| &nbsp;&nbsp;&nbsp; 58467945 |
| Investments—affiliated | &nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp; 42056 | &nbsp;&nbsp;&nbsp; (58)<br>| &nbsp;&nbsp;&nbsp; 46580 |
| Foreign currency transactions | &nbsp;&nbsp; (231)<br>| &nbsp;&nbsp;&nbsp; 74254 | &nbsp;&nbsp;&nbsp; 1955 | &nbsp;&nbsp;&nbsp; 181016 |
| Futures contracts | &nbsp;&nbsp; 1695 | &nbsp;&nbsp;&nbsp; 186021 | &nbsp;&nbsp;&nbsp; 3806 | &nbsp;&nbsp;&nbsp; 747608 |
| In-kind redemptions—unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 25876940 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 139335798 |
|  | &nbsp;&nbsp; (496568)<br>| &nbsp;&nbsp;&nbsp; 44626019 | &nbsp;&nbsp;&nbsp; (267868)<br>| &nbsp;&nbsp;&nbsp; 198778947 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments—unaffiliated<sup>(c)</sup> | &nbsp;&nbsp; 530021 | &nbsp;&nbsp;&nbsp; 31866305 | &nbsp;&nbsp;&nbsp; 141407 | &nbsp;&nbsp;&nbsp; 177116287 |
| Investments—affiliated | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; (1972)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (28198)<br>|
| Foreign currency translations | &nbsp;&nbsp; (90)<br>| &nbsp;&nbsp;&nbsp; (13985)<br>| &nbsp;&nbsp;&nbsp; 291 | &nbsp;&nbsp;&nbsp; (122724)<br>|
| Futures contracts | &nbsp;&nbsp; (1152)<br>| &nbsp;&nbsp;&nbsp; 79874 | &nbsp;&nbsp;&nbsp; (461)<br>| &nbsp;&nbsp;&nbsp; 282575 |
|  | &nbsp;&nbsp; 528784 | &nbsp;&nbsp;&nbsp; 31930222 | &nbsp;&nbsp;&nbsp; 141238 | &nbsp;&nbsp;&nbsp; 177247940 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 32216 | &nbsp;&nbsp;&nbsp; 76556241 | &nbsp;&nbsp;&nbsp; (126630)<br>| &nbsp;&nbsp;&nbsp; 376026887 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $51222 | &nbsp;&nbsp;&nbsp; $77180898 | &nbsp;&nbsp;&nbsp; $(42648)<br>| &nbsp;&nbsp;&nbsp; $398870326 |
| <sup>(a)</sup> Net of foreign capital gain tax and capital gain tax refund, if applicable of | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(215725)<br>|
| <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. |
| <sup>(c)</sup> Net of reduction in deferred foreign capital gain tax of | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1315617 |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Operations (continued)

Year Ended July 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Future Cloud <br> 5G and Tech <br> ETF <br>| &nbsp;&nbsp; iShares <br>Genomics <br> Immunology <br> and <br> Healthcare <br> ETF <br>| &nbsp;&nbsp; iShares <br>Neuroscience <br> and <br> Healthcare <br> ETF <br>| &nbsp;&nbsp; iShares <br>Self-Driving <br> EV and Tech <br> ETF <br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $99755 | &nbsp;&nbsp;&nbsp; $1350487 | &nbsp;&nbsp;&nbsp; $3134 | &nbsp;&nbsp;&nbsp; $2117416 |
| Dividends—affiliated | &nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp; 10211 | &nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp; 5223 |
| Interest—unaffiliated | &nbsp;&nbsp; 253 | &nbsp;&nbsp;&nbsp; 1764 | &nbsp;&nbsp;&nbsp; 161 | &nbsp;&nbsp;&nbsp; 3320 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 712 | &nbsp;&nbsp;&nbsp; 322973 | &nbsp;&nbsp;&nbsp; 18312 | &nbsp;&nbsp;&nbsp; 835250 |
| Other income—unaffiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 454 |
| Foreign taxes withheld | &nbsp;&nbsp; (6841)<br>| &nbsp;&nbsp;&nbsp; (69245)<br>| &nbsp;&nbsp;&nbsp; (743)<br>| &nbsp;&nbsp;&nbsp; (266287)<br>|
| Foreign withholding tax claims | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 44906 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 32501 |
| Total investment income | &nbsp;&nbsp; 94004 | &nbsp;&nbsp;&nbsp; 1661096 | &nbsp;&nbsp;&nbsp; 20984 | &nbsp;&nbsp;&nbsp; 2727877 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 36607 | &nbsp;&nbsp;&nbsp; 578777 | &nbsp;&nbsp;&nbsp; 17227 | &nbsp;&nbsp;&nbsp; 776379 |
| Commitment costs | &nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1997 |
| Professional | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4291 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5449 |
| Interest expense | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4605 |
| Total expenses | &nbsp;&nbsp; 36633 | &nbsp;&nbsp;&nbsp; 583159 | &nbsp;&nbsp;&nbsp; 17227 | &nbsp;&nbsp;&nbsp; 788430 |
| Net investment income | &nbsp;&nbsp; 57371 | &nbsp;&nbsp;&nbsp; 1077937 | &nbsp;&nbsp;&nbsp; 3757 | &nbsp;&nbsp;&nbsp; 1939447 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 768319 | &nbsp;&nbsp;&nbsp; (2608338)<br>| &nbsp;&nbsp;&nbsp; (8694)<br>| &nbsp;&nbsp;&nbsp; (35792899)<br>|
| Investments—affiliated | &nbsp;&nbsp; (76)<br>| &nbsp;&nbsp;&nbsp; 706 | &nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; 8789 |
| Foreign currency transactions | &nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp; 21606 | &nbsp;&nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp; 44976 |
| Futures contracts | &nbsp;&nbsp; 1363 | &nbsp;&nbsp;&nbsp; (101036)<br>| &nbsp;&nbsp;&nbsp; 1397 | &nbsp;&nbsp;&nbsp; 94791 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2355025 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1827559 |
|  | &nbsp;&nbsp; 769594 | &nbsp;&nbsp;&nbsp; (332037)<br>| &nbsp;&nbsp;&nbsp; (7194)<br>| &nbsp;&nbsp;&nbsp; (33816784)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 693427 | &nbsp;&nbsp;&nbsp; (19425476)<br>| &nbsp;&nbsp;&nbsp; (339028)<br>| &nbsp;&nbsp;&nbsp; 50505303 |
| Investments—affiliated | &nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp; (1062)<br>| &nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp; 807 |
| Foreign currency translations | &nbsp;&nbsp; (65)<br>| &nbsp;&nbsp;&nbsp; 4167 | &nbsp;&nbsp;&nbsp; (73)<br>| &nbsp;&nbsp;&nbsp; 31964 |
| Futures contracts | &nbsp;&nbsp; (1439)<br>| &nbsp;&nbsp;&nbsp; (14764)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11439 |
|  | &nbsp;&nbsp; 691914 | &nbsp;&nbsp;&nbsp; (19437135)<br>| &nbsp;&nbsp;&nbsp; (339113)<br>| &nbsp;&nbsp;&nbsp; 50549513 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 1461508 | &nbsp;&nbsp;&nbsp; (19769172)<br>| &nbsp;&nbsp;&nbsp; (346307)<br>| &nbsp;&nbsp;&nbsp; 16732729 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $1518879 | &nbsp;&nbsp;&nbsp; $(18691235)<br>| &nbsp;&nbsp;&nbsp; $(342550)<br>| &nbsp;&nbsp;&nbsp; $18672176 |
| <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 Changes in Net Assets

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Breakthrough Environmental <br> Solutions ETF  | iShares <br>Breakthrough Environmental <br> Solutions ETF  | iShares <br>Cybersecurity and Tech ETF  | iShares <br>Cybersecurity and Tech ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $19006 | &nbsp;&nbsp;&nbsp; $22887 | &nbsp;&nbsp;&nbsp; $624657 | &nbsp;&nbsp;&nbsp; $2815245 |
| Net realized gain (loss) | &nbsp;&nbsp; (496568)<br>| &nbsp;&nbsp;&nbsp; (84010)<br>| &nbsp;&nbsp;&nbsp; 44626019 | &nbsp;&nbsp;&nbsp; 28372547 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 528784 | &nbsp;&nbsp;&nbsp; (788267)<br>| &nbsp;&nbsp;&nbsp; 31930222 | &nbsp;&nbsp;&nbsp; 89340186 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 51222 | &nbsp;&nbsp;&nbsp; (849390)<br>| &nbsp;&nbsp;&nbsp; 77180898 | &nbsp;&nbsp;&nbsp; 120527978 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (30416)<br>| &nbsp;&nbsp;&nbsp; (154605)<br>| &nbsp;&nbsp;&nbsp; (1874009)<br>| &nbsp;&nbsp;&nbsp; (763133)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (22085427)<br>| &nbsp;&nbsp;&nbsp; 126237823 |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 20806 | &nbsp;&nbsp;&nbsp; (1003995)<br>| &nbsp;&nbsp;&nbsp; 53221462 | &nbsp;&nbsp;&nbsp; 246002668 |
| Beginning of period | &nbsp;&nbsp; 3347414 | &nbsp;&nbsp;&nbsp; 4351409 | &nbsp;&nbsp;&nbsp; 863631323 | &nbsp;&nbsp;&nbsp; 617628655 |
| End of period | &nbsp;&nbsp; $3368220 | &nbsp;&nbsp;&nbsp; $3347414 | &nbsp;&nbsp;&nbsp; $916852785 | &nbsp;&nbsp;&nbsp; $863631323 |

---

&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>Energy Storage & Materials ETF  | iShares <br>Energy Storage & Materials ETF  | iShares <br>Exponential Technologies ETF  | iShares <br>Exponential Technologies ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Period From <br>03/19/24<sup>(a)</sup> <br>to 07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $83982 | &nbsp;&nbsp;&nbsp; $82075 | &nbsp;&nbsp;&nbsp; $22843439 | &nbsp;&nbsp;&nbsp; $19884639 |
| Net realized gain (loss) | &nbsp;&nbsp; (267868)<br>| &nbsp;&nbsp;&nbsp; (82345)<br>| &nbsp;&nbsp;&nbsp; 198778947 | &nbsp;&nbsp;&nbsp; (62678887)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 141238 | &nbsp;&nbsp;&nbsp; (336069)<br>| &nbsp;&nbsp;&nbsp; 177247940 | &nbsp;&nbsp;&nbsp; 100271407 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (42648)<br>| &nbsp;&nbsp;&nbsp; (336339)<br>| &nbsp;&nbsp;&nbsp; 398870326 | &nbsp;&nbsp;&nbsp; 57477159 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(b)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (91982)<br>| &nbsp;&nbsp;&nbsp; (65577)<br>| &nbsp;&nbsp;&nbsp; (23569807)<br>| &nbsp;&nbsp;&nbsp; (15365276)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7120748 | &nbsp;&nbsp;&nbsp; (385217912)<br>| &nbsp;&nbsp;&nbsp; (89025193)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; (134630)<br>| &nbsp;&nbsp;&nbsp; 6718832 | &nbsp;&nbsp;&nbsp; (9917393)<br>| &nbsp;&nbsp;&nbsp; (46913310)<br>|
| Beginning of period | &nbsp;&nbsp; 6718832 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3420686935 | &nbsp;&nbsp;&nbsp; 3467600245 |
| End of period | &nbsp;&nbsp; $6584202 | &nbsp;&nbsp;&nbsp; $6718832 | &nbsp;&nbsp;&nbsp; $3410769542 | &nbsp;&nbsp;&nbsp; $3420686935 |

---

&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>Future Cloud 5G and Tech ETF  | iShares <br>Future Cloud 5G and Tech ETF  | iShares <br>Genomics Immunology and Healthcare <br> ETF  | iShares <br>Genomics Immunology and Healthcare <br> ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $57371 | &nbsp;&nbsp;&nbsp; $52973 | &nbsp;&nbsp;&nbsp; $1077937 | &nbsp;&nbsp;&nbsp; $831328 |
| Net realized gain (loss) | &nbsp;&nbsp; 769594 | &nbsp;&nbsp;&nbsp; 59049 | &nbsp;&nbsp;&nbsp; (332037)<br>| &nbsp;&nbsp;&nbsp; (66200557)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 691914 | &nbsp;&nbsp;&nbsp; 1176446 | &nbsp;&nbsp;&nbsp; (19437135)<br>| &nbsp;&nbsp;&nbsp; 70932138 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 1518879 | &nbsp;&nbsp;&nbsp; 1288468 | &nbsp;&nbsp;&nbsp; (18691235)<br>| &nbsp;&nbsp;&nbsp; 5562909 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (59892)<br>| &nbsp;&nbsp;&nbsp; (59322)<br>| &nbsp;&nbsp;&nbsp; (1398267)<br>| &nbsp;&nbsp;&nbsp; (1625094)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net decrease in net assets derived from capital share transactions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (11210033)<br>| &nbsp;&nbsp;&nbsp; (8527225)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 1458987 | &nbsp;&nbsp;&nbsp; 1229146 | &nbsp;&nbsp;&nbsp; (31299535)<br>| &nbsp;&nbsp;&nbsp; (4589410)<br>|
| Beginning of year | &nbsp;&nbsp; 7376700 | &nbsp;&nbsp;&nbsp; 6147554 | &nbsp;&nbsp;&nbsp; 140404921 | &nbsp;&nbsp;&nbsp; 144994331 |
| End of year | &nbsp;&nbsp; $8835687 | &nbsp;&nbsp;&nbsp; $7376700 | &nbsp;&nbsp;&nbsp; $109105386 | &nbsp;&nbsp;&nbsp; $140404921 |

---

&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>Neuroscience and Healthcare ETF  | iShares <br>Neuroscience and Healthcare ETF  | iShares <br>Self-Driving EV and Tech ETF  | iShares <br>Self-Driving EV and Tech ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $3757 | &nbsp;&nbsp;&nbsp; $1902 | &nbsp;&nbsp;&nbsp; $1939447 | &nbsp;&nbsp;&nbsp; $5596491 |
| Net realized loss | &nbsp;&nbsp; (7194)<br>| &nbsp;&nbsp;&nbsp; (185730)<br>| &nbsp;&nbsp;&nbsp; (33816784)<br>| &nbsp;&nbsp;&nbsp; (45506773)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (339113)<br>| &nbsp;&nbsp;&nbsp; 259287 | &nbsp;&nbsp;&nbsp; 50549513 | &nbsp;&nbsp;&nbsp; (120524287)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (342550)<br>| &nbsp;&nbsp;&nbsp; 75459 | &nbsp;&nbsp;&nbsp; 18672176 | &nbsp;&nbsp;&nbsp; (160434569)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (15171)<br>| &nbsp;&nbsp;&nbsp; (945)<br>| &nbsp;&nbsp;&nbsp; (3663824)<br>| &nbsp;&nbsp;&nbsp; (6348356)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net decrease in net assets derived from capital share transactions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1143238)<br>| &nbsp;&nbsp;&nbsp; (61631191)<br>| &nbsp;&nbsp;&nbsp; (130249809)<br>|
| *NET ASSETS* |  |  |  |  |
| Total decrease in net assets | &nbsp;&nbsp; (357721)<br>| &nbsp;&nbsp;&nbsp; (1068724)<br>| &nbsp;&nbsp;&nbsp; (46622839)<br>| &nbsp;&nbsp;&nbsp; (297032734)<br>|
| Beginning of period | &nbsp;&nbsp; 3856604 | &nbsp;&nbsp;&nbsp; 4925328 | &nbsp;&nbsp;&nbsp; 197174584 | &nbsp;&nbsp;&nbsp; 494207318 |
| End of period | &nbsp;&nbsp; $3498883 | &nbsp;&nbsp;&nbsp; $3856604 | &nbsp;&nbsp;&nbsp; $150551745 | &nbsp;&nbsp;&nbsp; $197174584 |

---

&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 Breakthrough Environmental Solutions ETF  | iShares Breakthrough Environmental Solutions ETF  | iShares Breakthrough Environmental Solutions ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Period From <br>03/28/23<sup>(a)</sup> <br>to 07/31/23<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $20.92 | &nbsp;&nbsp;&nbsp; $27.20 | &nbsp;&nbsp;&nbsp; $25.16 |
| Net investment income<sup>(b)</sup> | 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 0.20 | &nbsp;&nbsp;&nbsp; (5.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.99 |
| Net increase (decrease) from investment operations | 0.32 | &nbsp;&nbsp;&nbsp; (5.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.14 |
| **Distributions**<sup>(d)</sup> <br>|  |  |  |
| From net investment income | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $21.05 | &nbsp;&nbsp;&nbsp; $20.92 | &nbsp;&nbsp;&nbsp; $27.20 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |
| Based on net asset value | 1.59<br> %<br>| &nbsp;&nbsp;&nbsp; (19.71)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.54 %<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |
| Total expenses | 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47 %<sup>(h)</sup><br>|
| Net investment income | 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $3368 | &nbsp;&nbsp;&nbsp; $3347 | &nbsp;&nbsp;&nbsp; $4351 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 61<br> %<br>| &nbsp;&nbsp;&nbsp; 68<br> %<br>| &nbsp;&nbsp;&nbsp; 9<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>(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>(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>(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>(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. |

---

*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 Cybersecurity and Tech ETF  | iShares Cybersecurity and Tech ETF  | iShares Cybersecurity and Tech ETF  | iShares Cybersecurity and Tech ETF  | iShares Cybersecurity and Tech ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Year Ended <br>07/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $46.81 | &nbsp;&nbsp;&nbsp; $39.47 | &nbsp;&nbsp;&nbsp; $36.73 | &nbsp;&nbsp;&nbsp; $43.87 | &nbsp;&nbsp;&nbsp; $33.69 |
| Net investment income<sup>(a)</sup> | 0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 4.20 | &nbsp;&nbsp;&nbsp;&nbsp;7.22 | &nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp;&nbsp; (7.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.22 |
| Net increase (decrease) from investment operations | 4.23 | &nbsp;&nbsp;&nbsp;&nbsp;7.39 | &nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp; (6.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.24 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $50.94 | &nbsp;&nbsp;&nbsp; $46.81 | &nbsp;&nbsp;&nbsp; $39.47 | &nbsp;&nbsp;&nbsp; $36.73 | &nbsp;&nbsp;&nbsp; $43.87 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 9.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.57<br> %<br>| &nbsp;&nbsp;&nbsp; (15.73)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.42<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>|
| Net investment income | 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $916853 | &nbsp;&nbsp;&nbsp; $863631 | &nbsp;&nbsp;&nbsp; $617629 | &nbsp;&nbsp;&nbsp; $539889 | &nbsp;&nbsp;&nbsp; $616394 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp;&nbsp; 38<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due 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 Energy Storage & Materials ETF  | iShares Energy Storage & Materials ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Period From <br>03/19/24<sup>(a)</sup> <br>to 07/31/24<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $24.00 | &nbsp;&nbsp;&nbsp; $25.06 |
| Net investment income<sup>(b)</sup> | 0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized loss<sup>(c)</sup> | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (1.11)<br>|
| Net decrease from investment operations | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.88)<br>|
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $23.52 | &nbsp;&nbsp;&nbsp; $24.00 |
| **Total Return**<sup>(e)</sup> <br>|  |  |
| Based on net asset value | &nbsp;&nbsp; (0.53)%<br>| &nbsp;&nbsp;&nbsp; (3.52 )%<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |
| Total expenses | 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47 %<sup>(h)</sup><br>|
| Net investment income | 1.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.59 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $6584 | &nbsp;&nbsp;&nbsp; $6719 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 40<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

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Exponential Technologies ETF  | iShares Exponential Technologies ETF  | iShares Exponential Technologies ETF  | iShares Exponential Technologies ETF  | iShares Exponential Technologies ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Year Ended <br>07/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $59.28 | &nbsp;&nbsp;&nbsp; $58.48 | &nbsp;&nbsp;&nbsp; $52.01 | &nbsp;&nbsp;&nbsp; $63.91 | &nbsp;&nbsp;&nbsp; $47.25 |
| Net investment income<sup>(a)</sup> | 0.42 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp; 0.32 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 6.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;6.44 | &nbsp;&nbsp;&nbsp; (11.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.61 |
| Net increase (decrease) from investment operations | 7.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;6.76 | &nbsp;&nbsp;&nbsp; (11.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.13 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $65.97 | &nbsp;&nbsp;&nbsp; $59.28 | &nbsp;&nbsp;&nbsp; $58.48 | &nbsp;&nbsp;&nbsp; $52.01 | &nbsp;&nbsp;&nbsp; $63.91 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 12.07 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.05 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (17.91)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36.33<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.46<br> %<br>| &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| &nbsp;&nbsp;&nbsp; N/A |
| Net investment income | 0.69 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $3410770 | &nbsp;&nbsp;&nbsp; $3420687 | &nbsp;&nbsp;&nbsp; $3467600 | &nbsp;&nbsp;&nbsp; $3159642 | &nbsp;&nbsp;&nbsp; $3914578 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp;&nbsp; 69<br> %<br>| &nbsp;&nbsp;&nbsp; 23<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 July 31, 2025 and <br> July 31, 2023 respectively: <br> • Net investment income per share by $0.03 and $0.01. <br> • Total return by 0.05% and 0.01%. <br> • Ratio of net investment income to average net assets by 0.04% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025 and <br> July 31, 2023 respectively: <br> • Net investment income per share by $0.03 and $0.01. <br> • Total return by 0.05% and 0.01%. <br> • Ratio of net investment income to average net assets by 0.04% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025 and <br> July 31, 2023 respectively: <br> • Net investment income per share by $0.03 and $0.01. <br> • Total return by 0.05% and 0.01%. <br> • Ratio of net investment income to average net assets by 0.04% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025 and <br> July 31, 2023 respectively: <br> • Net investment income per share by $0.03 and $0.01. <br> • Total return by 0.05% and 0.01%. <br> • Ratio of net investment income to average net assets by 0.04% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025 and <br> July 31, 2023 respectively: <br> • Net investment income per share by $0.03 and $0.01. <br> • Total return by 0.05% and 0.01%. <br> • Ratio of net investment income to average net assets by 0.04% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025 and <br> July 31, 2023 respectively: <br> • Net investment income per share by $0.03 and $0.01. <br> • Total return by 0.05% and 0.01%. <br> • Ratio of net investment income to average net assets by 0.04% and 0.01%. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(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 Future Cloud 5G and Tech ETF  | iShares Future Cloud 5G and Tech ETF  | iShares Future Cloud 5G and Tech ETF  | iShares Future Cloud 5G and Tech ETF  | iShares Future Cloud 5G and Tech ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Period From <br>06/08/21<sup>(a)</sup> <br>to 07/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $30.74 | &nbsp;&nbsp;&nbsp; $25.61 | &nbsp;&nbsp;&nbsp; $22.47 | &nbsp;&nbsp;&nbsp; $26.16 | &nbsp;&nbsp;&nbsp; $25.07 |
| Net investment income<sup>(b)</sup> | 0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 6.09 | &nbsp;&nbsp;&nbsp;&nbsp;5.16 | &nbsp;&nbsp;&nbsp;&nbsp;3.12 | &nbsp;&nbsp;&nbsp; (3.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| Net increase (decrease) from investment operations | 6.33 | &nbsp;&nbsp;&nbsp;&nbsp;5.38 | &nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp; (3.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.09 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; — |
| **Net asset value, end of period** | &nbsp;&nbsp; $36.82 | &nbsp;&nbsp;&nbsp; $30.74 | &nbsp;&nbsp;&nbsp; $25.61 | &nbsp;&nbsp;&nbsp; $22.47 | &nbsp;&nbsp;&nbsp; $26.16 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 20.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.84<br> %<br>| &nbsp;&nbsp;&nbsp; (13.46)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.35 %<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47 %<sup>(h)</sup><br>|
| Net investment income | 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $8836 | &nbsp;&nbsp;&nbsp; $7377 | &nbsp;&nbsp;&nbsp; $6148 | &nbsp;&nbsp;&nbsp; $7190 | &nbsp;&nbsp;&nbsp; $8370 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp;&nbsp; 0<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 Genomics Immunology and Healthcare ETF  | iShares Genomics Immunology and Healthcare ETF  | iShares Genomics Immunology and Healthcare ETF  | iShares Genomics Immunology and Healthcare ETF  | iShares Genomics Immunology and Healthcare ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Year Ended <br>07/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $24.85 | &nbsp;&nbsp;&nbsp; $23.97 | &nbsp;&nbsp;&nbsp; $31.64 | &nbsp;&nbsp;&nbsp; $50.05 | &nbsp;&nbsp;&nbsp; $37.28 |
| Net investment income<sup>(a)</sup> | 0.20 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | &nbsp;&nbsp; (3.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp; (7.70)<br>| &nbsp;&nbsp;&nbsp; (18.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.78 |
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (3.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp; (7.60)<br>| &nbsp;&nbsp;&nbsp; (18.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.86 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $21.19 | &nbsp;&nbsp;&nbsp; $24.85 | &nbsp;&nbsp;&nbsp; $23.97 | &nbsp;&nbsp;&nbsp; $31.64 | &nbsp;&nbsp;&nbsp; $50.05 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (13.72 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.98 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (24.04 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (36.11)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.49<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A |
| Net investment income | 0.88 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $109105 | &nbsp;&nbsp;&nbsp; $140405 | &nbsp;&nbsp;&nbsp; $144994 | &nbsp;&nbsp;&nbsp; $199334 | &nbsp;&nbsp;&nbsp; $327818 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 49<br> %<br>| &nbsp;&nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp;&nbsp; 59<br> %<br>| &nbsp;&nbsp;&nbsp; 52<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 July 31, 2025, July 31, <br> 2024 and July 31, 2023 respectively: <br> • Net investment income per share by $0.01, $0.01 and $0.01. <br> • Total return by 0.01%, 0.05% and 0.03%. <br> • Ratio of net investment income to average net assets by 0.03%, 0.04% and 0.04%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024 and July 31, 2023 respectively: <br> • Net investment income per share by $0.01, $0.01 and $0.01. <br> • Total return by 0.01%, 0.05% and 0.03%. <br> • Ratio of net investment income to average net assets by 0.03%, 0.04% and 0.04%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024 and July 31, 2023 respectively: <br> • Net investment income per share by $0.01, $0.01 and $0.01. <br> • Total return by 0.01%, 0.05% and 0.03%. <br> • Ratio of net investment income to average net assets by 0.03%, 0.04% and 0.04%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024 and July 31, 2023 respectively: <br> • Net investment income per share by $0.01, $0.01 and $0.01. <br> • Total return by 0.01%, 0.05% and 0.03%. <br> • Ratio of net investment income to average net assets by 0.03%, 0.04% and 0.04%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024 and July 31, 2023 respectively: <br> • Net investment income per share by $0.01, $0.01 and $0.01. <br> • Total return by 0.01%, 0.05% and 0.03%. <br> • Ratio of net investment income to average net assets by 0.03%, 0.04% and 0.04%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024 and July 31, 2023 respectively: <br> • Net investment income per share by $0.01, $0.01 and $0.01. <br> • Total return by 0.01%, 0.05% and 0.03%. <br> • Ratio of net investment income to average net assets by 0.03%, 0.04% and 0.04%. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(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 Neuroscience and Healthcare ETF  | iShares Neuroscience and Healthcare ETF  | iShares Neuroscience and Healthcare ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Period From <br>08/24/22<sup>(a)</sup> <br>to 07/31/23<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $25.71 | &nbsp;&nbsp;&nbsp; $24.63 | &nbsp;&nbsp;&nbsp; $25.25 |
| Net investment income (loss)<sup>(b)</sup> | 0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; (0.02)<br>|
| Net realized and unrealized gain (loss)<sup>(c)</sup> | &nbsp;&nbsp; (2.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp; (0.59)<br>|
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (2.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp; (0.61)<br>|
| **Distributions**<sup>(d)</sup> <br>|  |  |  |
| From net investment income | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01)<br>|
| Total distributions | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $23.33 | &nbsp;&nbsp;&nbsp; $25.71 | &nbsp;&nbsp;&nbsp; $24.63 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |
| Based on net asset value | &nbsp;&nbsp; (8.93)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.43<br> %<br>| &nbsp;&nbsp;&nbsp; (2.45 )%<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |
| Total expenses | 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47 %<sup>(h)</sup><br>|
| Net investment income (loss) | 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp; (0.08 )%<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $3499 | &nbsp;&nbsp;&nbsp; $3857 | &nbsp;&nbsp;&nbsp; $4925 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 52<br> %<br>| &nbsp;&nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp;&nbsp; 61<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>(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>(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>(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>(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. |

---

*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 Self-Driving EV and Tech ETF  | iShares Self-Driving EV and Tech ETF  | iShares Self-Driving EV and Tech ETF  | iShares Self-Driving EV and Tech ETF  | iShares Self-Driving EV and Tech ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Year Ended <br>07/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $29.43 | &nbsp;&nbsp;&nbsp; $45.76 | &nbsp;&nbsp;&nbsp; $40.90 | &nbsp;&nbsp;&nbsp; $49.91 | &nbsp;&nbsp;&nbsp; $29.69 |
| Net investment income<sup>(a)</sup> | 0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp; 0.95 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 3.63 | &nbsp;&nbsp;&nbsp; (16.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.68 | &nbsp;&nbsp;&nbsp; (8.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;20.04 |
| Net increase (decrease) from investment operations | 3.98 | &nbsp;&nbsp;&nbsp; (15.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.63 | &nbsp;&nbsp;&nbsp; (8.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;20.54 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $32.73 | &nbsp;&nbsp;&nbsp; $29.43 | &nbsp;&nbsp;&nbsp; $45.76 | &nbsp;&nbsp;&nbsp; $40.90 | &nbsp;&nbsp;&nbsp; $49.91 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 13.73 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp; (34.17)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.17<br> %<br>| &nbsp;&nbsp;&nbsp; (16.54)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 69.28<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.47<br> %<br>| &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A |
| Net investment income | 1.17 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.48 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $150552 | &nbsp;&nbsp;&nbsp; $197175 | &nbsp;&nbsp;&nbsp; $494207 | &nbsp;&nbsp;&nbsp; $466295 | &nbsp;&nbsp;&nbsp; $429185 |
| Portfolio turnover rate<sup>(h)</sup> | &nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp; 85<br> %<br>| &nbsp;&nbsp;&nbsp; 41<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> Includes a special distribution from Volkswagen AG. Excluding such special distribution, the net investment income would have been $0.72 per share and 1.89% of average net assets. | <sup>(b)</sup> Includes a special distribution from Volkswagen AG. Excluding such special distribution, the net investment income would have been $0.72 per share and 1.89% of average net assets. | <sup>(b)</sup> Includes a special distribution from Volkswagen AG. Excluding such special distribution, the net investment income would have been $0.72 per share and 1.89% of average net assets. | <sup>(b)</sup> Includes a special distribution from Volkswagen AG. Excluding such special distribution, the net investment income would have been $0.72 per share and 1.89% of average net assets. | <sup>(b)</sup> Includes a special distribution from Volkswagen AG. Excluding such special distribution, the net investment income would have been $0.72 per share and 1.89% of average net assets. | <sup>(b)</sup> Includes a special distribution from Volkswagen AG. Excluding such special distribution, the net investment income would have been $0.72 per share and 1.89% of average net assets. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due 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> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025: <br> • Total return by 0.02%. <br> • Ratio of net investment income to average net assets by 0.02%. | <sup>(f)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025: <br> • Total return by 0.02%. <br> • Ratio of net investment income to average net assets by 0.02%. | <sup>(f)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025: <br> • Total return by 0.02%. <br> • Ratio of net investment income to average net assets by 0.02%. | <sup>(f)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025: <br> • Total return by 0.02%. <br> • Ratio of net investment income to average net assets by 0.02%. | <sup>(f)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025: <br> • Total return by 0.02%. <br> • Ratio of net investment income to average net assets by 0.02%. | <sup>(f)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025: <br> • Total return by 0.02%. <br> • Ratio of net investment income to average net assets by 0.02%. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* 

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

***1. ORGANIZATION***

iShares 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>|
| Breakthrough Environmental Solutions | &nbsp;&nbsp; Non-diversified |
| Cybersecurity and Tech | &nbsp;&nbsp; Non-diversified |
| Energy Storage & Materials | &nbsp;&nbsp; Non-diversified |
| Exponential Technologies | &nbsp;&nbsp; Diversified |
| Future Cloud 5G and Tech | &nbsp;&nbsp; Diversified |
| Genomics Immunology and Healthcare | &nbsp;&nbsp; Non-diversified |
| Neuroscience and Healthcare | &nbsp;&nbsp; Non-diversified |
| Self-Driving EV and Tech | &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 July 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.

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

**Collateralization:** If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**In-kind Redemptions:** For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds' tax year. These reclassifications have no effect on net assets or net asset value ("NAV") per share.

**Distributions:** Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

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

**Segment Reporting:** The 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:

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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

&nbsp;&nbsp;&nbsp;&nbsp;• Level 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* |
| Breakthrough Environmental Solutions |  |  |  |  |
| BNP Paribas SA | &nbsp;&nbsp; $182178 | &nbsp;&nbsp;&nbsp; $(182178) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 42772 | &nbsp;&nbsp;&nbsp; (42772) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 52767 | &nbsp;&nbsp;&nbsp; (52767) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank, National Association | &nbsp;&nbsp; 139784 | &nbsp;&nbsp;&nbsp; (139784) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $417501 | &nbsp;&nbsp;&nbsp; $(417501) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Cybersecurity and Tech |  |  |  |  |
| BofA Securities, Inc. | &nbsp;&nbsp; $4454730 | &nbsp;&nbsp;&nbsp; $(4454730) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 6244110 | &nbsp;&nbsp;&nbsp; (6244110) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 3419385 | &nbsp;&nbsp;&nbsp; (3419385) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley & Co. LLC | &nbsp;&nbsp; 5795154 | &nbsp;&nbsp;&nbsp; (5795154) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 29100047 | &nbsp;&nbsp;&nbsp; (29100047) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $49013426 | &nbsp;&nbsp;&nbsp; $(49013426) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned*<br> *at Value*<br>| &nbsp;&nbsp; *Cash Collateral*<br> *Received*<sup>(a)</sup><br>| &nbsp;&nbsp; *Non-Cash Collateral*<br> *Received, at Fair Value*<sup>(a)</sup><br>| *Net Amount* |
| Energy Storage & Materials |  |  |  |  |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; $118835 | &nbsp;&nbsp;&nbsp; $(118835) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Morgan Stanley | &nbsp;&nbsp; 29791 | &nbsp;&nbsp;&nbsp; (29791) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Scotia Capital (USA) Inc | &nbsp;&nbsp; 17417 | &nbsp;&nbsp;&nbsp; (17417) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 168272 | &nbsp;&nbsp;&nbsp; (168272) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $334315 | &nbsp;&nbsp;&nbsp; $(334315) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Exponential Technologies |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $3201194 | &nbsp;&nbsp;&nbsp; $(3201194) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp; 378160 | &nbsp;&nbsp;&nbsp; (374249) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3911<sup>(b)</sup> <br>|
| BofA Securities, Inc. | &nbsp;&nbsp; 12169314 | &nbsp;&nbsp;&nbsp; (12169314) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 13247464 | &nbsp;&nbsp;&nbsp; (13247464) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 19289295 | &nbsp;&nbsp;&nbsp; (19289295) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 2995955 | &nbsp;&nbsp;&nbsp; (2885463) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 110492<sup>(b)</sup> <br>|
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 293790 | &nbsp;&nbsp;&nbsp; (293790) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 17747450 | &nbsp;&nbsp;&nbsp; (17747450) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| SG Americas Securities LLC | &nbsp;&nbsp; 1573581 | &nbsp;&nbsp;&nbsp; (1573581) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 26756 | &nbsp;&nbsp;&nbsp; (26067) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 689<sup>(b)</sup> <br>|
| UBS AG | &nbsp;&nbsp; 1955373 | &nbsp;&nbsp;&nbsp; (1955373) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 661780 | &nbsp;&nbsp;&nbsp; (654936) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6844<sup>(b)</sup> <br>|
|  | &nbsp;&nbsp; $73540112 | &nbsp;&nbsp;&nbsp; $(73418176) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $121936 |
| Genomics Immunology and Healthcare |  |  |  |  |
| Barclays Capital, Inc. | &nbsp;&nbsp; $1053639 | &nbsp;&nbsp;&nbsp; $(1053639) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 1094242 | &nbsp;&nbsp;&nbsp; (1094242) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 1699123 | &nbsp;&nbsp;&nbsp; (1699123) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 3313046 | &nbsp;&nbsp;&nbsp; (3313046) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 5301721 | &nbsp;&nbsp;&nbsp; (5301721) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 327353 | &nbsp;&nbsp;&nbsp; (327353) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| National Financial Services LLC | &nbsp;&nbsp; 512869 | &nbsp;&nbsp;&nbsp; (512869) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 18018 | &nbsp;&nbsp;&nbsp; (18018) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 5915 | &nbsp;&nbsp;&nbsp; (5915) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 1124526 | &nbsp;&nbsp;&nbsp; (1124526) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 1463070 | &nbsp;&nbsp;&nbsp; (1463070) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $15913522 | &nbsp;&nbsp;&nbsp; $(15913522) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Neuroscience and Healthcare |  |  |  |  |
| Barclays Capital, Inc. | &nbsp;&nbsp; $30096 | &nbsp;&nbsp;&nbsp; $(30096) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp; 10151 | &nbsp;&nbsp;&nbsp; (10151) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 144950 | &nbsp;&nbsp;&nbsp; (133652) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11298<sup>(b)</sup> <br>|
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 287521 | &nbsp;&nbsp;&nbsp; (287521) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 320692 | &nbsp;&nbsp;&nbsp; (320692) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 34684 | &nbsp;&nbsp;&nbsp; (34684) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 87300 | &nbsp;&nbsp;&nbsp; (87300) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| RBC Capital Markets LLC | &nbsp;&nbsp; 58026 | &nbsp;&nbsp;&nbsp; (58026) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 34887 | &nbsp;&nbsp;&nbsp; (34887) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;(13) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 97185 | &nbsp;&nbsp;&nbsp; (97185) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $1105505 | &nbsp;&nbsp;&nbsp; $(1094207) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $11298 |

---

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* |
| Self-Driving EV and Tech |  |  |  |  |
| Barclays Capital, Inc. | &nbsp;&nbsp; $1646927 | &nbsp;&nbsp;&nbsp; $(1646927) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp; 103385 | &nbsp;&nbsp;&nbsp; (103385) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 258309 | &nbsp;&nbsp;&nbsp; (258309) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 6904417 | &nbsp;&nbsp;&nbsp; (6904417) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 890252 | &nbsp;&nbsp;&nbsp; (890252) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 4487172 | &nbsp;&nbsp;&nbsp; (4487172) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Macquarie Bank Ltd. | &nbsp;&nbsp; 224765 | &nbsp;&nbsp;&nbsp; (224765) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| National Financial Services LLC | &nbsp;&nbsp; 763474 | &nbsp;&nbsp;&nbsp; (763474) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 1805312 | &nbsp;&nbsp;&nbsp; (1805312) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $17084013 | &nbsp;&nbsp;&nbsp; $(17084013) | &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 July 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* |
| Breakthrough Environmental Solutions | 0.47% |
| Cybersecurity and Tech | 0.47 |
| Energy Storage & Materials | 0.47 |
| Future Cloud 5G and Tech | 0.47 |
| Genomics Immunology and Healthcare | 0.47 |
| Neuroscience and Healthcare | 0.47 |
| Self-Driving EV and Tech | 0.47 |

---

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

For its investment advisory services to the iShares Exponential Technologies 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 Net Assets* | *Investment Advisory Fees* |
| First $2 billion | 0.4700% |
| Over $2 billion, up to and including $3 billion | 0.4465 |
| Over $3 billion, up to and including $4 billion | 0.4242 |
| Over $4 billion | 0.4030 |

---

**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 of iShares Cybersecurity and Tech ETF, iShares Future Cloud 5G and Tech ETF and iShares Neuroscience and Healthcare ETF (the "Group 1 Funds"), retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Pursuant to the current securities lending agreement, each of iShares Breakthrough Environmental Solutions ETF, iShares Energy Storage & Materials ETF, iShares Exponential Technologies ETF, iShares Genomics Immunology and Healthcare ETF and iShares Self-Driving EV and Tech ETF (the "Group 2 Funds"), retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in a given calendar year exceeds a specified threshold: (1) each Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 84% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2025, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in a calendar year exceeded a specified threshold: each Group 1 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

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 July 31, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| Breakthrough Environmental Solutions | &nbsp;&nbsp; $638 |
| Cybersecurity and Tech | &nbsp;&nbsp; 98839 |
| Energy Storage & Materials | &nbsp;&nbsp; 1411 |
| Exponential Technologies | &nbsp;&nbsp; 215222 |
| Future Cloud 5G and Tech | &nbsp;&nbsp; 288 |
| Genomics Immunology and Healthcare | &nbsp;&nbsp; 77901 |
| Neuroscience and Healthcare | &nbsp;&nbsp; 4504 |
| Self-Driving EV and Tech | &nbsp;&nbsp; 193760 |

---

**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 July 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>|
| Cybersecurity and Tech | &nbsp;&nbsp; $45777363 | &nbsp;&nbsp;&nbsp; $43542861 | &nbsp;&nbsp;&nbsp; $5559495 |
| Exponential Technologies | &nbsp;&nbsp; 232914653 | &nbsp;&nbsp;&nbsp; 388659717 | &nbsp;&nbsp;&nbsp; 192072185 |
| Future Cloud 5G and Tech | &nbsp;&nbsp; 1235542 | &nbsp;&nbsp;&nbsp; 1276738 | &nbsp;&nbsp;&nbsp; 451334 |
| Genomics Immunology and Healthcare | &nbsp;&nbsp; 10197738 | &nbsp;&nbsp;&nbsp; 30054932 | &nbsp;&nbsp;&nbsp; 638114 |
| Self-Driving EV and Tech | &nbsp;&nbsp; 21080293 | &nbsp;&nbsp;&nbsp; 30120658 | &nbsp;&nbsp;&nbsp; (15003649) |

---

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 July 31, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| Breakthrough Environmental Solutions | &nbsp;&nbsp; $1957605 | &nbsp;&nbsp;&nbsp; $1957151 |
| Cybersecurity and Tech | &nbsp;&nbsp; 231006935 | &nbsp;&nbsp;&nbsp; 231990032 |
| Energy Storage & Materials | &nbsp;&nbsp; 1474517 | &nbsp;&nbsp;&nbsp; 1466300 |
| Exponential Technologies | &nbsp;&nbsp; 1412850470 | &nbsp;&nbsp;&nbsp; 1463295430 |
| Future Cloud 5G and Tech | &nbsp;&nbsp; 2456949 | &nbsp;&nbsp;&nbsp; 2457326 |
| Genomics Immunology and Healthcare | &nbsp;&nbsp; 60993627 | &nbsp;&nbsp;&nbsp; 61308079 |
| Neuroscience and Healthcare | &nbsp;&nbsp; 1907482 | &nbsp;&nbsp;&nbsp; 1918403 |
| Self-Driving EV and Tech | &nbsp;&nbsp; 83247278 | &nbsp;&nbsp;&nbsp; 95898392 |

---

For the year ended July 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| Cybersecurity and Tech | &nbsp;&nbsp; $51781489 | &nbsp;&nbsp;&nbsp; $72297692 |
| Exponential Technologies | &nbsp;&nbsp; 75813523 | &nbsp;&nbsp;&nbsp; 424663857 |
| Genomics Immunology and Healthcare | &nbsp;&nbsp; 4405134 | &nbsp;&nbsp;&nbsp; 15412019 |
| Self-Driving EV and Tech | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 51129598 |

---

***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.

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

Management has analyzed tax laws and regulations and their application to the Funds as of July 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 July 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>|
| Cybersecurity and Tech | &nbsp;&nbsp; $25809827 | &nbsp;&nbsp;&nbsp; $(25809827) |
| Exponential Technologies | &nbsp;&nbsp; 137099100 | &nbsp;&nbsp;&nbsp; (137099100) |
| Genomics Immunology and Healthcare | &nbsp;&nbsp; 2195358 | &nbsp;&nbsp;&nbsp; (2195358) |
| Self-Driving EV and Tech | &nbsp;&nbsp; 703310 | &nbsp;&nbsp;&nbsp; (703310) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended* <br>*07/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*07/31/24*<br>|
| Breakthrough Environmental Solutions |  |  |
| Ordinary income | &nbsp;&nbsp; $30416 | &nbsp;&nbsp;&nbsp; $154028 |
| Long-term capital gains | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 577 |
|  | &nbsp;&nbsp; $30416 | &nbsp;&nbsp;&nbsp; $154605 |
| Cybersecurity and Tech |  |  |
| Ordinary income | &nbsp;&nbsp; $1874009 | &nbsp;&nbsp;&nbsp; $763133 |

---

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

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended* <br>*07/31/25*<br>| &nbsp;&nbsp; *Period Ended* <br>*07/31/24*<br>|
| Energy Storage & Materials |  |  |
| Ordinary income | &nbsp;&nbsp; $91982 | &nbsp;&nbsp;&nbsp; $65577 |

---

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

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended* <br>*07/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*07/31/24*<br>|
| Exponential Technologies |  |  |
| Ordinary income | &nbsp;&nbsp; $23569807 | &nbsp;&nbsp;&nbsp; $15365276 |
| Future Cloud 5G and Tech |  |  |
| Ordinary income | &nbsp;&nbsp; $59892 | &nbsp;&nbsp;&nbsp; $59322 |
| Genomics Immunology and Healthcare |  |  |
| Ordinary income | &nbsp;&nbsp; $1398267 | &nbsp;&nbsp;&nbsp; $1625094 |
| Neuroscience and Healthcare |  |  |
| Ordinary income | &nbsp;&nbsp; $15171 | &nbsp;&nbsp;&nbsp; $945 |
| Self-Driving EV and Tech |  |  |
| Ordinary income | &nbsp;&nbsp; $3663824 | &nbsp;&nbsp;&nbsp; $6348356 |

---

As of July 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>| &nbsp;&nbsp; *Qualified* <br>*Late-Year* <br>*Ordinary Losses*<sup>(c)</sup> <br>| *Total* |
| Breakthrough Environmental Solutions | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(628073) | &nbsp;&nbsp;&nbsp; $(25102) | &nbsp;&nbsp;&nbsp; $(3965) | &nbsp;&nbsp;&nbsp; $(657140) |
| Cybersecurity and Tech | &nbsp;&nbsp; 644333 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (7960838) | &nbsp;&nbsp;&nbsp; 131840411 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 124523906 |
| Energy Storage & Materials | &nbsp;&nbsp; 8584 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (339778) | &nbsp;&nbsp;&nbsp; (273202) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (604396) |
| Exponential Technologies | &nbsp;&nbsp; 9604894 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (58634044) | &nbsp;&nbsp;&nbsp; 861329200 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 812300050 |
| Future Cloud 5G and Tech | &nbsp;&nbsp; 7992 | &nbsp;&nbsp;&nbsp; 218629 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1601894 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1828515 |
| Genomics Immunology and <br> Healthcare<br>| &nbsp;&nbsp; 777279 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (150104640) | &nbsp;&nbsp;&nbsp; (17845844) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (167173205) |
| Neuroscience and Healthcare | &nbsp;&nbsp; 25824 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (232959) | &nbsp;&nbsp;&nbsp; (226423) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (433558) |
| Self-Driving EV and Tech | &nbsp;&nbsp; 1185725 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (162876939) | &nbsp;&nbsp;&nbsp; (13581364) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (175272578) |

---

2025 iShares Annual Financial Statements and Additional Information

------

*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 foreign currency contracts and 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 July 31, 2025, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

---

| | |
|:---|:---|
| *iShares ETF* | *Utilized*  |
| Cybersecurity and Tech | &nbsp;&nbsp; $17589354 |
| Exponential Technologies | &nbsp;&nbsp; 67844498 |
| Future Cloud 5G and Tech | &nbsp;&nbsp; 558485 |
| Neuroscience and Healthcare | &nbsp;&nbsp; 22601 |

---

As of July 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>|
| Breakthrough Environmental Solutions | &nbsp;&nbsp; $3833292 | &nbsp;&nbsp;&nbsp; $452803 | &nbsp;&nbsp;&nbsp; $(477960) | &nbsp;&nbsp;&nbsp; $(25157) |
| Cybersecurity and Tech | &nbsp;&nbsp; 836974921 | &nbsp;&nbsp;&nbsp; 205862370 | &nbsp;&nbsp;&nbsp; (74014066) | &nbsp;&nbsp;&nbsp; 131848304 |
| Energy Storage & Materials | &nbsp;&nbsp; 7193723 | &nbsp;&nbsp;&nbsp; 854820 | &nbsp;&nbsp;&nbsp; (1128126) | &nbsp;&nbsp;&nbsp; (273306) |
| Exponential Technologies | &nbsp;&nbsp; 2609618981 | &nbsp;&nbsp;&nbsp; 970242870 | &nbsp;&nbsp;&nbsp; (108812078) | &nbsp;&nbsp;&nbsp; 861430792 |
| Future Cloud 5G and Tech | &nbsp;&nbsp; 7222009 | &nbsp;&nbsp;&nbsp; 2313148 | &nbsp;&nbsp;&nbsp; (711137) | &nbsp;&nbsp;&nbsp; 1602011 |
| Genomics Immunology and Healthcare | &nbsp;&nbsp; 143770930 | &nbsp;&nbsp;&nbsp; 10144358 | &nbsp;&nbsp;&nbsp; (28000224) | &nbsp;&nbsp;&nbsp; (17855866) |
| Neuroscience and Healthcare | &nbsp;&nbsp; 4862036 | &nbsp;&nbsp;&nbsp; 596411 | &nbsp;&nbsp;&nbsp; (822761) | &nbsp;&nbsp;&nbsp; (226350) |
| Self-Driving EV and Tech | &nbsp;&nbsp; 181273913 | &nbsp;&nbsp;&nbsp; 18397748 | &nbsp;&nbsp;&nbsp; (32027983) | &nbsp;&nbsp;&nbsp; (13630235) |

---

***9. LINE OF CREDIT***

iShares Breakthrough Environmental Solutions ETF, iShares Cybersecurity and Tech ETF, iShares Exponential Technologies ETF, iShares Future Cloud 5G and Tech ETF, iShares Genomics Immunology and Healthcare ETF and iShares Self Driving EV and Tech ETF, along with certain other iShares funds ("Participating Funds"), are parties to a $800 million credit agreement ("Syndicated Credit Agreement") with a group of lenders, which expires on October 15, 2025. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate ("SOFR") plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund's relative exposure to certain target markets or a Participating Fund's maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the year ended July 31, 2025, the iShares Breakthrough Environmental Solutions ETF iShares Future Cloud 5G and Tech ETF, iShares Genomics Immunology and Healthcare ETF and iShares Self-Driving EV and Tech ETF did not borrow under the Syndicated Credit Agreement.

For the year ended July 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>|
| Cybersecurity and Tech | &nbsp;&nbsp; $11500000 | &nbsp;&nbsp;&nbsp; $126027 | &nbsp;&nbsp;&nbsp;&nbsp;5.40% |
| Exponential Technologies | &nbsp;&nbsp; 18000000 | &nbsp;&nbsp;&nbsp; 197260 | &nbsp;&nbsp;&nbsp;&nbsp;5.40 |

---

***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.

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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

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

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

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

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

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

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

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

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

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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>07/31/25 | Year Ended <br>07/31/25 | Year Ended <br>07/31/24 | Year Ended <br>07/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| Cybersecurity and Tech |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; $55435669 | &nbsp;&nbsp;&nbsp; 3800000 | &nbsp;&nbsp;&nbsp; $167792535 |
| Shares redeemed | &nbsp;&nbsp; (1550000)<br>| &nbsp;&nbsp;&nbsp; (77521096)<br>| &nbsp;&nbsp;&nbsp; (1000000)<br>| &nbsp;&nbsp;&nbsp; (41554712)<br>|
|  | &nbsp;&nbsp; (450000)<br>| &nbsp;&nbsp;&nbsp; $(22085427)<br>| &nbsp;&nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp; $126237823 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>07/31/25 | Year Ended <br>07/31/25 | Period Ended <br>07/31/24<sup>(a)</sup>  | Period Ended <br>07/31/24<sup>(a)</sup>  |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| Energy Storage & Materials |  |  |  |  |
| Shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp; $9003006 |
| Shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (80000)<br>| &nbsp;&nbsp;&nbsp; (1882258)<br>|
|  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp; $7120748 |

---

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>07/31/25 | Year Ended <br>07/31/25 | Year Ended <br>07/31/24 | Year Ended <br>07/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| Exponential Technologies |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1850000 | &nbsp;&nbsp;&nbsp; $99665887 | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; $27918395 |
| Shares redeemed | &nbsp;&nbsp; (7850000)<br>| &nbsp;&nbsp;&nbsp; (484883799)<br>| &nbsp;&nbsp;&nbsp; (2100000)<br>| &nbsp;&nbsp;&nbsp; (116943588)<br>|
|  | &nbsp;&nbsp; (6000000)<br>| &nbsp;&nbsp;&nbsp; $(385217912)<br>| &nbsp;&nbsp;&nbsp; (1600000)<br>| &nbsp;&nbsp;&nbsp; $(89025193)<br>|
| Genomics Immunology and Healthcare |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; $4488876 | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; $12613591 |
| Shares redeemed | &nbsp;&nbsp; (700000)<br>| &nbsp;&nbsp;&nbsp; (15698909)<br>| &nbsp;&nbsp;&nbsp; (950000)<br>| &nbsp;&nbsp;&nbsp; (21140816)<br>|
|  | &nbsp;&nbsp; (500000)<br>| &nbsp;&nbsp;&nbsp; $(11210033)<br>| &nbsp;&nbsp;&nbsp; (400000)<br>| &nbsp;&nbsp;&nbsp; $(8527225)<br>|
| Neuroscience and Healthcare |  |  |  |  |
| Shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; (50000)<br>| &nbsp;&nbsp;&nbsp; $(1143238)<br>|
| Self-Driving EV and Tech |  |  |  |  |
| Shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $44271 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— |
| Shares redeemed | &nbsp;&nbsp; (2100000)<br>| &nbsp;&nbsp;&nbsp; (61675462)<br>| &nbsp;&nbsp;&nbsp; (4100000)<br>| &nbsp;&nbsp;&nbsp; (130249809)<br>|
|  | &nbsp;&nbsp; (2100000)<br>| &nbsp;&nbsp;&nbsp; $(61631191)<br>| &nbsp;&nbsp;&nbsp; (4100000)<br>| &nbsp;&nbsp;&nbsp; $(130249809)<br>|

---

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

<sup>(a)</sup> The Fund commenced operations on March 19, 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 items were noted:

On June 11, 2025, the Board approved the liquidation of iShares Future Cloud 5G and Tech ETF. After the close of business on August 18, 2025, the Fund no longer accepted creation orders. Trading in the Fund halted prior to market open on August 19, 2025. Proceeds of the liquidation were sent to shareholders on August 21, 2025.

On July 24, 2025, the iShares Exponential Technologies ETF announced to change its name to iShares Future Exponential Technologies ETF. The change became effective on September 22, 2025.

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 eight 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 (eight of the funds constituting iShares Trust, hereafter collectively referred to as the "Funds") as of July 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 July 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 Breakthrough Environmental Solutions ETF<sup>(1)</sup> <br>|
| iShares Cybersecurity and Tech ETF<sup>(1)</sup> <br>|
| iShares Energy Storage & Materials ETF<sup>(2)</sup> <br>|
| iShares Exponential Technologies ETF<sup>\*</sup><sup>(1)</sup> <br>|
| iShares Future Cloud 5G and Tech ETF<sup>(1)</sup> <br>|
| iShares Genomics Immunology and Healthcare ETF<sup>(1)</sup> <br>|
| iShares Neuroscience and Healthcare ETF<sup>(1)</sup> <br>|
| iShares Self-Driving EV and Tech ETF <sup>(1)</sup> <br>|
| <sup>\*</sup> *Effective September 22, 2025, fund name changed to iShares Future Exponential Technologies ETF as described in Note 12* |

---

<sup>(1)</sup> Statement of operations for the year ended July 31, 2025 and the statement of changes in net assets for each of the two years in the period ended July 31, 2025

<sup>(2)</sup> Statement of operations for the year ended July 31, 2025 and the statement of changes in net assets for the year ended July 31, 2025 and for the period March 19, 2024 (commencement of operations) through July 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 July 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

September 23, 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 July 31, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Dividend* <br>*Income*<br>|
| Breakthrough Environmental Solutions | &nbsp;&nbsp; $28278 |
| Cybersecurity and Tech | &nbsp;&nbsp; 3988584 |
| Energy Storage & Materials | &nbsp;&nbsp; 112853 |
| Exponential Technologies | &nbsp;&nbsp; 31337996 |
| Future Cloud 5G and Tech | &nbsp;&nbsp; 69728 |
| Genomics Immunology and Healthcare | &nbsp;&nbsp; 1350384 |
| Neuroscience and Healthcare | &nbsp;&nbsp; 2751 |
| Self-Driving EV and Tech | &nbsp;&nbsp; 1954563 |

---

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended July 31, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Business* <br>*Income*<br>|
| Exponential Technologies | &nbsp;&nbsp; $711553 |
| Future Cloud 5G and Tech | &nbsp;&nbsp; 8523 |

---

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 July 31, 2025:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Foreign Source* <br>*Income Earned*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Foreign* <br>*Taxes Paid*<br>|
| Breakthrough Environmental Solutions | &nbsp;&nbsp; $27954 | &nbsp;&nbsp;&nbsp;&nbsp; $2905 |
| Energy Storage & Materials | &nbsp;&nbsp; 104658 | &nbsp;&nbsp;&nbsp;&nbsp; 13412 |
| Self-Driving EV and Tech | &nbsp;&nbsp; 1886617 | &nbsp;&nbsp;&nbsp;&nbsp; 264893 |

---

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended July 31, 2025 qualified for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| *iShares ETF* | *Dividends-Received* <br>*Deduction*<br>|
| Breakthrough Environmental Solutions | 21.99<br> %<br>|
| Cybersecurity and Tech | 100.00<br> %<br>|
| Energy Storage & Materials | 16.44<br> %<br>|
| Exponential Technologies | 39.07<br> %<br>|
| Future Cloud 5G and Tech | 44.73<br> %<br>|
| Genomics Immunology and Healthcare | 17.10<br> %<br>|
| Self-Driving EV and Tech | 7.13<br> %<br>|

---

2025 iShares Annual Financial Statements and Additional Information

------

Additional Information

**Premium/Discount Information**

Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at **iShares.com**.

**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 Breakthrough Environmental Solutions ETF, iShares Energy Storage & Materials ETF, iShares Genomics Immunology and Healthcare ETF, iShares Neuroscience and Healthcare 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 within range of the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the

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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

Board Review and Approval of Investment Advisory Contract

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Board Review and Approval of Investment Advisory Contract (continued)

for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares Cybersecurity and Tech ETF, iShares Future Cloud 5G and Tech ETF, iShares Self-Driving EV and Tech 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.

2025 iShares Annual Financial Statements and Additional Information

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Board Review and Approval of Investment Advisory Contract (continued)

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates 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.

**iShares Exponential Technologies 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

2025 iShares Annual Financial Statements and Additional Information

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Board Review and Approval of Investment Advisory Contract (continued)

the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund's investment advisory fee rate. The Board reviewed all of the breakpoint arrangements and noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

2025 iShares Annual Financial Statements and Additional Information

------

Glossary of Terms Used in these Financial Statements

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

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| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ADR | American Depositary Receipt |
| NVS | Non-Voting Shares |

---

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 ICE Data Indices, LLC, Morningstar Inc. or STOXX Ltd., nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies 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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July 31, 2025

![](g68177img4f359d571.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 Global Equity Factor ETF \| GLOF \| NYSE Arca |
| • iShares International Equity Factor ETF \| INTF \| NYSE Arca |
| • iShares International Small-Cap Equity Factor ETF \| ISCF \| NYSE Arca |
| • iShares MSCI EAFE Min Vol Factor ETF \| EFAV \| Cboe BZX Exchange |

---

------

**Table of Contents**

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

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_a3b6cef3-78f8-49ce-92cd-42fd230f9249_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_a3b6cef3-78f8-49ce-92cd-42fd230f9249_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 35 |
| [Statements of Operations](#xx_a3b6cef3-78f8-49ce-92cd-42fd230f9249_FS-Footer-iSharesReport_2)  | &nbsp;&nbsp; 36 |
| [Statements of Changes in Net Assets](#xx_a3b6cef3-78f8-49ce-92cd-42fd230f9249_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 37 |
| [Financial Highlights](#xx_a3b6cef3-78f8-49ce-92cd-42fd230f9249_FS-Footer-iSharesReport_5)  | &nbsp;&nbsp; 39 |
| [Notes to Financial Statements](#xx_a3b6cef3-78f8-49ce-92cd-42fd230f9249_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 43 |
| [Report of Independent Registered Public Accounting Firm](#xx_a3b6cef3-78f8-49ce-92cd-42fd230f9249_opinion-Footer-iSharesReport_1)  | &nbsp;&nbsp; 53 |
| [Important Tax Information](#xx_a3b6cef3-78f8-49ce-92cd-42fd230f9249_Tax-annual-Footer-iSharesReport_1)  | &nbsp;&nbsp; 54 |
| [Additional Information](#xx_a3b6cef3-78f8-49ce-92cd-42fd230f9249_SAI-Footer-iSharesReport-330_1)  | &nbsp;&nbsp; 55 |
| [Board Review and Approval of Investment Advisory Contract](#xx_a3b6cef3-78f8-49ce-92cd-42fd230f9249_15Cheader-Footer-iSharesReport_1)  | &nbsp;&nbsp; 56 |
| [Glossary of Terms Used in these Financial Statements](#xx_a3b6cef3-78f8-49ce-92cd-42fd230f9249_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 60 |

---

------

Schedule of Investments

July 31, 2025

**iShares® Global Equity Factor ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 1.8%** | **Australia — 1.8%** | **Australia — 1.8%** |
| AGL Energy Ltd. | &nbsp;&nbsp; 7506 | $46778 |
| Aurizon Holdings Ltd. | &nbsp;&nbsp; 59079 | 122638 |
| Bendigo & Adelaide Bank Ltd. | &nbsp;&nbsp; 5382 | 42164 |
| BHP Group Ltd. | &nbsp;&nbsp; 10851 | 274044 |
| BlueScope Steel Ltd. | &nbsp;&nbsp; 1837 | 27849 |
| Brambles Ltd. | &nbsp;&nbsp; 12735 | 194838 |
| Commonwealth Bank of Australia | &nbsp;&nbsp; 1110 | 126018 |
| Fortescue Ltd. | &nbsp;&nbsp; 21567 | 244015 |
| Goodman Group | &nbsp;&nbsp; 2236 | 49993 |
| JB Hi-Fi Ltd. | &nbsp;&nbsp; 3669 | 261314 |
| Lottery Corp. Ltd. (The) | &nbsp;&nbsp; 7380 | 25597 |
| Macquarie Group Ltd. | &nbsp;&nbsp; 1093 | 151365 |
| Pro Medicus Ltd. | &nbsp;&nbsp; 707 | 145186 |
| Rio Tinto Ltd. | &nbsp;&nbsp; 6269 | 445838 |
| Stockland | &nbsp;&nbsp; 54310 | 192544 |
| Telix Pharmaceuticals Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3220 | 43139 |
| Telstra Group Ltd. | &nbsp;&nbsp; 8470 | 26995 |
| Woolworths Group Ltd. | &nbsp;&nbsp; 4931 | 99547 |
| Yancoal Australia Ltd. | &nbsp;&nbsp; 16732 | 67576 |
|  |  | 2587438 |
| **Austria — 0.2%** | **Austria — 0.2%** | **Austria — 0.2%** |
| BAWAG Group AG<sup>(c)</sup> | &nbsp;&nbsp; 235 | 29659 |
| OMV AG | &nbsp;&nbsp; 2645 | 134705 |
| Raiffeisen Bank International AG | &nbsp;&nbsp; 4292 | 123929 |
| Strabag SE | &nbsp;&nbsp; 572 | 53774 |
| Verbund AG | &nbsp;&nbsp; 363 | 27029 |
|  |  | 369096 |
| **Belgium — 0.3%** | **Belgium — 0.3%** | **Belgium — 0.3%** |
| Ageas SA | &nbsp;&nbsp; 4631 | 314872 |
| Colruyt Group NV | &nbsp;&nbsp; 864 | 36907 |
| Syensqo SA | &nbsp;&nbsp; 703 | 55717 |
|  |  | 407496 |
| **Brazil — 0.5%** | **Brazil — 0.5%** | **Brazil — 0.5%** |
| BB Seguridade Participacoes SA | &nbsp;&nbsp; 5352 | 32210 |
| CPFL Energia SA | &nbsp;&nbsp; 5919 | 40073 |
| CSN Mineracao SA | &nbsp;&nbsp; 19637 | 17675 |
| Embraer SA | &nbsp;&nbsp; 15074 | 217137 |
| NU Holdings Ltd./Cayman Islands, Class A<sup>(a)</sup> | &nbsp;&nbsp; 13431 | 164127 |
| Petroleo Brasileiro SA - Petrobras | &nbsp;&nbsp; 17610 | 112556 |
| TIM SA/Brazil | &nbsp;&nbsp; 26629 | 98487 |
|  |  | 682265 |
| **Canada — 2.9%** | **Canada — 2.9%** | **Canada — 2.9%** |
| ARC Resources Ltd. | &nbsp;&nbsp; 10740 | 209669 |
| Celestica Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2263 | 452420 |
| CGI Inc. | &nbsp;&nbsp; 271 | 26126 |
| Dollarama Inc. | &nbsp;&nbsp; 1821 | 248889 |
| Element Fleet Management Corp. | &nbsp;&nbsp; 3888 | 101128 |
| Fairfax Financial Holdings Ltd. | &nbsp;&nbsp; 77 | 136193 |
| George Weston Ltd. | &nbsp;&nbsp; 2069 | 393149 |
| Hydro One Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 10246 | 362337 |
| Imperial Oil Ltd. | &nbsp;&nbsp; 2790 | 232628 |
| Loblaw Companies Ltd. | &nbsp;&nbsp; 4690 | 758436 |
| Manulife Financial Corp. | &nbsp;&nbsp; 11197 | 346431 |
| Nutrien Ltd. | &nbsp;&nbsp; 3515 | 208551 |
| Onex Corp. | &nbsp;&nbsp; 1846 | 150174 |
| Royal Bank of Canada | &nbsp;&nbsp; 168 | 21556 |
| Suncor Energy Inc. | &nbsp;&nbsp; 793 | 31277 |
| Thomson Reuters Corp. | &nbsp;&nbsp; 2723 | 546487 |
|  |  | 4225451 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Chile — 0.0%** | **Chile — 0.0%** | **Chile — 0.0%** |
| Colbun SA | &nbsp;&nbsp; 157884 | $23373 |
| Enel Chile SA | &nbsp;&nbsp; 793844 | 50849 |
|  |  | 74222 |
| **China — 3.5%** | **China — 3.5%** | **China — 3.5%** |
| 3SBio Inc.<sup>(c)</sup> | &nbsp;&nbsp; 5000 | 20213 |
| Agricultural Bank of China Ltd., Class A | &nbsp;&nbsp; 207700 | 181378 |
| Agricultural Bank of China Ltd., Class H | &nbsp;&nbsp; 44000 | 28825 |
| Atour Lifestyle Holdings Ltd., ADR | &nbsp;&nbsp; 2927 | 98991 |
| Bank of Beijing Co. Ltd., Class A | &nbsp;&nbsp; 24000 | 21461 |
| Bank of China Ltd., Class A | &nbsp;&nbsp; 150000 | 115465 |
| Bank of China Ltd., Class H | &nbsp;&nbsp; 69000 | 39828 |
| Bank of Communications Co. Ltd., Class A | &nbsp;&nbsp; 76700 | 81328 |
| Bank of Communications Co. Ltd., Class H | &nbsp;&nbsp; 42000 | 37836 |
| Bank of Shanghai Co. Ltd., Class A | &nbsp;&nbsp; 24000 | 34034 |
| Bosideng International Holdings Ltd. | &nbsp;&nbsp; 148000 | 84463 |
| China CITIC Financial Asset Management Co. Ltd., <br> Class H<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 545000 | 84627 |
| China Construction Bank Corp., Class A | &nbsp;&nbsp; 18400 | 24004 |
| China Construction Bank Corp., Class H | &nbsp;&nbsp; 422000 | 431623 |
| China Merchants Securities Co. Ltd., Class H<sup>(b)(c)</sup> | &nbsp;&nbsp; 15200 | 31422 |
| China Nonferrous Mining Corp Ltd. | &nbsp;&nbsp; 41000 | 39835 |
| China Petroleum & Chemical Corp., Class H | &nbsp;&nbsp; 366000 | 214777 |
| China Shenhua Energy Co. Ltd., Class H | &nbsp;&nbsp; 3500 | 15170 |
| China Tower Corp. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 16000 | 22389 |
| Chongqing Rural Commercial Bank Co. Ltd., Class A | &nbsp;&nbsp; 17100 | 16071 |
| Chongqing Rural Commercial Bank Co. Ltd., Class H | &nbsp;&nbsp; 71000 | 56313 |
| Cosco Shipping Holdings Co. Ltd., Class H | &nbsp;&nbsp; 16500 | 30161 |
| CSC Financial Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 26500 | 42356 |
| Giant Biogene Holding Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 16200 | 115518 |
| Greentown China Holdings Ltd. | &nbsp;&nbsp; 11000 | 13836 |
| Guosen Securities Co. Ltd., Class A | &nbsp;&nbsp; 18000 | 33046 |
| Hanergy Thin Film Power Group Ltd.<sup>(a)(d)</sup> | &nbsp;&nbsp; 659 |  |
| Hisense Home Appliances Group Co. Ltd., Class H | &nbsp;&nbsp; 11000 | 31545 |
| Huatai Securities Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 44800 | 103110 |
| Industrial & Commercial Bank of China Ltd., Class A | &nbsp;&nbsp; 228300 | 239263 |
| Industrial Bank Co. Ltd., Class A | &nbsp;&nbsp; 28700 | 89977 |
| Kuaishou Technology<sup>(a)(c)</sup> | &nbsp;&nbsp; 10400 | 101546 |
| Kunlun Energy Co. Ltd. | &nbsp;&nbsp; 134000 | 129089 |
| Laopu Gold Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 800 | 71903 |
| Lenovo Group Ltd. | &nbsp;&nbsp; 20000 | 25645 |
| Li Auto Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 6700 | 87714 |
| Meituan, Class B<sup>(a)(c)</sup> | &nbsp;&nbsp; 8900 | 137305 |
| Midea Group Co. Ltd., Class A | &nbsp;&nbsp; 2700 | 26223 |
| Midea Group Co. Ltd., Class H | &nbsp;&nbsp; 2900 | 28099 |
| NetEase Cloud Music Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 2450 | 79382 |
| NetEase Inc. | &nbsp;&nbsp; 900 | 23528 |
| Nongfu Spring Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 33200 | 191818 |
| PDD Holdings Inc., ADR<sup>(a)</sup> | &nbsp;&nbsp; 3794 | 430429 |
| PetroChina Co. Ltd., Class A | &nbsp;&nbsp; 73000 | 89753 |
| PetroChina Co. Ltd., Class H | &nbsp;&nbsp; 396000 | 386984 |
| Pop Mart International Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1400 | 43671 |
| Postal Savings Bank of China Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 163000 | 115145 |
| Shaanxi Coal Industry Co. Ltd., Class A | &nbsp;&nbsp; 20000 | 55772 |
| Shanghai Pudong Development Bank Co. Ltd., Class A | &nbsp;&nbsp; 14200 | 25191 |
| Sichuan Biokin Pharmaceutical Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 400 | 17011 |
| Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd., <br> Class H<sup>(a)</sup><br>| &nbsp;&nbsp; 1700 | 89708 |
| Simcere Pharmaceutical Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 27000 | 45275 |
| Sinotruk Hong Kong Ltd. | &nbsp;&nbsp; 22000 | 67046 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 4500 | 315055 |
| Trip.com Group Ltd. | &nbsp;&nbsp; 450 | 27937 |
| Uni-President China Holdings Ltd. | &nbsp;&nbsp; 39000 | 49271 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Global Equity Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Vipshop Holdings Ltd., ADR | &nbsp;&nbsp; 2471 | $37287 |
|  |  | 5076652 |
| **Colombia — 0.0%** | **Colombia — 0.0%** | **Colombia — 0.0%** |
| Grupo Cibest SA | &nbsp;&nbsp; 2236 | 29113 |
| Interconexion Electrica SA ESP | &nbsp;&nbsp; 4327 | 21709 |
|  |  | 50822 |
| **Czech Republic — 0.1%** | **Czech Republic — 0.1%** | **Czech Republic — 0.1%** |
| CEZ AS | &nbsp;&nbsp; 1993 | 115473 |
| **Denmark — 0.6%** | **Denmark — 0.6%** | **Denmark — 0.6%** |
| AP Moller - Maersk A/S, Class B, NVS | &nbsp;&nbsp; 26 | 51344 |
| Carlsberg A/S, Class B | &nbsp;&nbsp; 642 | 80036 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp; 8618 | 400806 |
| Pandora A/S | &nbsp;&nbsp; 2011 | 332007 |
|  |  | 864193 |
| **Egypt — 0.0%** | **Egypt — 0.0%** | **Egypt — 0.0%** |
| Talaat Moustafa Group | &nbsp;&nbsp; 24546 | 26938 |
| **France — 1.5%** | **France — 1.5%** | **France — 1.5%** |
| Christian Dior SE, NVS | &nbsp;&nbsp; 60 | 30677 |
| Credit Agricole SA | &nbsp;&nbsp; 24868 | 457683 |
| Eiffage SA | &nbsp;&nbsp; 1877 | 251960 |
| Engie SA | &nbsp;&nbsp; 10020 | 225232 |
| L'Oreal SA | &nbsp;&nbsp; 120 | 53098 |
| Publicis Groupe SA | &nbsp;&nbsp; 4306 | 393490 |
| Schneider Electric SE | &nbsp;&nbsp; 30 | 7764 |
| Societe Generale SA | &nbsp;&nbsp; 3701 | 236229 |
| TotalEnergies SE | &nbsp;&nbsp; 2867 | 170487 |
| Unibail-Rodamco-Westfield, New | &nbsp;&nbsp; 3318 | 321645 |
|  |  | 2148265 |
| **Germany — 1.0%** | **Germany — 1.0%** | **Germany — 1.0%** |
| Bayerische Motoren Werke AG | &nbsp;&nbsp; 4397 | 418381 |
| Commerzbank AG | &nbsp;&nbsp; 8490 | 309595 |
| Deutsche Boerse AG | &nbsp;&nbsp; 245 | 70900 |
| Deutsche Telekom AG, Registered | &nbsp;&nbsp; 3301 | 118393 |
| E.ON SE | &nbsp;&nbsp; 18855 | 343976 |
| Heidelberg Materials AG | &nbsp;&nbsp; 666 | 153643 |
| Mercedes-Benz Group AG | &nbsp;&nbsp; 1300 | 73606 |
|  |  | 1488494 |
| **Greece — 0.3%** | **Greece — 0.3%** | **Greece — 0.3%** |
| FF Group<sup>(a)(d)</sup> | &nbsp;&nbsp; 165 |  |
| Motor Oil Hellas Corinth Refineries SA | &nbsp;&nbsp; 1580 | 45263 |
| National Bank of Greece SA | &nbsp;&nbsp; 10535 | 146948 |
| OPAP SA | &nbsp;&nbsp; 4770 | 107019 |
| Piraeus Financial Holdings SA | &nbsp;&nbsp; 10156 | 78094 |
|  |  | 377324 |
| **Hong Kong — 0.2%** | **Hong Kong — 0.2%** | **Hong Kong — 0.2%** |
| CLP Holdings Ltd. | &nbsp;&nbsp; 4500 | 39059 |
| Futu Holdings Ltd., ADR | &nbsp;&nbsp; 181 | 27816 |
| Jardine Matheson Holdings Ltd. | &nbsp;&nbsp; 1000 | 54301 |
| Swire Properties Ltd. | &nbsp;&nbsp; 31000 | 83087 |
| WH Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 138000 | 138157 |
|  |  | 342420 |
| **Hungary — 0.1%** | **Hungary — 0.1%** | **Hungary — 0.1%** |
| MOL Hungarian Oil & Gas PLC | &nbsp;&nbsp; 8923 | 77528 |
| **India — 1.4%** | **India — 1.4%** | **India — 1.4%** |
| ABB India Ltd. | &nbsp;&nbsp; 1740 | 108956 |
| Bharat Electronics Ltd. | &nbsp;&nbsp; 11442 | 49707 |
| Coal India Ltd. | &nbsp;&nbsp; 28332 | 121160 |
| Cochin Shipyard Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2340 | 46929 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Colgate-Palmolive India Ltd. | &nbsp;&nbsp; 1363 | $34851 |
| CRISIL Ltd. | &nbsp;&nbsp; 660 | 39884 |
| GE Vernova T&D India Ltd. | &nbsp;&nbsp; 4158 | 129431 |
| General Insurance Corp. of India<sup>(c)</sup> | &nbsp;&nbsp; 4200 | 18685 |
| GlaxoSmithKline Pharmaceuticals Ltd. | &nbsp;&nbsp; 1471 | 52844 |
| Glenmark Pharmaceuticals Ltd. | &nbsp;&nbsp; 2404 | 58342 |
| Godrej Properties Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2744 | 65428 |
| Hindustan Aeronautics Ltd. | &nbsp;&nbsp; 5442 | 280078 |
| Housing & Urban Development Corp. Ltd. | &nbsp;&nbsp; 10768 | 25934 |
| Indian Oil Corp. Ltd. | &nbsp;&nbsp; 15720 | 25970 |
| Mazagon Dock Shipbuilders Ltd. | &nbsp;&nbsp; 1865 | 58521 |
| Motilal Oswal Financial Services Ltd. | &nbsp;&nbsp; 5604 | 58003 |
| NMDC Ltd. | &nbsp;&nbsp; 56230 | 45195 |
| NTPC Green Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 28424 | 33513 |
| Oil & Natural Gas Corp. Ltd. | &nbsp;&nbsp; 33060 | 90576 |
| Oil India Ltd. | &nbsp;&nbsp; 3836 | 19188 |
| Power Finance Corp. Ltd. | &nbsp;&nbsp; 48120 | 223991 |
| REC Ltd. | &nbsp;&nbsp; 44450 | 199239 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp; 3901 | 134532 |
| Tata Investment Corp. Ltd. | &nbsp;&nbsp; 434 | 33604 |
| Vishal Mega Mart Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 39847 | 63236 |
|  |  | 2017797 |
| **Indonesia — 0.1%** | **Indonesia — 0.1%** | **Indonesia — 0.1%** |
| Adaro Andalan Indonesia PT<sup>(a)</sup> | &nbsp;&nbsp; 93900 | 38804 |
| Alamtri Resources Indonesia Tbk PT | &nbsp;&nbsp; 484500 | 54311 |
| United Tractors Tbk PT | &nbsp;&nbsp; 49600 | 72680 |
|  |  | 165795 |
| **Ireland — 0.4%** | **Ireland — 0.4%** | **Ireland — 0.4%** |
| AIB Group PLC | &nbsp;&nbsp; 69894 | 551369 |
| **Israel — 0.4%** | **Israel — 0.4%** | **Israel — 0.4%** |
| Bank Leumi Le-Israel BM | &nbsp;&nbsp; 5051 | 93437 |
| Check Point Software Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 540 | 100548 |
| Israel Corp Ltd. | &nbsp;&nbsp; 133 | 41224 |
| Israel Discount Bank Ltd., Class A | &nbsp;&nbsp; 6669 | 63779 |
| Phoenix Financial Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 7476 | 254731 |
|  |  | 553719 |
| **Italy — 1.4%** | **Italy — 1.4%** | **Italy — 1.4%** |
| Banca Mediolanum SpA | &nbsp;&nbsp; 3637 | 64152 |
| Banco BPM SpA | &nbsp;&nbsp; 9509 | 121270 |
| BPER Banca SpA | &nbsp;&nbsp; 19143 | 188377 |
| Enel SpA | &nbsp;&nbsp; 18431 | 162530 |
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 25529 | 153819 |
| Poste Italiane SpA<sup>(c)</sup> | &nbsp;&nbsp; 6111 | 132028 |
| Prysmian SpA | &nbsp;&nbsp; 1219 | 97353 |
| Snam SpA | &nbsp;&nbsp; 38591 | 223645 |
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp; 13479 | 130422 |
| UniCredit SpA | &nbsp;&nbsp; 10635 | 782457 |
|  |  | 2056053 |
| **Japan — 6.3%** | **Japan — 6.3%** | **Japan — 6.3%** |
| ALSOK Co Ltd. | &nbsp;&nbsp; 6200 | 43187 |
| Amada Co. Ltd. | &nbsp;&nbsp; 3900 | 43976 |
| Asics Corp. | &nbsp;&nbsp; 21100 | 496046 |
| Canon Marketing Japan Inc. | &nbsp;&nbsp; 1800 | 65031 |
| Dai Nippon Printing Co. Ltd. | &nbsp;&nbsp; 4100 | 63138 |
| Dai-ichi Life Holdings Inc. | &nbsp;&nbsp; 5600 | 44308 |
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 4000 | 98128 |
| Daiwa Securities Group Inc. | &nbsp;&nbsp; 30800 | 214425 |
| Disco Corp. | &nbsp;&nbsp; 400 | 118211 |
| Ebara Corp. | &nbsp;&nbsp; 7600 | 138782 |
| ENEOS Holdings Inc. | &nbsp;&nbsp; 5400 | 28343 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Global Equity Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Fast Retailing Co. Ltd. | &nbsp;&nbsp; 100 | $30503 |
| Fuji Electric Co. Ltd. | &nbsp;&nbsp; 1300 | 64634 |
| Fujikura Ltd. | &nbsp;&nbsp; 3500 | 237588 |
| GMO Payment Gateway Inc. | &nbsp;&nbsp; 200 | 11147 |
| Hitachi Ltd. | &nbsp;&nbsp; 11800 | 361088 |
| Horiba Ltd. | &nbsp;&nbsp; 200 | 14709 |
| Hoya Corp. | &nbsp;&nbsp; 1100 | 138779 |
| Isetan Mitsukoshi Holdings Ltd. | &nbsp;&nbsp; 8300 | 117300 |
| ITOCHU Corp. | &nbsp;&nbsp; 3300 | 173094 |
| Iyogin Holdings Inc., NVS | &nbsp;&nbsp; 9800 | 113880 |
| Japan Post Bank Co. Ltd. | &nbsp;&nbsp; 7100 | 79245 |
| Japan Post Insurance Co. Ltd. | &nbsp;&nbsp; 2700 | 69132 |
| Japan Real Estate Investment Corp. | &nbsp;&nbsp; 172 | 139510 |
| Kamigumi Co. Ltd. | &nbsp;&nbsp; 3100 | 87121 |
| Kandenko Co. Ltd. | &nbsp;&nbsp; 700 | 16582 |
| KDX Realty Investment Corp. | &nbsp;&nbsp; 65 | 69853 |
| Konami Group Corp. | &nbsp;&nbsp; 500 | 67879 |
| Kuraray Co. Ltd. | &nbsp;&nbsp; 1200 | 14836 |
| Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp; 13000 | 310393 |
| Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp; 25400 | 350082 |
| Mizuho Financial Group Inc. | &nbsp;&nbsp; 24600 | 721559 |
| MS&AD Insurance Group Holdings Inc. | &nbsp;&nbsp; 2700 | 57688 |
| Nintendo Co. Ltd. | &nbsp;&nbsp; 1500 | 125368 |
| Nippon Building Fund Inc. | &nbsp;&nbsp; 207 | 189887 |
| Nissan Motor Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 73000 | 154782 |
| Nomura Real Estate Holdings Inc. | &nbsp;&nbsp; 18000 | 99749 |
| Nomura Real Estate Master Fund Inc. | &nbsp;&nbsp; 99 | 104265 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 3600 | 142453 |
| OBIC Business Consultants Co. Ltd. | &nbsp;&nbsp; 700 | 40372 |
| ORIX Corp. | &nbsp;&nbsp; 2400 | 53911 |
| Orix JREIT Inc. | &nbsp;&nbsp; 67 | 87584 |
| Persol Holdings Co. Ltd. | &nbsp;&nbsp; 14700 | 28098 |
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 5900 | 350054 |
| Ricoh Co. Ltd. | &nbsp;&nbsp; 4000 | 35074 |
| Sankyo Co. Ltd. | &nbsp;&nbsp; 7300 | 136220 |
| Sanrio Co. Ltd. | &nbsp;&nbsp; 4200 | 172335 |
| Santen Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 11400 | 125958 |
| Sanwa Holdings Corp. | &nbsp;&nbsp; 7500 | 204614 |
| SBI Holdings Inc. | &nbsp;&nbsp; 700 | 26003 |
| SCREEN Holdings Co. Ltd. | &nbsp;&nbsp; 2200 | 171622 |
| SCSK Corp. | &nbsp;&nbsp; 1800 | 56007 |
| Sega Sammy Holdings Inc. | &nbsp;&nbsp; 1000 | 20442 |
| Socionext Inc. | &nbsp;&nbsp; 3800 | 71610 |
| Sompo Holdings Inc. | &nbsp;&nbsp; 1900 | 56025 |
| Sumitomo Mitsui Financial Group Inc. | &nbsp;&nbsp; 10400 | 262357 |
| Suzuken Co. Ltd. | &nbsp;&nbsp; 400 | 15119 |
| TIS Inc. | &nbsp;&nbsp; 3600 | 114847 |
| Tokio Marine Holdings Inc. | &nbsp;&nbsp; 3700 | 148566 |
| Tokyo Electron Ltd. | &nbsp;&nbsp; 500 | 79489 |
| Tokyo Gas Co. Ltd. | &nbsp;&nbsp; 7000 | 234420 |
| Tokyo Metro Co. Ltd. | &nbsp;&nbsp; 1600 | 17241 |
| Tokyo Ohka Kogyo Co. Ltd. | &nbsp;&nbsp; 4000 | 109558 |
| Tokyo Tatemono Co. Ltd. | &nbsp;&nbsp; 7000 | 117144 |
| Toppan Holdings Inc. | &nbsp;&nbsp; 9200 | 247924 |
| Toyota Motor Corp. | &nbsp;&nbsp; 3500 | 62257 |
| USS Co. Ltd. | &nbsp;&nbsp; 15900 | 172815 |
| Yamato Kogyo Co. Ltd. | &nbsp;&nbsp; 1600 | 89782 |
| Yamazaki Baking Co. Ltd. | &nbsp;&nbsp; 5100 | 108948 |
| Yokogawa Electric Corp. | &nbsp;&nbsp; 7500 | 199906 |
| Zensho Holdings Co. Ltd. | &nbsp;&nbsp; 3300 | 173657 |
|  |  | 9206640 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Malaysia — 0.1%** | **Malaysia — 0.1%** | **Malaysia — 0.1%** |
| Petronas Dagangan Bhd | &nbsp;&nbsp; 4200 | $21214 |
| YTL Corp. Bhd | &nbsp;&nbsp; 200740 | 116205 |
|  |  | 137419 |
| **Mexico — 0.1%** | **Mexico — 0.1%** | **Mexico — 0.1%** |
| Coca-Cola Femsa SAB de CV | &nbsp;&nbsp; 10778 | 89366 |
| Fomento Economico Mexicano SAB de CV | &nbsp;&nbsp; 2984 | 26939 |
|  |  | 116305 |
| **Netherlands — 1.2%** | **Netherlands — 1.2%** | **Netherlands — 1.2%** |
| Adyen NV<sup>(a)(c)</sup> | &nbsp;&nbsp; 76 | 130351 |
| Aegon Ltd. | &nbsp;&nbsp; 6554 | 46838 |
| Akzo Nobel NV | &nbsp;&nbsp; 1778 | 111661 |
| ASM International NV | &nbsp;&nbsp; 69 | 33400 |
| ASML Holding NV | &nbsp;&nbsp; 680 | 471290 |
| EXOR NV | &nbsp;&nbsp; 886 | 85390 |
| ING Groep NV | &nbsp;&nbsp; 1041 | 24261 |
| Koninklijke Ahold Delhaize NV | &nbsp;&nbsp; 16472 | 650585 |
| Koninklijke KPN NV | &nbsp;&nbsp; 26142 | 116789 |
| Wolters Kluwer NV | &nbsp;&nbsp; 191 | 29750 |
|  |  | 1700315 |
| **New Zealand — 0.1%** | **New Zealand — 0.1%** | **New Zealand — 0.1%** |
| Contact Energy Ltd. | &nbsp;&nbsp; 6840 | 36658 |
| Meridian Energy Ltd. | &nbsp;&nbsp; 15480 | 51980 |
|  |  | 88638 |
| **Norway — 0.6%** | **Norway — 0.6%** | **Norway — 0.6%** |
| DNB Bank ASA | &nbsp;&nbsp; 6013 | 152127 |
| Equinor ASA | &nbsp;&nbsp; 5832 | 149810 |
| Kongsberg Gruppen ASA | &nbsp;&nbsp; 8220 | 245639 |
| Orkla ASA | &nbsp;&nbsp; 14357 | 150979 |
| Var Energi ASA | &nbsp;&nbsp; 20100 | 68850 |
| Yara International ASA | &nbsp;&nbsp; 2296 | 84876 |
|  |  | 852281 |
| **Philippines — 0.1%** | **Philippines — 0.1%** | **Philippines — 0.1%** |
| International Container Terminal Services Inc. | &nbsp;&nbsp; 7800 | 59892 |
| Manila Electric Co. | &nbsp;&nbsp; 4200 | 38664 |
|  |  | 98556 |
| **Poland — 0.1%** | **Poland — 0.1%** | **Poland — 0.1%** |
| Asseco Poland SA | &nbsp;&nbsp; 1413 | 76232 |
| Budimex SA<sup>(b)</sup> | &nbsp;&nbsp; 432 | 64651 |
| CCC SA<sup>(a)</sup> | &nbsp;&nbsp; 1045 | 53693 |
| Orange Polska SA | &nbsp;&nbsp; 9282 | 21667 |
|  |  | 216243 |
| **Qatar — 0.1%** | **Qatar — 0.1%** | **Qatar — 0.1%** |
| Mesaieed Petrochemical Holding Co. | &nbsp;&nbsp; 135527 | 50326 |
| Ooredoo QPSC | &nbsp;&nbsp; 22803 | 84175 |
|  |  | 134501 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| Alrosa PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 59760 | 7 |
| PhosAgro PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 20 |  |
| PhosAgro PJSC, GDR<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 1 |  |
| United Co. RUSAL International PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 70560 | 9 |
|  |  | 16 |
| **Saudi Arabia — 0.2%** | **Saudi Arabia — 0.2%** | **Saudi Arabia — 0.2%** |
| Elm Co. | &nbsp;&nbsp; 874 | 211749 |
| Nahdi Medical Co. | &nbsp;&nbsp; 1320 | 43565 |
| SAL Saudi Logistics Services | &nbsp;&nbsp; 1116 | 51164 |
| Saudi Electricity Co. | &nbsp;&nbsp; 14731 | 57925 |
|  |  | 364403 |
| **Singapore — 0.6%** | **Singapore — 0.6%** | **Singapore — 0.6%** |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 900 | 33034 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Global Equity Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Singapore (continued)** | **Singapore (continued)** | **Singapore (continued)** |
| Jardine Cycle & Carriage Ltd. | &nbsp;&nbsp; 2100 | $42525 |
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 13900 | 180132 |
| Sembcorp Industries Ltd. | &nbsp;&nbsp; 30200 | 179572 |
| Singapore Airlines Ltd. | &nbsp;&nbsp; 10600 | 55365 |
| Singapore Technologies Engineering Ltd. | &nbsp;&nbsp; 32900 | 221327 |
| Wilmar International Ltd. | &nbsp;&nbsp; 13700 | 31008 |
| Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp; 90800 | 178098 |
|  |  | 921061 |
| **South Africa — 0.2%** | **South Africa — 0.2%** | **South Africa — 0.2%** |
| Exxaro Resources Ltd. | &nbsp;&nbsp; 6203 | 54238 |
| Harmony Gold Mining Co. Ltd. | &nbsp;&nbsp; 1596 | 21370 |
| MTN Group Ltd. | &nbsp;&nbsp; 9442 | 79360 |
| NEPI Rockcastle NV | &nbsp;&nbsp; 14150 | 108151 |
|  |  | 263119 |
| **South Korea — 1.7%** | **South Korea — 1.7%** | **South Korea — 1.7%** |
| CJ Corp. | &nbsp;&nbsp; 486 | 54024 |
| Coway Co. Ltd. | &nbsp;&nbsp; 1042 | 81271 |
| DB Insurance Co. Ltd. | &nbsp;&nbsp; 1523 | 139986 |
| Doosan Bobcat Inc. | &nbsp;&nbsp; 1628 | 64539 |
| Hana Financial Group Inc. | &nbsp;&nbsp; 7223 | 441608 |
| Hankook Tire & Technology Co. Ltd. | &nbsp;&nbsp; 2511 | 80094 |
| Hanmi Science Co. Ltd. | &nbsp;&nbsp; 989 | 35936 |
| Hanwha Aerospace Co. Ltd. | &nbsp;&nbsp; 92 | 65638 |
| Hyundai Glovis Co. Ltd. | &nbsp;&nbsp; 813 | 85880 |
| Hyundai Mobis Co. Ltd. | &nbsp;&nbsp; 634 | 133786 |
| Hyundai Motor Co. | &nbsp;&nbsp; 982 | 149389 |
| Hyundai Rotem Co. Ltd. | &nbsp;&nbsp; 463 | 66930 |
| KB Financial Group Inc. | &nbsp;&nbsp; 3308 | 262814 |
| KCC Corp. | &nbsp;&nbsp; 162 | 42974 |
| Kia Corp. | &nbsp;&nbsp; 3918 | 286683 |
| LG Uplus Corp. | &nbsp;&nbsp; 1997 | 21022 |
| LIG Nex1 Co. Ltd. | &nbsp;&nbsp; 42 | 18913 |
| LS Electric Co. Ltd. | &nbsp;&nbsp; 168 | 37080 |
| Mirae Asset Securities Co. Ltd. | &nbsp;&nbsp; 5330 | 72750 |
| Samsung C&T Corp. | &nbsp;&nbsp; 187 | 22561 |
| Samsung Card Co. Ltd. | &nbsp;&nbsp; 511 | 18294 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 375 | 19111 |
| Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp; 508 | 160370 |
| Samsung Life Insurance Co. Ltd. | &nbsp;&nbsp; 786 | 70948 |
| Samyang Foods Co. Ltd. | &nbsp;&nbsp; 26 | 26867 |
| Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp; 1243 | 60526 |
| SK Telecom Co. Ltd. | &nbsp;&nbsp; 386 | 15591 |
|  |  | 2535585 |
| **Spain — 0.7%** | **Spain — 0.7%** | **Spain — 0.7%** |
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 28171 | 469843 |
| Endesa SA | &nbsp;&nbsp; 5635 | 163017 |
| Iberdrola SA | &nbsp;&nbsp; 2913 | 51200 |
| Repsol SA | &nbsp;&nbsp; 26940 | 408458 |
|  |  | 1092518 |
| **Sweden — 1.0%** | **Sweden — 1.0%** | **Sweden — 1.0%** |
| Alfa Laval AB | &nbsp;&nbsp; 3594 | 156151 |
| H & M Hennes & Mauritz AB, Class B | &nbsp;&nbsp; 4590 | 61835 |
| Hemnet Group AB | &nbsp;&nbsp; 2921 | 84120 |
| Investor AB, Class B | &nbsp;&nbsp; 15788 | 457529 |
| Nordea Bank Abp | &nbsp;&nbsp; 23894 | 348656 |
| Securitas AB, Class B | &nbsp;&nbsp; 1320 | 19590 |
| Skandinaviska Enskilda Banken AB, Class A | &nbsp;&nbsp; 11067 | 193590 |
| SSAB AB, Class A | &nbsp;&nbsp; 7696 | 44380 |
| SSAB AB, Class B | &nbsp;&nbsp; 4247 | 24003 |
| Svenska Handelsbanken AB, Class A | &nbsp;&nbsp; 6346 | 77322 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| Volvo AB, Class A | &nbsp;&nbsp; 480 | $13761 |
|  |  | 1480937 |
| **Switzerland — 2.4%** | **Switzerland — 2.4%** | **Switzerland — 2.4%** |
| ABB Ltd., Registered | &nbsp;&nbsp; 10070 | 657552 |
| Alcon AG | &nbsp;&nbsp; 202 | 17709 |
| Cie Financiere Richemont SA, Class A, Registered | &nbsp;&nbsp; 507 | 82781 |
| Julius Baer Group Ltd. | &nbsp;&nbsp; 1102 | 74566 |
| Nestle SA, Registered | &nbsp;&nbsp; 858 | 74970 |
| Novartis AG, Registered | &nbsp;&nbsp; 11567 | 1317331 |
| Roche Holding AG, Bearer | &nbsp;&nbsp; 19 | 6314 |
| Roche Holding AG, NVS | &nbsp;&nbsp; 1008 | 314570 |
| Schindler Holding AG, Participation Certificates, NVS | &nbsp;&nbsp; 383 | 138507 |
| Schindler Holding AG, Registered | &nbsp;&nbsp; 377 | 132225 |
| SGS SA | &nbsp;&nbsp; 140 | 14226 |
| Swiss Life Holding AG, Registered | &nbsp;&nbsp; 28 | 29002 |
| UBS Group AG, Registered | &nbsp;&nbsp; 14922 | 554561 |
| Zurich Insurance Group AG | &nbsp;&nbsp; 196 | 133693 |
|  |  | 3548007 |
| **Taiwan — 2.1%** | **Taiwan — 2.1%** | **Taiwan — 2.1%** |
| Accton Technology Corp. | &nbsp;&nbsp; 3000 | 88603 |
| Chicony Electronics Co. Ltd. | &nbsp;&nbsp; 23000 | 100290 |
| Far EasTone Telecommunications Co. Ltd. | &nbsp;&nbsp; 6000 | 16364 |
| Fortune Electric Co. Ltd. | &nbsp;&nbsp; 2860 | 62946 |
| Global Unichip Corp. | &nbsp;&nbsp; 3000 | 120142 |
| King Slide Works Co. Ltd. | &nbsp;&nbsp; 2000 | 176099 |
| Lite-On Technology Corp. | &nbsp;&nbsp; 15000 | 59303 |
| MediaTek Inc. | &nbsp;&nbsp; 7000 | 316992 |
| Novatek Microelectronics Corp. | &nbsp;&nbsp; 20000 | 316074 |
| Realtek Semiconductor Corp. | &nbsp;&nbsp; 9000 | 172088 |
| Ruentex Industries Ltd. | &nbsp;&nbsp; 30000 | 52163 |
| Synnex Technology International Corp. | &nbsp;&nbsp; 18000 | 39891 |
| Taiwan Cooperative Financial Holding Co. Ltd. | &nbsp;&nbsp; 153355 | 130160 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 32489 | 1250802 |
| Uni-President Enterprises Corp. | &nbsp;&nbsp; 24000 | 63342 |
| Yuanta Financial Holding Co. Ltd. | &nbsp;&nbsp; 111080 | 115221 |
|  |  | 3080480 |
| **Thailand — 0.1%** | **Thailand — 0.1%** | **Thailand — 0.1%** |
| Krung Thai Bank PCL, NVDR | &nbsp;&nbsp; 56800 | 38189 |
| PTT Exploration & Production PCL, NVDR | &nbsp;&nbsp; 39400 | 151679 |
|  |  | 189868 |
| **Turkey — 0.4%** | **Turkey — 0.4%** | **Turkey — 0.4%** |
| Akbank TAS | &nbsp;&nbsp; 101435 | 168175 |
| Anadolu Efes Biracilik Ve Malt Sanayii A/S | &nbsp;&nbsp; 64820 | 24163 |
| KOC Holding AS | &nbsp;&nbsp; 35497 | 156378 |
| Turkcell Iletisim Hizmetleri AS | &nbsp;&nbsp; 39329 | 90165 |
| Turkiye Garanti Bankasi AS | &nbsp;&nbsp; 19578 | 68639 |
| Yapi ve Kredi Bankasi A/S<sup>(a)</sup> | &nbsp;&nbsp; 82836 | 68507 |
|  |  | 576027 |
| **United Arab Emirates — 0.3%** | **United Arab Emirates — 0.3%** | **United Arab Emirates — 0.3%** |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp; 27973 | 183670 |
| Emaar Properties PJSC | &nbsp;&nbsp; 11460 | 47459 |
| Emirates NBD Bank PJSC | &nbsp;&nbsp; 23959 | 174488 |
|  |  | 405617 |
| **United Kingdom — 2.9%** | **United Kingdom — 2.9%** | **United Kingdom — 2.9%** |
| 3i Group PLC | &nbsp;&nbsp; 4098 | 223923 |
| AstraZeneca PLC | &nbsp;&nbsp; 1267 | 184845 |
| Aviva PLC | &nbsp;&nbsp; 3408 | 29118 |
| BAE Systems PLC | &nbsp;&nbsp; 17388 | 414888 |
| Barclays PLC | &nbsp;&nbsp; 28252 | 138096 |
| BP PLC | &nbsp;&nbsp; 55754 | 298857 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Global Equity Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Centrica PLC | &nbsp;&nbsp; 166292 | $361478 |
| Coca-Cola HBC AG, Class DI | &nbsp;&nbsp; 6876 | 357361 |
| Glencore PLC | &nbsp;&nbsp; 19638 | 78814 |
| GSK PLC | &nbsp;&nbsp; 7022 | 129163 |
| HSBC Holdings PLC | &nbsp;&nbsp; 19525 | 237873 |
| ICG PLC | &nbsp;&nbsp; 4941 | 141473 |
| Marks & Spencer Group PLC | &nbsp;&nbsp; 57078 | 262136 |
| Next PLC | &nbsp;&nbsp; 180 | 29218 |
| Pearson PLC | &nbsp;&nbsp; 7053 | 99736 |
| Rio Tinto PLC | &nbsp;&nbsp; 1345 | 80107 |
| Rolls-Royce Holdings PLC | &nbsp;&nbsp; 6348 | 90097 |
| Shell PLC | &nbsp;&nbsp; 4580 | 165045 |
| Standard Chartered PLC | &nbsp;&nbsp; 4372 | 78377 |
| Tesco PLC | &nbsp;&nbsp; 64701 | 363517 |
| Vodafone Group PLC | &nbsp;&nbsp; 287162 | 311340 |
| Wise PLC, Class A<sup>(a)</sup> | &nbsp;&nbsp; 15109 | 201841 |
|  |  | 4277303 |
| **United States — 61.5%** | **United States — 61.5%** | **United States — 61.5%** |
| Abbott Laboratories | &nbsp;&nbsp; 2870 | 362165 |
| AbbVie Inc. | &nbsp;&nbsp; 5004 | 945856 |
| Adobe Inc.<sup>(a)</sup> | &nbsp;&nbsp; 489 | 174910 |
| Aflac Inc. | &nbsp;&nbsp; 2068 | 205476 |
| Agilent Technologies Inc. | &nbsp;&nbsp; 975 | 111940 |
| Airbnb Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2321 | 307324 |
| Ally Financial Inc. | &nbsp;&nbsp; 9110 | 344813 |
| Alnylam Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 49 | 19220 |
| Alphabet Inc., Class C, NVS | &nbsp;&nbsp; 18493 | 3566560 |
| Altria Group Inc. | &nbsp;&nbsp; 9711 | 601499 |
| Amazon.com Inc.<sup>(a)</sup> | &nbsp;&nbsp; 14799 | 3464594 |
| Amdocs Ltd. | &nbsp;&nbsp; 483 | 41229 |
| American Express Co. | &nbsp;&nbsp; 1277 | 382219 |
| American International Group Inc. | &nbsp;&nbsp; 1640 | 127313 |
| Ameriprise Financial Inc. | &nbsp;&nbsp; 1190 | 616646 |
| Amgen Inc. | &nbsp;&nbsp; 1216 | 358842 |
| Apple Inc. | &nbsp;&nbsp; 25065 | 5202742 |
| Applied Materials Inc. | &nbsp;&nbsp; 2520 | 453751 |
| AppLovin Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 636 | 248485 |
| Arista Networks Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3540 | 436199 |
| AT&T Inc. | &nbsp;&nbsp; 21566 | 591124 |
| Atlassian Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2402 | 460656 |
| AutoZone Inc.<sup>(a)</sup> | &nbsp;&nbsp; 170 | 640625 |
| Bank of America Corp. | &nbsp;&nbsp; 6164 | 291372 |
| Bank of New York Mellon Corp. (The) | &nbsp;&nbsp; 9505 | 964282 |
| Berkshire Hathaway Inc., Class B<sup>(a)</sup> | &nbsp;&nbsp; 520 | 245378 |
| Best Buy Co. Inc. | &nbsp;&nbsp; 6010 | 391011 |
| Biogen Inc.<sup>(a)</sup> | &nbsp;&nbsp; 144 | 18432 |
| Blackrock Inc.<sup>(f)</sup> | &nbsp;&nbsp; 143 | 158159 |
| Booking Holdings Inc. | &nbsp;&nbsp; 237 | 1304462 |
| Booz Allen Hamilton Holding Corp., Class A | &nbsp;&nbsp; 1338 | 143608 |
| Boston Scientific Corp.<sup>(a)</sup> | &nbsp;&nbsp; 916 | 96107 |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 7770 | 336519 |
| Broadcom Inc. | &nbsp;&nbsp; 8926 | 2621566 |
| Builders FirstSource Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3600 | 457668 |
| Cadence Design Systems Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1425 | 519512 |
| Capital One Financial Corp. | &nbsp;&nbsp; 2535 | 545025 |
| Cardinal Health Inc. | &nbsp;&nbsp; 681 | 105705 |
| Caterpillar Inc. | &nbsp;&nbsp; 332 | 145423 |
| CDW Corp. | &nbsp;&nbsp; 787 | 137237 |
| CF Industries Holdings Inc. | &nbsp;&nbsp; 722 | 67023 |
| Charter Communications Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 328 | 88350 |
| Chevron Corp. | &nbsp;&nbsp; 449 | 68086 |
| Cintas Corp. | &nbsp;&nbsp; 2972 | 661419 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Cisco Systems Inc. | &nbsp;&nbsp; 5515 | $375461 |
| Coca-Cola Co. (The) | &nbsp;&nbsp; 6149 | 417456 |
| ConocoPhillips | &nbsp;&nbsp; 1579 | 150542 |
| Constellation Energy Corp. | &nbsp;&nbsp; 458 | 159311 |
| Costco Wholesale Corp. | &nbsp;&nbsp; 682 | 640834 |
| CRH PLC | &nbsp;&nbsp; 2464 | 235189 |
| Crowdstrike Holdings Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 825 | 375020 |
| CVS Health Corp. | &nbsp;&nbsp; 429 | 26641 |
| DaVita Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1386 | 194553 |
| Deere & Co. | &nbsp;&nbsp; 230 | 120605 |
| Dell Technologies Inc., Class C | &nbsp;&nbsp; 2920 | 387455 |
| DocuSign Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 6672 | 504670 |
| DuPont de Nemours Inc. | &nbsp;&nbsp; 282 | 20276 |
| Eaton Corp. PLC | &nbsp;&nbsp; 983 | 378180 |
| eBay Inc. | &nbsp;&nbsp; 7621 | 699227 |
| Ecolab Inc. | &nbsp;&nbsp; 798 | 208884 |
| Electronic Arts Inc. | &nbsp;&nbsp; 278 | 42392 |
| Elevance Health Inc. | &nbsp;&nbsp; 533 | 150882 |
| Eli Lilly & Co. | &nbsp;&nbsp; 1282 | 948770 |
| Emerson Electric Co. | &nbsp;&nbsp; 1918 | 279088 |
| Equity Residential | &nbsp;&nbsp; 231 | 14599 |
| Expedia Group Inc. | &nbsp;&nbsp; 869 | 156611 |
| Exxon Mobil Corp. | &nbsp;&nbsp; 4081 | 455603 |
| Fair Isaac Corp.<sup>(a)</sup> | &nbsp;&nbsp; 296 | 425269 |
| Ferguson Enterprises Inc. | &nbsp;&nbsp; 1251 | 279386 |
| Fidelity National Financial Inc. | &nbsp;&nbsp; 4414 | 249082 |
| Fortinet Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6740 | 673326 |
| Fox Corp., Class A, NVS | &nbsp;&nbsp; 2576 | 143638 |
| Gartner Inc.<sup>(a)</sup> | &nbsp;&nbsp; 889 | 301060 |
| GE HealthCare Technologies Inc., NVS<sup>(a)</sup> | &nbsp;&nbsp; 5774 | 411802 |
| GE Vernova Inc. | &nbsp;&nbsp; 29 | 19148 |
| General Electric Co. | &nbsp;&nbsp; 1255 | 340205 |
| General Motors Co. | &nbsp;&nbsp; 10006 | 533720 |
| Gilead Sciences Inc. | &nbsp;&nbsp; 3750 | 421087 |
| Globe Life Inc. | &nbsp;&nbsp; 148 | 20790 |
| GoDaddy Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 692 | 111813 |
| Goldman Sachs Group Inc. (The) | &nbsp;&nbsp; 277 | 200434 |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 20285 | 419697 |
| Hilton Worldwide Holdings Inc. | &nbsp;&nbsp; 600 | 160848 |
| Hologic Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4200 | 280644 |
| Home Depot Inc. (The) | &nbsp;&nbsp; 2168 | 796762 |
| Howmet Aerospace Inc. | &nbsp;&nbsp; 345 | 62021 |
| HP Inc. | &nbsp;&nbsp; 10091 | 250257 |
| HubSpot Inc.<sup>(a)</sup> | &nbsp;&nbsp; 333 | 173043 |
| IDEXX Laboratories Inc.<sup>(a)</sup> | &nbsp;&nbsp; 206 | 110068 |
| International Business Machines Corp. | &nbsp;&nbsp; 593 | 150118 |
| Intuit Inc. | &nbsp;&nbsp; 884 | 694055 |
| Johnson & Johnson | &nbsp;&nbsp; 5181 | 853518 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 5115 | 1515268 |
| KLA Corp. | &nbsp;&nbsp; 638 | 560821 |
| Kroger Co. (The) | &nbsp;&nbsp; 9478 | 664408 |
| Lam Research Corp. | &nbsp;&nbsp; 4047 | 383817 |
| Leidos Holdings Inc. | &nbsp;&nbsp; 467 | 74557 |
| Lennox International Inc. | &nbsp;&nbsp; 921 | 560889 |
| Liberty Media Corp.-Liberty Formula One, Class A<sup>(a)</sup> | &nbsp;&nbsp; 842 | 75881 |
| Linde PLC | &nbsp;&nbsp; 751 | 345655 |
| Lowe's Companies Inc. | &nbsp;&nbsp; 3186 | 712294 |
| Lululemon Athletica Inc.<sup>(a)</sup> | &nbsp;&nbsp; 237 | 47526 |
| LyondellBasell Industries NV, Class A | &nbsp;&nbsp; 2814 | 163015 |
| Marathon Petroleum Corp. | &nbsp;&nbsp; 2227 | 379013 |
| Masco Corp. | &nbsp;&nbsp; 3607 | 245745 |
| Mastercard Inc., Class A | &nbsp;&nbsp; 1353 | 766434 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Global Equity Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| McDonald's Corp. | &nbsp;&nbsp; 2449 | $734871 |
| McKesson Corp. | &nbsp;&nbsp; 1145 | 794103 |
| Medtronic PLC | &nbsp;&nbsp; 155 | 13987 |
| MercadoLibre Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 155 | 367953 |
| Merck & Co. Inc. | &nbsp;&nbsp; 5719 | 446768 |
| Meta Platforms Inc., Class A | &nbsp;&nbsp; 3354 | 2594118 |
| Mettler-Toledo International Inc.<sup>(a)</sup> | &nbsp;&nbsp; 385 | 474967 |
| MGM Resorts International<sup>(a)</sup> | &nbsp;&nbsp; 2764 | 100748 |
| Microsoft Corp. | &nbsp;&nbsp; 12443 | 6638340 |
| Molina Healthcare Inc.<sup>(a)</sup> | &nbsp;&nbsp; 710 | 112088 |
| Mondelez International Inc., Class A | &nbsp;&nbsp; 952 | 61585 |
| Moody's Corp. | &nbsp;&nbsp; 80 | 41258 |
| Motorola Solutions Inc. | &nbsp;&nbsp; 1372 | 602281 |
| MSCI Inc., Class A | &nbsp;&nbsp; 701 | 393513 |
| Nasdaq Inc. | &nbsp;&nbsp; 1144 | 110076 |
| NetApp Inc. | &nbsp;&nbsp; 1261 | 131308 |
| Netflix Inc.<sup>(a)</sup> | &nbsp;&nbsp; 395 | 457963 |
| NiSource Inc. | &nbsp;&nbsp; 758 | 32177 |
| NRG Energy Inc. | &nbsp;&nbsp; 755 | 126236 |
| Nucor Corp. | &nbsp;&nbsp; 2061 | 294867 |
| Nvidia Corp. | &nbsp;&nbsp; 40549 | 7212451 |
| NVR Inc.<sup>(a)</sup> | &nbsp;&nbsp; 20 | 150990 |
| Okta Inc.<sup>(a)</sup> | &nbsp;&nbsp; 359 | 35110 |
| Omnicom Group Inc. | &nbsp;&nbsp; 176 | 12681 |
| Oracle Corp. | &nbsp;&nbsp; 2597 | 659041 |
| O'Reilly Automotive Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5629 | 553443 |
| PACCAR Inc. | &nbsp;&nbsp; 165 | 16295 |
| Palantir Technologies Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1863 | 295006 |
| Palo Alto Networks Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1667 | 289391 |
| Parker-Hannifin Corp. | &nbsp;&nbsp; 89 | 65139 |
| Paychex Inc. | &nbsp;&nbsp; 435 | 62784 |
| PepsiCo Inc. | &nbsp;&nbsp; 5120 | 706150 |
| Pfizer Inc. | &nbsp;&nbsp; 4757 | 110790 |
| Philip Morris International Inc. | &nbsp;&nbsp; 2702 | 443263 |
| Principal Financial Group Inc. | &nbsp;&nbsp; 1522 | 118457 |
| Procter & Gamble Co. (The) | &nbsp;&nbsp; 5590 | 841127 |
| Public Storage | &nbsp;&nbsp; 402 | 109320 |
| PulteGroup Inc. | &nbsp;&nbsp; 2324 | 262426 |
| Qualcomm Inc. | &nbsp;&nbsp; 3145 | 461560 |
| Regency Centers Corp. | &nbsp;&nbsp; 682 | 48695 |
| Reinsurance Group of America Inc. | &nbsp;&nbsp; 313 | 60237 |
| Robinhood Markets Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 188 | 19373 |
| S&P Global Inc. | &nbsp;&nbsp; 544 | 299798 |
| Salesforce Inc. | &nbsp;&nbsp; 776 | 200464 |
| Seagate Technology Holdings PLC | &nbsp;&nbsp; 2398 | 376510 |
| ServiceNow Inc.<sup>(a)</sup> | &nbsp;&nbsp; 353 | 332921 |
| Simon Property Group Inc. | &nbsp;&nbsp; 697 | 114162 |
| Spotify Technology SA<sup>(a)</sup> | &nbsp;&nbsp; 639 | 400359 |
| Starbucks Corp. | &nbsp;&nbsp; 839 | 74805 |
| State Street Corp. | &nbsp;&nbsp; 2500 | 279375 |
| Steel Dynamics Inc. | &nbsp;&nbsp; 2769 | 353214 |
| Synchrony Financial | &nbsp;&nbsp; 10657 | 742473 |
| Synopsys Inc.<sup>(a)</sup> | &nbsp;&nbsp; 543 | 343974 |
| Target Corp. | &nbsp;&nbsp; 3100 | 311550 |
| TE Connectivity PLC | &nbsp;&nbsp; 3269 | 672597 |
| Tesla Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2694 | 830479 |
| Texas Instruments Inc. | &nbsp;&nbsp; 271 | 49067 |
| Thermo Fisher Scientific Inc. | &nbsp;&nbsp; 643 | 300718 |
| TJX Companies Inc. (The) | &nbsp;&nbsp; 662 | 82439 |
| Tractor Supply Co. | &nbsp;&nbsp; 1003 | 57121 |
| Trane Technologies PLC | &nbsp;&nbsp; 1610 | 705309 |
| Travelers Companies Inc. (The) | &nbsp;&nbsp; 761 | 198043 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Uber Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3049 | $267550 |
| Ulta Beauty Inc.<sup>(a)</sup> | &nbsp;&nbsp; 282 | 145233 |
| Union Pacific Corp. | &nbsp;&nbsp; 298 | 66147 |
| United Rentals Inc. | &nbsp;&nbsp; 336 | 296668 |
| UnitedHealth Group Inc. | &nbsp;&nbsp; 760 | 189666 |
| Valero Energy Corp. | &nbsp;&nbsp; 1958 | 268853 |
| Veeva Systems Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 128 | 36378 |
| Verizon Communications Inc. | &nbsp;&nbsp; 3189 | 136362 |
| Vertex Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 240 | 109649 |
| Visa Inc., Class A | &nbsp;&nbsp; 3223 | 1113450 |
| Vistra Corp. | &nbsp;&nbsp; 2871 | 598718 |
| Walmart Inc. | &nbsp;&nbsp; 10620 | 1040548 |
| Wells Fargo & Co. | &nbsp;&nbsp; 5410 | 436208 |
| Weyerhaeuser Co. | &nbsp;&nbsp; 843 | 21117 |
| WW Grainger Inc. | &nbsp;&nbsp; 272 | 282755 |
| Yum! Brands Inc. | &nbsp;&nbsp; 2585 | 372628 |
| Zscaler Inc.<sup>(a)</sup> | &nbsp;&nbsp; 852 | 243297 |
|  |  | 89963436 |
| **Total Common Stocks — 99.5%** <br>**(Cost: $109,393,300)** | **Total Common Stocks — 99.5%** <br>**(Cost: $109,393,300)** | 145508085 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Brazil — 0.2%** | **Brazil — 0.2%** | **Brazil — 0.2%** |
| Cia Energetica de Minas Gerais, Preference Shares, NVS | &nbsp;&nbsp; 58770 | 108418 |
| Gerdau SA, Preference Shares, NVS | &nbsp;&nbsp; 44795 | 134716 |
|  |  | 243134 |
| **Germany — 0.0%** | **Germany — 0.0%** | **Germany — 0.0%** |
| Dr Ing hc F Porsche AG, Preference Shares, NVS<sup>(b)(c)</sup> | &nbsp;&nbsp; 1463 | 74183 |
| **South Korea — 0.0%** | **South Korea — 0.0%** | **South Korea — 0.0%** |
| Doosan Co. Ltd., Preference Shares | &nbsp;&nbsp; 79 | 22462 |
| **Total Preferred Stocks — 0.2%** <br>**(Cost: $438,109)** | **Total Preferred Stocks — 0.2%** <br>**(Cost: $438,109)** | 339779 |
| **Total Long-Term Investments — 99.7%** <br>**(Cost: $109,831,409)** | **Total Long-Term Investments — 99.7%** <br>**(Cost: $109,831,409)** | 145847864 |
| **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>(f)(g)(h)</sup><br>| &nbsp;&nbsp; 549655 | 549875 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(f)(g)</sup><br>| &nbsp;&nbsp; 120000 | 120000 |
| **Total Short-Term Securities — 0.5%** <br>**(Cost: $669,875)** | **Total Short-Term Securities — 0.5%** <br>**(Cost: $669,875)** | 669875 |
| **Total Investments — 100.2%** <br>**(Cost: $110,501,284)** | **Total Investments — 100.2%** <br>**(Cost: $110,501,284)** | 146517739 |
| **Liabilities in Excess of Other Assets — (0.2)%** | **Liabilities in Excess of Other Assets — (0.2)%** | (224614)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $146293125 |

---

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

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

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

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

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

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

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Global Equity Factor ETF**

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

<sup>(f)</sup> Affiliate of the Fund. <br> <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 July 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>*07/31/24*<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>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $1241428 | $— | $(691582 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(71)<br>| $100 | $549875 | 549655 | $20506 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 180000 |  | (60000 )<sup>(a)</sup><br>|  |  | 120000 | 120000 | 7440 |  |
| BlackRock Inc. | 112192 | 40002 | (27495)<br>| 8880 | 24580 | 158159 | 143 | 2614 |  |
|  |  |  |  | $8809 | $24680 | $828034 |  | $30560 | $— |

---

&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 | 9 | 09/19/25 | &nbsp;&nbsp; $287 | $1705 |
| MSCI Emerging Markets Index | 1 | 09/19/25 | &nbsp;&nbsp; 62 | (1132) |
|  |  |  |  | $573 |

---

**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; $1705 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1705 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1132 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1132 |

---

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

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts 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)

July 31, 2025

**iShares® Global Equity Factor ETF**

For the period ended July 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; $131797 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $131797 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3590)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3590)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $375988 |

---

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; $96738596 | &nbsp;&nbsp; $48769473 | &nbsp;&nbsp; $16 | &nbsp;&nbsp; $145508085 |
| Preferred Stocks | &nbsp;&nbsp; 243134 | &nbsp;&nbsp; 96645 | &nbsp;&nbsp; — | &nbsp;&nbsp; 339779 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 669875 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 669875 |
|  | &nbsp;&nbsp; $97651605 | &nbsp;&nbsp; $48866118 | &nbsp;&nbsp; $16 | &nbsp;&nbsp; $146517739 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $1705 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1705 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; (1132)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1132)<br>|
|  | &nbsp;&nbsp; $573 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $573 |

---

&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

July 31, 2025

**iShares® International Equity Factor ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 7.2%** | **Australia — 7.2%** | **Australia — 7.2%** |
| AGL Energy Ltd. | &nbsp;&nbsp; 247115 | $1540045 |
| ALS Ltd. | &nbsp;&nbsp; 27972 | 325188 |
| ANZ Group Holdings Ltd. | &nbsp;&nbsp; 130579 | 2562417 |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp; 72095 | 3228189 |
| ASX Ltd. | &nbsp;&nbsp; 41602 | 1864772 |
| Aurizon Holdings Ltd. | &nbsp;&nbsp; 2820311 | 5854478 |
| BHP Group Ltd. | &nbsp;&nbsp; 556168 | 14046142 |
| BlueScope Steel Ltd. | &nbsp;&nbsp; 275043 | 4169732 |
| Brambles Ltd. | &nbsp;&nbsp; 414045 | 6334658 |
| Cochlear Ltd. | &nbsp;&nbsp; 3545 | 723722 |
| Coles Group Ltd. | &nbsp;&nbsp; 258096 | 3436281 |
| Commonwealth Bank of Australia | &nbsp;&nbsp; 138074 | 15675475 |
| CSL Ltd. | &nbsp;&nbsp; 6418 | 1110213 |
| Fortescue Ltd. | &nbsp;&nbsp; 415860 | 4705146 |
| Goodman Group | &nbsp;&nbsp; 122017 | 2728113 |
| JB Hi-Fi Ltd. | &nbsp;&nbsp; 199844 | 14233290 |
| Lottery Corp. Ltd. (The) | &nbsp;&nbsp; 1593222 | 5525899 |
| Macquarie Group Ltd. | &nbsp;&nbsp; 52404 | 7257189 |
| Metcash Ltd. | &nbsp;&nbsp; 578273 | 1443661 |
| Origin Energy Ltd. | &nbsp;&nbsp; 249748 | 1867568 |
| Pro Medicus Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 24310 | 4992170 |
| Regis Resources Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1166112 | 3040778 |
| Rio Tinto Ltd. | &nbsp;&nbsp; 189253 | 13459279 |
| South32 Ltd. | &nbsp;&nbsp; 176666 | 330372 |
| Stockland | &nbsp;&nbsp; 1451379 | 5145553 |
| Telix Pharmaceuticals Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 140114 | 1877133 |
| Telstra Group Ltd. | &nbsp;&nbsp; 2183075 | 6957636 |
| Ventia Services Group Pty. Ltd. | &nbsp;&nbsp; 799846 | 2663317 |
| Wesfarmers Ltd. | &nbsp;&nbsp; 93374 | 5107511 |
| Whitehaven Coal Ltd. | &nbsp;&nbsp; 1470792 | 6032156 |
| Woolworths Group Ltd. | &nbsp;&nbsp; 233837 | 4720724 |
| Xero Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 7675 | 883857 |
| Yancoal Australia Ltd. | &nbsp;&nbsp; 951878 | 3844394 |
|  |  | 157687058 |
| **Austria — 0.7%** | **Austria — 0.7%** | **Austria — 0.7%** |
| ANDRITZ AG | &nbsp;&nbsp; 31788 | 2212156 |
| BAWAG Group AG<sup>(c)</sup> | &nbsp;&nbsp; 29213 | 3686898 |
| OMV AG | &nbsp;&nbsp; 81822 | 4167061 |
| Raiffeisen Bank International AG | &nbsp;&nbsp; 156137 | 4508364 |
| Verbund AG | &nbsp;&nbsp; 21093 | 1570574 |
|  |  | 16145053 |
| **Belgium — 0.5%** | **Belgium — 0.5%** | **Belgium — 0.5%** |
| Ageas SA | &nbsp;&nbsp; 126310 | 8588103 |
| Syensqo SA | &nbsp;&nbsp; 42363 | 3357514 |
|  |  | 11945617 |
| **Canada — 6.4%** | **Canada — 6.4%** | **Canada — 6.4%** |
| Bank of Montreal | &nbsp;&nbsp; 24087 | 2658679 |
| BCE Inc. | &nbsp;&nbsp; 36711 | 856307 |
| Canadian National Railway Co. | &nbsp;&nbsp; 18996 | 1773746 |
| Canadian Natural Resources Ltd. | &nbsp;&nbsp; 180854 | 5724781 |
| CGI Inc. | &nbsp;&nbsp; 89387 | 8617433 |
| Constellation Software Inc./Canada | &nbsp;&nbsp; 2589 | 8931975 |
| Dollarama Inc. | &nbsp;&nbsp; 55462 | 7580394 |
| Enbridge Inc. | &nbsp;&nbsp; 17124 | 775499 |
| Fairfax Financial Holdings Ltd. | &nbsp;&nbsp; 3285 | 5810296 |
| Kinross Gold Corp. | &nbsp;&nbsp; 161358 | 2581775 |
| Loblaw Companies Ltd. | &nbsp;&nbsp; 132369 | 21405833 |
| Manulife Financial Corp. | &nbsp;&nbsp; 382352 | 11829843 |
| Metro Inc./CN | &nbsp;&nbsp; 16392 | 1253415 |
| Nutrien Ltd. | &nbsp;&nbsp; 104836 | 6220098 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Power Corp. of Canada | &nbsp;&nbsp; 94633 | $3813732 |
| Royal Bank of Canada | &nbsp;&nbsp; 158604 | 20350899 |
| Sun Life Financial Inc. | &nbsp;&nbsp; 9622 | 586653 |
| Suncor Energy Inc. | &nbsp;&nbsp; 221706 | 8744394 |
| Thomson Reuters Corp. | &nbsp;&nbsp; 91727 | 18408952 |
| Toronto-Dominion Bank (The) | &nbsp;&nbsp; 42724 | 3111797 |
|  |  | 141036501 |
| **China — 0.7%** | **China — 0.7%** | **China — 0.7%** |
| Trip.com Group Ltd. | &nbsp;&nbsp; 104850 | 6509344 |
| Xiaomi Corp., Class B<sup>(b)(c)</sup> | &nbsp;&nbsp; 1289000 | 8672328 |
|  |  | 15181672 |
| **Denmark — 2.2%** | **Denmark — 2.2%** | **Denmark — 2.2%** |
| AP Moller - Maersk A/S, Class B, NVS | &nbsp;&nbsp; 282 | 556883 |
| Carlsberg A/S, Class B | &nbsp;&nbsp; 21432 | 2671867 |
| ISS A/S | &nbsp;&nbsp; 241388 | 6939022 |
| NKT A/S<sup>(b)</sup> | &nbsp;&nbsp; 90620 | 7972089 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp; 382008 | 17766415 |
| Pandora A/S | &nbsp;&nbsp; 40866 | 6746796 |
| Sydbank A/S | &nbsp;&nbsp; 93100 | 6897520 |
|  |  | 49550592 |
| **Finland — 1.2%** | **Finland — 1.2%** | **Finland — 1.2%** |
| Hiab OYJ, Class B | &nbsp;&nbsp; 76627 | 5229354 |
| Kemira OYJ | &nbsp;&nbsp; 177489 | 3777208 |
| Kone OYJ, Class B | &nbsp;&nbsp; 27781 | 1705988 |
| Konecranes OYJ | &nbsp;&nbsp; 96705 | 8058626 |
| Mandatum OYJ | &nbsp;&nbsp; 154336 | 1046878 |
| Nokia OYJ | &nbsp;&nbsp; 152928 | 623235 |
| Orion OYJ, Class B | &nbsp;&nbsp; 54553 | 4367444 |
| Wartsila OYJ Abp | &nbsp;&nbsp; 58224 | 1608636 |
|  |  | 26417369 |
| **France — 8.0%** | **France — 8.0%** | **France — 8.0%** |
| Air Liquide SA | &nbsp;&nbsp; 15925 | 3133028 |
| Amundi SA<sup>(c)</sup> | &nbsp;&nbsp; 4212 | 311269 |
| AXA SA | &nbsp;&nbsp; 13588 | 659957 |
| BNP Paribas SA | &nbsp;&nbsp; 13799 | 1258168 |
| Bouygues SA | &nbsp;&nbsp; 92597 | 3812822 |
| Capgemini SE | &nbsp;&nbsp; 11979 | 1783389 |
| Carrefour SA | &nbsp;&nbsp; 234072 | 3354487 |
| Christian Dior SE, NVS | &nbsp;&nbsp; 8043 | 4112260 |
| Cie de Saint-Gobain SA | &nbsp;&nbsp; 80490 | 9233579 |
| Credit Agricole SA | &nbsp;&nbsp; 593385 | 10920962 |
| Danone SA | &nbsp;&nbsp; 7292 | 596754 |
| Dassault Aviation SA | &nbsp;&nbsp; 5684 | 1769753 |
| Dassault Systemes SE | &nbsp;&nbsp; 32303 | 1061193 |
| Edenred SE | &nbsp;&nbsp; 10695 | 305429 |
| Eiffage SA | &nbsp;&nbsp; 44868 | 6022874 |
| Engie SA | &nbsp;&nbsp; 372222 | 8366886 |
| EssilorLuxottica SA | &nbsp;&nbsp; 12327 | 3665487 |
| FDJ UNITED | &nbsp;&nbsp; 173770 | 5420204 |
| Gaztransport Et Technigaz SA | &nbsp;&nbsp; 6882 | 1294403 |
| Gecina SA | &nbsp;&nbsp; 27719 | 2724019 |
| Hermes International SCA | &nbsp;&nbsp; 1708 | 4176893 |
| Klepierre SA | &nbsp;&nbsp; 90986 | 3473111 |
| Legrand SA | &nbsp;&nbsp; 19766 | 2919571 |
| L'Oreal SA | &nbsp;&nbsp; 31463 | 13921841 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 19147 | 10278335 |
| Publicis Groupe SA | &nbsp;&nbsp; 82840 | 7570059 |
| Renault SA | &nbsp;&nbsp; 21773 | 805618 |
| Rexel SA | &nbsp;&nbsp; 120357 | 3637721 |
| Safran SA | &nbsp;&nbsp; 17942 | 5916396 |
| Sanofi SA | &nbsp;&nbsp; 89013 | 7990753 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® International Equity Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **France (continued)** | **France (continued)** | **France (continued)** |
| Schneider Electric SE | &nbsp;&nbsp; 40103 | $10378384 |
| SCOR SE | &nbsp;&nbsp; 21055 | 685910 |
| Societe Generale SA | &nbsp;&nbsp; 117163 | 7478339 |
| TotalEnergies SE | &nbsp;&nbsp; 233214 | 13868179 |
| Unibail-Rodamco-Westfield, New | &nbsp;&nbsp; 89145 | 8641651 |
| Vinci SA | &nbsp;&nbsp; 29948 | 4160040 |
|  |  | 175709724 |
| **Germany — 7.5%** | **Germany — 7.5%** | **Germany — 7.5%** |
| adidas AG | &nbsp;&nbsp; 6731 | 1286488 |
| Allianz SE, Registered | &nbsp;&nbsp; 26394 | 10430318 |
| Auto1 Group SE<sup>(b)(c)</sup> | &nbsp;&nbsp; 7671 | 229960 |
| BASF SE | &nbsp;&nbsp; 91686 | 4493474 |
| Bayerische Motoren Werke AG | &nbsp;&nbsp; 96952 | 9225117 |
| Bilfinger SE | &nbsp;&nbsp; 50641 | 5448226 |
| Commerzbank AG | &nbsp;&nbsp; 222550 | 8115468 |
| Deutsche Bank AG, Registered | &nbsp;&nbsp; 163644 | 5389865 |
| Deutsche Boerse AG | &nbsp;&nbsp; 27711 | 8019210 |
| Deutsche Post AG, Registered | &nbsp;&nbsp; 76446 | 3425217 |
| Deutsche Telekom AG, Registered | &nbsp;&nbsp; 302273 | 10841292 |
| E.ON SE | &nbsp;&nbsp; 382971 | 6986629 |
| Freenet AG | &nbsp;&nbsp; 20645 | 669576 |
| GEA Group AG | &nbsp;&nbsp; 82738 | 5943090 |
| Hannover Rueck SE | &nbsp;&nbsp; 851 | 258145 |
| Heidelberg Materials AG | &nbsp;&nbsp; 34399 | 7935660 |
| HOCHTIEF AG | &nbsp;&nbsp; 36562 | 7966615 |
| Mercedes-Benz Group AG | &nbsp;&nbsp; 147781 | 8367397 |
| Muenchener Rueckversicherungs-Gesellschaft AG in <br> Muenchen, Registered<br>| &nbsp;&nbsp; 13714 | 8978153 |
| QIAGEN NV | &nbsp;&nbsp; 41006 | 2033310 |
| Rheinmetall AG | &nbsp;&nbsp; 1508 | 2985080 |
| SAP SE | &nbsp;&nbsp; 85585 | 24473503 |
| Siemens AG, Registered | &nbsp;&nbsp; 63345 | 16134169 |
| Siemens Energy AG<sup>(b)</sup> | &nbsp;&nbsp; 48020 | 5559691 |
|  |  | 165195653 |
| **Hong Kong — 1.8%** | **Hong Kong — 1.8%** | **Hong Kong — 1.8%** |
| AIA Group Ltd. | &nbsp;&nbsp; 929000 | 8662150 |
| CK Asset Holdings Ltd. | &nbsp;&nbsp; 436500 | 2000130 |
| CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 508500 | 3309827 |
| CLP Holdings Ltd. | &nbsp;&nbsp; 404000 | 3506629 |
| HKT Trust & HKT Ltd., Class SS | &nbsp;&nbsp; 516000 | 812482 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 36100 | 1953688 |
| Hongkong Land Holdings Ltd. | &nbsp;&nbsp; 49900 | 301895 |
| Jardine Matheson Holdings Ltd. | &nbsp;&nbsp; 138500 | 7520738 |
| PCCW Ltd. | &nbsp;&nbsp; 6742000 | 4830287 |
| Swire Properties Ltd. | &nbsp;&nbsp; 437600 | 1172860 |
| WH Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 5787000 | 5793585 |
| Wharf Real Estate Investment Co. Ltd. | &nbsp;&nbsp; 264000 | 838151 |
|  |  | 40702422 |
| **Ireland — 0.7%** | **Ireland — 0.7%** | **Ireland — 0.7%** |
| AIB Group PLC | &nbsp;&nbsp; 1670447 | 13177571 |
| Bank of Ireland Group PLC | &nbsp;&nbsp; 117570 | 1576610 |
|  |  | 14754181 |
| **Italy — 4.8%** | **Italy — 4.8%** | **Italy — 4.8%** |
| A2A SpA | &nbsp;&nbsp; 2979643 | 7260647 |
| Banca Generali SpA | &nbsp;&nbsp; 48272 | 2696101 |
| Banca Mediolanum SpA | &nbsp;&nbsp; 250479 | 4418144 |
| Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp; 1220129 | 10387472 |
| Banca Popolare di Sondrio SpA | &nbsp;&nbsp; 423597 | 5800368 |
| Banco BPM SpA | &nbsp;&nbsp; 129154 | 1647120 |
| BPER Banca SpA | &nbsp;&nbsp; 817256 | 8042221 |
| Enel SpA | &nbsp;&nbsp; 631364 | 5567547 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| Eni SpA | &nbsp;&nbsp; 450488 | $7688629 |
| Generali | &nbsp;&nbsp; 30308 | 1130663 |
| Hera SpA | &nbsp;&nbsp; 667925 | 2858024 |
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 853591 | 5143107 |
| Iveco Group NV | &nbsp;&nbsp; 249772 | 5162745 |
| Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp; 94564 | 2081954 |
| Poste Italiane SpA<sup>(c)</sup> | &nbsp;&nbsp; 150642 | 3254606 |
| Prysmian SpA | &nbsp;&nbsp; 66359 | 5299657 |
| Saipem SpA | &nbsp;&nbsp; 464636 | 1241986 |
| Snam SpA | &nbsp;&nbsp; 242790 | 1407032 |
| Stellantis NV | &nbsp;&nbsp; 78416 | 692029 |
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp; 214732 | 2077735 |
| UniCredit SpA | &nbsp;&nbsp; 253788 | 18672139 |
| Unipol Gruppo SpA | &nbsp;&nbsp; 129457 | 2596610 |
|  |  | 105126536 |
| **Japan — 23.0%** | **Japan — 23.0%** | **Japan — 23.0%** |
| 77 Bank Ltd. (The) | &nbsp;&nbsp; 68000 | 2348835 |
| ABC-Mart Inc. | &nbsp;&nbsp; 74800 | 1399760 |
| Ajinomoto Co. Inc. | &nbsp;&nbsp; 52200 | 1381025 |
| ALSOK Co Ltd. | &nbsp;&nbsp; 572800 | 3989895 |
| Amada Co. Ltd. | &nbsp;&nbsp; 128800 | 1452339 |
| Asics Corp. | &nbsp;&nbsp; 365600 | 8594995 |
| Astellas Pharma Inc. | &nbsp;&nbsp; 45300 | 469698 |
| Canon Inc. | &nbsp;&nbsp; 132500 | 3763350 |
| Canon Marketing Japan Inc. | &nbsp;&nbsp; 108000 | 3901853 |
| Capcom Co. Ltd. | &nbsp;&nbsp; 13400 | 341107 |
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 75200 | 3604857 |
| Coca-Cola Bottlers Japan Holdings Inc. | &nbsp;&nbsp; 175000 | 2675811 |
| Credit Saison Co. Ltd. | &nbsp;&nbsp; 27300 | 720270 |
| Dai Nippon Printing Co. Ltd. | &nbsp;&nbsp; 151200 | 2328398 |
| Daicel Corp. | &nbsp;&nbsp; 381300 | 3279970 |
| Dai-ichi Life Holdings Inc. | &nbsp;&nbsp; 554600 | 4388096 |
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 244100 | 5988242 |
| Daito Trust Construction Co. Ltd. | &nbsp;&nbsp; 3100 | 317371 |
| Daiwa Securities Group Inc. | &nbsp;&nbsp; 854200 | 5946814 |
| Dexerials Corp. | &nbsp;&nbsp; 189600 | 2741169 |
| Disco Corp. | &nbsp;&nbsp; 15200 | 4492002 |
| Ebara Corp. | &nbsp;&nbsp; 192400 | 3513383 |
| ENEOS Holdings Inc. | &nbsp;&nbsp; 285200 | 1496910 |
| Fast Retailing Co. Ltd. | &nbsp;&nbsp; 21900 | 6680150 |
| Fuji Electric Co. Ltd. | &nbsp;&nbsp; 21100 | 1049054 |
| FUJIFILM Holdings Corp. | &nbsp;&nbsp; 190000 | 3941023 |
| Fujikura Ltd. | &nbsp;&nbsp; 96200 | 6530289 |
| Fujitec Co. Ltd. | &nbsp;&nbsp; 54400 | 2013648 |
| Fujitsu Ltd. | &nbsp;&nbsp; 175400 | 3820899 |
| Furukawa Electric Co. Ltd. | &nbsp;&nbsp; 31300 | 1890573 |
| GMO Payment Gateway Inc. | &nbsp;&nbsp; 13300 | 741246 |
| Gunma Bank Ltd. (The) | &nbsp;&nbsp; 119900 | 1122735 |
| Hirose Electric Co. Ltd. | &nbsp;&nbsp; 10300 | 1293321 |
| Hitachi Ltd. | &nbsp;&nbsp; 500200 | 15306442 |
| Hokuhoku Financial Group Inc. | &nbsp;&nbsp; 237100 | 5008128 |
| Honda Motor Co. Ltd. | &nbsp;&nbsp; 454000 | 4700218 |
| Horiba Ltd. | &nbsp;&nbsp; 6900 | 507448 |
| Hoya Corp. | &nbsp;&nbsp; 45900 | 5790867 |
| Isetan Mitsukoshi Holdings Ltd. | &nbsp;&nbsp; 151600 | 2142483 |
| ITOCHU Corp. | &nbsp;&nbsp; 189600 | 9945012 |
| Iyogin Holdings Inc., NVS | &nbsp;&nbsp; 145200 | 1687286 |
| Japan Post Bank Co. Ltd. | &nbsp;&nbsp; 398900 | 4452240 |
| Japan Post Holdings Co. Ltd. | &nbsp;&nbsp; 230500 | 2134584 |
| Japan Post Insurance Co. Ltd. | &nbsp;&nbsp; 126500 | 3238982 |
| Japan Real Estate Investment Corp. | &nbsp;&nbsp; 8813 | 7148268 |
| Japan Tobacco Inc. | &nbsp;&nbsp; 13100 | 374131 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® International Equity Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Kamigumi Co. Ltd. | &nbsp;&nbsp; 181800 | $5109208 |
| Kandenko Co. Ltd. | &nbsp;&nbsp; 61000 | 1445029 |
| KDDI Corp. | &nbsp;&nbsp; 23300 | 382390 |
| Keyence Corp. | &nbsp;&nbsp; 12400 | 4485468 |
| Kikkoman Corp. | &nbsp;&nbsp; 84400 | 741451 |
| Kioxia Holdings Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 139900 | 2278786 |
| Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 23200 | 305722 |
| Kobe Steel Ltd. | &nbsp;&nbsp; 38000 | 417510 |
| Kokuyo Co. Ltd. | &nbsp;&nbsp; 503600 | 2967090 |
| Komatsu Ltd. | &nbsp;&nbsp; 115000 | 3705056 |
| Konami Group Corp. | &nbsp;&nbsp; 21000 | 2850933 |
| Kyowa Kirin Co. Ltd. | &nbsp;&nbsp; 30100 | 513795 |
| LaSalle Logiport REIT | &nbsp;&nbsp; 2459 | 2340449 |
| Macnica Holdings Inc. | &nbsp;&nbsp; 44100 | 575961 |
| Marubeni Corp. | &nbsp;&nbsp; 122800 | 2514175 |
| Maruichi Steel Tube Ltd. | &nbsp;&nbsp; 139900 | 3382137 |
| Mitsubishi Electric Corp. | &nbsp;&nbsp; 178900 | 4023861 |
| Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp; 146900 | 2750323 |
| Mitsubishi Gas Chemical Co. Inc. | &nbsp;&nbsp; 20300 | 350685 |
| Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp; 396400 | 9464604 |
| Mitsubishi Logistics Corp. | &nbsp;&nbsp; 205900 | 1760113 |
| Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp; 1143100 | 15755083 |
| Mitsui & Co. Ltd. | &nbsp;&nbsp; 179400 | 3651981 |
| Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp; 68100 | 608698 |
| Mizuho Financial Group Inc. | &nbsp;&nbsp; 517800 | 15187933 |
| MS&AD Insurance Group Holdings Inc. | &nbsp;&nbsp; 307000 | 6559382 |
| Nexon Co. Ltd. | &nbsp;&nbsp; 16900 | 309237 |
| Nihon Kohden Corp. | &nbsp;&nbsp; 39600 | 435542 |
| Nintendo Co. Ltd. | &nbsp;&nbsp; 140700 | 11759549 |
| Nippon Electric Glass Co. Ltd. | &nbsp;&nbsp; 8000 | 214131 |
| Nippon Express Holdings Inc. | &nbsp;&nbsp; 9600 | 210883 |
| Nippon Steel Corp. | &nbsp;&nbsp; 12600 | 242651 |
| Nishi-Nippon Financial Holdings Inc. | &nbsp;&nbsp; 22700 | 358562 |
| Nissan Motor Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2049500 | 4345554 |
| Nitto Denko Corp. | &nbsp;&nbsp; 171100 | 3540726 |
| NOF Corp. | &nbsp;&nbsp; 56600 | 1126618 |
| Nomura Holdings Inc. | &nbsp;&nbsp; 285600 | 1886758 |
| Nomura Real Estate Holdings Inc. | &nbsp;&nbsp; 1023100 | 5669625 |
| Nomura Real Estate Master Fund Inc. | &nbsp;&nbsp; 520 | 547657 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 119800 | 4740536 |
| NTT Inc. | &nbsp;&nbsp; 5681200 | 5737225 |
| Olympus Corp. | &nbsp;&nbsp; 61600 | 735938 |
| ORIX Corp. | &nbsp;&nbsp; 168000 | 3773791 |
| Orix JREIT Inc. | &nbsp;&nbsp; 1014 | 1325532 |
| Otsuka Corp. | &nbsp;&nbsp; 94800 | 1796191 |
| Otsuka Holdings Co. Ltd. | &nbsp;&nbsp; 47300 | 2251939 |
| Panasonic Holdings Corp. | &nbsp;&nbsp; 124900 | 1181469 |
| Persol Holdings Co. Ltd. | &nbsp;&nbsp; 318600 | 608987 |
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 204900 | 12156946 |
| Ricoh Co. Ltd. | &nbsp;&nbsp; 358900 | 3147011 |
| Ryohin Keikaku Co. Ltd. | &nbsp;&nbsp; 8700 | 407315 |
| Sankyo Co. Ltd. | &nbsp;&nbsp; 419700 | 7831727 |
| Sanrio Co. Ltd. | &nbsp;&nbsp; 75900 | 3114340 |
| Santen Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 419500 | 4635019 |
| Sanwa Holdings Corp. | &nbsp;&nbsp; 227000 | 6192974 |
| SBI Holdings Inc. | &nbsp;&nbsp; 64800 | 2407182 |
| SCREEN Holdings Co. Ltd. | &nbsp;&nbsp; 62200 | 4852216 |
| SCSK Corp. | &nbsp;&nbsp; 136000 | 4231626 |
| Sega Sammy Holdings Inc. | &nbsp;&nbsp; 73200 | 1496372 |
| Sekisui House Ltd. | &nbsp;&nbsp; 159500 | 3345803 |
| Shikoku Electric Power Co. Inc. | &nbsp;&nbsp; 404900 | 3369280 |
| Shimadzu Corp. | &nbsp;&nbsp; 38100 | 843407 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Shimamura Co. Ltd. | &nbsp;&nbsp; 25000 | $1810163 |
| Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp; 21200 | 610070 |
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 44000 | 735870 |
| Socionext Inc. | &nbsp;&nbsp; 181600 | 3422219 |
| SoftBank Group Corp. | &nbsp;&nbsp; 4500 | 343615 |
| Sompo Holdings Inc. | &nbsp;&nbsp; 191900 | 5658561 |
| Sony Group Corp. | &nbsp;&nbsp; 437000 | 10511292 |
| Subaru Corp. | &nbsp;&nbsp; 207800 | 3822649 |
| Sumitomo Corp. | &nbsp;&nbsp; 43600 | 1114405 |
| Sumitomo Mitsui Financial Group Inc. | &nbsp;&nbsp; 438700 | 11066911 |
| Sumitomo Realty & Development Co. Ltd. | &nbsp;&nbsp; 20200 | 737889 |
| Suntory Beverage & Food Ltd. | &nbsp;&nbsp; 5900 | 178155 |
| Suzuken Co. Ltd. | &nbsp;&nbsp; 96600 | 3651207 |
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 150100 | 4123214 |
| TIS Inc. | &nbsp;&nbsp; 76600 | 2443687 |
| Toho Gas Co. Ltd. | &nbsp;&nbsp; 86200 | 2407065 |
| Tokio Marine Holdings Inc. | &nbsp;&nbsp; 245800 | 9869581 |
| Tokyo Electron Ltd. | &nbsp;&nbsp; 39500 | 6279658 |
| Tokyo Gas Co. Ltd. | &nbsp;&nbsp; 126100 | 4222912 |
| Tokyo Metro Co. Ltd. | &nbsp;&nbsp; 20200 | 217662 |
| Tokyo Ohka Kogyo Co. Ltd. | &nbsp;&nbsp; 58400 | 1599553 |
| Tokyo Tatemono Co. Ltd. | &nbsp;&nbsp; 320300 | 5360177 |
| Tomy Co. Ltd. | &nbsp;&nbsp; 121300 | 2563410 |
| Toppan Holdings Inc. | &nbsp;&nbsp; 201400 | 5427372 |
| Toyota Motor Corp. | &nbsp;&nbsp; 942400 | 16763036 |
| Trend Micro Inc./Japan | &nbsp;&nbsp; 6000 | 365870 |
| USS Co. Ltd. | &nbsp;&nbsp; 798000 | 8673372 |
| Yamaguchi Financial Group Inc. | &nbsp;&nbsp; 401600 | 4545623 |
| Yamato Kogyo Co. Ltd. | &nbsp;&nbsp; 88300 | 4954827 |
| Yamazaki Baking Co. Ltd. | &nbsp;&nbsp; 288400 | 6160895 |
| Yokogawa Electric Corp. | &nbsp;&nbsp; 200500 | 5344143 |
| Zensho Holdings Co. Ltd. | &nbsp;&nbsp; 101600 | 5346541 |
|  |  | 505944923 |
| **Netherlands — 4.3%** | **Netherlands — 4.3%** | **Netherlands — 4.3%** |
| ABN AMRO Bank NV, CVA<sup>(c)</sup> | &nbsp;&nbsp; 523681 | 15138797 |
| Adyen NV<sup>(b)(c)</sup> | &nbsp;&nbsp; 3558 | 6102506 |
| Akzo Nobel NV | &nbsp;&nbsp; 63358 | 3978970 |
| ASM International NV | &nbsp;&nbsp; 5230 | 2531618 |
| ASML Holding NV | &nbsp;&nbsp; 40604 | 28141533 |
| EXOR NV | &nbsp;&nbsp; 19423 | 1871919 |
| ING Groep NV | &nbsp;&nbsp; 293594 | 6842334 |
| Koninklijke Ahold Delhaize NV | &nbsp;&nbsp; 374239 | 14781093 |
| Koninklijke KPN NV | &nbsp;&nbsp; 440813 | 1969331 |
| NN Group NV | &nbsp;&nbsp; 6443 | 433843 |
| Prosus NV | &nbsp;&nbsp; 76269 | 4356923 |
| Randstad NV | &nbsp;&nbsp; 60329 | 2867403 |
| SBM Offshore NV | &nbsp;&nbsp; 8168 | 213015 |
| Signify NV<sup>(c)</sup> | &nbsp;&nbsp; 98306 | 2351733 |
| Wolters Kluwer NV | &nbsp;&nbsp; 20130 | 3135427 |
|  |  | 94716445 |
| **New Zealand — 0.2%** | **New Zealand — 0.2%** | **New Zealand — 0.2%** |
| Contact Energy Ltd. | &nbsp;&nbsp; 87298 | 467861 |
| Fisher & Paykel Healthcare Corp. Ltd. | &nbsp;&nbsp; 28613 | 620298 |
| Fletcher Building Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1523011 | 2716922 |
| Meridian Energy Ltd. | &nbsp;&nbsp; 496481 | 1667118 |
|  |  | 5472199 |
| **Norway — 1.1%** | **Norway — 1.1%** | **Norway — 1.1%** |
| DNB Bank ASA | &nbsp;&nbsp; 180392 | 4563869 |
| Equinor ASA | &nbsp;&nbsp; 181186 | 4654228 |
| Kongsberg Gruppen ASA | &nbsp;&nbsp; 141828 | 4238265 |
| Norsk Hydro ASA | &nbsp;&nbsp; 360472 | 2136514 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® International Equity Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Norway (continued)** | **Norway (continued)** | **Norway (continued)** |
| Orkla ASA | &nbsp;&nbsp; 494755 | $5202857 |
| Yara International ASA | &nbsp;&nbsp; 113178 | 4183867 |
|  |  | 24979600 |
| **Poland — 0.1%** | **Poland — 0.1%** | **Poland — 0.1%** |
| LPP SA | &nbsp;&nbsp; 686 | 3046773 |
| **Portugal — 0.1%** | **Portugal — 0.1%** | **Portugal — 0.1%** |
| Galp Energia SGPS SA | &nbsp;&nbsp; 69638 | 1329754 |
| **Singapore — 2.1%** | **Singapore — 2.1%** | **Singapore — 2.1%** |
| ComfortDelGro Corp. Ltd. | &nbsp;&nbsp; 3676600 | 4322307 |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 129900 | 4767911 |
| NetLink NBN Trust | &nbsp;&nbsp; 5414100 | 3731993 |
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 334500 | 4334839 |
| Sembcorp Industries Ltd. | &nbsp;&nbsp; 1153400 | 6858217 |
| Singapore Airlines Ltd. | &nbsp;&nbsp; 1143900 | 5974776 |
| Singapore Exchange Ltd. | &nbsp;&nbsp; 122052 | 1496553 |
| Singapore Technologies Engineering Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 363300 | 2444021 |
| United Overseas Bank Ltd. | &nbsp;&nbsp; 82900 | 2303189 |
| Wilmar International Ltd. | &nbsp;&nbsp; 1879200 | 4253299 |
| Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp; 2894600 | 5677549 |
|  |  | 46164654 |
| **Spain — 3.0%** | **Spain — 3.0%** | **Spain — 3.0%** |
| Acciona SA | &nbsp;&nbsp; 16171 | 3101514 |
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 838074 | 13977613 |
| Banco de Sabadell SA | &nbsp;&nbsp; 1855758 | 6849418 |
| Banco Santander SA | &nbsp;&nbsp; 921456 | 7916028 |
| CaixaBank SA | &nbsp;&nbsp; 63927 | 601445 |
| Endesa SA | &nbsp;&nbsp; 158737 | 4592167 |
| Iberdrola SA | &nbsp;&nbsp; 375486 | 6599661 |
| Industria de Diseno Textil SA | &nbsp;&nbsp; 142108 | 6788076 |
| Puig Brands SA, Class B | &nbsp;&nbsp; 168777 | 3136683 |
| Repsol SA | &nbsp;&nbsp; 553300 | 8388997 |
| Telefonica SA | &nbsp;&nbsp; 699610 | 3610542 |
|  |  | 65562144 |
| **Sweden — 3.0%** | **Sweden — 3.0%** | **Sweden — 3.0%** |
| Alfa Laval AB | &nbsp;&nbsp; 90405 | 3927881 |
| Assa Abloy AB, Class B | &nbsp;&nbsp; 29747 | 984335 |
| H & M Hennes & Mauritz AB, Class B | &nbsp;&nbsp; 289759 | 3903529 |
| Hemnet Group AB | &nbsp;&nbsp; 157616 | 4539099 |
| Investor AB, Class B | &nbsp;&nbsp; 541541 | 15693597 |
| Loomis AB, Class B | &nbsp;&nbsp; 52946 | 2093448 |
| Mycronic AB | &nbsp;&nbsp; 42289 | 917624 |
| Nordea Bank Abp | &nbsp;&nbsp; 916745 | 13376943 |
| Sandvik AB | &nbsp;&nbsp; 47681 | 1163400 |
| Skandinaviska Enskilda Banken AB, Class A | &nbsp;&nbsp; 320130 | 5599882 |
| SSAB AB, Class B | &nbsp;&nbsp; 1167906 | 6600620 |
| Svenska Handelsbanken AB, Class A | &nbsp;&nbsp; 89057 | 1085104 |
| Telia Co. AB | &nbsp;&nbsp; 154485 | 545596 |
| Trelleborg AB, Class B | &nbsp;&nbsp; 15146 | 550327 |
| Volvo AB, Class B | &nbsp;&nbsp; 171262 | 4918608 |
|  |  | 65899993 |
| **Switzerland — 8.5%** | **Switzerland — 8.5%** | **Switzerland — 8.5%** |
| ABB Ltd., Registered | &nbsp;&nbsp; 289145 | 18880616 |
| Adecco Group AG, Registered | &nbsp;&nbsp; 94599 | 2978747 |
| Alcon AG | &nbsp;&nbsp; 60051 | 5264549 |
| Bucher Industries AG, Registered | &nbsp;&nbsp; 2050 | 968110 |
| Cie Financiere Richemont SA, Class A, Registered | &nbsp;&nbsp; 59068 | 9644397 |
| Holcim AG | &nbsp;&nbsp; 67448 | 5378973 |
| Julius Baer Group Ltd. | &nbsp;&nbsp; 32407 | 2192796 |
| Kuehne + Nagel International AG, Registered | &nbsp;&nbsp; 9530 | 1942966 |
| Logitech International SA, Registered | &nbsp;&nbsp; 18039 | 1672700 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| Mobimo Holding AG, Registered | &nbsp;&nbsp; 215 | $84205 |
| Nestle SA, Registered | &nbsp;&nbsp; 260410 | 22753861 |
| Novartis AG, Registered | &nbsp;&nbsp; 354371 | 40358266 |
| PSP Swiss Property AG, Registered | &nbsp;&nbsp; 27896 | 4732956 |
| Roche Holding AG, NVS | &nbsp;&nbsp; 64388 | 20093758 |
| Schindler Holding AG, Participation Certificates, NVS | &nbsp;&nbsp; 10154 | 3672051 |
| SGS SA | &nbsp;&nbsp; 30837 | 3133451 |
| Swiss Life Holding AG, Registered | &nbsp;&nbsp; 444 | 459894 |
| Swiss Re AG | &nbsp;&nbsp; 15631 | 2797970 |
| Swissquote Group Holding SA, Registered | &nbsp;&nbsp; 6015 | 3996640 |
| UBS Group AG, Registered | &nbsp;&nbsp; 496578 | 18454828 |
| VZ Holding AG | &nbsp;&nbsp; 28277 | 5984803 |
| Zurich Insurance Group AG | &nbsp;&nbsp; 15849 | 10810701 |
|  |  | 186257238 |
| **United Kingdom — 12.3%** | **United Kingdom — 12.3%** | **United Kingdom — 12.3%** |
| 3i Group PLC | &nbsp;&nbsp; 139510 | 7623122 |
| Aberdeen Group PLC | &nbsp;&nbsp; 1490963 | 3934256 |
| Anglo American PLC, NVS | &nbsp;&nbsp; 27130 | 763386 |
| Associated British Foods PLC | &nbsp;&nbsp; 24631 | 713203 |
| AstraZeneca PLC | &nbsp;&nbsp; 127762 | 18639407 |
| B&M European Value Retail SA | &nbsp;&nbsp; 614000 | 1814904 |
| BAE Systems PLC | &nbsp;&nbsp; 452232 | 10790534 |
| Balfour Beatty PLC | &nbsp;&nbsp; 989330 | 7070241 |
| Barclays PLC | &nbsp;&nbsp; 1371260 | 6702744 |
| BP PLC | &nbsp;&nbsp; 1874533 | 10048022 |
| British American Tobacco PLC | &nbsp;&nbsp; 73769 | 3952346 |
| British Land Co. PLC (The) | &nbsp;&nbsp; 642066 | 2950892 |
| Burberry Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 195774 | 3320892 |
| Carnival PLC<sup>(b)</sup> | &nbsp;&nbsp; 254937 | 6937078 |
| Centrica PLC | &nbsp;&nbsp; 2842272 | 6178396 |
| Coca-Cola HBC AG, Class DI | &nbsp;&nbsp; 210795 | 10955477 |
| Compass Group PLC | &nbsp;&nbsp; 5230 | 183779 |
| Computacenter PLC | &nbsp;&nbsp; 39344 | 1189102 |
| Diageo PLC | &nbsp;&nbsp; 117101 | 2838241 |
| Drax Group PLC | &nbsp;&nbsp; 259076 | 2419651 |
| Glencore PLC | &nbsp;&nbsp; 1305133 | 5237918 |
| Grafton Group PLC | &nbsp;&nbsp; 263480 | 3088866 |
| Greggs PLC | &nbsp;&nbsp; 112895 | 2347594 |
| GSK PLC | &nbsp;&nbsp; 487746 | 8971591 |
| HSBC Holdings PLC | &nbsp;&nbsp; 1288280 | 15695077 |
| ICG PLC | &nbsp;&nbsp; 132924 | 3805955 |
| Imperial Brands PLC | &nbsp;&nbsp; 63771 | 2485754 |
| Inchcape PLC | &nbsp;&nbsp; 237138 | 2194678 |
| InterContinental Hotels Group PLC | &nbsp;&nbsp; 24422 | 2809510 |
| Investec PLC | &nbsp;&nbsp; 818990 | 6073178 |
| JD Sports Fashion PLC | &nbsp;&nbsp; 466753 | 523924 |
| Kingfisher PLC | &nbsp;&nbsp; 1206285 | 4289312 |
| Land Securities Group PLC | &nbsp;&nbsp; 564474 | 4292791 |
| Lloyds Banking Group PLC | &nbsp;&nbsp; 1942499 | 1991931 |
| M&G PLC | &nbsp;&nbsp; 258054 | 888195 |
| Man Group PLC/Jersey | &nbsp;&nbsp; 306963 | 666645 |
| Marks & Spencer Group PLC | &nbsp;&nbsp; 884652 | 4062843 |
| Melrose Industries PLC | &nbsp;&nbsp; 107663 | 726901 |
| National Grid PLC | &nbsp;&nbsp; 341833 | 4803461 |
| NatWest Group PLC | &nbsp;&nbsp; 454370 | 3154044 |
| Next PLC | &nbsp;&nbsp; 32537 | 5281438 |
| Pearson PLC | &nbsp;&nbsp; 73673 | 1041806 |
| Plus500 Ltd. | &nbsp;&nbsp; 139765 | 6202993 |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp; 9676 | 725175 |
| Rightmove PLC | &nbsp;&nbsp; 59017 | 636881 |
| Rio Tinto PLC | &nbsp;&nbsp; 109126 | 6499477 |
| Rolls-Royce Holdings PLC | &nbsp;&nbsp; 721834 | 10244969 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® International Equity Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Sage Group PLC (The) | &nbsp;&nbsp; 66728 | $1071428 |
| Serco Group PLC | &nbsp;&nbsp; 221703 | 610894 |
| Shell PLC | &nbsp;&nbsp; 393630 | 14184876 |
| Softcat PLC | &nbsp;&nbsp; 78871 | 1696349 |
| Standard Chartered PLC | &nbsp;&nbsp; 84154 | 1508625 |
| Tesco PLC | &nbsp;&nbsp; 1597055 | 8972927 |
| TUI AG<sup>(a)(b)</sup> | &nbsp;&nbsp; 766070 | 6911521 |
| Unilever PLC | &nbsp;&nbsp; 100820 | 5849622 |
| Vodafone Group PLC | &nbsp;&nbsp; 7016393 | 7607150 |
| Wise PLC, Class A<sup>(b)</sup> | &nbsp;&nbsp; 307005 | 4101273 |
|  |  | 270283245 |
| **Total Common Stocks — 99.4%** <br>**(Cost: $1,842,409,255)** | **Total Common Stocks — 99.4%** <br>**(Cost: $1,842,409,255)** | 2189109346 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Germany — 0.2%** | **Germany — 0.2%** | **Germany — 0.2%** |
| Dr Ing hc F Porsche AG, Preference Shares, <br> NVS<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 85279 | 4324197 |
| **Total Preferred Stocks — 0.2%** <br>**(Cost: $6,750,886)** | **Total Preferred Stocks — 0.2%** <br>**(Cost: $6,750,886)** | 4324197 |
| **Warrants** | **Warrants** | **Warrants** |
| **Canada — 0.0%** | **Canada — 0.0%** | **Canada — 0.0%** |
| Constellation Software Inc., (Issued 08/29/23, <br> 1 Share for 1 Warrant, Expires 03/31/40, Strike <br> Price CAD 11.50)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1793 |  |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** |  |
| **Total Long-Term Investments — 99.6%** <br>**(Cost: $1,849,160,141)** | **Total Long-Term Investments — 99.6%** <br>**(Cost: $1,849,160,141)** | 2193433543 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.5%** | **Money Market Funds — 0.5%** | **Money Market Funds — 0.5%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp; 11495590 | $11500188 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(e)(f)</sup><br>| &nbsp;&nbsp; 330000 | 330000 |
| **Total Short-Term Securities — 0.5%** <br>**(Cost: $11,829,900)** | **Total Short-Term Securities — 0.5%** <br>**(Cost: $11,829,900)** | 11830188 |
| **Total Investments — 100.1%** <br>**(Cost: $1,860,990,041)** | **Total Investments — 100.1%** <br>**(Cost: $1,860,990,041)** | 2205263731 |
| **Liabilities in Excess of Other Assets — (0.1)%** | **Liabilities in Excess of Other Assets — (0.1)%** | (2809228)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $2202454503 |

---

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

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

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

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

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

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 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>*07/31/24*<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>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<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>| $6317026<br> $5181259 <br><sup>(a)</sup><br>| $— | $2192 | $(289)<br>| $11500188 | 11495590 | $26648 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 150000<br> 180000 <br><sup>(a)</sup><br>|  |  |  | 330000 | 330000 | 28450 |  |
|  |  |  | $2192 | $(289) | $11830188 |  | $55098 | $— |

---

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

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

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

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® International Equity Factor ETF**

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| TOPIX Index | 11 | 09/11/25 | &nbsp;&nbsp; $2155 | $86456 |
| SPI 200 Index | 9 | 09/18/25 | &nbsp;&nbsp; 1261 | 23698 |
| Euro STOXX 50 Index | 56 | 09/19/25 | &nbsp;&nbsp; 3423 | 11103 |
| FTSE 100 Index | 17 | 09/19/25 | &nbsp;&nbsp; 2053 | 43959 |
|  |  |  |  | $165216 |

---

**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; $165216 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $165216 |

---

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

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts 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 July 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; $979428 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $979428 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $109519 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $109519 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $9728317 |

---

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; $158023150 | &nbsp;&nbsp; $2031086196 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2189109346 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 4324197 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4324197 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® International Equity Factor ETF**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; $11830188 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11830188 |
|  | &nbsp;&nbsp; $169853338 | &nbsp;&nbsp; $2035410393 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2205263731 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $34801 | &nbsp;&nbsp; $130415 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $165216 |

---

&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

July 31, 2025

**iShares® International Small-Cap Equity Factor ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 6.7%** | **Australia — 6.7%** | **Australia — 6.7%** |
| Abacus Group | &nbsp;&nbsp; 111104 | $85820 |
| Accent Group Ltd. | &nbsp;&nbsp; 90564 | 86269 |
| Adairs Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 183252 | 240726 |
| Amotiv Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 23326 | 131285 |
| AMP Ltd. | &nbsp;&nbsp; 283764 | 290323 |
| Ansell Ltd. | &nbsp;&nbsp; 2011 | 38500 |
| Aurelia Metals Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 455178 | 51191 |
| Austin Engineering Ltd. | &nbsp;&nbsp; 161677 | 36828 |
| Biome Australia Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 385842 | 128497 |
| Bisalloy Steel Group Ltd. | &nbsp;&nbsp; 85493 | 218606 |
| BWP Trust<sup>(b)</sup> | &nbsp;&nbsp; 69864 | 160735 |
| Cettire Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 568170 | 93945 |
| Challenger Ltd. | &nbsp;&nbsp; 43412 | 228156 |
| Champion Iron Ltd. | &nbsp;&nbsp; 44298 | 117047 |
| Clinuvel Pharmaceuticals Ltd. | &nbsp;&nbsp; 13696 | 113531 |
| Coast Entertainment Holdings Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 391299 | 94301 |
| Collins Foods Ltd. | &nbsp;&nbsp; 33202 | 197201 |
| Cuscal Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 408740 | 806418 |
| Dalrymple Bay Infrastructure Ltd. | &nbsp;&nbsp; 553939 | 1592124 |
| Data#3 Ltd. | &nbsp;&nbsp; 43014 | 206956 |
| Deterra Royalties Ltd. | &nbsp;&nbsp; 516382 | 1367363 |
| DigiCo Infrastructure REIT | &nbsp;&nbsp; 46510 | 97860 |
| Domain Holdings Australia Ltd. | &nbsp;&nbsp; 34989 | 98951 |
| Downer EDI Ltd. | &nbsp;&nbsp; 88810 | 391619 |
| Eagers Automotive Ltd. | &nbsp;&nbsp; 5312 | 66526 |
| Elanor Commercial Property Fund<sup>(a)</sup> | &nbsp;&nbsp; 362730 | 153852 |
| Elders Ltd. | &nbsp;&nbsp; 19367 | 89726 |
| FleetPartners Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 392048 | 690342 |
| Fleetwood Ltd. | &nbsp;&nbsp; 172591 | 292133 |
| GenusPlus Group Ltd. | &nbsp;&nbsp; 186287 | 538725 |
| GR Engineering Services Ltd. | &nbsp;&nbsp; 284192 | 677579 |
| GrainCorp Ltd., Class A | &nbsp;&nbsp; 207473 | 1006812 |
| Grange Resources Ltd. | &nbsp;&nbsp; 1043571 | 130777 |
| Growthpoint Properties Australia Ltd. | &nbsp;&nbsp; 62415 | 97962 |
| GWA Group Ltd. | &nbsp;&nbsp; 295213 | 478959 |
| Healius Ltd. | &nbsp;&nbsp; 754778 | 370261 |
| Helia Group Ltd. | &nbsp;&nbsp; 364656 | 1180575 |
| HomeCo Daily Needs REIT | &nbsp;&nbsp; 414839 | 341009 |
| Horizon Oil Ltd. | &nbsp;&nbsp; 2003682 | 262832 |
| IGO Ltd. | &nbsp;&nbsp; 101171 | 284611 |
| Iluka Resources Ltd. | &nbsp;&nbsp; 112885 | 369814 |
| Inghams Group Ltd. | &nbsp;&nbsp; 200491 | 444082 |
| Karoon Energy Ltd. | &nbsp;&nbsp; 185003 | 221263 |
| Kingsgate Consolidated Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 36273 | 51355 |
| Kogan.com Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 33063 | 81839 |
| Macmahon Holdings Ltd. | &nbsp;&nbsp; 2332493 | 448566 |
| McMillan Shakespeare Ltd. | &nbsp;&nbsp; 57673 | 659682 |
| Metals X Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 152689 | 56553 |
| Metcash Ltd. | &nbsp;&nbsp; 141748 | 353875 |
| Mount Gibson Iron Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1268913 | 317336 |
| Myer Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 938711 | 362356 |
| Neuren Pharmaceuticals Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 38627 | 423565 |
| New Hope Corp. Ltd. | &nbsp;&nbsp; 195596 | 522388 |
| nib holdings Ltd. | &nbsp;&nbsp; 15962 | 75784 |
| Nine Entertainment Co. Holdings Ltd. | &nbsp;&nbsp; 167883 | 182375 |
| NRW Holdings Ltd. | &nbsp;&nbsp; 303289 | 626244 |
| Nufarm Ltd./Australia<sup>(b)</sup> | &nbsp;&nbsp; 63600 | 105025 |
| Nuix Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 25145 | 37832 |
| OFX Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 89131 | 47420 |
| Orora Ltd. | &nbsp;&nbsp; 50932 | 67598 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Australia (continued)** | **Australia (continued)** | **Australia (continued)** |
| Orthocell Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 290826 | $236228 |
| Perenti Ltd. | &nbsp;&nbsp; 165163 | 185299 |
| Perseus Mining Ltd. | &nbsp;&nbsp; 62488 | 130457 |
| PEXA Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 20116 | 204270 |
| PolyNovo Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 72366 | 59112 |
| QPM Energy Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 4620367 | 95180 |
| Region Group | &nbsp;&nbsp; 159324 | 238439 |
| Regis Healthcare Ltd. | &nbsp;&nbsp; 69229 | 369867 |
| Regis Resources Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 63394 | 165308 |
| Reliance Worldwide Corp. Ltd. | &nbsp;&nbsp; 35758 | 98299 |
| RPMGlobal Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 148882 | 321049 |
| Sandfire Resources Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 156434 | 1052421 |
| Sims Ltd. | &nbsp;&nbsp; 92555 | 898098 |
| SKS Technologies Group Ltd. | &nbsp;&nbsp; 155150 | 220319 |
| Southern Cross Media Group Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 361125 | 138086 |
| Stanmore Resources Ltd. | &nbsp;&nbsp; 267179 | 361865 |
| Steadfast Group Ltd. | &nbsp;&nbsp; 71507 | 272147 |
| Super Retail Group Ltd. | &nbsp;&nbsp; 90201 | 882305 |
| Tabcorp Holdings Ltd. | &nbsp;&nbsp; 1773204 | 875976 |
| Tasmea Ltd. | &nbsp;&nbsp; 48578 | 114397 |
| Temple & Webster Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 6165 | 96086 |
| Titomic Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 539601 | 88428 |
| Tuas Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 118021 | 404554 |
| Ventia Services Group Pty. Ltd. | &nbsp;&nbsp; 215712 | 718275 |
| Weebit Nano Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 42586 | 65683 |
| Whitehaven Coal Ltd. | &nbsp;&nbsp; 69657 | 285684 |
|  |  | 27569717 |
| **Austria — 0.3%** | **Austria — 0.3%** | **Austria — 0.3%** |
| Oesterreichische Post AG | &nbsp;&nbsp; 5952 | 207610 |
| Porr AG | &nbsp;&nbsp; 29532 | 992858 |
| Semperit AG Holding | &nbsp;&nbsp; 2675 | 40139 |
| Zumtobel Group AG<sup>(a)</sup> | &nbsp;&nbsp; 26001 | 134728 |
|  |  | 1375335 |
| **Belgium — 0.9%** | **Belgium — 0.9%** | **Belgium — 0.9%** |
| Barco NV | &nbsp;&nbsp; 11877 | 185113 |
| Bekaert SA | &nbsp;&nbsp; 14722 | 606360 |
| bpost SA<sup>(b)</sup> | &nbsp;&nbsp; 190674 | 477319 |
| Deceuninck NV | &nbsp;&nbsp; 14151 | 35085 |
| Deme Group NV | &nbsp;&nbsp; 946 | 141587 |
| Fluxys Belgium SA | &nbsp;&nbsp; 10914 | 256574 |
| Ion Beam Applications | &nbsp;&nbsp; 14124 | 194464 |
| Proximus SADP | &nbsp;&nbsp; 93555 | 777323 |
| Solvay SA | &nbsp;&nbsp; 21400 | 670518 |
| Umicore SA | &nbsp;&nbsp; 33689 | 532413 |
|  |  | 3876756 |
| **Canada — 8.9%** | **Canada — 8.9%** | **Canada — 8.9%** |
| A&W Food Services of Canada Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8921 | 247233 |
| Advantage Energy Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 24043 | 191740 |
| AGF Management Ltd., Class B, NVS | &nbsp;&nbsp; 35013 | 310306 |
| Artis REIT | &nbsp;&nbsp; 38527 | 207149 |
| Atco Ltd., Class I, NVS | &nbsp;&nbsp; 28248 | 1023011 |
| Bausch Health Companies Inc.<sup>(b)</sup> | &nbsp;&nbsp; 39697 | 233815 |
| Baytex Energy Corp. | &nbsp;&nbsp; 65484 | 138946 |
| Bird Construction Inc. | &nbsp;&nbsp; 19477 | 405537 |
| BlackBerry Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 57138 | 210309 |
| Boardwalk Real Estate Investment Trust | &nbsp;&nbsp; 12840 | 662109 |
| Bombardier Inc., Class B<sup>(b)</sup> | &nbsp;&nbsp; 6634 | 773568 |
| Brookfield Renewable Corp. | &nbsp;&nbsp; 13406 | 491062 |
| BRP Inc. | &nbsp;&nbsp; 7918 | 400357 |
| Canacol Energy Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 47936 | 72651 |
| Canadian Tire Corp. Ltd., Class A, NVS | &nbsp;&nbsp; 7386 | 989242 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® International Small-Cap Equity Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Capital Power Corp. | &nbsp;&nbsp; 15515 | $650340 |
| Cascades Inc. | &nbsp;&nbsp; 48844 | 318318 |
| Centerra Gold Inc. | &nbsp;&nbsp; 124548 | 847638 |
| Chartwell Retirement Residences | &nbsp;&nbsp; 27664 | 353587 |
| Chemtrade Logistics Income Fund | &nbsp;&nbsp; 70513 | 572511 |
| Choice Properties REIT | &nbsp;&nbsp; 12341 | 126385 |
| CI Financial Corp. | &nbsp;&nbsp; 41623 | 959167 |
| Cogeco Communications Inc. | &nbsp;&nbsp; 5526 | 248822 |
| Cogeco Inc. | &nbsp;&nbsp; 8239 | 348029 |
| Colliers International Group Inc. | &nbsp;&nbsp; 2247 | 338850 |
| Computer Modelling Group Ltd. | &nbsp;&nbsp; 13054 | 74522 |
| CT REIT<sup>(a)</sup> | &nbsp;&nbsp; 117272 | 1305091 |
| Definity Financial Corp. | &nbsp;&nbsp; 3183 | 171486 |
| Docebo Inc.<sup>(b)</sup> | &nbsp;&nbsp; 24182 | 733174 |
| Dream Office REIT<sup>(a)</sup> | &nbsp;&nbsp; 19688 | 237148 |
| Dundee Precious Metals Inc. | &nbsp;&nbsp; 52109 | 842409 |
| Eldorado Gold Corp.<sup>(b)</sup> | &nbsp;&nbsp; 22256 | 456010 |
| Empire Co. Ltd., NVS | &nbsp;&nbsp; 5845 | 232771 |
| Ensign Energy Services Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 124869 | 203669 |
| EQB Inc. | &nbsp;&nbsp; 3396 | 252445 |
| Finning International Inc. | &nbsp;&nbsp; 44084 | 1921039 |
| First Capital Real Estate Investment Trust | &nbsp;&nbsp; 32614 | 437568 |
| Frontera Energy Corp.<sup>(a)</sup> | &nbsp;&nbsp; 57994 | 266197 |
| Gibson Energy Inc. | &nbsp;&nbsp; 24895 | 448814 |
| H&R Real Estate Investment Trust | &nbsp;&nbsp; 30752 | 257228 |
| Hammond Power Solutions Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 5457 | 488121 |
| Hudbay Minerals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12341 | 114539 |
| IAMGOLD Corp.<sup>(b)</sup> | &nbsp;&nbsp; 28409 | 191908 |
| Interfor Corp.<sup>(b)</sup> | &nbsp;&nbsp; 20437 | 183780 |
| Kinaxis Inc.<sup>(b)</sup> | &nbsp;&nbsp; 1284 | 190561 |
| Labrador Iron Ore Royalty Corp. | &nbsp;&nbsp; 20972 | 403366 |
| Lassonde Industries Inc., Class A | &nbsp;&nbsp; 2971 | 460466 |
| Leon's Furniture Ltd. | &nbsp;&nbsp; 17655 | 347213 |
| Linamar Corp. | &nbsp;&nbsp; 4494 | 217305 |
| Lundin Gold Inc. | &nbsp;&nbsp; 6741 | 311995 |
| Major Drilling Group International Inc.<sup>(b)</sup> | &nbsp;&nbsp; 93946 | 595977 |
| Martinrea International Inc. | &nbsp;&nbsp; 31244 | 187608 |
| Mattr Corp.<sup>(b)</sup> | &nbsp;&nbsp; 21507 | 190763 |
| MDA Space Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 11877 | 332583 |
| MEG Energy Corp. | &nbsp;&nbsp; 38948 | 767660 |
| Methanex Corp. | &nbsp;&nbsp; 8988 | 300465 |
| Morguard Corp. | &nbsp;&nbsp; 2889 | 246470 |
| Morguard North American Residential REIT | &nbsp;&nbsp; 35339 | 461886 |
| Mullen Group Ltd. | &nbsp;&nbsp; 16176 | 153751 |
| New Gold Inc.<sup>(b)</sup> | &nbsp;&nbsp; 118770 | 497161 |
| NGEx Minerals Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 15622 | 220643 |
| North West Co. Inc. (The) | &nbsp;&nbsp; 6099 | 209345 |
| Parex Resources Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8560 | 101564 |
| Parkland Corp. | &nbsp;&nbsp; 10957 | 309273 |
| Pason Systems Inc.<sup>(a)</sup> | &nbsp;&nbsp; 65698 | 554280 |
| PetroTal Corp. | &nbsp;&nbsp; 766655 | 409443 |
| Peyto Exploration & Development Corp. | &nbsp;&nbsp; 6804 | 95460 |
| PHX Energy Services Corp. | &nbsp;&nbsp; 17241 | 103526 |
| PrairieSky Royalty Ltd. | &nbsp;&nbsp; 25038 | 430612 |
| Precision Drilling Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 8560 | 482056 |
| Prinmaris REIT | &nbsp;&nbsp; 29474 | 313757 |
| Quebecor Inc., Class B | &nbsp;&nbsp; 1605 | 45152 |
| Real Matters Inc.<sup>(b)</sup> | &nbsp;&nbsp; 64628 | 237411 |
| Russel Metals Inc. | &nbsp;&nbsp; 25145 | 805380 |
| Secure Waste Infrastructure Corp. | &nbsp;&nbsp; 33384 | 364776 |
| Silvercorp Metals Inc. | &nbsp;&nbsp; 12947 | 56344 |
| South Bow Corp. | &nbsp;&nbsp; 12733 | 334407 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Spin Master Corp.<sup>(c)</sup> | &nbsp;&nbsp; 18939 | $311641 |
| Sprott Inc. | &nbsp;&nbsp; 1265 | 85179 |
| Stella-Jones Inc. | &nbsp;&nbsp; 749 | 42699 |
| Superior Plus Corp. | &nbsp;&nbsp; 19902 | 99395 |
| Torex Gold Resources Inc.<sup>(b)</sup> | &nbsp;&nbsp; 18297 | 515395 |
| TransAlta Corp. | &nbsp;&nbsp; 101115 | 1216503 |
| Transcontinental Inc., Class A | &nbsp;&nbsp; 34374 | 478051 |
| Trican Well Service Ltd. | &nbsp;&nbsp; 305485 | 1254482 |
| Valeura Energy Inc.<sup>(b)</sup> | &nbsp;&nbsp; 83322 | 561053 |
| Vermilion Energy Inc. | &nbsp;&nbsp; 30495 | 250237 |
| Westshore Terminals Investment Corp. | &nbsp;&nbsp; 25145 | 511937 |
| Whitecap Resources Inc. | &nbsp;&nbsp; 68266 | 515345 |
|  |  | 36519177 |
| **Cayman Islands — 0.0%** | **Cayman Islands — 0.0%** | **Cayman Islands — 0.0%** |
| Jutal Offshore Oil Services Ltd. | &nbsp;&nbsp; 1070000 | 88443 |
| Sea1 offshore Inc. | &nbsp;&nbsp; 14980 | 39222 |
|  |  | 127665 |
| **China — 0.9%** | **China — 0.9%** | **China — 0.9%** |
| Anton Oilfield Services Group/Hong Kong<sup>(a)</sup> | &nbsp;&nbsp; 856000 | 153604 |
| Future Machine Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 420000 | 54573 |
| Goodbaby International Holdings Ltd. | &nbsp;&nbsp; 107000 | 14916 |
| HBM Holdings Ltd.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 321000 | 382224 |
| HUTCHMED China Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 160500 | 573639 |
| Mobvista Inc.<sup>(b)(c)</sup> | &nbsp;&nbsp; 257000 | 292537 |
| NetDragon Websoft Holdings Ltd. | &nbsp;&nbsp; 267500 | 369460 |
| Newborn Town Inc.<sup>(b)</sup> | &nbsp;&nbsp; 308000 | 415577 |
| Skyworth Group Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 856000 | 336494 |
| Wasion Holdings Ltd. | &nbsp;&nbsp; 856000 | 929926 |
| Xin Point Holdings Ltd. | &nbsp;&nbsp; 107000 | 55885 |
|  |  | 3578835 |
| **Denmark — 2.4%** | **Denmark — 2.4%** | **Denmark — 2.4%** |
| ALK-Abello A/S<sup>(b)</sup> | &nbsp;&nbsp; 7762 | 225205 |
| Ascendis Pharma A/S, ADR<sup>(a)(b)</sup> | &nbsp;&nbsp; 4922 | 853967 |
| Bavarian Nordic A/S<sup>(b)</sup> | &nbsp;&nbsp; 1605 | 58095 |
| Chemometec A/S | &nbsp;&nbsp; 5885 | 454211 |
| D/S Norden A/S | &nbsp;&nbsp; 6099 | 212104 |
| Demant A/S<sup>(b)</sup> | &nbsp;&nbsp; 5778 | 218915 |
| GN Store Nord A/S<sup>(b)</sup> | &nbsp;&nbsp; 17548 | 251385 |
| Gubra AS<sup>(a)</sup> | &nbsp;&nbsp; 428 | 23839 |
| H Lundbeck A/S | &nbsp;&nbsp; 5591 | 29128 |
| ISS A/S | &nbsp;&nbsp; 54142 | 1556384 |
| Jyske Bank A/S, Registered | &nbsp;&nbsp; 3076 | 308807 |
| Nilfisk Holding A/S<sup>(b)</sup> | &nbsp;&nbsp; 5243 | 74628 |
| NKT A/S<sup>(b)</sup> | &nbsp;&nbsp; 11663 | 1026026 |
| Per Aarsleff Holding A/S | &nbsp;&nbsp; 8988 | 967981 |
| Ringkjoebing Landbobank A/S | &nbsp;&nbsp; 2224 | 490284 |
| Rockwool A/S, Class B | &nbsp;&nbsp; 7811 | 342283 |
| Royal Unibrew A/S | &nbsp;&nbsp; 5100 | 382222 |
| Scandinavian Tobacco Group A/S, Class A<sup>(c)</sup> | &nbsp;&nbsp; 33384 | 437413 |
| Solar A/S, Class B | &nbsp;&nbsp; 12305 | 531462 |
| Sydbank A/S | &nbsp;&nbsp; 18083 | 1339719 |
| Zealand Pharma A/S<sup>(b)</sup> | &nbsp;&nbsp; 2675 | 138399 |
|  |  | 9922457 |
| **Finland — 1.2%** | **Finland — 1.2%** | **Finland — 1.2%** |
| Harvia OYJ | &nbsp;&nbsp; 4141 | 240066 |
| Hiab OYJ, Class B | &nbsp;&nbsp; 11449 | 781329 |
| HKFoods OYJ, Class A | &nbsp;&nbsp; 105074 | 190657 |
| Kemira OYJ | &nbsp;&nbsp; 35096 | 746891 |
| Konecranes OYJ | &nbsp;&nbsp; 15515 | 1292897 |
| Marimekko OYJ | &nbsp;&nbsp; 43442 | 646471 |
| Nokian Renkaat OYJ<sup>(a)</sup> | &nbsp;&nbsp; 29960 | 268972 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® International Small-Cap Equity Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Finland (continued)** | **Finland (continued)** | **Finland (continued)** |
| Outokumpu OYJ<sup>(a)</sup> | &nbsp;&nbsp; 78752 | $296321 |
| Puuilo OYJ | &nbsp;&nbsp; 5526 | 86216 |
| QT Group OYJ<sup>(b)</sup> | &nbsp;&nbsp; 2568 | 176711 |
| TietoEVRY OYJ | &nbsp;&nbsp; 6378 | 109790 |
| YIT OYJ<sup>(b)</sup> | &nbsp;&nbsp; 30007 | 103962 |
|  |  | 4940283 |
| **France — 5.5%** | **France — 5.5%** | **France — 5.5%** |
| Alten SA | &nbsp;&nbsp; 856 | 69572 |
| Ayvens SA<sup>(c)</sup> | &nbsp;&nbsp; 3852 | 41392 |
| Beneteau SACA<sup>(a)</sup> | &nbsp;&nbsp; 16478 | 152974 |
| Canal+ SA, NVS<sup>(b)</sup> | &nbsp;&nbsp; 115881 | 366569 |
| Carmila SA | &nbsp;&nbsp; 7017 | 137865 |
| Carrefour SA | &nbsp;&nbsp; 38092 | 545897 |
| Cie. des Alpes | &nbsp;&nbsp; 15750 | 413396 |
| Coface SA | &nbsp;&nbsp; 54570 | 1014602 |
| Derichebourg SA | &nbsp;&nbsp; 116523 | 766243 |
| Edenred SE | &nbsp;&nbsp; 20009 | 571419 |
| Elis SA | &nbsp;&nbsp; 2650 | 73061 |
| Eramet SA | &nbsp;&nbsp; 4494 | 248509 |
| Eurazeo SE | &nbsp;&nbsp; 7762 | 455472 |
| Euronext NV<sup>(c)</sup> | &nbsp;&nbsp; 7811 | 1259046 |
| FDJ UNITED | &nbsp;&nbsp; 32031 | 999105 |
| Forvia SE<sup>(b)</sup> | &nbsp;&nbsp; 20437 | 259820 |
| Gaztransport Et Technigaz SA | &nbsp;&nbsp; 5778 | 1086757 |
| Gecina SA | &nbsp;&nbsp; 14045 | 1380239 |
| Havas NV | &nbsp;&nbsp; 76505 | 122892 |
| ICADE | &nbsp;&nbsp; 18629 | 442730 |
| Interparfums SA | &nbsp;&nbsp; 3531 | 129660 |
| IPSOS SA | &nbsp;&nbsp; 11556 | 518891 |
| Kaufman & Broad SA | &nbsp;&nbsp; 9466 | 337259 |
| Klepierre SA | &nbsp;&nbsp; 41088 | 1568408 |
| Lagardere SA | &nbsp;&nbsp; 2650 | 62028 |
| Louis Hachette Group, NVS | &nbsp;&nbsp; 522053 | 972752 |
| Maisons du Monde SA<sup>(b)(c)</sup> | &nbsp;&nbsp; 38734 | 97652 |
| Mercialys SA | &nbsp;&nbsp; 46927 | 580192 |
| Mersen SA | &nbsp;&nbsp; 2354 | 64466 |
| Nexans SA | &nbsp;&nbsp; 3716 | 534065 |
| Nexity SA<sup>(b)</sup> | &nbsp;&nbsp; 6848 | 89231 |
| Opmobility | &nbsp;&nbsp; 12049 | 184492 |
| Quadient SA | &nbsp;&nbsp; 12626 | 232093 |
| Renault SA | &nbsp;&nbsp; 29581 | 1094520 |
| Rexel SA | &nbsp;&nbsp; 34561 | 1044586 |
| SCOR SE | &nbsp;&nbsp; 18725 | 610005 |
| Sopra Steria Group | &nbsp;&nbsp; 918 | 197799 |
| SPIE SA | &nbsp;&nbsp; 8667 | 510065 |
| Technip Energies NV | &nbsp;&nbsp; 8988 | 388114 |
| Teleperformance SE | &nbsp;&nbsp; 3424 | 333810 |
| Television Francaise 1 SA | &nbsp;&nbsp; 97798 | 935093 |
| Trigano SA | &nbsp;&nbsp; 1177 | 200719 |
| Valeo SE | &nbsp;&nbsp; 30281 | 329441 |
| Vente-Unique.Com SA, NVS | &nbsp;&nbsp; 2996 | 54875 |
| Vicat SACA | &nbsp;&nbsp; 10058 | 651394 |
| Virbac SACA | &nbsp;&nbsp; 535 | 211872 |
| Wendel SE | &nbsp;&nbsp; 1053 | 98672 |
|  |  | 22439714 |
| **Germany — 5.5%** | **Germany — 5.5%** | **Germany — 5.5%** |
| Aixtron SE | &nbsp;&nbsp; 6150 | 103561 |
| Amadeus Fire AG<sup>(a)</sup> | &nbsp;&nbsp; 2889 | 220571 |
| Atoss Software SE | &nbsp;&nbsp; 5778 | 775013 |
| Aurubis AG<sup>(a)</sup> | &nbsp;&nbsp; 6420 | 640360 |
| Auto1 Group SE<sup>(b)(c)</sup> | &nbsp;&nbsp; 7811 | 234157 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| Bechtle AG | &nbsp;&nbsp; 5419 | $235205 |
| Bilfinger SE | &nbsp;&nbsp; 5778 | 621628 |
| Ceconomy AG<sup>(b)</sup> | &nbsp;&nbsp; 138993 | 702294 |
| CTS Eventim AG & Co. KGaA | &nbsp;&nbsp; 3716 | 419627 |
| Delivery Hero SE, Class A<sup>(b)(c)</sup> | &nbsp;&nbsp; 15637 | 466678 |
| Deutsche Pfandbriefbank AG<sup>(c)</sup> | &nbsp;&nbsp; 102934 | 640841 |
| Deutz AG | &nbsp;&nbsp; 34374 | 301441 |
| Duerr AG | &nbsp;&nbsp; 8239 | 211764 |
| DWS Group GmbH & Co. KGaA<sup>(c)</sup> | &nbsp;&nbsp; 1159 | 69406 |
| flatexDEGIRO AG | &nbsp;&nbsp; 25787 | 779367 |
| Freenet AG | &nbsp;&nbsp; 26536 | 860638 |
| GEA Group AG | &nbsp;&nbsp; 15943 | 1145189 |
| Heidelberger Druckmaschinen AG<sup>(b)</sup> | &nbsp;&nbsp; 58854 | 152264 |
| HelloFresh SE<sup>(b)</sup> | &nbsp;&nbsp; 10914 | 114844 |
| Hensoldt AG | &nbsp;&nbsp; 2247 | 246427 |
| HOCHTIEF AG | &nbsp;&nbsp; 3210 | 699437 |
| Hugo Boss AG<sup>(a)</sup> | &nbsp;&nbsp; 16692 | 777398 |
| Jumia Technologies AG, ADR<sup>(a)(b)</sup> | &nbsp;&nbsp; 84120 | 394523 |
| K+S AG, Registered | &nbsp;&nbsp; 13193 | 199581 |
| Kloeckner & Co. SE | &nbsp;&nbsp; 88917 | 648389 |
| Krones AG | &nbsp;&nbsp; 3959 | 586232 |
| Lanxess AG | &nbsp;&nbsp; 6099 | 167490 |
| MLP SE | &nbsp;&nbsp; 10638 | 102503 |
| Mutares SE & Co. KGaA<sup>(a)</sup> | &nbsp;&nbsp; 3852 | 132705 |
| Nemetschek SE | &nbsp;&nbsp; 5136 | 765228 |
| Patrizia SE<sup>(a)</sup> | &nbsp;&nbsp; 17762 | 158495 |
| ProSiebenSat.1 Media SE | &nbsp;&nbsp; 20330 | 185310 |
| Puma SE | &nbsp;&nbsp; 4066 | 85949 |
| PVA TePla AG<sup>(a)(b)</sup> | &nbsp;&nbsp; 9472 | 228999 |
| QIAGEN NV | &nbsp;&nbsp; 25466 | 1262748 |
| Rational AG | &nbsp;&nbsp; 248 | 191443 |
| RENK Group AG | &nbsp;&nbsp; 6974 | 541374 |
| SAF-Holland SE | &nbsp;&nbsp; 21186 | 382177 |
| Salzgitter AG | &nbsp;&nbsp; 33705 | 873907 |
| Schaeffler AG<sup>(a)</sup> | &nbsp;&nbsp; 245779 | 1420990 |
| Scout24 SE<sup>(c)</sup> | &nbsp;&nbsp; 9737 | 1301268 |
| SGL Carbon SE<sup>(a)(b)</sup> | &nbsp;&nbsp; 18832 | 73744 |
| Sixt SE | &nbsp;&nbsp; 2461 | 255184 |
| SUESS MicroTec SE | &nbsp;&nbsp; 1844 | 66844 |
| TAG Immobilien AG | &nbsp;&nbsp; 8933 | 143625 |
| Takkt AG | &nbsp;&nbsp; 14898 | 91452 |
| TeamViewer SE<sup>(b)(c)</sup> | &nbsp;&nbsp; 18939 | 193688 |
| thyssenkrupp AG<sup>(a)</sup> | &nbsp;&nbsp; 34775 | 402526 |
| United Internet AG, Registered<sup>(d)</sup> | &nbsp;&nbsp; 7975 | 228587 |
| Wacker Chemie AG<sup>(a)</sup> | &nbsp;&nbsp; 3210 | 238923 |
| Zalando SE<sup>(b)(c)</sup> | &nbsp;&nbsp; 31779 | 926614 |
|  |  | 22668608 |
| **Hong Kong — 2.2%** | **Hong Kong — 2.2%** | **Hong Kong — 2.2%** |
| Bright Smart Securities & Commodities Group Ltd. | &nbsp;&nbsp; 428000 | 803220 |
| Champion REIT<sup>(a)</sup> | &nbsp;&nbsp; 642000 | 179106 |
| Chinese Estates Holdings Ltd. | &nbsp;&nbsp; 481500 | 80035 |
| CK Life Sciences International Holdings Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2672000 | 338813 |
| Crystal International Group Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 160500 | 115314 |
| Emperor Capital Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 7704000 | 89739 |
| EVA Precision Industrial Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2354000 | 228683 |
| First Pacific Co. Ltd. | &nbsp;&nbsp; 1712000 | 1347045 |
| Giordano International Ltd. | &nbsp;&nbsp; 2568000 | 486996 |
| HKBN Ltd. | &nbsp;&nbsp; 214000 | 135940 |
| Hong Kong Technology Venture Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 856000 | 178004 |
| IGG Inc. | &nbsp;&nbsp; 535000 | 280191 |
| Johnson Electric Holdings Ltd. | &nbsp;&nbsp; 160500 | 473052 |
| JS Global Lifestyle Co. Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 321000 | 71969 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® International Small-Cap Equity Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| Kerry Logistics Network Ltd. | &nbsp;&nbsp; 53500 | $56261 |
| MGM China Holdings Ltd. | &nbsp;&nbsp; 171200 | 361445 |
| Modern Dental Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 214000 | 118354 |
| New World Development Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 321000 | 262862 |
| PAX Global Technology Ltd. | &nbsp;&nbsp; 214000 | 185648 |
| PC Partner Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 428000 | 403265 |
| PCCW Ltd. | &nbsp;&nbsp; 107000 | 76660 |
| Solomon Systech International Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2782000 | 161752 |
| Stella International Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 267500 | 531592 |
| Texwinca Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1498000 | 165851 |
| United Laboratories International Holdings Ltd. (The)<sup>(a)</sup> | &nbsp;&nbsp; 428000 | 802308 |
| Valuetronics Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 605800 | 360999 |
| VSTECS Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 214000 | 247665 |
| VTech Holdings Ltd. | &nbsp;&nbsp; 85600 | 634292 |
|  |  | 9177061 |
| **Ireland — 0.7%** | **Ireland — 0.7%** | **Ireland — 0.7%** |
| Bank of Ireland Group PLC | &nbsp;&nbsp; 161998 | 2172388 |
| Cairn Homes PLC | &nbsp;&nbsp; 55533 | 138156 |
| Glanbia PLC | &nbsp;&nbsp; 14659 | 212993 |
| Glenveagh Properties PLC<sup>(b)(c)</sup> | &nbsp;&nbsp; 117868 | 251397 |
|  |  | 2774934 |
| **Israel — 1.3%** | **Israel — 1.3%** | **Israel — 1.3%** |
| Africa Israel Residences Ltd. | &nbsp;&nbsp; 2224 | 179178 |
| Alarum Technologies Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 152076 | 186105 |
| Altshuler Shaham Finance Ltd. | &nbsp;&nbsp; 37888 | 68833 |
| Ashdod Refinery Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 21270 | 365874 |
| Delek Automotive Systems Ltd. | &nbsp;&nbsp; 54356 | 424991 |
| Electra Consumer Products 1970 Ltd. | &nbsp;&nbsp; 3183 | 126307 |
| Equital Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2 | 71 |
| G City Ltd. | &nbsp;&nbsp; 107696 | 385817 |
| Ilex Medical Ltd. | &nbsp;&nbsp; 2757 | 48974 |
| Malam-Team Holding Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 963 | 57626 |
| Migdal Insurance & Financial Holdings Ltd. | &nbsp;&nbsp; 147604 | 450466 |
| Naphtha Israel Petroleum Corp. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 24256 | 182648 |
| Oil Refineries Ltd. | &nbsp;&nbsp; 674186 | 176368 |
| Partner Communications Co. Ltd. | &nbsp;&nbsp; 21721 | 200039 |
| Paz Retail & Energy Ltd. | &nbsp;&nbsp; 2862 | 529185 |
| Property & Building Corp. Ltd. | &nbsp;&nbsp; 4780 | 483585 |
| Retailors Ltd. | &nbsp;&nbsp; 24396 | 507548 |
| Tamar Petroleum Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 14338 | 171300 |
| Tel Aviv Stock Exchange Ltd. | &nbsp;&nbsp; 36077 | 681066 |
| Telsys Ltd. | &nbsp;&nbsp; 2224 | 140088 |
|  |  | 5366069 |
| **Italy — 3.2%** | **Italy — 3.2%** | **Italy — 3.2%** |
| A2A SpA | &nbsp;&nbsp; 518522 | 1263509 |
| ACEA SpA | &nbsp;&nbsp; 50290 | 1116050 |
| Banca Generali SpA | &nbsp;&nbsp; 7017 | 391915 |
| Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp; 139849 | 1190593 |
| Banca Popolare di Sondrio SpA | &nbsp;&nbsp; 27713 | 379478 |
| BFF Bank SpA<sup>(b)(c)</sup> | &nbsp;&nbsp; 12235 | 145256 |
| Buzzi SpA | &nbsp;&nbsp; 839 | 43812 |
| Cembre SpA | &nbsp;&nbsp; 6099 | 414131 |
| Credito Emiliano SpA | &nbsp;&nbsp; 7704 | 116781 |
| d'Amico International Shipping SA | &nbsp;&nbsp; 74579 | 307346 |
| Danieli & C Officine Meccaniche SpA | &nbsp;&nbsp; 4601 | 197714 |
| DBA Group SpA | &nbsp;&nbsp; 10714 | 51020 |
| De' Longhi SpA | &nbsp;&nbsp; 7229 | 237100 |
| Enav SpA<sup>(c)</sup> | &nbsp;&nbsp; 119734 | 525277 |
| ERG SpA | &nbsp;&nbsp; 7548 | 163523 |
| Esprinet SpA | &nbsp;&nbsp; 7336 | 34853 |
| Eviso SpA | &nbsp;&nbsp; 11556 | 119900 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| Hera SpA | &nbsp;&nbsp; 110745 | $473873 |
| Immobiliare Grande Distribuzione SIIQ SpA | &nbsp;&nbsp; 46820 | 175752 |
| Iren SpA | &nbsp;&nbsp; 128875 | 369055 |
| Italgas SpA | &nbsp;&nbsp; 63113 | 523672 |
| Iveco Group NV | &nbsp;&nbsp; 40553 | 838224 |
| Maire SpA | &nbsp;&nbsp; 5778 | 80259 |
| MFE-MediaForEurope NV, Class B | &nbsp;&nbsp; 89392 | 401717 |
| Moltiply Group SpA | &nbsp;&nbsp; 6910 | 341287 |
| OVS SpA<sup>(c)</sup> | &nbsp;&nbsp; 132573 | 548808 |
| Piaggio & C SpA | &nbsp;&nbsp; 216033 | 466352 |
| Pirelli & C SpA<sup>(c)</sup> | &nbsp;&nbsp; 16865 | 113693 |
| RAI Way SpA<sup>(c)</sup> | &nbsp;&nbsp; 29960 | 200010 |
| Reply SpA | &nbsp;&nbsp; 2354 | 368716 |
| Safilo Group SpA<sup>(b)</sup> | &nbsp;&nbsp; 70727 | 87772 |
| Saipem SpA | &nbsp;&nbsp; 27071 | 72362 |
| Sanlorenzo SpA/Ameglia | &nbsp;&nbsp; 4708 | 158674 |
| Sesa SpA | &nbsp;&nbsp; 732 | 55121 |
| SOL SpA | &nbsp;&nbsp; 8132 | 434315 |
| Technogym SpA<sup>(c)</sup> | &nbsp;&nbsp; 14151 | 218339 |
| Telecom Italia SpA/Milano<sup>(b)</sup> | &nbsp;&nbsp; 1470715 | 675841 |
|  |  | 13302100 |
| **Japan — 24.8%** | **Japan — 24.8%** | **Japan — 24.8%** |
| 77 Bank Ltd. (The) | &nbsp;&nbsp; 32100 | 1108788 |
| A&D HOLON Holdings Co. Ltd. | &nbsp;&nbsp; 21400 | 284396 |
| Abalance Corp.<sup>(a)</sup> | &nbsp;&nbsp; 10700 | 56016 |
| Adastria Co. Ltd. | &nbsp;&nbsp; 13500 | 268102 |
| ADEKA Corp. | &nbsp;&nbsp; 21400 | 422335 |
| Ahresty Corp. | &nbsp;&nbsp; 10700 | 56477 |
| Aichi Corp. | &nbsp;&nbsp; 74900 | 638957 |
| Aizawa Securities Group Co. Ltd. | &nbsp;&nbsp; 21400 | 183977 |
| Alpen Co. Ltd. | &nbsp;&nbsp; 10700 | 170862 |
| Amano Corp. | &nbsp;&nbsp; 21400 | 597140 |
| Ambition Dx Holdings Co. Ltd. | &nbsp;&nbsp; 10700 | 167566 |
| Amiya Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 21400 | 462304 |
| Amiyaki Tei Co. Ltd. | &nbsp;&nbsp; 32100 | 323992 |
| Aoyama Trading Co. Ltd. | &nbsp;&nbsp; 22100 | 335244 |
| Arata Corp. | &nbsp;&nbsp; 10700 | 228159 |
| ARE Holdings Inc. | &nbsp;&nbsp; 10700 | 126126 |
| Artience Co. Ltd. | &nbsp;&nbsp; 15200 | 321876 |
| Artner Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 21400 | 267379 |
| Asahi Yukizai Corp. | &nbsp;&nbsp; 24500 | 701456 |
| ASIRO Inc. | &nbsp;&nbsp; 10700 | 140985 |
| Aska Pharmaceutical Holdings Co. Ltd. | &nbsp;&nbsp; 10700 | 174815 |
| ASKUL Corp. | &nbsp;&nbsp; 21400 | 213739 |
| BASE Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 117700 | 310635 |
| Billing System Corp. | &nbsp;&nbsp; 10700 | 77413 |
| BML Inc. | &nbsp;&nbsp; 5200 | 120762 |
| Business Engineering Corp. | &nbsp;&nbsp; 3300 | 111748 |
| Careerlink Co. Ltd. | &nbsp;&nbsp; 10700 | 159299 |
| Ceres Inc/Japan | &nbsp;&nbsp; 1400 | 22150 |
| Chugoku Marine Paints Ltd. | &nbsp;&nbsp; 42800 | 879127 |
| Citizen Watch Co. Ltd. | &nbsp;&nbsp; 21400 | 128451 |
| CKD Corp. | &nbsp;&nbsp; 10700 | 191030 |
| Cosel Co. Ltd. | &nbsp;&nbsp; 32100 | 248101 |
| Cybozu Inc. | &nbsp;&nbsp; 10700 | 282172 |
| Daicel Corp. | &nbsp;&nbsp; 53500 | 460211 |
| Daido Steel Co. Ltd. | &nbsp;&nbsp; 10700 | 82395 |
| Daidoh Ltd. | &nbsp;&nbsp; 35000 | 228553 |
| Daihen Corp. | &nbsp;&nbsp; 2400 | 113323 |
| Daiwa Industries Ltd. | &nbsp;&nbsp; 34400 | 382382 |
| Daiwa Securities Living Investments Corp. | &nbsp;&nbsp; 321 | 217490 |
| Daiwabo Holdings Co. Ltd. | &nbsp;&nbsp; 10700 | 196769 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® International Small-Cap Equity Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| DD GROUP Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 10700 | $119535 |
| DeNA Co. Ltd. | &nbsp;&nbsp; 4000 | 62338 |
| Dentsu Soken Inc. | &nbsp;&nbsp; 21400 | 939954 |
| Dexerials Corp. | &nbsp;&nbsp; 32100 | 464090 |
| Digital Arts Inc. | &nbsp;&nbsp; 4600 | 243181 |
| Dip Corp. | &nbsp;&nbsp; 1900 | 30754 |
| DMG Mori Co. Ltd. | &nbsp;&nbsp; 21400 | 494494 |
| Dowa Holdings Co. Ltd. | &nbsp;&nbsp; 900 | 29391 |
| DTS Corp. | &nbsp;&nbsp; 32100 | 1065012 |
| en Japan Inc. | &nbsp;&nbsp; 10700 | 124226 |
| Endo Lighting Corp. | &nbsp;&nbsp; 21400 | 338173 |
| Enplas Corp. | &nbsp;&nbsp; 10700 | 372967 |
| Eternal Hospitality Group Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 16400 | 331054 |
| EUCALIA Inc.<sup>(b)</sup> | &nbsp;&nbsp; 10700 | 68053 |
| Financial Products Group Co. Ltd. | &nbsp;&nbsp; 53500 | 858979 |
| Food & Life Companies Ltd. | &nbsp;&nbsp; 10700 | 538921 |
| For Startups Inc.<sup>(b)</sup> | &nbsp;&nbsp; 6000 | 60788 |
| Freee KK<sup>(a)(b)</sup> | &nbsp;&nbsp; 10700 | 287599 |
| Frontier Real Estate Investment Corp. | &nbsp;&nbsp; 321 | 183095 |
| Fuji Oil Co. Ltd. | &nbsp;&nbsp; 32100 | 70996 |
| Fujimi Inc. | &nbsp;&nbsp; 10700 | 159555 |
| Fujitec Co. Ltd. | &nbsp;&nbsp; 4600 | 170272 |
| Fukuda Denshi Co. Ltd. | &nbsp;&nbsp; 4200 | 195479 |
| Fullcast Holdings Co. Ltd. | &nbsp;&nbsp; 10700 | 118021 |
| Furukawa Electric Co. Ltd. | &nbsp;&nbsp; 10700 | 646298 |
| Furuno Electric Co. Ltd. | &nbsp;&nbsp; 10700 | 308623 |
| Fuyo General Lease Co. Ltd. | &nbsp;&nbsp; 32100 | 867103 |
| G-7 Holdings Inc. | &nbsp;&nbsp; 10700 | 92745 |
| Genki Global Dining Concepts Corp. | &nbsp;&nbsp; 10700 | 245929 |
| Geo Holdings Corp. | &nbsp;&nbsp; 32100 | 348971 |
| Global One Real Estate Investment Corp. | &nbsp;&nbsp; 130 | 122915 |
| GMO Financial Holdings Inc. | &nbsp;&nbsp; 21400 | 118445 |
| GMO GlobalSign Holdings KK | &nbsp;&nbsp; 10700 | 162301 |
| GMO internet group Inc. | &nbsp;&nbsp; 22000 | 563582 |
| GMO Internet Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10700 | 106592 |
| Gree Inc. | &nbsp;&nbsp; 10700 | 34982 |
| GungHo Online Entertainment Inc. | &nbsp;&nbsp; 4500 | 86147 |
| Gunma Bank Ltd. (The) | &nbsp;&nbsp; 71100 | 665775 |
| Gurunavi Inc.<sup>(b)</sup> | &nbsp;&nbsp; 32100 | 54817 |
| H.U. Group Holdings Inc. | &nbsp;&nbsp; 5400 | 116031 |
| H2O Retailing Corp. | &nbsp;&nbsp; 10700 | 141390 |
| Hachijuni Bank Ltd. (The) | &nbsp;&nbsp; 119000 | 1070601 |
| Hakuto Co. Ltd. | &nbsp;&nbsp; 1100 | 27696 |
| Hanwa Co. Ltd. | &nbsp;&nbsp; 3400 | 136967 |
| Heiwa Real Estate Co. Ltd. | &nbsp;&nbsp; 27800 | 407021 |
| Hibino Corp. | &nbsp;&nbsp; 10700 | 166931 |
| Hibiya Engineering Ltd. | &nbsp;&nbsp; 4000 | 108840 |
| Hioki EE Corp | &nbsp;&nbsp; 3800 | 140347 |
| Hokkaido Electric Power Co. Inc. | &nbsp;&nbsp; 32100 | 192293 |
| Hokko Chemical Industry Co. Ltd. | &nbsp;&nbsp; 10700 | 105748 |
| Hokuetsu Corp.<sup>(a)</sup> | &nbsp;&nbsp; 24800 | 166887 |
| Hokuhoku Financial Group Inc. | &nbsp;&nbsp; 32100 | 678030 |
| Hosiden Corp. | &nbsp;&nbsp; 10700 | 166342 |
| Ichibanya Co. Ltd. | &nbsp;&nbsp; 10700 | 69111 |
| Ichinen Holdings Co. Ltd. | &nbsp;&nbsp; 10700 | 121887 |
| Idec Corp./Japan | &nbsp;&nbsp; 5200 | 78388 |
| I'll Inc. | &nbsp;&nbsp; 10700 | 198790 |
| Inabata & Co. Ltd. | &nbsp;&nbsp; 21400 | 464306 |
| Insource Co. Ltd. | &nbsp;&nbsp; 53500 | 322913 |
| Intermestic Inc.<sup>(a)</sup> | &nbsp;&nbsp; 21400 | 272864 |
| Ise Chemicals Corp.<sup>(a)</sup> | &nbsp;&nbsp; 700 | 126631 |
| Iseki & Co. Ltd. | &nbsp;&nbsp; 32100 | 298042 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Itochu-Shokuhin Co. Ltd. | &nbsp;&nbsp; 11300 | $758792 |
| Itoki Corp. | &nbsp;&nbsp; 50500 | 772876 |
| JAFCO Group Co. Ltd. | &nbsp;&nbsp; 32100 | 527484 |
| Japan Communications Inc.<sup>(b)</sup> | &nbsp;&nbsp; 137200 | 145868 |
| Japan Investment Adviser Co. Ltd. | &nbsp;&nbsp; 32100 | 390702 |
| Japan Logistics Fund Inc. | &nbsp;&nbsp; 321 | 199254 |
| Japan Petroleum Exploration Co. Ltd. | &nbsp;&nbsp; 85600 | 621684 |
| Japan PropTech Co. Ltd. | &nbsp;&nbsp; 10700 | 56186 |
| Japan Pulp & Paper Co. Ltd. | &nbsp;&nbsp; 141800 | 615004 |
| Japan Securities Finance Co. Ltd. | &nbsp;&nbsp; 42800 | 517979 |
| JCU Corp. | &nbsp;&nbsp; 10700 | 251678 |
| Jeol Ltd. | &nbsp;&nbsp; 900 | 25748 |
| JP-Holdings Inc. | &nbsp;&nbsp; 77300 | 277029 |
| Juki Corp.<sup>(b)</sup> | &nbsp;&nbsp; 64200 | 169821 |
| Justsystems Corp. | &nbsp;&nbsp; 10700 | 269459 |
| JVCKenwood Corp. | &nbsp;&nbsp; 85600 | 676918 |
| Kagome Co. Ltd. | &nbsp;&nbsp; 10700 | 204466 |
| Kamei Corp. | &nbsp;&nbsp; 53500 | 906140 |
| Kanadevia Corp. | &nbsp;&nbsp; 35000 | 236220 |
| Kappa Create Co. Ltd. | &nbsp;&nbsp; 21400 | 214762 |
| Keihanshin Building Co. Ltd. | &nbsp;&nbsp; 56500 | 583208 |
| Kissei Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 3500 | 103116 |
| Kitz Corp. | &nbsp;&nbsp; 86800 | 728057 |
| Kokuyo Co. Ltd. | &nbsp;&nbsp; 128400 | 756502 |
| Komehyo Holdings Co. Ltd. | &nbsp;&nbsp; 1500 | 29016 |
| Komori Corp. | &nbsp;&nbsp; 21400 | 206032 |
| Konishi Co. Ltd. | &nbsp;&nbsp; 33900 | 272889 |
| Koshidaka Holdings Co. Ltd. | &nbsp;&nbsp; 15000 | 135525 |
| Kotobuki Spirits Co. Ltd. | &nbsp;&nbsp; 44000 | 587120 |
| KPP Group Holdings Co. Ltd. | &nbsp;&nbsp; 109300 | 561710 |
| kubell Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 53500 | 181775 |
| Kurabo Industries Ltd. | &nbsp;&nbsp; 21400 | 1135765 |
| Kyorin Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 21400 | 215043 |
| Kyudenko Corp. | &nbsp;&nbsp; 3800 | 162356 |
| Kyushu Financial Group Inc. | &nbsp;&nbsp; 53500 | 273216 |
| LaSalle Logiport REIT | &nbsp;&nbsp; 856 | 814731 |
| Life Corp. | &nbsp;&nbsp; 55700 | 890218 |
| Macnica Holdings Inc. | &nbsp;&nbsp; 12500 | 163254 |
| Mani Inc. | &nbsp;&nbsp; 10700 | 90105 |
| Maruchiyo Yamaokaya Corp.<sup>(a)</sup> | &nbsp;&nbsp; 10700 | 437594 |
| Maruichi Steel Tube Ltd. | &nbsp;&nbsp; 21400 | 517353 |
| Maruwa Co. Ltd./Aichi | &nbsp;&nbsp; 1600 | 482268 |
| Maruzen Showa Unyu Co. Ltd. | &nbsp;&nbsp; 10700 | 509988 |
| Max Co. Ltd. | &nbsp;&nbsp; 13600 | 455633 |
| MEITEC Group Holdings Inc. | &nbsp;&nbsp; 24800 | 518757 |
| Metaplanet Inc.<sup>(b)</sup> | &nbsp;&nbsp; 42800 | 316613 |
| Micronics Japan Co. Ltd. | &nbsp;&nbsp; 13300 | 484560 |
| Microwave Chemical Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 32100 | 115294 |
| MIMAKI ENGINEERING Co. Ltd. | &nbsp;&nbsp; 21400 | 308607 |
| Mitsubishi Logistics Corp. | &nbsp;&nbsp; 32200 | 275258 |
| Mitsubishi Paper Mills Ltd. | &nbsp;&nbsp; 42800 | 189168 |
| Mitsui DM Sugar Co. Ltd. | &nbsp;&nbsp; 4000 | 81959 |
| Mitsui High-Tec Inc. | &nbsp;&nbsp; 10700 | 53759 |
| Mitsui Matsushima Holdings Co. Ltd. | &nbsp;&nbsp; 14400 | 552486 |
| Mitsui Mining & Smelting Co. Ltd. | &nbsp;&nbsp; 10700 | 452564 |
| Mizuho Leasing Co. Ltd. | &nbsp;&nbsp; 10700 | 82187 |
| Mizuho Medy Co. Ltd. | &nbsp;&nbsp; 21400 | 201129 |
| Mizuno Corp. | &nbsp;&nbsp; 21400 | 389825 |
| Mochida Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 6000 | 122544 |
| Modec Inc. | &nbsp;&nbsp; 10700 | 455881 |
| Monex Group Inc. | &nbsp;&nbsp; 85600 | 444717 |
| Monogatari Corp. (The) | &nbsp;&nbsp; 13900 | 360772 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® International Small-Cap Equity Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Mori Hills REIT Investment Corp. | &nbsp;&nbsp; 107 | $96700 |
| Mori Trust REIT Inc. | &nbsp;&nbsp; 1926 | 937171 |
| Morinaga & Co. Ltd./Japan | &nbsp;&nbsp; 21400 | 341606 |
| Moriroku Holdings Co. Ltd. | &nbsp;&nbsp; 10700 | 171567 |
| MOS Food Services Inc. | &nbsp;&nbsp; 11300 | 286310 |
| MTI Ltd. | &nbsp;&nbsp; 10700 | 65677 |
| Mugen Estate Co. Ltd. | &nbsp;&nbsp; 32100 | 415866 |
| m-up Holdings Inc. | &nbsp;&nbsp; 53500 | 745615 |
| Nagano Keiki Co. Ltd. | &nbsp;&nbsp; 10700 | 147913 |
| Nagase & Co. Ltd. | &nbsp;&nbsp; 36400 | 717359 |
| Nakanishi Inc. | &nbsp;&nbsp; 10700 | 137734 |
| Netstars Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 32100 | 196630 |
| Nichias Corp. | &nbsp;&nbsp; 10700 | 409386 |
| Nihon Kohden Corp. | &nbsp;&nbsp; 21400 | 235369 |
| Nihon Parkerizing Co. Ltd. | &nbsp;&nbsp; 21400 | 195213 |
| Nippon Gas Co. Ltd. | &nbsp;&nbsp; 42800 | 778598 |
| Nippon REIT Investment Corp. | &nbsp;&nbsp; 1214 | 759971 |
| Nishi-Nippon Financial Holdings Inc. | &nbsp;&nbsp; 76600 | 1209948 |
| Nisshin Oillio Group Ltd. (The) | &nbsp;&nbsp; 3300 | 112205 |
| Nisshinbo Holdings Inc. | &nbsp;&nbsp; 10700 | 67988 |
| Nissui Corp. | &nbsp;&nbsp; 96300 | 562225 |
| Nittetsu Mining Co. Ltd. | &nbsp;&nbsp; 11800 | 579642 |
| Nitto Kogyo Corp. | &nbsp;&nbsp; 10700 | 236434 |
| Nomura Co. Ltd. | &nbsp;&nbsp; 42800 | 260397 |
| Nomura Micro Science Co. Ltd. | &nbsp;&nbsp; 21400 | 385987 |
| North Pacific Bank Ltd. | &nbsp;&nbsp; 64200 | 276241 |
| NSD Co. Ltd. | &nbsp;&nbsp; 45900 | 1097841 |
| Obara Group Inc. | &nbsp;&nbsp; 4700 | 120310 |
| Ohsho Food Service Corp. | &nbsp;&nbsp; 5900 | 145972 |
| Okamoto Machine Tool Works Ltd. | &nbsp;&nbsp; 10700 | 347540 |
| Okamura Corp. | &nbsp;&nbsp; 2300 | 36254 |
| Okasan Securities Group Inc. | &nbsp;&nbsp; 74900 | 324037 |
| Okumura Corp. | &nbsp;&nbsp; 10700 | 316059 |
| Okuwa Co. Ltd. | &nbsp;&nbsp; 10700 | 66101 |
| Onward Holdings Co. Ltd. | &nbsp;&nbsp; 85600 | 348336 |
| Organo Corp. | &nbsp;&nbsp; 12000 | 739386 |
| Osaka Steel Co. Ltd. | &nbsp;&nbsp; 10700 | 181111 |
| OSAKA Titanium Technologies Co. Ltd. | &nbsp;&nbsp; 10700 | 116983 |
| Oyo Corp. | &nbsp;&nbsp; 21400 | 444074 |
| PAL GROUP Holdings Co. Ltd. | &nbsp;&nbsp; 32100 | 1050309 |
| PeptiDream Inc.<sup>(b)</sup> | &nbsp;&nbsp; 10700 | 118572 |
| Pharma Foods International Co. Ltd. | &nbsp;&nbsp; 53500 | 312749 |
| PHC Holdings Corp. | &nbsp;&nbsp; 10700 | 65574 |
| PILLAR Corp. | &nbsp;&nbsp; 10700 | 274056 |
| Plaid Inc.<sup>(b)</sup> | &nbsp;&nbsp; 32100 | 243663 |
| Premier Anti-Aging Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 10700 | 61018 |
| Press Kogyo Co. Ltd. | &nbsp;&nbsp; 85600 | 338524 |
| PROGRIT Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10700 | 78068 |
| Property Data Bank Inc. | &nbsp;&nbsp; 8800 | 57653 |
| Quick Co. Ltd. | &nbsp;&nbsp; 21400 | 331377 |
| Rasa Industries Ltd. | &nbsp;&nbsp; 21400 | 601518 |
| Relo Group Inc. | &nbsp;&nbsp; 53500 | 614351 |
| Rigaku Holdings Corp. | &nbsp;&nbsp; 53500 | 273043 |
| Riken Technos Corp. | &nbsp;&nbsp; 89000 | 685509 |
| Riken Vitamin Co. Ltd. | &nbsp;&nbsp; 21400 | 408376 |
| Riso Kagaku Corp. | &nbsp;&nbsp; 21400 | 165099 |
| Round One Corp. | &nbsp;&nbsp; 34800 | 357366 |
| Royal Holdings Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5300 | 93561 |
| Sac's Bar Holdings Inc. | &nbsp;&nbsp; 13600 | 73267 |
| Saibu Gas Holdings Co. Ltd. | &nbsp;&nbsp; 32100 | 393751 |
| Saizeriya Co. Ltd. | &nbsp;&nbsp; 21400 | 750755 |
| Sanki Engineering Co. Ltd. | &nbsp;&nbsp; 53500 | 1574114 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Sansan Inc.<sup>(b)</sup> | &nbsp;&nbsp; 32100 | $406158 |
| Sansei Technologies Inc. | &nbsp;&nbsp; 23400 | 273621 |
| Sansha Electric Manufacturing Co. Ltd. | &nbsp;&nbsp; 10700 | 60530 |
| Santec Holdings Corp. | &nbsp;&nbsp; 10700 | 418636 |
| Sanyo Denki Co. Ltd. | &nbsp;&nbsp; 2200 | 136413 |
| Seikoh Giken Co. Ltd. | &nbsp;&nbsp; 10700 | 433679 |
| Senshu Electric Co. Ltd. | &nbsp;&nbsp; 25200 | 711787 |
| Sharingtechnology Inc. | &nbsp;&nbsp; 42800 | 343022 |
| Shibaura Machine Co. Ltd. | &nbsp;&nbsp; 3800 | 97804 |
| Shibaura Mechatronics Corp. | &nbsp;&nbsp; 12400 | 872644 |
| Shibuya Corp. | &nbsp;&nbsp; 2800 | 67331 |
| Shikoku Kasei Holdings Corp. | &nbsp;&nbsp; 11600 | 160538 |
| Shin Nippon Biomedical Laboratories Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 21400 | 197025 |
| Shinmaywa Industries Ltd. | &nbsp;&nbsp; 10700 | 129143 |
| SHO-BOND Holdings Co. Ltd. | &nbsp;&nbsp; 5000 | 159650 |
| Shofu Inc. | &nbsp;&nbsp; 10700 | 143945 |
| SIGMAXYZ Holdings Inc. | &nbsp;&nbsp; 21400 | 170395 |
| Softfront Holdings KK<sup>(b)</sup> | &nbsp;&nbsp; 53500 | 40668 |
| Software Service Inc. | &nbsp;&nbsp; 2500 | 225005 |
| Solasia Pharma KK<sup>(a)(b)</sup> | &nbsp;&nbsp; 428000 | 125442 |
| Soliton Systems KK | &nbsp;&nbsp; 21400 | 194623 |
| St. Marc Holdings Co. Ltd. | &nbsp;&nbsp; 10700 | 170144 |
| Star Mica Holdings Co. Ltd. | &nbsp;&nbsp; 32100 | 212049 |
| Star Micronics Co. Ltd. | &nbsp;&nbsp; 21400 | 246097 |
| Stella Pharma Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 53500 | 153715 |
| Sumiseki Holdings Inc. | &nbsp;&nbsp; 53500 | 220918 |
| Sumitomo Bakelite Co. Ltd. | &nbsp;&nbsp; 5200 | 150795 |
| Sumitomo Pharma Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 10700 | 92058 |
| Sun Corp. | &nbsp;&nbsp; 10700 | 410553 |
| SWCC Corp. | &nbsp;&nbsp; 2200 | 131703 |
| Systena Corp. | &nbsp;&nbsp; 53500 | 141720 |
| Taihei Dengyo Kaisha Ltd. | &nbsp;&nbsp; 10700 | 460033 |
| Takara Holdings Inc. | &nbsp;&nbsp; 23100 | 194460 |
| Takara Standard Co. Ltd. | &nbsp;&nbsp; 10700 | 182948 |
| Tama Home Co. Ltd. | &nbsp;&nbsp; 21400 | 504692 |
| Tamron Co. Ltd. | &nbsp;&nbsp; 22800 | 137012 |
| TDC Soft Inc. | &nbsp;&nbsp; 32100 | 278933 |
| Teikoku Electric Manufacturing Co. Ltd. | &nbsp;&nbsp; 32100 | 719260 |
| Terasaki Electric Co. Ltd. | &nbsp;&nbsp; 21400 | 542986 |
| Toagosei Co. Ltd. | &nbsp;&nbsp; 10700 | 104888 |
| TOC Co. Ltd. | &nbsp;&nbsp; 64200 | 311024 |
| Tocalo Co. Ltd. | &nbsp;&nbsp; 21400 | 286358 |
| Toho Co. Ltd./Kobe | &nbsp;&nbsp; 10700 | 230798 |
| Toho Gas Co. Ltd. | &nbsp;&nbsp; 53500 | 1493944 |
| Toho Zinc Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 32100 | 150335 |
| Tokyo Keiki Inc. | &nbsp;&nbsp; 10700 | 291740 |
| Tokyo Kiraboshi Financial Group Inc. | &nbsp;&nbsp; 4000 | 172462 |
| Tokyo Seimitsu Co. Ltd. | &nbsp;&nbsp; 5000 | 311048 |
| Tokyu REIT Inc. | &nbsp;&nbsp; 1284 | 1669587 |
| Tomoe Engineering Co. Ltd. | &nbsp;&nbsp; 10700 | 112709 |
| Tomoku Co. Ltd. | &nbsp;&nbsp; 21400 | 465955 |
| Tomy Co. Ltd. | &nbsp;&nbsp; 24200 | 511414 |
| Toshiba TEC Corp. | &nbsp;&nbsp; 1500 | 29987 |
| Towa Corp. | &nbsp;&nbsp; 3000 | 37255 |
| Toyo Engineering Corp. | &nbsp;&nbsp; 42800 | 385050 |
| Toyo Tanso Co. Ltd. | &nbsp;&nbsp; 3000 | 96303 |
| Toyokumo Inc. | &nbsp;&nbsp; 10700 | 241583 |
| Transaction Media Networks Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 53500 | 173487 |
| tripla Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 10700 | 154516 |
| TSI Holdings Co. Ltd. | &nbsp;&nbsp; 96300 | 673581 |
| Tsubakimoto Chain Co. | &nbsp;&nbsp; 10700 | 150183 |
| Tsuburaya Fields Holdings Inc. | &nbsp;&nbsp; 21400 | 325733 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® International Small-Cap Equity Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Tsugami Corp. | &nbsp;&nbsp; 21400 | $294726 |
| TWOSTONE&Sons<sup>(a)</sup> | &nbsp;&nbsp; 42800 | 249796 |
| Uchida Yoko Co. Ltd. | &nbsp;&nbsp; 10700 | 732244 |
| Ulvac Inc. | &nbsp;&nbsp; 10700 | 393032 |
| U-Next Holdings Co. Ltd. | &nbsp;&nbsp; 21400 | 287789 |
| Unite and Grow Inc. | &nbsp;&nbsp; 10700 | 45282 |
| United Arrows Ltd. | &nbsp;&nbsp; 21400 | 310565 |
| Ushio Inc. | &nbsp;&nbsp; 12000 | 147192 |
| VisasQ Inc.<sup>(b)</sup> | &nbsp;&nbsp; 10700 | 53874 |
| Visional Inc.<sup>(b)</sup> | &nbsp;&nbsp; 13500 | 1055234 |
| Vital KSK Holdings Inc. | &nbsp;&nbsp; 13600 | 114419 |
| Wacom Co. Ltd. | &nbsp;&nbsp; 64200 | 276431 |
| Wakita & Co. Ltd. | &nbsp;&nbsp; 10700 | 124752 |
| Wellnet Corp.<sup>(a)</sup> | &nbsp;&nbsp; 10700 | 51353 |
| Yamaguchi Financial Group Inc. | &nbsp;&nbsp; 64200 | 726666 |
| Yamaichi Electronics Co. Ltd. | &nbsp;&nbsp; 10700 | 203827 |
| Yodogawa Steel Works Ltd. | &nbsp;&nbsp; 30300 | 233231 |
| Yonex Co. Ltd. | &nbsp;&nbsp; 32100 | 630298 |
| Yoshinoya Holdings Co. Ltd. | &nbsp;&nbsp; 10700 | 231907 |
| Yurtec Corp. | &nbsp;&nbsp; 74900 | 1226107 |
| ZERIA Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 10700 | 147637 |
|  |  | 102100000 |
| **Jersey — 0.1%** | **Jersey — 0.1%** | **Jersey — 0.1%** |
| Coinshares International Ltd. | &nbsp;&nbsp; 46652 | 512605 |
| **Netherlands — 3.0%** | **Netherlands — 3.0%** | **Netherlands — 3.0%** |
| Aalberts NV | &nbsp;&nbsp; 6206 | 198358 |
| ABN AMRO Bank NV, CVA<sup>(c)</sup> | &nbsp;&nbsp; 117058 | 3383963 |
| Allfunds Group PLC | &nbsp;&nbsp; 15087 | 104465 |
| Arcadis NV | &nbsp;&nbsp; 3317 | 165544 |
| ASR Nederland NV | &nbsp;&nbsp; 24931 | 1656014 |
| BE Semiconductor Industries NV | &nbsp;&nbsp; 10250 | 1384895 |
| Corbion NV | &nbsp;&nbsp; 4746 | 90069 |
| CTP NV<sup>(c)</sup> | &nbsp;&nbsp; 34272 | 726861 |
| Eurocommercial Properties NV | &nbsp;&nbsp; 6375 | 194584 |
| Flow Traders Ltd. | &nbsp;&nbsp; 6804 | 203793 |
| Fugro NV | &nbsp;&nbsp; 3210 | 46015 |
| IMCD NV | &nbsp;&nbsp; 3210 | 351850 |
| InPost SA<sup>(b)</sup> | &nbsp;&nbsp; 29853 | 428769 |
| Koninklijke BAM Groep NV | &nbsp;&nbsp; 100987 | 881641 |
| NSI NV | &nbsp;&nbsp; 11593 | 284638 |
| OCI NV | &nbsp;&nbsp; 25573 | 213008 |
| PostNL NV<sup>(a)</sup> | &nbsp;&nbsp; 63665 | 69421 |
| Signify NV<sup>(c)</sup> | &nbsp;&nbsp; 42693 | 1021327 |
| TKH Group NV | &nbsp;&nbsp; 3745 | 154044 |
| TomTom NV<sup>(a)(b)</sup> | &nbsp;&nbsp; 43838 | 263932 |
| Van Lanschot Kempen NV | &nbsp;&nbsp; 4459 | 290439 |
|  |  | 12113630 |
| **New Zealand — 0.8%** | **New Zealand — 0.8%** | **New Zealand — 0.8%** |
| Argosy Property Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 255842 | 173324 |
| Genesis Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 114192 | 160104 |
| Goodman Property Trust | &nbsp;&nbsp; 1070642 | 1267737 |
| Kiwi Property Group Ltd. | &nbsp;&nbsp; 1588094 | 910531 |
| KMD Brands Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 360055 | 53846 |
| Precinct Properties Group<sup>(a)</sup> | &nbsp;&nbsp; 91735 | 68092 |
| SKY Network Television Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 159537 | 290408 |
| SKYCITY Entertainment Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 93518 | 56170 |
| Warehouse Group Ltd. (The)<sup>(a)(b)</sup> | &nbsp;&nbsp; 165850 | 80116 |
|  |  | 3060328 |
| **Norway — 1.4%** | **Norway — 1.4%** | **Norway — 1.4%** |
| Aker Solutions ASA | &nbsp;&nbsp; 81213 | 240204 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Norway (continued)** | **Norway (continued)** | **Norway (continued)** |
| Atea ASA | &nbsp;&nbsp; 33491 | $462584 |
| BW LPG Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 26322 | 349917 |
| BW Offshore Ltd. | &nbsp;&nbsp; 29474 | 99637 |
| Cambi ASA | &nbsp;&nbsp; 143594 | 305558 |
| DNO ASA | &nbsp;&nbsp; 346787 | 473572 |
| Elmera Group ASA<sup>(c)</sup> | &nbsp;&nbsp; 51719 | 170334 |
| Elopak ASA | &nbsp;&nbsp; 23936 | 116222 |
| Europris ASA<sup>(c)</sup> | &nbsp;&nbsp; 5952 | 55754 |
| Hoegh Autoliners ASA | &nbsp;&nbsp; 20223 | 203223 |
| Kid ASA<sup>(a)(c)</sup> | &nbsp;&nbsp; 26173 | 371126 |
| LINK Mobility Group Holding ASA<sup>(b)</sup> | &nbsp;&nbsp; 79532 | 254242 |
| Norconsult Norge A/S | &nbsp;&nbsp; 89880 | 377300 |
| Norske Skog ASA<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 29746 | 67158 |
| Odfjell SE, Class B, NVS | &nbsp;&nbsp; 8827 | 106211 |
| OKEA ASA<sup>(b)</sup> | &nbsp;&nbsp; 124762 | 210412 |
| Opera Ltd., ADR | &nbsp;&nbsp; 17120 | 283678 |
| Petronor E&P ASA | &nbsp;&nbsp; 157825 | 163622 |
| Rana Gruber ASA, Class A | &nbsp;&nbsp; 65805 | 456824 |
| Reach Subsea ASA | &nbsp;&nbsp; 96407 | 73666 |
| Selvaag Bolig ASA | &nbsp;&nbsp; 59813 | 213477 |
| SpareBank 1 SMN | &nbsp;&nbsp; 20865 | 387699 |
| Veidekke ASA | &nbsp;&nbsp; 6910 | 109824 |
| Xplora Technologies AS<sup>(a)(b)</sup> | &nbsp;&nbsp; 73295 | 340845 |
|  |  | 5893089 |
| **Portugal — 0.5%** | **Portugal — 0.5%** | **Portugal — 0.5%** |
| Banco Comercial Portugues SA, Class R | &nbsp;&nbsp; 418584 | 343718 |
| CTT-Correios de Portugal SA | &nbsp;&nbsp; 90736 | 764675 |
| REN - Redes Energeticas Nacionais SGPS SA | &nbsp;&nbsp; 180723 | 613284 |
| Semapa-Sociedade de Investimento e Gestao | &nbsp;&nbsp; 21186 | 414885 |
|  |  | 2136562 |
| **Singapore — 1.6%** | **Singapore — 1.6%** | **Singapore — 1.6%** |
| CDL Hospitality Trusts | &nbsp;&nbsp; 307600 | 188882 |
| Centurion Corp. Ltd. | &nbsp;&nbsp; 435400 | 571638 |
| CNMC Goldmine Holdings Ltd. | &nbsp;&nbsp; 535000 | 203236 |
| ComfortDelGro Corp. Ltd. | &nbsp;&nbsp; 115900 | 136255 |
| Delfi Ltd. | &nbsp;&nbsp; 353100 | 227773 |
| Digital Core REIT Management Pte. Ltd. | &nbsp;&nbsp; 278200 | 145493 |
| Far East Hospitality Trust | &nbsp;&nbsp; 470800 | 217125 |
| Food Empire Holdings Ltd. | &nbsp;&nbsp; 321000 | 580984 |
| Golden Agri-Resources Ltd. | &nbsp;&nbsp; 3317000 | 649316 |
| Hong Leong Asia Ltd. | &nbsp;&nbsp; 74900 | 94389 |
| iFAST Corp. Ltd. | &nbsp;&nbsp; 21400 | 148895 |
| Keppel Infrastructure Trust<sup>(a)</sup> | &nbsp;&nbsp; 563200 | 190439 |
| NetLink NBN Trust | &nbsp;&nbsp; 1031800 | 711230 |
| Parkway Life REIT | &nbsp;&nbsp; 385200 | 1193221 |
| Riverstone Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 318300 | 172641 |
| Samudera Shipping Line Ltd. | &nbsp;&nbsp; 64200 | 51279 |
| Sasseur REIT<sup>(a)</sup> | &nbsp;&nbsp; 679900 | 352757 |
| Sheng Siong Group Ltd. | &nbsp;&nbsp; 115900 | 187096 |
| Straits Trading Co. Ltd. | &nbsp;&nbsp; 149800 | 185630 |
| Tuan Sing Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 246100 | 53717 |
| Yanlord Land Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 286300 | 126981 |
|  |  | 6388977 |
| **Spain — 3.0%** | **Spain — 3.0%** | **Spain — 3.0%** |
| Acciona SA | &nbsp;&nbsp; 6378 | 1223267 |
| Acerinox SA | &nbsp;&nbsp; 121980 | 1407588 |
| Atresmedia Corp. de Medios de Comunicacion SA | &nbsp;&nbsp; 57566 | 325314 |
| Banco de Sabadell SA | &nbsp;&nbsp; 988145 | 3647145 |
| Bankinter SA | &nbsp;&nbsp; 83567 | 1192854 |
| eDreams ODIGEO SA<sup>(b)</sup> | &nbsp;&nbsp; 15110 | 143013 |
| Energia Innovacion y Desarrollo Fotovoltaico SA<sup>(b)</sup> | &nbsp;&nbsp; 10165 | 23433 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® International Small-Cap Equity Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Spain (continued)** | **Spain (continued)** | **Spain (continued)** |
| Fluidra SA | &nbsp;&nbsp; 6271 | $156403 |
| Gestamp Automocion SA<sup>(c)</sup> | &nbsp;&nbsp; 58640 | 220428 |
| Grifols SA<sup>(b)</sup> | &nbsp;&nbsp; 10807 | 161026 |
| Indra Sistemas SA<sup>(a)</sup> | &nbsp;&nbsp; 15643 | 647996 |
| Inmobiliaria Colonial SOCIMI SA | &nbsp;&nbsp; 16079 | 106482 |
| Logista Integral SA | &nbsp;&nbsp; 5952 | 188384 |
| Merlin Properties SOCIMI SA | &nbsp;&nbsp; 53286 | 737800 |
| Metrovacesa SA<sup>(a)(c)</sup> | &nbsp;&nbsp; 27820 | 317482 |
| Neinor Homes SA<sup>(c)</sup> | &nbsp;&nbsp; 11170 | 217108 |
| Pharma Mar SA | &nbsp;&nbsp; 1691 | 154138 |
| Prosegur Cia. de Seguridad SA | &nbsp;&nbsp; 51293 | 151901 |
| Puig Brands SA, Class B | &nbsp;&nbsp; 37343 | 694011 |
| Sacyr SA | &nbsp;&nbsp; 35631 | 145900 |
| Tubacex SA | &nbsp;&nbsp; 57258 | 238494 |
| Unicaja Banco SA<sup>(c)</sup> | &nbsp;&nbsp; 99082 | 260328 |
|  |  | 12360495 |
| **Sweden — 3.6%** | **Sweden — 3.6%** | **Sweden — 3.6%** |
| Clavister AB<sup>(b)</sup> | &nbsp;&nbsp; 79715 | 43712 |
| AcadeMedia AB<sup>(c)</sup> | &nbsp;&nbsp; 7762 | 71075 |
| Alleima AB | &nbsp;&nbsp; 45651 | 322614 |
| Arjo AB, Class B | &nbsp;&nbsp; 77585 | 270366 |
| Asmodee Group AB, Class B<sup>(b)</sup> | &nbsp;&nbsp; 4815 | 60638 |
| Atrium Ljungberg AB, Class B | &nbsp;&nbsp; 36190 | 117052 |
| Betsson AB, Class B | &nbsp;&nbsp; 81748 | 1384187 |
| Bilia AB, Class A | &nbsp;&nbsp; 60758 | 713864 |
| BioGaia AB, Class B | &nbsp;&nbsp; 24182 | 241960 |
| Bonava AB, Class B<sup>(b)</sup> | &nbsp;&nbsp; 421495 | 493810 |
| BoneSupport Holding AB<sup>(b)(c)</sup> | &nbsp;&nbsp; 20972 | 708261 |
| Bravida Holding AB<sup>(c)</sup> | &nbsp;&nbsp; 10318 | 96824 |
| Bulten AB | &nbsp;&nbsp; 19367 | 116497 |
| Byggmax Group AB | &nbsp;&nbsp; 12022 | 71405 |
| Careium AB<sup>(b)</sup> | &nbsp;&nbsp; 37771 | 114209 |
| Cheffelo AB | &nbsp;&nbsp; 19046 | 97086 |
| Clas Ohlson AB, Class B | &nbsp;&nbsp; 48257 | 1679079 |
| Corem Property Group AB, Class D | &nbsp;&nbsp; 9416 | 227791 |
| Diamyd Medical AB<sup>(b)</sup> | &nbsp;&nbsp; 47294 | 52467 |
| Electrolux Professional AB, Class B | &nbsp;&nbsp; 28248 | 191937 |
| Elekta AB, Class B | &nbsp;&nbsp; 34882 | 172007 |
| Heba Fastighets AB, Class B | &nbsp;&nbsp; 158574 | 500481 |
| Investment AB Oresund | &nbsp;&nbsp; 37036 | 479017 |
| Inwido AB | &nbsp;&nbsp; 27554 | 512313 |
| I-Tech AB | &nbsp;&nbsp; 16602 | 194185 |
| JM AB | &nbsp;&nbsp; 8081 | 115801 |
| Lindab International AB | &nbsp;&nbsp; 12235 | 257162 |
| Loomis AB, Class B | &nbsp;&nbsp; 14766 | 583837 |
| Net Insight AB, Class B<sup>(b)</sup> | &nbsp;&nbsp; 423185 | 174934 |
| New Wave Group AB, Class B | &nbsp;&nbsp; 17548 | 210154 |
| Nobia AB<sup>(b)</sup> | &nbsp;&nbsp; 761305 | 351005 |
| Nyfosa AB | &nbsp;&nbsp; 51788 | 448966 |
| Peab AB, Class B | &nbsp;&nbsp; 10638 | 80004 |
| Ratos AB, Class B | &nbsp;&nbsp; 11808 | 41801 |
| RaySearch Laboratories AB | &nbsp;&nbsp; 30388 | 1041490 |
| Samhallsbyggnadsbolaget i Norden AB<sup>(a)</sup> | &nbsp;&nbsp; 732950 | 367490 |
| Scandic Hotels Group AB<sup>(c)</sup> | &nbsp;&nbsp; 86520 | 717455 |
| SkiStar AB | &nbsp;&nbsp; 5206 | 82127 |
| Train Alliance AB | &nbsp;&nbsp; 41302 | 75944 |
| Truecaller AB, Class B | &nbsp;&nbsp; 4708 | 23518 |
| Vitrolife AB | &nbsp;&nbsp; 8667 | 127361 |
| Volati AB | &nbsp;&nbsp; 8933 | 98554 |
| Wallenstam AB, Class B | &nbsp;&nbsp; 8560 | 38796 |
| Wihlborgs Fastigheter AB | &nbsp;&nbsp; 52644 | 517336 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| Zinzino AB, Class B<sup>(a)</sup> | &nbsp;&nbsp; 12519 | $295965 |
|  |  | 14582537 |
| **Switzerland — 6.6%** | **Switzerland — 6.6%** | **Switzerland — 6.6%** |
| Accelleron Industries AG | &nbsp;&nbsp; 27285 | 2485168 |
| Adecco Group AG, Registered | &nbsp;&nbsp; 24931 | 785031 |
| ams-OSRAM AG<sup>(b)</sup> | &nbsp;&nbsp; 12626 | 166421 |
| Aryzta AG<sup>(b)</sup> | &nbsp;&nbsp; 3723 | 349415 |
| Ascom Holding AG, Registered | &nbsp;&nbsp; 11021 | 55657 |
| Avolta AG, Registered | &nbsp;&nbsp; 946 | 49176 |
| Banque Cantonale Vaudoise, Registered | &nbsp;&nbsp; 9630 | 1114425 |
| Belimo Holding AG, Registered | &nbsp;&nbsp; 535 | 622594 |
| BKW AG | &nbsp;&nbsp; 3183 | 710676 |
| Bucher Industries AG, Registered | &nbsp;&nbsp; 1526 | 720651 |
| Burckhardt Compression Holding AG | &nbsp;&nbsp; 236 | 210180 |
| Cembra Money Bank AG | &nbsp;&nbsp; 1797 | 201678 |
| Clariant AG, Registered | &nbsp;&nbsp; 35524 | 364581 |
| Comet Holding AG, Registered | &nbsp;&nbsp; 428 | 107762 |
| dormakaba Holding AG | &nbsp;&nbsp; 428 | 413159 |
| Dottikon Es Holding AG<sup>(b)</sup> | &nbsp;&nbsp; 790 | 307112 |
| Emmi AG, Registered | &nbsp;&nbsp; 107 | 97397 |
| Flughafen Zurich AG, Registered | &nbsp;&nbsp; 535 | 150783 |
| Forbo Holding AG, Registered | &nbsp;&nbsp; 214 | 202982 |
| Galenica AG<sup>(c)</sup> | &nbsp;&nbsp; 11770 | 1249146 |
| Georg Fischer AG | &nbsp;&nbsp; 4993 | 390596 |
| Helvetia Holding AG, Registered | &nbsp;&nbsp; 7062 | 1698280 |
| Implenia AG, Registered | &nbsp;&nbsp; 9095 | 612179 |
| Inficon Holding AG | &nbsp;&nbsp; 5671 | 682369 |
| Interroll Holding AG, Registered | &nbsp;&nbsp; 107 | 301309 |
| Kuros Biosciences AG<sup>(b)</sup> | &nbsp;&nbsp; 8988 | 330052 |
| Landis+Gyr Group AG | &nbsp;&nbsp; 4066 | 332006 |
| Logitech International SA, Registered | &nbsp;&nbsp; 22256 | 2063729 |
| Mobimo Holding AG, Registered | &nbsp;&nbsp; 321 | 125721 |
| Orior AG<sup>(a)(b)</sup> | &nbsp;&nbsp; 10875 | 163791 |
| PSP Swiss Property AG, Registered | &nbsp;&nbsp; 6527 | 1107399 |
| R&S Group Holding AG | &nbsp;&nbsp; 5029 | 229686 |
| Schweiter Technologies AG | &nbsp;&nbsp; 107 | 49389 |
| SFS Group AG | &nbsp;&nbsp; 1265 | 163471 |
| Siegfried Holding AG | &nbsp;&nbsp; 2140 | 239265 |
| SIG Group AG | &nbsp;&nbsp; 24289 | 392966 |
| SKAN Group AG | &nbsp;&nbsp; 1372 | 125825 |
| Sulzer AG, Registered | &nbsp;&nbsp; 2123 | 408488 |
| Swiss Prime Site AG, Registered | &nbsp;&nbsp; 5206 | 720035 |
| Swissquote Group Holding SA, Registered | &nbsp;&nbsp; 4815 | 3199305 |
| Tecan Group AG, Registered | &nbsp;&nbsp; 2247 | 444887 |
| Temenos AG, Registered | &nbsp;&nbsp; 7490 | 669940 |
| VAT Group AG<sup>(c)</sup> | &nbsp;&nbsp; 3959 | 1386397 |
| Vontobel Holding AG, Registered | &nbsp;&nbsp; 6206 | 452504 |
| VZ Holding AG | &nbsp;&nbsp; 214 | 45293 |
| Zehnder Group AG, Registered | &nbsp;&nbsp; 6741 | 593924 |
|  |  | 27292800 |
| **United Kingdom — 13.4%** | **United Kingdom — 13.4%** | **United Kingdom — 13.4%** |
| 4imprint Group PLC | &nbsp;&nbsp; 7811 | 369981 |
| Aberdeen Group PLC | &nbsp;&nbsp; 450149 | 1187824 |
| AG Barr PLC | &nbsp;&nbsp; 6313 | 57349 |
| Airtel Africa PLC<sup>(c)</sup> | &nbsp;&nbsp; 213090 | 573632 |
| AJ Bell PLC | &nbsp;&nbsp; 85172 | 603236 |
| Ashmore Group PLC | &nbsp;&nbsp; 51253 | 118317 |
| B&M European Value Retail SA | &nbsp;&nbsp; 115239 | 340632 |
| Babcock International Group PLC | &nbsp;&nbsp; 25359 | 347680 |
| Baltic Classifieds Group PLC | &nbsp;&nbsp; 185217 | 875692 |
| Beazley PLC | &nbsp;&nbsp; 53714 | 632897 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® International Small-Cap Equity Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Bellway PLC | &nbsp;&nbsp; 19795 | $647850 |
| Big Yellow Group PLC | &nbsp;&nbsp; 4173 | 51452 |
| Bloomsbury Publishing PLC | &nbsp;&nbsp; 63986 | 403629 |
| Bodycote PLC | &nbsp;&nbsp; 5100 | 42870 |
| Bridgepoint Group PLC<sup>(c)</sup> | &nbsp;&nbsp; 101864 | 440978 |
| British Land Co. PLC (The) | &nbsp;&nbsp; 316720 | 1455624 |
| Burberry Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 51146 | 867584 |
| Bytes Technology Group PLC | &nbsp;&nbsp; 75542 | 364498 |
| Capricorn Energy PLC<sup>(b)</sup> | &nbsp;&nbsp; 101115 | 302462 |
| Carnival PLC<sup>(b)</sup> | &nbsp;&nbsp; 25573 | 695866 |
| Chemring Group PLC | &nbsp;&nbsp; 99617 | 721436 |
| Clarkson PLC | &nbsp;&nbsp; 3531 | 160782 |
| Cohort PLC | &nbsp;&nbsp; 1926 | 37020 |
| Computacenter PLC | &nbsp;&nbsp; 33170 | 1002504 |
| ConvaTec Group PLC<sup>(c)</sup> | &nbsp;&nbsp; 237754 | 732526 |
| Currys PLC<sup>(b)</sup> | &nbsp;&nbsp; 466666 | 695805 |
| DCC PLC | &nbsp;&nbsp; 1905 | 119312 |
| Deliveroo PLC<sup>(b)(c)</sup> | &nbsp;&nbsp; 261439 | 611091 |
| Derwent London PLC | &nbsp;&nbsp; 5848 | 149057 |
| DFS Furniture PLC<sup>(b)</sup> | &nbsp;&nbsp; 136388 | 287562 |
| Diploma PLC | &nbsp;&nbsp; 15515 | 1098306 |
| Domino's Pizza Group PLC | &nbsp;&nbsp; 301633 | 954789 |
| Dowlais Group PLC | &nbsp;&nbsp; 147981 | 136728 |
| Drax Group PLC | &nbsp;&nbsp; 83139 | 776480 |
| Dunelm Group PLC | &nbsp;&nbsp; 32350 | 518939 |
| EKF Diagnostics Holdings PLC<sup>(a)(b)</sup> | &nbsp;&nbsp; 439235 | 179823 |
| Evoke PLC<sup>(b)</sup> | &nbsp;&nbsp; 90457 | 84172 |
| FDM Group Holdings PLC | &nbsp;&nbsp; 104432 | 167433 |
| Ferrexpo PLC<sup>(b)</sup> | &nbsp;&nbsp; 272372 | 165596 |
| Firstgroup PLC | &nbsp;&nbsp; 472833 | 1401259 |
| Frasers Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 42240 | 382441 |
| Frontier Developments PLC<sup>(b)</sup> | &nbsp;&nbsp; 51253 | 249678 |
| Galliford Try Holdings PLC | &nbsp;&nbsp; 22470 | 129618 |
| Games Workshop Group PLC | &nbsp;&nbsp; 3822 | 818910 |
| Genuit Group PLC | &nbsp;&nbsp; 12448 | 63939 |
| Genus PLC | &nbsp;&nbsp; 5739 | 187957 |
| Gooch & Housego PLC | &nbsp;&nbsp; 6420 | 51275 |
| Grafton Group PLC | &nbsp;&nbsp; 31800 | 372802 |
| Grainger PLC | &nbsp;&nbsp; 29049 | 78536 |
| Great Portland Estates PLC | &nbsp;&nbsp; 47294 | 212048 |
| Greencore Group PLC | &nbsp;&nbsp; 59599 | 202283 |
| Greggs PLC | &nbsp;&nbsp; 31244 | 649703 |
| Halfords Group PLC | &nbsp;&nbsp; 228593 | 433419 |
| Hammerson PLC | &nbsp;&nbsp; 107000 | 418124 |
| Helical PLC | &nbsp;&nbsp; 195061 | 582587 |
| Hill & Smith PLC | &nbsp;&nbsp; 18725 | 503978 |
| Hiscox Ltd. | &nbsp;&nbsp; 9888 | 168346 |
| Hochschild Mining PLC | &nbsp;&nbsp; 89924 | 330477 |
| Howden Joinery Group PLC | &nbsp;&nbsp; 54891 | 635449 |
| Hunting PLC | &nbsp;&nbsp; 22907 | 95294 |
| IG Group Holdings PLC | &nbsp;&nbsp; 47508 | 707433 |
| IMI PLC | &nbsp;&nbsp; 4247 | 124076 |
| Immunocore Holdings PLC<sup>(a)(b)</sup> | &nbsp;&nbsp; 11556 | 378690 |
| Inchcape PLC | &nbsp;&nbsp; 131075 | 1213080 |
| International Workplace Group PLC | &nbsp;&nbsp; 32883 | 95943 |
| Investec PLC | &nbsp;&nbsp; 155899 | 1156061 |
| JD Sports Fashion PLC | &nbsp;&nbsp; 288151 | 323446 |
| JET2 PLC | &nbsp;&nbsp; 15301 | 327737 |
| Johnson Matthey PLC | &nbsp;&nbsp; 11383 | 265233 |
| Just Group PLC | &nbsp;&nbsp; 80982 | 225662 |
| Kainos Group PLC | &nbsp;&nbsp; 43549 | 424923 |
| Keller Group PLC | &nbsp;&nbsp; 28569 | 499000 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Kingfisher PLC | &nbsp;&nbsp; 125146 | $444995 |
| Land Securities Group PLC | &nbsp;&nbsp; 164780 | 1253142 |
| Lion Finance Group PLC | &nbsp;&nbsp; 9095 | 911812 |
| Man Group PLC/Jersey | &nbsp;&nbsp; 459779 | 998522 |
| Marston's PLC<sup>(b)</sup> | &nbsp;&nbsp; 93863 | 53060 |
| MONY Group PLC | &nbsp;&nbsp; 247745 | 655480 |
| Moonpig Group PLC | &nbsp;&nbsp; 17347 | 49026 |
| Morgan Sindall Group PLC | &nbsp;&nbsp; 13375 | 811450 |
| Odfjell Technology Ltd. | &nbsp;&nbsp; 38306 | 184413 |
| OSB Group PLC | &nbsp;&nbsp; 85665 | 626617 |
| Oxford Instruments PLC | &nbsp;&nbsp; 12412 | 297677 |
| Pagegroup PLC | &nbsp;&nbsp; 47294 | 165423 |
| Paragon Banking Group PLC | &nbsp;&nbsp; 116416 | 1388316 |
| PayPoint PLC | &nbsp;&nbsp; 20865 | 199549 |
| Pets at Home Group PLC | &nbsp;&nbsp; 147018 | 442852 |
| Picton Property Income Ltd. | &nbsp;&nbsp; 157532 | 163315 |
| Playtech PLC | &nbsp;&nbsp; 53607 | 281768 |
| Plus500 Ltd. | &nbsp;&nbsp; 17135 | 760479 |
| PureTech Health PLC<sup>(b)</sup> | &nbsp;&nbsp; 58957 | 111342 |
| QinetiQ Group PLC | &nbsp;&nbsp; 69278 | 454193 |
| Quilter PLC<sup>(c)</sup> | &nbsp;&nbsp; 285262 | 637429 |
| Renishaw PLC | &nbsp;&nbsp; 1391 | 54651 |
| Renold PLC | &nbsp;&nbsp; 104714 | 111186 |
| Rightmove PLC | &nbsp;&nbsp; 109675 | 1183556 |
| RS Group PLC | &nbsp;&nbsp; 60348 | 444098 |
| Savills PLC | &nbsp;&nbsp; 33096 | 427904 |
| Serco Group PLC | &nbsp;&nbsp; 24895 | 68597 |
| Shaftesbury Capital PLC | &nbsp;&nbsp; 453680 | 945415 |
| Softcat PLC | &nbsp;&nbsp; 37129 | 798567 |
| Spectris PLC | &nbsp;&nbsp; 12129 | 636890 |
| Spire Healthcare Group PLC<sup>(c)</sup> | &nbsp;&nbsp; 68480 | 196073 |
| SSP Group PLC | &nbsp;&nbsp; 69703 | 156645 |
| St. James's Place PLC | &nbsp;&nbsp; 1498 | 25782 |
| SThree PLC | &nbsp;&nbsp; 53928 | 150409 |
| TBC Bank Group PLC | &nbsp;&nbsp; 10700 | 683932 |
| Telecom Plus PLC | &nbsp;&nbsp; 27499 | 669960 |
| TheWorks.co.uk PLC<sup>(b)</sup> | &nbsp;&nbsp; 42586 | 32901 |
| Trainline PLC<sup>(b)(c)</sup> | &nbsp;&nbsp; 83888 | 301233 |
| Trustpilot Group PLC<sup>(b)(c)</sup> | &nbsp;&nbsp; 224969 | 741923 |
| TUI AG<sup>(b)</sup> | &nbsp;&nbsp; 103790 | 936398 |
| Tullow Oil PLC<sup>(b)</sup> | &nbsp;&nbsp; 230296 | 43492 |
| Veritex Holdings Inc., ADR<sup>(b)</sup> | &nbsp;&nbsp; 1391 | 146180 |
| Vesuvius PLC | &nbsp;&nbsp; 19902 | 93675 |
| Weir Group PLC (The) | &nbsp;&nbsp; 24182 | 849535 |
| WH Smith PLC | &nbsp;&nbsp; 8827 | 119150 |
| Wickes Group PLC | &nbsp;&nbsp; 310086 | 907076 |
| Workspace Group PLC | &nbsp;&nbsp; 48972 | 257083 |
| XPS Pensions Group PLC | &nbsp;&nbsp; 70620 | 345078 |
|  |  | 54907070 |
| **United States — 0.1%** | **United States — 0.1%** | **United States — 0.1%** |
| Gran Tierra Energy Inc.<sup>(b)</sup> | &nbsp;&nbsp; 22256 | 99747 |
| Primo Brands Corp., Class A | &nbsp;&nbsp; 9253 | 255476 |
|  |  | 355223 |
| **Total Common Stocks — 98.6%** <br>**(Cost: $347,089,474)** | **Total Common Stocks — 98.6%** <br>**(Cost: $347,089,474)** | 405342027 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Germany — 0.6%** | **Germany — 0.6%** | **Germany — 0.6%** |
| Draegerwerk AG & Co. KGaA, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 5206 | 415376 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® International Small-Cap Equity Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| FUCHS SE, Preference Shares, NVS | &nbsp;&nbsp; 11596 | $530636 |
| Jungheinrich AG, Preference Shares, NVS | &nbsp;&nbsp; 10425 | 399675 |
| KSB SE & Co. KGaA, Preference Shares, NVS | &nbsp;&nbsp; 214 | 228498 |
| Porsche Automobil Holding SE, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 4494 | 180362 |
| STO SE & Co. KGaA, Preference Shares, NVS | &nbsp;&nbsp; 5397 | 768405 |
|  |  | 2522952 |
| **Italy — 0.1%** | **Italy — 0.1%** | **Italy — 0.1%** |
| Danieli & C Officine Meccaniche SpA, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 7762 | 252357 |
| **Spain — 0.1%** | **Spain — 0.1%** | **Spain — 0.1%** |
| Grifols SA, Class B, Preference Shares, NVS | &nbsp;&nbsp; 30689 | 328713 |
| **Sweden — 0.0%** | **Sweden — 0.0%** | **Sweden — 0.0%** |
| Tingsvalvet Fastighets AB, Preference Shares, NVS | &nbsp;&nbsp; 1265 | 46779 |
| **Total Preferred Stocks — 0.8%** <br>**(Cost: $2,792,270)** | **Total Preferred Stocks — 0.8%** <br>**(Cost: $2,792,270)** | 3150801 |
| **Rights** | **Rights** | **Rights** |
| **Hong Kong — 0.0%** | **Hong Kong — 0.0%** | **Hong Kong — 0.0%** |
| Future Machine Ltd., <br> (Expires 09/01/25, Strike Price HKD 0.28)<br>| &nbsp;&nbsp; 210000 | 19796 |
| **Total Rights — 0.0%** <br>**(Cost: $41,432)** | **Total Rights — 0.0%** <br>**(Cost: $41,432)** | 19796 |
| **Total Long-Term Investments — 99.4%** <br>**(Cost: $349,923,176)** | **Total Long-Term Investments — 99.4%** <br>**(Cost: $349,923,176)** | 408512624 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 3.7%** | **Money Market Funds — 3.7%** | **Money Market Funds — 3.7%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp; 15138718 | $15144774 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(e)(f)</sup><br>| &nbsp;&nbsp; 50000 | 50000 |
| **Total Short-Term Securities — 3.7%** <br>**(Cost: $15,192,117)** | **Total Short-Term Securities — 3.7%** <br>**(Cost: $15,192,117)** | 15194774 |
| **Total Investments — 103.1%** <br>**(Cost: $365,115,293)** | **Total Investments — 103.1%** <br>**(Cost: $365,115,293)** | 423707398 |
| **Liabilities in Excess of Other Assets — (3.1)%** | **Liabilities in Excess of Other Assets — (3.1)%** | (12690318)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $411017080 |

---

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

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

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

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

<sup>(d)</sup> 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> 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 July 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>*07/31/24*<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>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<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>| $23189522 | $—<br> $(8048887 )<sup>(a)</sup><br>| $5420 | $(1281)<br>| $15144774 | 15138718 | $386688 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 110000 | —<br> (60000 )<sup>(a)</sup><br>|  |  | 50000 | 50000 | 10123 |  |
|  |  |  | $5420 | $(1281) | $15194774 |  | $396811 | $— |

---

&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 | 30 | 09/11/25 | &nbsp;&nbsp; $588 | $22132 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® International Small-Cap Equity Factor ETF**

**Futures Contracts (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of*<br> *Contracts*<br>| &nbsp;&nbsp; *Expiration*<br> *Date*<br>| *Notional*<br> *Amount*<br> *(000)*<br>| &nbsp;&nbsp; *Value/*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Mini S&P/TSE 60 Index | 9 | 09/18/25 | &nbsp;&nbsp; $528 | $1552 |
| STOXX Europe 600 Index | 40 | 09/19/25 | &nbsp;&nbsp; 1251 | 4017 |
|  |  |  |  | $27701 |

---

**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; $27701 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $27701 |

---

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

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts 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 July 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; $304401 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $304401 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17893 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17893 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $3565101 |

---

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; $65292705 | &nbsp;&nbsp; $340049322 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $405342027 |
| Preferred Stocks | &nbsp;&nbsp; 46779 | &nbsp;&nbsp; 3104022 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3150801 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; 19796 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19796 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 15194774 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15194774 |
|  | &nbsp;&nbsp; $80534258 | &nbsp;&nbsp; $343173140 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $423707398 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® International Small-Cap Equity Factor ETF**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $5569 | &nbsp;&nbsp; $22132 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $27701 |

---

&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

July 31, 2025

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

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 3.7%** | **Australia — 3.7%** | **Australia — 3.7%** |
| Brambles Ltd. | &nbsp;&nbsp; 1346427 | $20599582 |
| Cochlear Ltd. | &nbsp;&nbsp; 41639 | 8500726 |
| Coles Group Ltd. | &nbsp;&nbsp; 1540506 | 20510244 |
| Commonwealth Bank of Australia | &nbsp;&nbsp; 31836 | 3614326 |
| CSL Ltd. | &nbsp;&nbsp; 117391 | 20306789 |
| Insurance Australia Group Ltd. | &nbsp;&nbsp; 2391220 | 13422915 |
| Lottery Corp. Ltd. (The) | &nbsp;&nbsp; 2672415 | 9268951 |
| Medibank Pvt Ltd. | &nbsp;&nbsp; 10579986 | 34579662 |
| Origin Energy Ltd. | &nbsp;&nbsp; 1255523 | 9388564 |
| QBE Insurance Group Ltd. | &nbsp;&nbsp; 481653 | 7144945 |
| Sigma Healthcare Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1336877 | 2469366 |
| Telstra Group Ltd. | &nbsp;&nbsp; 1990425 | 6343645 |
| Transurban Group | &nbsp;&nbsp; 1421727 | 12582031 |
| Washington H Soul Pattinson & Co. Ltd. | &nbsp;&nbsp; 407688 | 10591756 |
| Wesfarmers Ltd. | &nbsp;&nbsp; 278088 | 15211274 |
|  |  | 194534776 |
| **Austria — 0.1%** | **Austria — 0.1%** | **Austria — 0.1%** |
| Verbund AG | &nbsp;&nbsp; 58204 | 4333839 |
| **Belgium — 1.9%** | **Belgium — 1.9%** | **Belgium — 1.9%** |
| Anheuser-Busch InBev SA | &nbsp;&nbsp; 231479 | 13308342 |
| Argenx SE<sup>(b)</sup> | &nbsp;&nbsp; 33309 | 22371294 |
| Groupe Bruxelles Lambert NV | &nbsp;&nbsp; 427692 | 35755067 |
| Lotus Bakeries NV | &nbsp;&nbsp; 1071 | 9054677 |
| UCB SA | &nbsp;&nbsp; 93541 | 20097736 |
|  |  | 100587116 |
| **Denmark — 1.1%** | **Denmark — 1.1%** | **Denmark — 1.1%** |
| Carlsberg A/S, Class B | &nbsp;&nbsp; 23024 | 2870337 |
| Coloplast A/S, Class B | &nbsp;&nbsp; 133108 | 12157022 |
| Danske Bank A/S | &nbsp;&nbsp; 132788 | 5267896 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp; 314862 | 14643591 |
| Tryg A/S | &nbsp;&nbsp; 996156 | 24029191 |
|  |  | 58968037 |
| **Finland — 2.3%** | **Finland — 2.3%** | **Finland — 2.3%** |
| Elisa OYJ | &nbsp;&nbsp; 600228 | 30883331 |
| Kone OYJ, Class B | &nbsp;&nbsp; 303772 | 18654165 |
| Nokia OYJ | &nbsp;&nbsp; 844651 | 3442244 |
| Sampo OYJ, Class A | &nbsp;&nbsp; 6291754 | 67533613 |
|  |  | 120513353 |
| **France — 7.0%** | **France — 7.0%** | **France — 7.0%** |
| Air Liquide SA | &nbsp;&nbsp; 196034 | 38567032 |
| BioMerieux | &nbsp;&nbsp; 49186 | 7037742 |
| Carrefour SA | &nbsp;&nbsp; 176092 | 2523575 |
| Danone SA | &nbsp;&nbsp; 586563 | 48002446 |
| Dassault Aviation SA | &nbsp;&nbsp; 27026 | 8414734 |
| Engie SA | &nbsp;&nbsp; 134311 | 3019072 |
| EssilorLuxottica SA | &nbsp;&nbsp; 41463 | 12329203 |
| Euronext NV<sup>(c)</sup> | &nbsp;&nbsp; 19573 | 3154950 |
| FDJ UNITED | &nbsp;&nbsp; 202270 | 6309171 |
| Getlink SE | &nbsp;&nbsp; 391295 | 7096490 |
| Ipsen SA | &nbsp;&nbsp; 108377 | 12770289 |
| L'Oreal SA | &nbsp;&nbsp; 7007 | 3100478 |
| Orange SA | &nbsp;&nbsp; 5224829 | 79475195 |
| Sanofi SA | &nbsp;&nbsp; 640930 | 57536689 |
| Sodexo SA | &nbsp;&nbsp; 43662 | 2596730 |
| Thales SA | &nbsp;&nbsp; 46953 | 12630059 |
| TotalEnergies SE | &nbsp;&nbsp; 1022751 | 60818362 |
|  |  | 365382217 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Germany — 5.8%** | **Germany — 5.8%** | **Germany — 5.8%** |
| Beiersdorf AG | &nbsp;&nbsp; 389284 | $48373256 |
| Covestro AG, NVS<sup>(b)</sup> | &nbsp;&nbsp; 346300 | 23474724 |
| Deutsche Boerse AG | &nbsp;&nbsp; 91862 | 26583690 |
| Deutsche Telekom AG, Registered | &nbsp;&nbsp; 1738987 | 62370330 |
| E.ON SE | &nbsp;&nbsp; 1231649 | 22469260 |
| Hannover Rueck SE | &nbsp;&nbsp; 49778 | 15099826 |
| Henkel AG & Co. KGaA | &nbsp;&nbsp; 68507 | 4871554 |
| Merck KGaA | &nbsp;&nbsp; 47767 | 5970128 |
| Muenchener Rueckversicherungs-Gesellschaft AG in <br> Muenchen, Registered<br>| &nbsp;&nbsp; 39001 | 25532808 |
| QIAGEN NV | &nbsp;&nbsp; 645477 | 32006403 |
| SAP SE | &nbsp;&nbsp; 107581 | 30763381 |
| Symrise AG, Class A | &nbsp;&nbsp; 52627 | 4770492 |
|  |  | 302285852 |
| **Hong Kong — 6.1%** | **Hong Kong — 6.1%** | **Hong Kong — 6.1%** |
| BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 10048000 | 45118076 |
| CK Infrastructure Holdings Ltd. | &nbsp;&nbsp; 3395000 | 23910943 |
| CLP Holdings Ltd. | &nbsp;&nbsp; 6026500 | 52308663 |
| Hang Seng Bank Ltd. | &nbsp;&nbsp; 2210700 | 32202596 |
| HKT Trust & HKT Ltd., Class SS | &nbsp;&nbsp; 21464349 | 33797277 |
| Hong Kong & China Gas Co. Ltd. | &nbsp;&nbsp; 25219799 | 22510264 |
| Jardine Matheson Holdings Ltd. | &nbsp;&nbsp; 124600 | 6765949 |
| MTR Corp. Ltd. | &nbsp;&nbsp; 2781748 | 10006695 |
| Power Assets Holdings Ltd. | &nbsp;&nbsp; 7464000 | 49143700 |
| Sino Land Co. Ltd. | &nbsp;&nbsp; 5748000 | 6625714 |
| Swire Pacific Ltd., Class A | &nbsp;&nbsp; 2016500 | 18227817 |
| WH Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 4271500 | 4276361 |
| Wharf Holdings Ltd. (The)<sup>(a)</sup> | &nbsp;&nbsp; 4657000 | 13259102 |
|  |  | 318153157 |
| **Ireland — 0.7%** | **Ireland — 0.7%** | **Ireland — 0.7%** |
| AIB Group PLC | &nbsp;&nbsp; 2565836 | 20240982 |
| Kerry Group PLC, Class A | &nbsp;&nbsp; 184933 | 17082254 |
|  |  | 37323236 |
| **Israel — 3.0%** | **Israel — 3.0%** | **Israel — 3.0%** |
| Bank Hapoalim BM | &nbsp;&nbsp; 2295926 | 43055661 |
| Bank Leumi Le-Israel BM | &nbsp;&nbsp; 1296960 | 23992172 |
| Check Point Software Technologies Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 139477 | 25970617 |
| Elbit Systems Ltd. | &nbsp;&nbsp; 46668 | 21529457 |
| ICL Group Ltd. | &nbsp;&nbsp; 847573 | 5280301 |
| Isracard Ltd. | &nbsp;&nbsp; 1 | 4 |
| Israel Discount Bank Ltd., Class A | &nbsp;&nbsp; 1496098 | 14307978 |
| Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp; 344055 | 21253594 |
|  |  | 155389784 |
| **Italy — 3.5%** | **Italy — 3.5%** | **Italy — 3.5%** |
| Eni SpA | &nbsp;&nbsp; 3387394 | 57813782 |
| Ferrari NV | &nbsp;&nbsp; 101993 | 44724673 |
| Generali | &nbsp;&nbsp; 360024 | 13430972 |
| Leonardo SpA | &nbsp;&nbsp; 89858 | 4843627 |
| Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp; 360661 | 20685236 |
| Snam SpA | &nbsp;&nbsp; 2934237 | 17004675 |
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp; 1289378 | 12475951 |
| UniCredit SpA | &nbsp;&nbsp; 129960 | 9561646 |
|  |  | 180540562 |
| **Japan — 26.2%** | **Japan — 26.2%** | **Japan — 26.2%** |
| Aeon Co. Ltd. | &nbsp;&nbsp; 527500 | 16849842 |
| ANA Holdings Inc. | &nbsp;&nbsp; 908700 | 16849622 |
| Astellas Pharma Inc. | &nbsp;&nbsp; 2579600 | 26746892 |
| Bandai Namco Holdings Inc. | &nbsp;&nbsp; 113000 | 3654072 |
| Bridgestone Corp. | &nbsp;&nbsp; 631700 | 25552370 |
| Canon Inc. | &nbsp;&nbsp; 1012200 | 28749153 |
| Central Japan Railway Co. | &nbsp;&nbsp; 1712000 | 39910450 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Chubu Electric Power Co. Inc. | &nbsp;&nbsp; 1211200 | $14813879 |
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 282800 | 13556564 |
| Dai Nippon Printing Co. Ltd. | &nbsp;&nbsp; 458200 | 7056032 |
| Daito Trust Construction Co. Ltd. | &nbsp;&nbsp; 333400 | 34132712 |
| Daiwa House Industry Co. Ltd. | &nbsp;&nbsp; 704500 | 23291411 |
| East Japan Railway Co. | &nbsp;&nbsp; 2376900 | 50946863 |
| Fast Retailing Co. Ltd. | &nbsp;&nbsp; 45700 | 13939857 |
| FUJIFILM Holdings Corp. | &nbsp;&nbsp; 218200 | 4525953 |
| Fujitsu Ltd. | &nbsp;&nbsp; 296000 | 6448039 |
| Hankyu Hanshin Holdings Inc. | &nbsp;&nbsp; 234900 | 6121880 |
| Idemitsu Kosan Co. Ltd. | &nbsp;&nbsp; 1076700 | 6921686 |
| Inpex Corp. | &nbsp;&nbsp; 211700 | 3014344 |
| ITOCHU Corp. | &nbsp;&nbsp; 143500 | 7526948 |
| Japan Airlines Co. Ltd. | &nbsp;&nbsp; 595300 | 11821160 |
| Japan Post Bank Co. Ltd. | &nbsp;&nbsp; 3232300 | 36076651 |
| Japan Post Holdings Co. Ltd. | &nbsp;&nbsp; 1296000 | 12001824 |
| Japan Tobacco Inc. | &nbsp;&nbsp; 1390000 | 39697870 |
| Kao Corp. | &nbsp;&nbsp; 928600 | 41783697 |
| KDDI Corp. | &nbsp;&nbsp; 3374800 | 55385873 |
| Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 983900 | 12965505 |
| Kobe Bussan Co. Ltd. | &nbsp;&nbsp; 417900 | 11128388 |
| Kyowa Kirin Co. Ltd. | &nbsp;&nbsp; 718200 | 12259393 |
| MEIJI Holdings Co. Ltd. | &nbsp;&nbsp; 1114900 | 22544367 |
| Mitsubishi Corp. | &nbsp;&nbsp; 819100 | 16155417 |
| Mitsubishi HC Capital Inc. | &nbsp;&nbsp; 1166200 | 8620118 |
| Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp; 289300 | 3987355 |
| Mitsui OSK Lines Ltd. | &nbsp;&nbsp; 195400 | 6567841 |
| MonotaRO Co. Ltd. | &nbsp;&nbsp; 125200 | 2229426 |
| NEC Corp. | &nbsp;&nbsp; 479200 | 13760646 |
| Nippon Building Fund Inc. | &nbsp;&nbsp; 34929 | 32041335 |
| Nissin Foods Holdings Co. Ltd. | &nbsp;&nbsp; 418700 | 7941949 |
| Nitori Holdings Co. Ltd. | &nbsp;&nbsp; 186300 | 15777140 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 276700 | 10949134 |
| NTT Inc. | &nbsp;&nbsp; 38163200 | 38539542 |
| Obayashi Corp. | &nbsp;&nbsp; 460800 | 6785398 |
| Obic Co. Ltd. | &nbsp;&nbsp; 1080500 | 38468578 |
| Ono Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 1722600 | 19263439 |
| Oracle Corp./Japan | &nbsp;&nbsp; 218200 | 23597111 |
| Oriental Land Co. Ltd./Japan | &nbsp;&nbsp; 355900 | 7328167 |
| Osaka Gas Co. Ltd. | &nbsp;&nbsp; 779400 | 19719857 |
| Otsuka Corp. | &nbsp;&nbsp; 1298100 | 24595306 |
| Otsuka Holdings Co. Ltd. | &nbsp;&nbsp; 1009300 | 48052470 |
| Pan Pacific International Holdings Corp. | &nbsp;&nbsp; 586000 | 19605357 |
| SCSK Corp. | &nbsp;&nbsp; 835700 | 26002723 |
| Secom Co. Ltd. | &nbsp;&nbsp; 1886500 | 67750282 |
| Sekisui Chemical Co. Ltd. | &nbsp;&nbsp; 748500 | 12982822 |
| SG Holdings Co. Ltd. | &nbsp;&nbsp; 1822300 | 20217343 |
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 2490500 | 41651909 |
| SoftBank Corp. | &nbsp;&nbsp; 43425400 | 62742574 |
| Suntory Beverage & Food Ltd. | &nbsp;&nbsp; 487300 | 14714375 |
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 1951700 | 53612774 |
| TIS Inc. | &nbsp;&nbsp; 803100 | 25620431 |
| Tokyo Gas Co. Ltd. | &nbsp;&nbsp; 271900 | 9105550 |
| Tokyu Corp. | &nbsp;&nbsp; 1271400 | 14311788 |
| Unicharm Corp. | &nbsp;&nbsp; 414600 | 2867849 |
| West Japan Railway Co. | &nbsp;&nbsp; 989800 | 21670900 |
| Yakult Honsha Co. Ltd. | &nbsp;&nbsp; 477500 | 7681798 |
| Zensho Holdings Co. Ltd. | &nbsp;&nbsp; 55100 | 2899551 |
| ZOZO Inc. | &nbsp;&nbsp; 971800 | 9620206 |
|  |  | 1363711758 |
| **Netherlands — 4.0%** | **Netherlands — 4.0%** | **Netherlands — 4.0%** |
| Coca-Cola Europacific Partners PLC | &nbsp;&nbsp; 100554 | 9745694 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| EXOR NV | &nbsp;&nbsp; 155819 | $15017275 |
| Heineken Holding NV | &nbsp;&nbsp; 126160 | 8514675 |
| Heineken NV | &nbsp;&nbsp; 153972 | 12085517 |
| Koninklijke Ahold Delhaize NV | &nbsp;&nbsp; 1825525 | 72101664 |
| Koninklijke KPN NV | &nbsp;&nbsp; 11909427 | 53205342 |
| Wolters Kluwer NV | &nbsp;&nbsp; 226219 | 35235626 |
|  |  | 205905793 |
| **New Zealand — 0.6%** | **New Zealand — 0.6%** | **New Zealand — 0.6%** |
| Auckland International Airport Ltd. | &nbsp;&nbsp; 2146965 | 9523770 |
| Fisher & Paykel Healthcare Corp. Ltd. | &nbsp;&nbsp; 381642 | 8273569 |
| Infratil Ltd. | &nbsp;&nbsp; 1190272 | 8127298 |
| Meridian Energy Ltd. | &nbsp;&nbsp; 1032206 | 3466013 |
|  |  | 29390650 |
| **Norway — 1.0%** | **Norway — 1.0%** | **Norway — 1.0%** |
| Equinor ASA | &nbsp;&nbsp; 1540002 | 39558907 |
| Kongsberg Gruppen ASA | &nbsp;&nbsp; 316278 | 9451376 |
| Telenor ASA | &nbsp;&nbsp; 220493 | 3382561 |
|  |  | 52392844 |
| **Portugal — 0.5%** | **Portugal — 0.5%** | **Portugal — 0.5%** |
| Galp Energia SGPS SA | &nbsp;&nbsp; 1221775 | 23330080 |
| Jeronimo Martins SGPS SA | &nbsp;&nbsp; 224787 | 5479781 |
|  |  | 28809861 |
| **Singapore — 5.6%** | **Singapore — 5.6%** | **Singapore — 5.6%** |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 1910240 | 70114346 |
| Genting Singapore Ltd. | &nbsp;&nbsp; 14318600 | 8076886 |
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 3459899 | 44837379 |
| Sembcorp Industries Ltd. | &nbsp;&nbsp; 1185100 | 7046708 |
| Singapore Airlines Ltd. | &nbsp;&nbsp; 2575700 | 13453301 |
| Singapore Exchange Ltd. | &nbsp;&nbsp; 4374619 | 53639837 |
| Singapore Technologies Engineering Ltd. | &nbsp;&nbsp; 4959300 | 33362598 |
| Singapore Telecommunications Ltd. | &nbsp;&nbsp; 5645300 | 16823825 |
| United Overseas Bank Ltd. | &nbsp;&nbsp; 1532000 | 42563153 |
|  |  | 289918033 |
| **Spain — 4.6%** | **Spain — 4.6%** | **Spain — 4.6%** |
| ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp; 80824 | 5578048 |
| Aena SME SA<sup>(c)</sup> | &nbsp;&nbsp; 847684 | 22826527 |
| CaixaBank SA | &nbsp;&nbsp; 2406343 | 22639609 |
| Endesa SA | &nbsp;&nbsp; 474919 | 13739125 |
| Iberdrola SA | &nbsp;&nbsp; 3848304 | 67639012 |
| Industria de Diseno Textil SA | &nbsp;&nbsp; 1054006 | 50346730 |
| Redeia Corp. SA | &nbsp;&nbsp; 2041379 | 39574137 |
| Repsol SA | &nbsp;&nbsp; 876775 | 13293445 |
| Telefonica SA | &nbsp;&nbsp; 535051 | 2761287 |
|  |  | 238397920 |
| **Sweden — 0.4%** | **Sweden — 0.4%** | **Sweden — 0.4%** |
| Nordea Bank Abp | &nbsp;&nbsp; 1305125 | 19044099 |
| **Switzerland — 11.5%** | **Switzerland — 11.5%** | **Switzerland — 11.5%** |
| Alcon AG | &nbsp;&nbsp; 42399 | 3717034 |
| Amrize Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 109425 | 5531537 |
| Baloise Holding AG, Registered | &nbsp;&nbsp; 85728 | 20545992 |
| Banque Cantonale Vaudoise, Registered | &nbsp;&nbsp; 170772 | 19762464 |
| BKW AG | &nbsp;&nbsp; 113859 | 25421588 |
| Chocoladefabriken Lindt & Spruengli AG, <br> Participation Certificates, NVS<br>| &nbsp;&nbsp; 535 | 7870155 |
| Chocoladefabriken Lindt & Spruengli AG, Registered | &nbsp;&nbsp; 192 | 28074672 |
| EMS-Chemie Holding AG, Registered | &nbsp;&nbsp; 17256 | 13576865 |
| Givaudan SA, Registered | &nbsp;&nbsp; 4591 | 19191973 |
| Helvetia Holding AG, Registered | &nbsp;&nbsp; 68715 | 16524683 |
| Holcim AG | &nbsp;&nbsp; 110953 | 8848493 |
| Kuehne + Nagel International AG, Registered | &nbsp;&nbsp; 68107 | 13885579 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| Nestle SA, Registered | &nbsp;&nbsp; 597495 | $52207359 |
| Novartis AG, Registered | &nbsp;&nbsp; 659014 | 75053157 |
| Roche Holding AG, Bearer | &nbsp;&nbsp; 37700 | 12529031 |
| Roche Holding AG, NVS | &nbsp;&nbsp; 18206 | 5681602 |
| Schindler Holding AG, Registered | &nbsp;&nbsp; 116610 | 40898539 |
| SGS SA | &nbsp;&nbsp; 112651 | 11446847 |
| Swiss Prime Site AG, Registered | &nbsp;&nbsp; 348960 | 48264205 |
| Swiss Re AG | &nbsp;&nbsp; 72558 | 12987980 |
| Swisscom AG, Registered | &nbsp;&nbsp; 114624 | 79644689 |
| Zurich Insurance Group AG | &nbsp;&nbsp; 110732 | 75530983 |
|  |  | 597195427 |
| **United Kingdom — 9.5%** | **United Kingdom — 9.5%** | **United Kingdom — 9.5%** |
| Admiral Group PLC | &nbsp;&nbsp; 202665 | 9135425 |
| AstraZeneca PLC | &nbsp;&nbsp; 230529 | 33632252 |
| BAE Systems PLC | &nbsp;&nbsp; 2057612 | 49095890 |
| BP PLC | &nbsp;&nbsp; 1955676 | 10482971 |
| British American Tobacco PLC | &nbsp;&nbsp; 160644 | 8606876 |
| Compass Group PLC | &nbsp;&nbsp; 1118595 | 39306826 |
| GSK PLC | &nbsp;&nbsp; 2808884 | 51666560 |
| Haleon PLC | &nbsp;&nbsp; 7102026 | 33313247 |
| London Stock Exchange Group PLC | &nbsp;&nbsp; 128018 | 15604750 |
| National Grid PLC | &nbsp;&nbsp; 1709099 | 24016377 |
| Next PLC | &nbsp;&nbsp; 30712 | 4985202 |
| Pearson PLC | &nbsp;&nbsp; 1418918 | 20064851 |
| RELX PLC | &nbsp;&nbsp; 925834 | 48107330 |
| Sage Group PLC (The) | &nbsp;&nbsp; 552787 | 8875906 |
| Shell PLC | &nbsp;&nbsp; 1423009 | 51133128 |
| Tesco PLC | &nbsp;&nbsp; 3654101 | 20530277 |
| Unilever PLC | &nbsp;&nbsp; 1166536 | 67682941 |
|  |  | 496240809 |
| **Total Long-Term Investments — 99.1%** <br>**(Cost: $4,611,260,999)** | **Total Long-Term Investments — 99.1%** <br>**(Cost: $4,611,260,999)** | 5159019123 |

---

---

| | | |
|:---|:---|:---|
| *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 <br> Shares, 4.44%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 2731232 | $2732324 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 970000 | 970000 |
| **Total Short-Term Securities — 0.1%** <br>**(Cost: $3,702,324)** | **Total Short-Term Securities — 0.1%** <br>**(Cost: $3,702,324)** | 3702324 |
| **Total Investments — 99.2%** <br>**(Cost: $4,614,963,323)** | **Total Investments — 99.2%** <br>**(Cost: $4,614,963,323)** | 5162721447 |
| **Other Assets Less Liabilities — 0.8%** | **Other Assets Less Liabilities — 0.8%** | 40771643 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $5203493090 |

---

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

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

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

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

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 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>*07/31/24*<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>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<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>| $17853775 | $—<br> $(15122622 )<sup>(a)</sup><br>| $3326 | $(2155)<br>| $2732324 | 2731232 | $53881 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 1450000 | —<br> (480000 )<sup>(a)</sup><br>|  |  | 970000 | 970000 | 76934 |  |
|  |  |  | $3326 | $(2155) | $3702324 |  | $130815 | $— |

---

&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)

July 31, 2025

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| TOPIX Index | 64 | 09/11/25 | &nbsp;&nbsp; $12541 | $506839 |
| SPI 200 Index | 61 | 09/18/25 | &nbsp;&nbsp; 8545 | 168346 |
| Euro STOXX 50 Index | 124 | 09/19/25 | &nbsp;&nbsp; 7579 | 19434 |
| FTSE 100 Index | 55 | 09/19/25 | &nbsp;&nbsp; 6641 | 143088 |
| 2-Year U.S. Treasury Note | 42 | 09/30/25 | &nbsp;&nbsp; 8694 | (17013) |
|  |  |  |  | $820694 |

---

**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; $837707 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $837707 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17013 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17013 |

---

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

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts 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 July 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; $4303163 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(8850)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $4294313 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $370095 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(94712)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $275383 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $51604318 |

---

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)

July 31, 2025

**iShares® MSCI EAFE Min Vol 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; $112984151 | &nbsp;&nbsp; $5046034972 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5159019123 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 3702324 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3702324 |
|  | &nbsp;&nbsp; $116686475 | &nbsp;&nbsp; $5046034972 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5162721447 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $187780 | &nbsp;&nbsp; $649927 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $837707 |
| Liabilities  |  |  |  |  |
| Interest Rate Contracts | &nbsp;&nbsp; (17013)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (17013)<br>|
|  | &nbsp;&nbsp; $170767 | &nbsp;&nbsp; $649927 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $820694 |

---

&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

July 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>Global Equity <br> Factor ETF <br>| &nbsp;&nbsp; iShares <br>International Equity <br> Factor ETF <br>| &nbsp;&nbsp; iShares <br>International <br> Small-Cap <br> Equity Factor <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI EAFE Min <br> Vol Factor ETF <br>|
| **ASSETS** |  |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $145689705 | $2193433543 | $408512624 | $5159019123 |
| Investments, at value—affiliated<sup>(c)</sup> | 828034 | 11830188 | 15194774 | 3702324 |
| Cash | 1202 | 8179 | 20128 | 8530 |
| Cash pledged for futures contracts | 22000 |  |  | 50999 |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> |  | 551091 | 139954 | 2341195 |
| Foreign currency, at value<sup>(e)</sup> | 186048 | 3953769 | 1057741 | 11493545 |
| Receivables: |  |  |  |  |
| Investments sold |  | 41 |  |  |
| Securities lending income—affiliated | 600 | 6073 | 29401 | 614 |
| Capital shares sold |  | 104522 | 287309 |  |
| Dividends—unaffiliated | 129590 | 1412040 | 454279 | 6633886 |
| Dividends—affiliated | 383 | 598 | 381 | 2533 |
| Tax reclaims | 65497 | 3126437 | 760353 | 24633354 |
| Total assets | 146923059 | 2214426481 | 426456944 | 5207886103 |
| **LIABILITIES** |  |  |  |  |
| Collateral on securities loaned, at value | 550316 | 11498733 | 15139706 | 2732324 |
| Payables: |  |  |  |  |
| Investments purchased |  | 86025 | 191187 | 177 |
| Capital shares redeemed |  |  |  | 593486 |
| Deferred foreign capital gain tax | 52189 |  |  |  |
| Investment advisory fees | 23884 | 279167 | 73299 | 920451 |
| Professional fees | 2189 | 65454 | 26255 | 69214 |
| Variation margin on futures contracts | 1356 | 42599 | 9417 | 77361 |
| Total liabilities | 629934 | 11971978 | 15439864 | 4393013 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $146293125 | $2202454503 | $411017080 | $5203493090 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $116896987 | $2039910092 | $363759183 | $5471536864 |
| Accumulated earnings (loss) | 29396138 | 162544411 | 47257897 | (268043774) |
| NET ASSETS | $146293125 | $2202454503 | $411017080 | $5203493090 |
| **NET ASSET VALUE** |  |  |  |  |
| Shares outstanding | 3000000 | 65500000 | 10700000 | 63700000 |
| Net asset value | $48.76 | $33.63 | $38.41 | $81.69 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value |  |  |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $109721333 | $1849160141 | $349923176 | $4611260999 |
| <sup>(b)</sup> Securities loaned, at value | $515944 | $10548893 | $14014474 | $2576087 |
| <sup>(c)</sup> Investments, at cost—affiliated | $779951 | $11829900 | $15192117 | $3702324 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $— | $572496 | $142793 | $2511170 |
| <sup>(e)</sup> Foreign currency, at cost | $188398 | $4045051 | $1073455 | $11621554 |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Operations

Year Ended July 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Global Equity <br> Factor ETF <br>| &nbsp;&nbsp; iShares <br>International <br> Equity Factor <br> ETF <br>| &nbsp;&nbsp; iShares <br>International <br> Small-Cap <br> Equity Factor <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI EAFE <br> Min Vol <br> Factor ETF <br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $2575222 | &nbsp;&nbsp;&nbsp; $55631991 | &nbsp;&nbsp;&nbsp; $16654696 | &nbsp;&nbsp;&nbsp; $191793089 |
| Dividends—affiliated | &nbsp;&nbsp; 10054 | &nbsp;&nbsp;&nbsp; 28450 | &nbsp;&nbsp;&nbsp; 10123 | &nbsp;&nbsp;&nbsp; 76934 |
| Interest—unaffiliated | &nbsp;&nbsp; 1789 | &nbsp;&nbsp;&nbsp; 20424 | &nbsp;&nbsp;&nbsp; 8684 | &nbsp;&nbsp;&nbsp; 113190 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 20506 | &nbsp;&nbsp;&nbsp; 26648 | &nbsp;&nbsp;&nbsp; 386688 | &nbsp;&nbsp;&nbsp; 53881 |
| Other income—unaffiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 64355 | &nbsp;&nbsp;&nbsp; 1142 | &nbsp;&nbsp;&nbsp; 73313 |
| Foreign taxes withheld | &nbsp;&nbsp; (202297)<br>| &nbsp;&nbsp;&nbsp; (4567159)<br>| &nbsp;&nbsp;&nbsp; (1310143)<br>| &nbsp;&nbsp;&nbsp; (13521020)<br>|
| Foreign withholding tax claims | &nbsp;&nbsp; 23186 | &nbsp;&nbsp;&nbsp; 938157 | &nbsp;&nbsp;&nbsp; 214950 | &nbsp;&nbsp;&nbsp; 2670928 |
| Total investment income | &nbsp;&nbsp; 2428460 | &nbsp;&nbsp;&nbsp; 52142866 | &nbsp;&nbsp;&nbsp; 15966140 | &nbsp;&nbsp;&nbsp; 181260315 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 232065 | &nbsp;&nbsp;&nbsp; 2197505 | &nbsp;&nbsp;&nbsp; 1040725 | &nbsp;&nbsp;&nbsp; 11346869 |
| Professional | &nbsp;&nbsp; 1998 | &nbsp;&nbsp;&nbsp; 74511 | &nbsp;&nbsp;&nbsp; 28166 | &nbsp;&nbsp;&nbsp; 66750 |
| Commitment costs | &nbsp;&nbsp; 529 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Interest expense | &nbsp;&nbsp; 426 | &nbsp;&nbsp;&nbsp; 801 | &nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp;&nbsp; 1358 |
| Total expenses | &nbsp;&nbsp; 235018 | &nbsp;&nbsp;&nbsp; 2272817 | &nbsp;&nbsp;&nbsp; 1069426 | &nbsp;&nbsp;&nbsp; 11414977 |
| Net investment income | &nbsp;&nbsp; 2193442 | &nbsp;&nbsp;&nbsp; 49870049 | &nbsp;&nbsp;&nbsp; 14896714 | &nbsp;&nbsp;&nbsp; 169845338 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 297497 | &nbsp;&nbsp;&nbsp; (15843358)<br>| &nbsp;&nbsp;&nbsp; 3919081 | &nbsp;&nbsp;&nbsp; 161772336 |
| Investments—affiliated | &nbsp;&nbsp; 2561 | &nbsp;&nbsp;&nbsp; 2192 | &nbsp;&nbsp;&nbsp; 5420 | &nbsp;&nbsp;&nbsp; 3326 |
| Foreign currency transactions | &nbsp;&nbsp; (2233)<br>| &nbsp;&nbsp;&nbsp; 337494 | &nbsp;&nbsp;&nbsp; 113637 | &nbsp;&nbsp;&nbsp; 928814 |
| Futures contracts | &nbsp;&nbsp; 131797 | &nbsp;&nbsp;&nbsp; 979428 | &nbsp;&nbsp;&nbsp; 304401 | &nbsp;&nbsp;&nbsp; 4294313 |
| In-kind redemptions—unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; 6282409 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 44854589 | &nbsp;&nbsp;&nbsp; 432719834 |
| In-kind redemptions—affiliated<sup>(b)</sup> | &nbsp;&nbsp; 6248 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 6718279 | &nbsp;&nbsp;&nbsp; (14524244)<br>| &nbsp;&nbsp;&nbsp; 49197128 | &nbsp;&nbsp;&nbsp; 599718623 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments—unaffiliated<sup>(c)</sup> | &nbsp;&nbsp; 11719162 | &nbsp;&nbsp;&nbsp; 196081219 | &nbsp;&nbsp;&nbsp; 257224 | &nbsp;&nbsp;&nbsp; (47323131)<br>|
| Investments—affiliated | &nbsp;&nbsp; 24680 | &nbsp;&nbsp;&nbsp; (289)<br>| &nbsp;&nbsp;&nbsp; (1281)<br>| &nbsp;&nbsp;&nbsp; (2155)<br>|
| Foreign currency translations | &nbsp;&nbsp; (177)<br>| &nbsp;&nbsp;&nbsp; (43591)<br>| &nbsp;&nbsp;&nbsp; (15167)<br>| &nbsp;&nbsp;&nbsp; 286986 |
| Futures contracts | &nbsp;&nbsp; (3590)<br>| &nbsp;&nbsp;&nbsp; 109519 | &nbsp;&nbsp;&nbsp; 17893 | &nbsp;&nbsp;&nbsp; 275383 |
|  | &nbsp;&nbsp; 11740075 | &nbsp;&nbsp;&nbsp; 196146858 | &nbsp;&nbsp;&nbsp; 258669 | &nbsp;&nbsp;&nbsp; (46762917)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 18458354 | &nbsp;&nbsp;&nbsp; 181622614 | &nbsp;&nbsp;&nbsp; 49455797 | &nbsp;&nbsp;&nbsp; 552955706 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $20651796 | &nbsp;&nbsp;&nbsp; $231492663 | &nbsp;&nbsp;&nbsp; $64352511 | &nbsp;&nbsp;&nbsp; $722801044 |
| <sup>(a)</sup> Net of foreign capital gain tax and capital gain tax refund, if applicable of | &nbsp;&nbsp; $(50018)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(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; $129097 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Changes in Net Assets

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Global Equity Factor ETF  | iShares <br>Global Equity Factor ETF  | iShares <br>International Equity Factor ETF  | iShares <br>International Equity Factor ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $2193442 | &nbsp;&nbsp;&nbsp; $2517321 | &nbsp;&nbsp;&nbsp; $49870049 | &nbsp;&nbsp;&nbsp; $33531562 |
| Net realized gain (loss) | &nbsp;&nbsp; 6718279 | &nbsp;&nbsp;&nbsp; 10622966 | &nbsp;&nbsp;&nbsp; (14524244)<br>| &nbsp;&nbsp;&nbsp; 14197804 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 11740075 | &nbsp;&nbsp;&nbsp; 8629743 | &nbsp;&nbsp;&nbsp; 196146858 | &nbsp;&nbsp;&nbsp; 75957392 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 20651796 | &nbsp;&nbsp;&nbsp; 21770030 | &nbsp;&nbsp;&nbsp; 231492663 | &nbsp;&nbsp;&nbsp; 123686758 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (2840900)<br>| &nbsp;&nbsp;&nbsp; (3117451)<br>| &nbsp;&nbsp;&nbsp; (52428005)<br>| &nbsp;&nbsp;&nbsp; (37376442)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 19002691 | &nbsp;&nbsp;&nbsp; (34021333)<br>| &nbsp;&nbsp;&nbsp; 899051955 | &nbsp;&nbsp;&nbsp; 73266376 |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 36813587 | &nbsp;&nbsp;&nbsp; (15368754)<br>| &nbsp;&nbsp;&nbsp; 1078116613 | &nbsp;&nbsp;&nbsp; 159576692 |
| Beginning of year | &nbsp;&nbsp; 109479538 | &nbsp;&nbsp;&nbsp; 124848292 | &nbsp;&nbsp;&nbsp; 1124337890 | &nbsp;&nbsp;&nbsp; 964761198 |
| End of year | &nbsp;&nbsp; $146293125 | &nbsp;&nbsp;&nbsp; $109479538 | &nbsp;&nbsp;&nbsp; $2202454503 | &nbsp;&nbsp;&nbsp; $1124337890 |

---

&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>International Small-Cap Equity Factor ETF  | iShares <br>International Small-Cap Equity Factor ETF  | iShares <br>MSCI EAFE Min Vol Factor ETF  | iShares <br>MSCI EAFE Min Vol Factor ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $14896714 | &nbsp;&nbsp;&nbsp; $17753760 | &nbsp;&nbsp;&nbsp; $169845338 | &nbsp;&nbsp;&nbsp; $215029007 |
| Net realized gain | &nbsp;&nbsp; 49197128 | &nbsp;&nbsp;&nbsp; 4288171 | &nbsp;&nbsp;&nbsp; 599718623 | &nbsp;&nbsp;&nbsp; 196196039 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 258669 | &nbsp;&nbsp;&nbsp; 21989189 | &nbsp;&nbsp;&nbsp; (46762917)<br>| &nbsp;&nbsp;&nbsp; 219335784 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 64352511 | &nbsp;&nbsp;&nbsp; 44031120 | &nbsp;&nbsp;&nbsp; 722801044 | &nbsp;&nbsp;&nbsp; 630560830 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (19870416)<br>| &nbsp;&nbsp;&nbsp; (21886713)<br>| &nbsp;&nbsp;&nbsp; (172218785)<br>| &nbsp;&nbsp;&nbsp; (221241346)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net decrease in net assets derived from capital share transactions | &nbsp;&nbsp; (190332501)<br>| &nbsp;&nbsp;&nbsp; (84262141)<br>| &nbsp;&nbsp;&nbsp; (1978898921)<br>| &nbsp;&nbsp;&nbsp; (1500405548)<br>|
| *NET ASSETS* |  |  |  |  |
| Total decrease in net assets | &nbsp;&nbsp; (145850406)<br>| &nbsp;&nbsp;&nbsp; (62117734)<br>| &nbsp;&nbsp;&nbsp; (1428316662)<br>| &nbsp;&nbsp;&nbsp; (1091086064)<br>|
| Beginning of year | &nbsp;&nbsp; 556867486 | &nbsp;&nbsp;&nbsp; 618985220 | &nbsp;&nbsp;&nbsp; 6631809752 | &nbsp;&nbsp;&nbsp; 7722895816 |
| End of year | &nbsp;&nbsp; $411017080 | &nbsp;&nbsp;&nbsp; $556867486 | &nbsp;&nbsp;&nbsp; $5203493090 | &nbsp;&nbsp;&nbsp; $6631809752 |

---

&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 Global Equity Factor ETF  | iShares Global Equity Factor ETF  | iShares Global Equity Factor ETF  | iShares Global Equity Factor ETF  | iShares Global Equity Factor ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Year Ended <br>07/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $42.93 | &nbsp;&nbsp;&nbsp; $36.72 | &nbsp;&nbsp;&nbsp; $33.22 | &nbsp;&nbsp;&nbsp; $38.13 | &nbsp;&nbsp;&nbsp; $29.39 |
| Net investment income<sup>(a)</sup> | 0.84 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 6.11 | &nbsp;&nbsp;&nbsp;&nbsp;6.41 | &nbsp;&nbsp;&nbsp;&nbsp;3.52 | &nbsp;&nbsp;&nbsp; (4.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.73 |
| Net increase (decrease) from investment operations | 6.95 | &nbsp;&nbsp;&nbsp;&nbsp;7.22 | &nbsp;&nbsp;&nbsp;&nbsp;4.35 | &nbsp;&nbsp;&nbsp; (4.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.39 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp; (0.65)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $48.76 | &nbsp;&nbsp;&nbsp; $42.93 | &nbsp;&nbsp;&nbsp; $36.72 | &nbsp;&nbsp;&nbsp; $33.22 | &nbsp;&nbsp;&nbsp; $38.13 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 16.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.34<br> %<br>| &nbsp;&nbsp;&nbsp; (11.08)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.16<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Net investment income | 1.89 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.92<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $146293 | &nbsp;&nbsp;&nbsp; $109480 | &nbsp;&nbsp;&nbsp; $124848 | &nbsp;&nbsp;&nbsp; $119592 | &nbsp;&nbsp;&nbsp; $133463 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp;&nbsp; 112<br> %<br>| &nbsp;&nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp;&nbsp; 48<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 July 31, 2025: <br> • Net investment income per share by $0.01. <br> • Ratio of net investment income to average net assets by 0.02%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025: <br> • Net investment income per share by $0.01. <br> • Ratio of net investment income to average net assets by 0.02%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025: <br> • Net investment income per share by $0.01. <br> • Ratio of net investment income to average net assets by 0.02%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025: <br> • Net investment income per share by $0.01. <br> • Ratio of net investment income to average net assets by 0.02%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025: <br> • Net investment income per share by $0.01. <br> • Ratio of net investment income to average net assets by 0.02%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025: <br> • Net investment income per share by $0.01. <br> • Ratio of net investment income to average net assets by 0.02%. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

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 International Equity Factor ETF  | iShares International Equity Factor ETF  | iShares International Equity Factor ETF  | iShares International Equity Factor ETF  | iShares International Equity Factor ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Year Ended <br>07/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $30.14 | &nbsp;&nbsp;&nbsp; $27.64 | &nbsp;&nbsp;&nbsp; $24.62 | &nbsp;&nbsp;&nbsp; $30.13 | &nbsp;&nbsp;&nbsp; $23.89 |
| Net investment income<sup>(a)</sup> | 1.07 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 3.41 | &nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp; (5.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.35 |
| Net increase (decrease) from investment operations | 4.48 | &nbsp;&nbsp;&nbsp;&nbsp;3.54 | &nbsp;&nbsp;&nbsp;&nbsp;3.73 | &nbsp;&nbsp;&nbsp; (4.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.14 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp;&nbsp; (0.90)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $33.63 | &nbsp;&nbsp;&nbsp; $30.14 | &nbsp;&nbsp;&nbsp; $27.64 | &nbsp;&nbsp;&nbsp; $24.62 | &nbsp;&nbsp;&nbsp; $30.13 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 15.07 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.08 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.37 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (13.97)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.97<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp; N/A |
| Net investment income | 3.40 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.35 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.57 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.89<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $2202455 | &nbsp;&nbsp;&nbsp; $1124338 | &nbsp;&nbsp;&nbsp; $964761 | &nbsp;&nbsp;&nbsp; $824747 | &nbsp;&nbsp;&nbsp; $897810 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 113<br> %<br>| &nbsp;&nbsp;&nbsp; 45<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 July 31, 2025, July 31, <br> 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.02, $0.02 and $0.01.<br> • Total return by 0.05%, 0.08% and 0.03%.<br> • Ratio of net investment income to average net assets by 0.06%, 0.08% and 0.03%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.02, $0.02 and $0.01.<br> • Total return by 0.05%, 0.08% and 0.03%.<br> • Ratio of net investment income to average net assets by 0.06%, 0.08% and 0.03%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.02, $0.02 and $0.01.<br> • Total return by 0.05%, 0.08% and 0.03%.<br> • Ratio of net investment income to average net assets by 0.06%, 0.08% and 0.03%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.02, $0.02 and $0.01.<br> • Total return by 0.05%, 0.08% and 0.03%.<br> • Ratio of net investment income to average net assets by 0.06%, 0.08% and 0.03%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.02, $0.02 and $0.01.<br> • Total return by 0.05%, 0.08% and 0.03%.<br> • Ratio of net investment income to average net assets by 0.06%, 0.08% and 0.03%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.02, $0.02 and $0.01.<br> • Total return by 0.05%, 0.08% and 0.03%.<br> • Ratio of net investment income to average net assets by 0.06%, 0.08% and 0.03%. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(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 International Small-Cap Equity Factor ETF  | iShares International Small-Cap Equity Factor ETF  | iShares International Small-Cap Equity Factor ETF  | iShares International Small-Cap Equity Factor ETF  | iShares International Small-Cap Equity Factor ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Year Ended <br>07/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $33.75 | &nbsp;&nbsp;&nbsp; $32.07 | &nbsp;&nbsp;&nbsp; $30.90 | &nbsp;&nbsp;&nbsp; $37.47 | &nbsp;&nbsp;&nbsp; $28.44 |
| Net investment income<sup>(a)</sup> | 1.13 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 5.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp; (6.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.15 |
| Net increase (decrease) from investment operations | 6.24 | &nbsp;&nbsp;&nbsp;&nbsp;2.98 | &nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp; (5.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.93 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp;&nbsp; (0.90)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $38.41 | &nbsp;&nbsp;&nbsp; $33.75 | &nbsp;&nbsp;&nbsp; $32.07 | &nbsp;&nbsp;&nbsp; $30.90 | &nbsp;&nbsp;&nbsp; $37.47 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 19.06 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.57 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.73<br> %<br>| &nbsp;&nbsp;&nbsp; (13.81)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.22<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.23<br> %<br>| &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>| &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A |
| Net investment income | 3.29 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.31<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $411017 | &nbsp;&nbsp;&nbsp; $556867 | &nbsp;&nbsp;&nbsp; $618985 | &nbsp;&nbsp;&nbsp; $225589 | &nbsp;&nbsp;&nbsp; $194819 |
| Portfolio turnover rate<sup>(h)</sup> | &nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 120<br> %<br>| &nbsp;&nbsp;&nbsp; 52<br> %<br>| &nbsp;&nbsp;&nbsp; 47<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 July 31, 2025 <br> • Net investment income per share by $0.01. <br> • Total return by 0.06%. <br> • Ratio of net investment income to average net assets by 0.04% | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025 <br> • Net investment income per share by $0.01. <br> • Total return by 0.06%. <br> • Ratio of net investment income to average net assets by 0.04% | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025 <br> • Net investment income per share by $0.01. <br> • Total return by 0.06%. <br> • Ratio of net investment income to average net assets by 0.04% | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025 <br> • Net investment income per share by $0.01. <br> • Total return by 0.06%. <br> • Ratio of net investment income to average net assets by 0.04% | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025 <br> • Net investment income per share by $0.01. <br> • Total return by 0.06%. <br> • Ratio of net investment income to average net assets by 0.04% | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025 <br> • Net investment income per share by $0.01. <br> • Total return by 0.06%. <br> • Ratio of net investment income to average net assets by 0.04% |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(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 payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(f)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(f)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(f)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(f)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(f)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. |
| <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 EAFE Min Vol Factor ETF  | iShares MSCI EAFE Min Vol Factor ETF  | iShares MSCI EAFE Min Vol Factor ETF  | iShares MSCI EAFE Min Vol Factor ETF  | iShares MSCI EAFE Min Vol Factor ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Year Ended <br>07/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $73.36 | &nbsp;&nbsp;&nbsp; $68.83 | &nbsp;&nbsp;&nbsp; $65.71 | &nbsp;&nbsp;&nbsp; $77.27 | &nbsp;&nbsp;&nbsp; $66.79 |
| Net investment income<sup>(a)</sup> | 2.29 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.08 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.79 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 8.49 | &nbsp;&nbsp;&nbsp;&nbsp;4.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp;&nbsp; (11.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.96 |
| Net increase (decrease) from investment operations | 10.78 | &nbsp;&nbsp;&nbsp;&nbsp;6.78 | &nbsp;&nbsp;&nbsp;&nbsp;4.93 | &nbsp;&nbsp;&nbsp; (9.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.75 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (2.45)<br>| &nbsp;&nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp;&nbsp; (1.81)<br>| &nbsp;&nbsp;&nbsp; (1.74)<br>| &nbsp;&nbsp;&nbsp; (1.27)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $81.69 | &nbsp;&nbsp;&nbsp; $73.36 | &nbsp;&nbsp;&nbsp; $68.83 | &nbsp;&nbsp;&nbsp; $65.71 | &nbsp;&nbsp;&nbsp; $77.27 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 14.84 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.09 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.62 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (12.76 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.61<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>|
| Total expenses after fees waived | 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>|
| 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; 0.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>|
| Net investment income | 2.99 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.03 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.08 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.36 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.48<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $5203493 | &nbsp;&nbsp;&nbsp; $6631810 | &nbsp;&nbsp;&nbsp; $7722896 | &nbsp;&nbsp;&nbsp; $5933975 | &nbsp;&nbsp;&nbsp; $8631346 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024, July 31, 2023 and July 31, 2022 respectively: <br> • Net investment income per share by $0.04, $0.01, $0.09 and $0.01. <br> • Total return by 0.06%, 0.03%, 0.13% and 0.02%. <br> • Ratio of net investment income to average net assets by 0.05%, 0.02%, 0.13% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024, July 31, 2023 and July 31, 2022 respectively: <br> • Net investment income per share by $0.04, $0.01, $0.09 and $0.01. <br> • Total return by 0.06%, 0.03%, 0.13% and 0.02%. <br> • Ratio of net investment income to average net assets by 0.05%, 0.02%, 0.13% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024, July 31, 2023 and July 31, 2022 respectively: <br> • Net investment income per share by $0.04, $0.01, $0.09 and $0.01. <br> • Total return by 0.06%, 0.03%, 0.13% and 0.02%. <br> • Ratio of net investment income to average net assets by 0.05%, 0.02%, 0.13% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024, July 31, 2023 and July 31, 2022 respectively: <br> • Net investment income per share by $0.04, $0.01, $0.09 and $0.01. <br> • Total return by 0.06%, 0.03%, 0.13% and 0.02%. <br> • Ratio of net investment income to average net assets by 0.05%, 0.02%, 0.13% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024, July 31, 2023 and July 31, 2022 respectively: <br> • Net investment income per share by $0.04, $0.01, $0.09 and $0.01. <br> • Total return by 0.06%, 0.03%, 0.13% and 0.02%. <br> • Ratio of net investment income to average net assets by 0.05%, 0.02%, 0.13% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024, July 31, 2023 and July 31, 2022 respectively: <br> • Net investment income per share by $0.04, $0.01, $0.09 and $0.01. <br> • Total return by 0.06%, 0.03%, 0.13% and 0.02%. <br> • Ratio of net investment income to average net assets by 0.05%, 0.02%, 0.13% and 0.01%. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

*Notes to Financial Statements* 

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

***1. ORGANIZATION***

iShares 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>|
| Global Equity Factor | &nbsp;&nbsp; Diversified |
| International Equity Factor | &nbsp;&nbsp; Diversified |
| International Small-Cap Equity Factor | &nbsp;&nbsp; Diversified |
| MSCI EAFE Min Vol Factor | &nbsp;&nbsp; Diversified |

---

***2. SIGNIFICANT ACCOUNTING POLICIES***

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

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

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

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

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

**Warrants:** Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

**Securities Lending:** Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| Global Equity Factor |  |  |  |  |
| BMO Capital Markets | &nbsp;&nbsp; $237389 | &nbsp;&nbsp;&nbsp; $(237389) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp; 62915 | &nbsp;&nbsp;&nbsp; (62915) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 70449 | &nbsp;&nbsp;&nbsp; (70449) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 29768 | &nbsp;&nbsp;&nbsp; (29768) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 73423 | &nbsp;&nbsp;&nbsp; (73423) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Company | &nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp; (42000) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $515944 | &nbsp;&nbsp;&nbsp; $(515944) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| International Equity Factor |  |  |  |  |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; $7671742 | &nbsp;&nbsp;&nbsp; $(7671742) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 1899830 | &nbsp;&nbsp;&nbsp; (1899830) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 977321 | &nbsp;&nbsp;&nbsp; (977321) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $10548893 | &nbsp;&nbsp;&nbsp; $(10548893) | &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* |
| International Small-Cap Equity Factor |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $87703 | &nbsp;&nbsp;&nbsp; $(87703) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp; 871358 | &nbsp;&nbsp;&nbsp; (871358) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 2897204 | &nbsp;&nbsp;&nbsp; (2897204) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 507975 | &nbsp;&nbsp;&nbsp; (507975) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 6678548 | &nbsp;&nbsp;&nbsp; (6678548) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 531357 | &nbsp;&nbsp;&nbsp; (531357) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 885186 | &nbsp;&nbsp;&nbsp; (885186) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 285902 | &nbsp;&nbsp;&nbsp; (285902) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Scotia Capital (USA), Inc. | &nbsp;&nbsp; 178376 | &nbsp;&nbsp;&nbsp; (178376) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| SG Americas Securities LLC | &nbsp;&nbsp; 20076 | &nbsp;&nbsp;&nbsp; (20076) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 548481 | &nbsp;&nbsp;&nbsp; (548481) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 400858 | &nbsp;&nbsp;&nbsp; (400858) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 121450 | &nbsp;&nbsp;&nbsp; (119215) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2235<sup>(b)</sup> <br>|
|  | &nbsp;&nbsp; $14014474 | &nbsp;&nbsp;&nbsp; $(14012239) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2235 |
| MSCI EAFE Min Vol Factor |  |  |  |  |
| BofA Securities, Inc. | &nbsp;&nbsp; $117586 | &nbsp;&nbsp;&nbsp; $(117586) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 2458501 | &nbsp;&nbsp;&nbsp; (2458501) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $2576087 | &nbsp;&nbsp;&nbsp; $(2576087) | &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 July 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).

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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

---

| | |
|:---|:---|
| *iShares ETF* | *Investment Advisory Fees* |
| Global Equity Factor | 0.20% |
| International Equity Factor | 0.15 |
| International Small-Cap Equity Factor | 0.23 |
| MSCI EAFE Min Vol Factor | 0.20 |

---

**Expense Waivers:** A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies ("acquired fund fees and expenses"). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund's total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses. For the iShares Global Equity Factor ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 2025 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund's investments in other iShares funds.

For the year ended July 31, 2025, there were no fees waived by BFA pursuant to this arrangement.

**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 July 31, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| Global Equity Factor | &nbsp;&nbsp; $4708 |
| International Equity Factor | &nbsp;&nbsp; 8059 |
| International Small-Cap Equity Factor | &nbsp;&nbsp; 90898 |
| MSCI EAFE Min Vol Factor | &nbsp;&nbsp; 16130 |

---

**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 July 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>|
| Global Equity Factor | &nbsp;&nbsp; $7339100 | &nbsp;&nbsp;&nbsp; $6578286 | &nbsp;&nbsp;&nbsp; $(401667) |
| International Equity Factor | &nbsp;&nbsp; 44597944 | &nbsp;&nbsp;&nbsp; 21876167 | &nbsp;&nbsp;&nbsp; (1138089) |
| International Small-Cap Equity Factor | &nbsp;&nbsp; 3453534 | &nbsp;&nbsp;&nbsp; 2319612 | &nbsp;&nbsp;&nbsp; 765920 |
| MSCI EAFE Min Vol Factor | &nbsp;&nbsp; 436123691 | &nbsp;&nbsp;&nbsp; 388579817 | &nbsp;&nbsp;&nbsp; 68938236 |

---

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 July 31, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| Global Equity Factor | &nbsp;&nbsp; $32455780 | &nbsp;&nbsp;&nbsp; $29491826 |
| International Equity Factor | &nbsp;&nbsp; 368066335 | &nbsp;&nbsp;&nbsp; 307361133 |
| International Small-Cap Equity Factor | &nbsp;&nbsp; 134856473 | &nbsp;&nbsp;&nbsp; 132849962 |
| MSCI EAFE Min Vol Factor | &nbsp;&nbsp; 1395614760 | &nbsp;&nbsp;&nbsp; 1359032905 |

---

For the year ended July 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| Global Equity Factor | &nbsp;&nbsp; $34714946 | &nbsp;&nbsp;&nbsp; $19235954 |
| International Equity Factor | &nbsp;&nbsp; 833713071 | &nbsp;&nbsp;&nbsp; — |
| International Small-Cap Equity Factor | &nbsp;&nbsp; 80799338 | &nbsp;&nbsp;&nbsp; 275946060 |
| MSCI EAFE Min Vol Factor | &nbsp;&nbsp; 461904384 | &nbsp;&nbsp;&nbsp; 2472025423 |

---

***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 July 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 July 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>|
| Global Equity Factor | &nbsp;&nbsp; $6207186 | &nbsp;&nbsp;&nbsp; $(6207186) |
| International Small-Cap Equity Factor | &nbsp;&nbsp; 39958712 | &nbsp;&nbsp;&nbsp; (39958712) |
| MSCI EAFE Min Vol Factor | &nbsp;&nbsp; 415978016 | &nbsp;&nbsp;&nbsp; (415978016) |

---

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended* <br>*07/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*07/31/24*<br>|
| Global Equity Factor |  |  |
| Ordinary income | &nbsp;&nbsp; $2840900 | &nbsp;&nbsp;&nbsp; $3117451 |
| International Equity Factor |  |  |
| Ordinary income | &nbsp;&nbsp; $52428005 | &nbsp;&nbsp;&nbsp; $37376442 |
| International Small-Cap Equity Factor |  |  |
| Ordinary income | &nbsp;&nbsp; $19870416 | &nbsp;&nbsp;&nbsp; $21886713 |
| MSCI EAFE Min Vol Factor |  |  |
| Ordinary income | &nbsp;&nbsp; $172218785 | &nbsp;&nbsp;&nbsp; $221241346 |

---

As of July 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* |
| Global Equity Factor | &nbsp;&nbsp; $389215 | &nbsp;&nbsp;&nbsp; $(6035654) | &nbsp;&nbsp;&nbsp; $35042577 | &nbsp;&nbsp;&nbsp; $29396138 |
| International Equity Factor | &nbsp;&nbsp; 11305727 | &nbsp;&nbsp;&nbsp; (177646553) | &nbsp;&nbsp;&nbsp; 328885237 | &nbsp;&nbsp;&nbsp; 162544411 |
| International Small-Cap Equity Factor | &nbsp;&nbsp; 4438449 | &nbsp;&nbsp;&nbsp; (11429566) | &nbsp;&nbsp;&nbsp; 54249014 | &nbsp;&nbsp;&nbsp; 47257897 |
| MSCI EAFE Min Vol Factor | &nbsp;&nbsp; 22106345 | &nbsp;&nbsp;&nbsp; (817134294) | &nbsp;&nbsp;&nbsp; 526984175 | &nbsp;&nbsp;&nbsp; (268043774) |

---

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

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

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain foreign currency contracts and futures contracts, the timing and recognition of partnership income, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies. 

For the year ended July 31, 2025, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

---

| | |
|:---|:---|
| *iShares ETF* | *Utilized*  |
| Global Equity Factor | &nbsp;&nbsp; $492364 |
| International Small-Cap Equity Factor | &nbsp;&nbsp; 1907510 |
| MSCI EAFE Min Vol Factor | &nbsp;&nbsp; 167905920 |

---

As of July 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>|
| Global Equity Factor | &nbsp;&nbsp; $111422979 | &nbsp;&nbsp;&nbsp; $37996532 | &nbsp;&nbsp;&nbsp; $(2901772) | &nbsp;&nbsp;&nbsp; $35094760 |
| International Equity Factor | &nbsp;&nbsp; 1876509755 | &nbsp;&nbsp;&nbsp; 385078083 | &nbsp;&nbsp;&nbsp; (56213994) | &nbsp;&nbsp;&nbsp; 328864089 |
| International Small-Cap Equity Factor | &nbsp;&nbsp; 369500927 | &nbsp;&nbsp;&nbsp; 75999046 | &nbsp;&nbsp;&nbsp; (21770442) | &nbsp;&nbsp;&nbsp; 54228604 |
| MSCI EAFE Min Vol Factor | &nbsp;&nbsp; 4637830961 | &nbsp;&nbsp;&nbsp; 810148575 | &nbsp;&nbsp;&nbsp; (284582904) | &nbsp;&nbsp;&nbsp; 525565671 |

---

***9. LINE OF CREDIT***

The iShares Global Equity Factor 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.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

For the year ended July 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>|
| Global Equity Factor | &nbsp;&nbsp; $320000 | &nbsp;&nbsp;&nbsp; $4274 | &nbsp;&nbsp;&nbsp;&nbsp;5.40% |

---

***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.

Notes to Financial Statements

------

*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 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 certain 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 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>07/31/25 | Year Ended <br>07/31/25 | Year Ended <br>07/31/24 | Year Ended <br>07/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| Global Equity Factor |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; $41267151 | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; $3800080 |
| Shares redeemed | &nbsp;&nbsp; (500000)<br>| &nbsp;&nbsp;&nbsp; (22264460)<br>| &nbsp;&nbsp;&nbsp; (950000)<br>| &nbsp;&nbsp;&nbsp; (37821413)<br>|
|  | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; $19002691 | &nbsp;&nbsp;&nbsp; (850000)<br>| &nbsp;&nbsp;&nbsp; $(34021333)<br>|

---

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> 07/31/25 | Year Ended<br> 07/31/25 | Year Ended<br> 07/31/24 | Year Ended<br> 07/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| International Equity Factor |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 28200000 | &nbsp;&nbsp;&nbsp; $899051955 | &nbsp;&nbsp;&nbsp; 5900000 | &nbsp;&nbsp;&nbsp; $168042398 |
| Shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3500000)<br>| &nbsp;&nbsp;&nbsp; (94776022)<br>|
|  | &nbsp;&nbsp; 28200000 | &nbsp;&nbsp;&nbsp; $899051955 | &nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp; $73266376 |
| International Small-Cap Equity Factor |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp; $87259386 | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; $6277815 |
| Shares redeemed | &nbsp;&nbsp; (8200000)<br>| &nbsp;&nbsp;&nbsp; (277591887)<br>| &nbsp;&nbsp;&nbsp; (3000000)<br>| &nbsp;&nbsp;&nbsp; (90539956)<br>|
|  | &nbsp;&nbsp; (5800000)<br>| &nbsp;&nbsp;&nbsp; $(190332501)<br>| &nbsp;&nbsp;&nbsp; (2800000)<br>| &nbsp;&nbsp;&nbsp; $(84262141)<br>|
| MSCI EAFE Min Vol Factor |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp; $519901477 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— |
| Shares redeemed | &nbsp;&nbsp; (33200000)<br>| &nbsp;&nbsp;&nbsp; (2498800398)<br>| &nbsp;&nbsp;&nbsp; (21800000)<br>| &nbsp;&nbsp;&nbsp; (1500405548)<br>|
|  | &nbsp;&nbsp; (26700000)<br>| &nbsp;&nbsp;&nbsp; $(1978898921)<br>| &nbsp;&nbsp;&nbsp; (21800000)<br>| &nbsp;&nbsp;&nbsp; $(1500405548)<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***

Certain of the outstanding foreign tax reclaims are not deemed by the Funds to meet the recognition criteria under U.S. GAAP as of July 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 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 International Equity Factor ETF, iShares International Small-Cap Equity Factor ETF and iShares MSCI EAFE Min Vol Factor ETF are able to pass through to shareholders as a foreign tax credit in the current year, each of the Funds will be able to offset the prior years' withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Funds.

***13. SUBSEQUENT EVENTS***

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

Notes to Financial Statements

------

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 July 31, 2025, the related statements of operations for the year ended July 31, 2025, the statements of changes in net assets for each of the two years in the period ended July 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended July 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 July 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 July 31, 2025 and each of the financial highlights for each of the five years in the period ended July 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

---

| |
|:---|
| iShares Global Equity Factor ETF |
| iShares International Equity Factor ETF |
| iShares International Small-Cap Equity Factor ETF |
| iShares MSCI EAFE Min Vol Factor 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 July 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

September 23, 2025

We have served as the auditor of one or more BlackRock investment companies since 2000.

2025 iShares Annual Financial Statements and Additional Information

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Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended July 31, 2025:

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| | |
|:---|:---|
| *iShares ETF* | *Qualified Dividend* <br>*Income*<br>|
| Global Equity Factor | &nbsp;&nbsp; $2156978 |
| International Equity Factor | &nbsp;&nbsp; 50544982 |
| International Small-Cap Equity Factor | &nbsp;&nbsp; 13575148 |
| MSCI EAFE Min Vol Factor | &nbsp;&nbsp; 153019295 |

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The following amount, or maximum amount allowable by law, is hereby designated as qualified business income for individuals for the fiscal year ended July 31, 2025:

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| | |
|:---|:---|
| *iShares ETF* | *Qualified Business* <br>*Income*<br>|
| Global Equity Factor | &nbsp;&nbsp; $12558 |

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The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended July 31, 2025:

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| | | |
|:---|:---|:---|
| *iShares ETF* | *Foreign Source* <br>*Income Earned*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Foreign* <br>*Taxes Paid*<br>|
| International Equity Factor | &nbsp;&nbsp; $55694067 | &nbsp;&nbsp;&nbsp;&nbsp; $3219210 |
| International Small-Cap Equity Factor | &nbsp;&nbsp; 16653019 | &nbsp;&nbsp;&nbsp;&nbsp; 1055347 |
| MSCI EAFE Min Vol Factor | &nbsp;&nbsp; 191793089 | &nbsp;&nbsp;&nbsp;&nbsp; 10792933 |

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The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended July 31, 2025 qualified for the dividends-received deduction for corporate shareholders:

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| | |
|:---|:---|
| *iShares ETF* | *Dividends-Received* <br>*Deduction*<br>|
| Global Equity Factor | 37.00<br> %<br>|

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Important Tax Information

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Additional Information

**Premium/Discount Information**

Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at **iShares.com**.

**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 Global Equity Factor ETF, iShares International Equity Factor ETF, iShares International Small-Cap Equity Factor 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 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

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

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 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 EAFE Min Vol Factor 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;

2025 iShares Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

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 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.

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board reviewed all of the breakpoint arrangements and noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships 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. or STOXX Ltd., nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. All rights reserved. **iSHARES** and **BLACKROCK** are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

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July 31, 2025

![](g68177img5ebebf2c1.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 Intl Momentum Factor ETF \| IMTM \| NYSE Arca |
| • iShares MSCI Intl Quality Factor ETF \| IQLT \| NYSE Arca |
| • iShares MSCI Intl Value Factor ETF \| IVLU \| NYSE Arca |

---

------

**Table of Contents**

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

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_9366e362-6042-4dd0-9bf8-6a4e222c66bb_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_9366e362-6042-4dd0-9bf8-6a4e222c66bb_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 20 |
| [Statements of Operations](#xx_9366e362-6042-4dd0-9bf8-6a4e222c66bb_FS-Footer-iSharesReport_2)  | &nbsp;&nbsp; 21 |
| [Statements of Changes in Net Assets](#xx_9366e362-6042-4dd0-9bf8-6a4e222c66bb_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 22 |
| [Financial Highlights](#xx_9366e362-6042-4dd0-9bf8-6a4e222c66bb_FS-Footer-iSharesReport_5)  | &nbsp;&nbsp; 24 |
| [Notes to Financial Statements](#xx_9366e362-6042-4dd0-9bf8-6a4e222c66bb_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 27 |
| [Report of Independent Registered Public Accounting Firm](#xx_9366e362-6042-4dd0-9bf8-6a4e222c66bb_opinion-Footer-iSharesReport_1)  | &nbsp;&nbsp; 36 |
| [Important Tax Information](#xx_9366e362-6042-4dd0-9bf8-6a4e222c66bb_Tax-annual-Footer-iSharesReport_1)  | &nbsp;&nbsp; 37 |
| [Additional Information](#xx_9366e362-6042-4dd0-9bf8-6a4e222c66bb_SAI-Footer-iSharesReport-318_1)  | &nbsp;&nbsp; 38 |
| [Board Review and Approval of Investment Advisory Contract](#xx_9366e362-6042-4dd0-9bf8-6a4e222c66bb_15Cheader-Footer-iSharesReport-318_1)  | &nbsp;&nbsp; 39 |
| [Glossary of Terms Used in these Financial Statements](#xx_9366e362-6042-4dd0-9bf8-6a4e222c66bb_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 44 |

---

------

Schedule of Investments

July 31, 2025

**iShares® MSCI Intl Momentum Factor ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 5.8%** | **Australia — 5.8%** | **Australia — 5.8%** |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp; 204665 | $9164259 |
| Brambles Ltd. | &nbsp;&nbsp; 426861 | 6530735 |
| Coles Group Ltd. | &nbsp;&nbsp; 505688 | 6732713 |
| Commonwealth Bank of Australia | &nbsp;&nbsp; 617301 | 70081886 |
| Computershare Ltd. | &nbsp;&nbsp; 261324 | 7034685 |
| Evolution Mining Ltd. | &nbsp;&nbsp; 761565 | 3446629 |
| Insurance Australia Group Ltd. | &nbsp;&nbsp; 606896 | 3406760 |
| Medibank Pvt Ltd. | &nbsp;&nbsp; 1004171 | 3282036 |
| Northern Star Resources Ltd. | &nbsp;&nbsp; 260995 | 2593071 |
| Pro Medicus Ltd. | &nbsp;&nbsp; 22220 | 4562979 |
| Qantas Airways Ltd. | &nbsp;&nbsp; 203785 | 1413318 |
| QBE Insurance Group Ltd. | &nbsp;&nbsp; 482328 | 7154958 |
| REA Group Ltd. | &nbsp;&nbsp; 12879 | 1961870 |
| SGH Ltd. | &nbsp;&nbsp; 61544 | 2012940 |
| Sigma Healthcare Ltd. | &nbsp;&nbsp; 2172003 | 4011940 |
| Stockland | &nbsp;&nbsp; 509767 | 1807269 |
| Suncorp Group Ltd. | &nbsp;&nbsp; 310133 | 4157259 |
| Telstra Group Ltd. | &nbsp;&nbsp; 1470692 | 4687214 |
| Wesfarmers Ltd. | &nbsp;&nbsp; 284684 | 15572072 |
| Westpac Banking Corp. | &nbsp;&nbsp; 691135 | 14921693 |
| Xero Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 31761 | 3657614 |
|  |  | 178193900 |
| **Austria — 0.3%** | **Austria — 0.3%** | **Austria — 0.3%** |
| Erste Group Bank AG | &nbsp;&nbsp; 84193 | 7698934 |
| **Belgium — 0.8%** | **Belgium — 0.8%** | **Belgium — 0.8%** |
| Ageas SA | &nbsp;&nbsp; 47086 | 3201484 |
| Argenx SE<sup>(a)</sup> | &nbsp;&nbsp; 15703 | 10546592 |
| D'ieteren Group | &nbsp;&nbsp; 7043 | 1391225 |
| KBC Group NV | &nbsp;&nbsp; 59184 | 6173121 |
| UCB SA | &nbsp;&nbsp; 19762 | 4245961 |
|  |  | 25558383 |
| **Canada — 13.4%** | **Canada — 13.4%** | **Canada — 13.4%** |
| Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 226409 | 28106677 |
| Alamos Gold Inc., Class A | &nbsp;&nbsp; 202412 | 4918600 |
| AltaGas Ltd. | &nbsp;&nbsp; 104441 | 3083633 |
| Bank of Nova Scotia (The) | &nbsp;&nbsp; 158078 | 8794914 |
| Barrick Mining Corp. | &nbsp;&nbsp; 243822 | 5147080 |
| Brookfield Asset Management Ltd., Class A | &nbsp;&nbsp; 103969 | 6411021 |
| Brookfield Corp., Class A | &nbsp;&nbsp; 268459 | 17981871 |
| Brookfield Renewable Corp. | &nbsp;&nbsp; 19533 | 714302 |
| CAE Inc.<sup>(a)</sup> | &nbsp;&nbsp; 99003 | 2823043 |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 225893 | 16144763 |
| Canadian Utilities Ltd., Class A, NVS | &nbsp;&nbsp; 40859 | 1137659 |
| Celestica Inc.<sup>(a)</sup> | &nbsp;&nbsp; 36207 | 7238526 |
| Constellation Software Inc./Canada | &nbsp;&nbsp; 6740 | 23252805 |
| Descartes Systems Group Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp; 13193 | 1393853 |
| Dollarama Inc. | &nbsp;&nbsp; 110392 | 15088075 |
| Element Fleet Management Corp. | &nbsp;&nbsp; 101382 | 2636986 |
| Emera Inc. | &nbsp;&nbsp; 112692 | 5291384 |
| Empire Co. Ltd., NVS | &nbsp;&nbsp; 68053 | 2710136 |
| Enbridge Inc. | &nbsp;&nbsp; 746228 | 33794607 |
| Fairfax Financial Holdings Ltd. | &nbsp;&nbsp; 7613 | 13465384 |
| FirstService Corp. | &nbsp;&nbsp; 5962 | 1175189 |
| Fortis Inc./Canada | &nbsp;&nbsp; 166185 | 8131743 |
| Franco-Nevada Corp. | &nbsp;&nbsp; 71612 | 11407477 |
| George Weston Ltd. | &nbsp;&nbsp; 25892 | 4919966 |
| GFL Environmental Inc. | &nbsp;&nbsp; 70800 | 3565548 |
| Gildan Activewear Inc. | &nbsp;&nbsp; 24722 | 1248768 |
| Great-West Lifeco Inc. | &nbsp;&nbsp; 89362 | 3355590 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Hydro One Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 137504 | $4862656 |
| iA Financial Corp. Inc. | &nbsp;&nbsp; 37833 | 3703298 |
| IGM Financial Inc. | &nbsp;&nbsp; 19318 | 639658 |
| Intact Financial Corp. | &nbsp;&nbsp; 66341 | 13712516 |
| Keyera Corp. | &nbsp;&nbsp; 42100 | 1321702 |
| Kinross Gold Corp. | &nbsp;&nbsp; 600383 | 9606301 |
| Loblaw Companies Ltd. | &nbsp;&nbsp; 71282 | 11527250 |
| Lundin Gold Inc. | &nbsp;&nbsp; 71362 | 3302862 |
| Manulife Financial Corp. | &nbsp;&nbsp; 408689 | 12644701 |
| Metro Inc./CN | &nbsp;&nbsp; 115902 | 8862454 |
| Pan American Silver Corp. | &nbsp;&nbsp; 73467 | 1984606 |
| Power Corp. of Canada | &nbsp;&nbsp; 205755 | 8291974 |
| Quebecor Inc., Class B | &nbsp;&nbsp; 41251 | 1160482 |
| RB Global Inc. | &nbsp;&nbsp; 54757 | 5928979 |
| Royal Bank of Canada | &nbsp;&nbsp; 288777 | 37053740 |
| TC Energy Corp. | &nbsp;&nbsp; 345187 | 16482081 |
| Thomson Reuters Corp. | &nbsp;&nbsp; 44877 | 9006493 |
| TMX Group Ltd. | &nbsp;&nbsp; 164404 | 6684845 |
| Wheaton Precious Metals Corp. | &nbsp;&nbsp; 168721 | 15430373 |
| WSP Global Inc. | &nbsp;&nbsp; 20443 | 4209287 |
|  |  | 410355858 |
| **Denmark — 0.4%** | **Denmark — 0.4%** | **Denmark — 0.4%** |
| DSV A/S | &nbsp;&nbsp; 38942 | 8726314 |
| Novonesis Novozymes B, Class B | &nbsp;&nbsp; 50798 | 3286504 |
| Rockwool A/S, Class B | &nbsp;&nbsp; 18045 | 790743 |
|  |  | 12803561 |
| **Finland — 0.4%** | **Finland — 0.4%** | **Finland — 0.4%** |
| Fortum OYJ | &nbsp;&nbsp; 90527 | 1660783 |
| Kesko OYJ, Class B | &nbsp;&nbsp; 58806 | 1278996 |
| Nokia OYJ | &nbsp;&nbsp; 1069077 | 4356858 |
| Orion OYJ, Class B | &nbsp;&nbsp; 39768 | 3183776 |
|  |  | 10480413 |
| **France — 6.2%** | **France — 6.2%** | **France — 6.2%** |
| Alstom SA<sup>(a)</sup> | &nbsp;&nbsp; 78186 | 1833956 |
| AXA SA | &nbsp;&nbsp; 555148 | 26963060 |
| Bouygues SA | &nbsp;&nbsp; 62473 | 2572420 |
| Cie de Saint-Gobain SA | &nbsp;&nbsp; 109732 | 12588137 |
| Credit Agricole SA | &nbsp;&nbsp; 244147 | 4493407 |
| Danone SA | &nbsp;&nbsp; 256417 | 20984350 |
| Dassault Aviation SA | &nbsp;&nbsp; 11196 | 3485953 |
| Eiffage SA | &nbsp;&nbsp; 26489 | 3555761 |
| EssilorLuxottica SA | &nbsp;&nbsp; 86890 | 25837119 |
| Euronext NV<sup>(b)</sup> | &nbsp;&nbsp; 50880 | 8201291 |
| Klepierre SA | &nbsp;&nbsp; 53106 | 2027158 |
| Orange SA | &nbsp;&nbsp; 678928 | 10327215 |
| Sanofi SA | &nbsp;&nbsp; 138495 | 12432783 |
| Societe Generale SA | &nbsp;&nbsp; 388398 | 24790864 |
| Thales SA | &nbsp;&nbsp; 48591 | 13070671 |
| Vinci SA | &nbsp;&nbsp; 129619 | 18005215 |
|  |  | 191169360 |
| **Germany — 16.7%** | **Germany — 16.7%** | **Germany — 16.7%** |
| Allianz SE, Registered | &nbsp;&nbsp; 164385 | 64961275 |
| Commerzbank AG | &nbsp;&nbsp; 333491 | 12161022 |
| CTS Eventim AG & Co. KGaA | &nbsp;&nbsp; 12878 | 1454240 |
| Deutsche Bank AG, Registered | &nbsp;&nbsp; 757037 | 24934167 |
| Deutsche Boerse AG | &nbsp;&nbsp; 111071 | 32142529 |
| Deutsche Telekom AG, Registered | &nbsp;&nbsp; 1388964 | 49816441 |
| E.ON SE | &nbsp;&nbsp; 761202 | 13886785 |
| Fresenius SE & Co. KGaA | &nbsp;&nbsp; 155757 | 7434380 |
| GEA Group AG | &nbsp;&nbsp; 68208 | 4899397 |
| Hannover Rueck SE | &nbsp;&nbsp; 17626 | 5346730 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI Intl Momentum Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| Heidelberg Materials AG | &nbsp;&nbsp; 84558 | $19507064 |
| Knorr-Bremse AG | &nbsp;&nbsp; 17744 | 1770948 |
| MTU Aero Engines AG | &nbsp;&nbsp; 11847 | 5110301 |
| Muenchener Rueckversicherungs-Gesellschaft AG in <br> Muenchen, Registered<br>| &nbsp;&nbsp; 58054 | 38006247 |
| Nemetschek SE | &nbsp;&nbsp; 14298 | 2130303 |
| Rheinmetall AG | &nbsp;&nbsp; 29503 | 58401072 |
| SAP SE | &nbsp;&nbsp; 383210 | 109581015 |
| Scout24 SE<sup>(b)</sup> | &nbsp;&nbsp; 33472 | 4473252 |
| Siemens Energy AG<sup>(a)</sup> | &nbsp;&nbsp; 431076 | 49909402 |
| Talanx AG<sup>(a)</sup> | &nbsp;&nbsp; 28872 | 3826898 |
| Vonovia SE | &nbsp;&nbsp; 97698 | 3032113 |
|  |  | 512785581 |
| **Hong Kong — 0.6%** | **Hong Kong — 0.6%** | **Hong Kong — 0.6%** |
| BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 1270000 | 5702623 |
| CK Infrastructure Holdings Ltd. | &nbsp;&nbsp; 89500 | 630347 |
| Futu Holdings Ltd., ADR | &nbsp;&nbsp; 9864 | 1515900 |
| HKT Trust & HKT Ltd., Class SS | &nbsp;&nbsp; 1214000 | 1911537 |
| Hong Kong & China Gas Co. Ltd. | &nbsp;&nbsp; 2858000 | 2550946 |
| Hongkong Land Holdings Ltd. | &nbsp;&nbsp; 339800 | 2055790 |
| Power Assets Holdings Ltd. | &nbsp;&nbsp; 209500 | 1379368 |
| SITC International Holdings Co. Ltd. | &nbsp;&nbsp; 195000 | 632197 |
| WH Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1919000 | 1921184 |
|  |  | 18299892 |
| **Ireland — 0.1%** | **Ireland — 0.1%** | **Ireland — 0.1%** |
| AIB Group PLC | &nbsp;&nbsp; 522261 | 4119934 |
| **Israel — 1.8%** | **Israel — 1.8%** | **Israel — 1.8%** |
| Bank Hapoalim BM | &nbsp;&nbsp; 571504 | 10717454 |
| Bank Leumi Le-Israel BM | &nbsp;&nbsp; 731954 | 13540253 |
| Check Point Software Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 33768 | 6287602 |
| CyberArk Software Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 12864 | 5293150 |
| Elbit Systems Ltd. | &nbsp;&nbsp; 15718 | 7251222 |
| ICL Group Ltd. | &nbsp;&nbsp; 327855 | 2042506 |
| Israel Discount Bank Ltd., Class A | &nbsp;&nbsp; 388082 | 3711434 |
| Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp; 45741 | 2825597 |
| Monday.com Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6610 | 1733737 |
| Wix.com Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 9845 | 1339215 |
|  |  | 54742170 |
| **Italy — 4.4%** | **Italy — 4.4%** | **Italy — 4.4%** |
| Banca Mediolanum SpA | &nbsp;&nbsp; 61982 | 1093287 |
| Banco BPM SpA | &nbsp;&nbsp; 514938 | 6567081 |
| BPER Banca SpA | &nbsp;&nbsp; 297301 | 2925595 |
| Enel SpA | &nbsp;&nbsp; 1993191 | 17576525 |
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp; 149654 | 3186735 |
| Generali | &nbsp;&nbsp; 364565 | 13600377 |
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 4397593 | 26496638 |
| Leonardo SpA | &nbsp;&nbsp; 265859 | 14330630 |
| Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp; 143774 | 3165379 |
| Poste Italiane SpA<sup>(b)</sup> | &nbsp;&nbsp; 236601 | 5111743 |
| Snam SpA | &nbsp;&nbsp; 572275 | 3316484 |
| Telecom Italia SpA/Milano<sup>(a)</sup> | &nbsp;&nbsp; 4162342 | 1912731 |
| UniCredit SpA | &nbsp;&nbsp; 430686 | 31687191 |
| Unipol Gruppo SpA | &nbsp;&nbsp; 194604 | 3903309 |
|  |  | 134873705 |
| **Japan — 13.5%** | **Japan — 13.5%** | **Japan — 13.5%** |
| Aeon Co. Ltd. | &nbsp;&nbsp; 208900 | 6672857 |
| Ajinomoto Co. Inc. | &nbsp;&nbsp; 113800 | 3010741 |
| Asics Corp. | &nbsp;&nbsp; 205100 | 4821755 |
| Bandai Namco Holdings Inc. | &nbsp;&nbsp; 313800 | 10147325 |
| Capcom Co. Ltd. | &nbsp;&nbsp; 142200 | 3619805 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 202700 | $9716816 |
| Daifuku Co. Ltd. | &nbsp;&nbsp; 82600 | 2091117 |
| Dai-ichi Life Holdings Inc. | &nbsp;&nbsp; 626500 | 4956982 |
| Daiwa House Industry Co. Ltd. | &nbsp;&nbsp; 164300 | 5431908 |
| Fast Retailing Co. Ltd. | &nbsp;&nbsp; 26600 | 8113790 |
| Fujikura Ltd. | &nbsp;&nbsp; 61500 | 4174769 |
| Fujitsu Ltd. | &nbsp;&nbsp; 415500 | 9051217 |
| Hikari Tsushin Inc. | &nbsp;&nbsp; 6600 | 1774467 |
| Hitachi Ltd. | &nbsp;&nbsp; 637900 | 19520151 |
| IHI Corp. | &nbsp;&nbsp; 84800 | 9443050 |
| Japan Tobacco Inc. | &nbsp;&nbsp; 194600 | 5557702 |
| Kajima Corp. | &nbsp;&nbsp; 125500 | 3143857 |
| Kobe Bussan Co. Ltd. | &nbsp;&nbsp; 43300 | 1153049 |
| Konami Group Corp. | &nbsp;&nbsp; 55300 | 7507457 |
| LY Corp. | &nbsp;&nbsp; 975300 | 3564882 |
| MatsukiyoCocokara & Co. | &nbsp;&nbsp; 92900 | 1907672 |
| Mitsubishi Electric Corp. | &nbsp;&nbsp; 339800 | 7642862 |
| Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp; 1224900 | 29246199 |
| Mizuho Financial Group Inc. | &nbsp;&nbsp; 517500 | 15179133 |
| MonotaRO Co. Ltd. | &nbsp;&nbsp; 65600 | 1168134 |
| MS&AD Insurance Group Holdings Inc. | &nbsp;&nbsp; 182400 | 3897170 |
| NEC Corp. | &nbsp;&nbsp; 460900 | 13235146 |
| Nintendo Co. Ltd. | &nbsp;&nbsp; 581700 | 48617835 |
| Nippon Building Fund Inc. | &nbsp;&nbsp; 1447 | 1327373 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 128200 | 5072927 |
| Obayashi Corp. | &nbsp;&nbsp; 198100 | 2917073 |
| Obic Co. Ltd. | &nbsp;&nbsp; 67500 | 2403174 |
| Oracle Corp./Japan | &nbsp;&nbsp; 14000 | 1514022 |
| Pan Pacific International Holdings Corp. | &nbsp;&nbsp; 90100 | 3014407 |
| Panasonic Holdings Corp. | &nbsp;&nbsp; 696900 | 6592199 |
| Rakuten Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 196000 | 991704 |
| Resona Holdings Inc. | &nbsp;&nbsp; 402700 | 3666181 |
| Ricoh Co. Ltd. | &nbsp;&nbsp; 68300 | 598888 |
| Sanrio Co. Ltd. | &nbsp;&nbsp; 75200 | 3085617 |
| SCSK Corp. | &nbsp;&nbsp; 62300 | 1938458 |
| SoftBank Corp. | &nbsp;&nbsp; 8629400 | 12468066 |
| Sompo Holdings Inc. | &nbsp;&nbsp; 405400 | 11954041 |
| Sony Group Corp. | &nbsp;&nbsp; 2417300 | 58144042 |
| Sumitomo Mitsui Financial Group Inc. | &nbsp;&nbsp; 649500 | 16384679 |
| Sumitomo Mitsui Trust Group Inc. | &nbsp;&nbsp; 104200 | 2731578 |
| Taisei Corp. | &nbsp;&nbsp; 48000 | 2870106 |
| Toho Co. Ltd./Tokyo | &nbsp;&nbsp; 54900 | 3463817 |
| Tokio Marine Holdings Inc. | &nbsp;&nbsp; 317700 | 12756574 |
| Tokyo Gas Co. Ltd. | &nbsp;&nbsp; 111000 | 3717234 |
| Toray Industries Inc. | &nbsp;&nbsp; 341600 | 2336495 |
| Toyota Industries Corp. | &nbsp;&nbsp; 56700 | 6063077 |
| Trend Micro Inc./Japan | &nbsp;&nbsp; 36700 | 2237908 |
| Zensho Holdings Co. Ltd. | &nbsp;&nbsp; 26600 | 1399783 |
| ZOZO Inc. | &nbsp;&nbsp; 62800 | 621680 |
|  |  | 414638951 |
| **Netherlands — 2.6%** | **Netherlands — 2.6%** | **Netherlands — 2.6%** |
| Adyen NV<sup>(a)(b)</sup> | &nbsp;&nbsp; 3951 | 6776560 |
| AerCap Holdings NV | &nbsp;&nbsp; 43876 | 4705701 |
| ASR Nederland NV | &nbsp;&nbsp; 46156 | 3065862 |
| Coca-Cola Europacific Partners PLC | &nbsp;&nbsp; 77474 | 7508780 |
| ING Groep NV | &nbsp;&nbsp; 603816 | 14072190 |
| Koninklijke Ahold Delhaize NV | &nbsp;&nbsp; 326112 | 12880250 |
| Koninklijke KPN NV | &nbsp;&nbsp; 1322935 | 5910210 |
| NN Group NV | &nbsp;&nbsp; 79543 | 5356075 |
| Prosus NV | &nbsp;&nbsp; 248959 | 14221967 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI Intl Momentum Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| Wolters Kluwer NV | &nbsp;&nbsp; 35998 | $5607009 |
|  |  | 80104604 |
| **New Zealand — 0.1%** | **New Zealand — 0.1%** | **New Zealand — 0.1%** |
| Fisher & Paykel Healthcare Corp. Ltd. | &nbsp;&nbsp; 83643 | 1813286 |
| **Norway — 0.7%** | **Norway — 0.7%** | **Norway — 0.7%** |
| DNB Bank ASA | &nbsp;&nbsp; 287182 | 7265628 |
| Gjensidige Forsikring ASA | &nbsp;&nbsp; 70507 | 1854589 |
| Kongsberg Gruppen ASA | &nbsp;&nbsp; 227131 | 6787385 |
| Orkla ASA | &nbsp;&nbsp; 327288 | 3441769 |
| Telenor ASA | &nbsp;&nbsp; 162206 | 2488386 |
|  |  | 21837757 |
| **Singapore — 2.7%** | **Singapore — 2.7%** | **Singapore — 2.7%** |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 534200 | 19607527 |
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 755400 | 9789348 |
| Sea Ltd., ADR<sup>(a)(c)</sup> | &nbsp;&nbsp; 134532 | 21074438 |
| Sembcorp Industries Ltd. | &nbsp;&nbsp; 309100 | 1837936 |
| Singapore Exchange Ltd. | &nbsp;&nbsp; 406571 | 4985212 |
| Singapore Technologies Engineering Ltd. | &nbsp;&nbsp; 1045100 | 7030680 |
| Singapore Telecommunications Ltd. | &nbsp;&nbsp; 3520500 | 10491608 |
| United Overseas Bank Ltd. | &nbsp;&nbsp; 273500 | 7598578 |
| Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp; 355100 | 696503 |
|  |  | 83111830 |
| **Spain — 5.4%** | **Spain — 5.4%** | **Spain — 5.4%** |
| ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp; 86531 | 5971915 |
| Aena SME SA<sup>(b)</sup> | &nbsp;&nbsp; 208752 | 5621297 |
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 1660380 | 27692242 |
| Banco de Sabadell SA | &nbsp;&nbsp; 1867323 | 6892103 |
| Banco Santander SA | &nbsp;&nbsp; 5291875 | 45461344 |
| Bankinter SA | &nbsp;&nbsp; 245881 | 3509760 |
| CaixaBank SA | &nbsp;&nbsp; 1153721 | 10854559 |
| Endesa SA | &nbsp;&nbsp; 168019 | 4860690 |
| Ferrovial SE | &nbsp;&nbsp; 161066 | 8256712 |
| Iberdrola SA | &nbsp;&nbsp; 2572182 | 45209487 |
| International Consolidated Airlines Group SA, <br> Class DI<br>| &nbsp;&nbsp; 365401 | 1831853 |
|  |  | 166161962 |
| **Sweden — 1.1%** | **Sweden — 1.1%** | **Sweden — 1.1%** |
| AddTech AB, Class B | &nbsp;&nbsp; 61507 | 2067754 |
| Lifco AB, Class B | &nbsp;&nbsp; 69843 | 2487883 |
| Saab AB, Class B | &nbsp;&nbsp; 210566 | 11453522 |
| Securitas AB, Class B | &nbsp;&nbsp; 150678 | 2236263 |
| Svenska Handelsbanken AB, Class A | &nbsp;&nbsp; 505056 | 6153792 |
| Tele2 AB, Class B | &nbsp;&nbsp; 222660 | 3441235 |
| Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp; 536566 | 3897390 |
| Telia Co. AB | &nbsp;&nbsp; 839661 | 2965439 |
|  |  | 34703278 |
| **Switzerland — 7.4%** | **Switzerland — 7.4%** | **Switzerland — 7.4%** |
| Amrize Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 121647 | 6149370 |
| Baloise Holding AG, Registered | &nbsp;&nbsp; 14236 | 3411869 |
| Banque Cantonale Vaudoise, Registered | &nbsp;&nbsp; 8629 | 998585 |
| BKW AG | &nbsp;&nbsp; 6038 | 1348120 |
| Chocoladefabriken Lindt & Spruengli AG, <br> Participation Certificates, NVS<br>| &nbsp;&nbsp; 296 | 4354329 |
| Chocoladefabriken Lindt & Spruengli AG, Registered | &nbsp;&nbsp; 29 | 4240445 |
| Galderma Group AG | &nbsp;&nbsp; 35216 | 5427423 |
| Givaudan SA, Registered | &nbsp;&nbsp; 1169 | 4886826 |
| Helvetia Holding AG, Registered | &nbsp;&nbsp; 17864 | 4295961 |
| Holcim AG | &nbsp;&nbsp; 121499 | 9689535 |
| Lonza Group AG, Registered | &nbsp;&nbsp; 14378 | 10021019 |
| Novartis AG, Registered | &nbsp;&nbsp; 283785 | 32319435 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| Roche Holding AG, Bearer | &nbsp;&nbsp; 5911 | $1964432 |
| Roche Holding AG, NVS | &nbsp;&nbsp; 149350 | 46608107 |
| Sandoz Group AG | &nbsp;&nbsp; 56683 | 3241638 |
| Schindler Holding AG, Participation Certificates, NVS | &nbsp;&nbsp; 13944 | 5042651 |
| Schindler Holding AG, Registered | &nbsp;&nbsp; 8113 | 2845466 |
| Swiss Life Holding AG, Registered | &nbsp;&nbsp; 10487 | 10862409 |
| Swiss Prime Site AG, Registered | &nbsp;&nbsp; 41913 | 5796933 |
| Swiss Re AG | &nbsp;&nbsp; 144077 | 25789978 |
| Zurich Insurance Group AG | &nbsp;&nbsp; 52521 | 35824899 |
|  |  | 225119430 |
| **United Kingdom — 13.6%** | **United Kingdom — 13.6%** | **United Kingdom — 13.6%** |
| 3i Group PLC | &nbsp;&nbsp; 395345 | 21602488 |
| Admiral Group PLC | &nbsp;&nbsp; 66611 | 3002589 |
| Aviva PLC | &nbsp;&nbsp; 744973 | 6365052 |
| BAE Systems PLC | &nbsp;&nbsp; 1105178 | 26370228 |
| Barclays PLC | &nbsp;&nbsp; 4480171 | 21899157 |
| British American Tobacco PLC | &nbsp;&nbsp; 728279 | 39019241 |
| BT Group PLC | &nbsp;&nbsp; 2200427 | 6009446 |
| Centrica PLC | &nbsp;&nbsp; 1572373 | 3417950 |
| Coca-Cola HBC AG, Class DI | &nbsp;&nbsp; 110938 | 5765691 |
| Experian PLC | &nbsp;&nbsp; 125121 | 6592716 |
| Haleon PLC | &nbsp;&nbsp; 1234050 | 5788519 |
| HSBC Holdings PLC | &nbsp;&nbsp; 4179976 | 50924525 |
| Imperial Brands PLC | &nbsp;&nbsp; 477776 | 18623413 |
| Kingfisher PLC | &nbsp;&nbsp; 242068 | 860746 |
| Lloyds Banking Group PLC | &nbsp;&nbsp; 23657810 | 24259844 |
| London Stock Exchange Group PLC | &nbsp;&nbsp; 138011 | 16822846 |
| Marks & Spencer Group PLC | &nbsp;&nbsp; 493301 | 2265529 |
| NatWest Group PLC | &nbsp;&nbsp; 2869840 | 19921212 |
| Next PLC | &nbsp;&nbsp; 38382 | 6230204 |
| Phoenix Group Holdings PLC | &nbsp;&nbsp; 186088 | 1627353 |
| RELX PLC | &nbsp;&nbsp; 512731 | 26642054 |
| Rolls-Royce Holdings PLC | &nbsp;&nbsp; 3530006 | 50101272 |
| Sage Group PLC (The) | &nbsp;&nbsp; 242686 | 3896723 |
| Smiths Group PLC | &nbsp;&nbsp; 93092 | 2883634 |
| Standard Chartered PLC | &nbsp;&nbsp; 640787 | 11487362 |
| Tesco PLC | &nbsp;&nbsp; 1562011 | 8776035 |
| Unilever PLC | &nbsp;&nbsp; 378906 | 21984296 |
| Wise PLC, Class A<sup>(a)</sup> | &nbsp;&nbsp; 161564 | 2158330 |
|  |  | 415298455 |
| **United States — 1.6%** | **United States — 1.6%** | **United States — 1.6%** |
| Spotify Technology SA<sup>(a)</sup> | &nbsp;&nbsp; 79548 | 49840004 |
| **Total Common Stocks — 99.6%** <br>**(Cost: $2,507,465,927)** | **Total Common Stocks — 99.6%** <br>**(Cost: $2,507,465,927)** | 3053711248 |
| **Warrants** | **Warrants** | **Warrants** |
| **Canada — 0.0%** | **Canada — 0.0%** | **Canada — 0.0%** |
| Constellation Software Inc., (Issued 08/29/23, <br> 1 Share for 1 Warrant, Expires 03/31/40, Strike <br> Price CAD 11.50)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 6329 |  |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** |  |
| **Total Long-Term Investments — 99.6%** <br>**(Cost: $2,507,465,927)** | **Total Long-Term Investments — 99.6%** <br>**(Cost: $2,507,465,927)** | 3053711248 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI Intl Momentum Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp; 1435127 | $1435701 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(e)(f)</sup><br>| &nbsp;&nbsp; 910000 | 910000 |
| **Total Short-Term Securities — 0.1%** <br>**(Cost: $2,345,701)** | **Total Short-Term Securities — 0.1%** <br>**(Cost: $2,345,701)** | 2345701 |
| **Total Investments — 99.7%** <br>**(Cost: $2,509,811,628)** | **Total Investments — 99.7%** <br>**(Cost: $2,509,811,628)** | 3056056949 |
| **Other Assets Less Liabilities — 0.3%** | **Other Assets Less Liabilities — 0.3%** | 9228665 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $3065285614 |

---

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

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

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

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

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

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

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 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>*07/31/24*<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>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<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>| $1037609<br> $398799 <br><sup>(a)</sup><br>| $— | $(824)<br>| $117 | $1435701 | 1435127 | $20325 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 580000<br> 330000 <br><sup>(a)</sup><br>|  |  |  | 910000 | 910000 | 56028 |  |
|  |  |  | $(824) | $117 | $2345701 |  | $76353 | $— |

---

&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 | 139 | 09/11/25 | &nbsp;&nbsp; $2688 | $102182 |
| Euro STOXX 50 Index | 77 | 09/19/25 | &nbsp;&nbsp; 4693 | 13096 |
| FTSE 100 Index | 30 | 09/19/25 | &nbsp;&nbsp; 3603 | 81320 |
|  |  |  |  | $196598 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI Intl Momentum Factor ETF**

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $196598 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $196598 |

---

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

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts 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 July 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; $262348 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $262348 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $219080 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $219080 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $12594549 |

---

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; $525165718 | &nbsp;&nbsp; $2528545530 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3053711248 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 2345701 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2345701 |
|  | &nbsp;&nbsp; $527511419 | &nbsp;&nbsp; $2528545530 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3056056949 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $13096 | &nbsp;&nbsp; $183502 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $196598 |

---

&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

July 31, 2025

**iShares® MSCI Intl Quality Factor ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 5.5%** | **Australia — 5.5%** | **Australia — 5.5%** |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp; 784241 | $35115862 |
| ASX Ltd. | &nbsp;&nbsp; 366581 | 16431664 |
| BHP Group Ltd. | &nbsp;&nbsp; 6129312 | 154797084 |
| Brambles Ltd. | &nbsp;&nbsp; 2116830 | 32386318 |
| Cochlear Ltd. | &nbsp;&nbsp; 48324 | 9865489 |
| Coles Group Ltd. | &nbsp;&nbsp; 928993 | 12368581 |
| Computershare Ltd. | &nbsp;&nbsp; 976895 | 26297428 |
| Evolution Mining Ltd. | &nbsp;&nbsp; 1545135 | 6992847 |
| Fortescue Ltd. | &nbsp;&nbsp; 1714001 | 19392646 |
| Insurance Australia Group Ltd. | &nbsp;&nbsp; 2971530 | 16680437 |
| James Hardie Industries PLC<sup>(a)</sup> | &nbsp;&nbsp; 459108 | 12050404 |
| Medibank Pvt Ltd. | &nbsp;&nbsp; 5792099 | 18930916 |
| Pro Medicus Ltd. | &nbsp;&nbsp; 79628 | 16351974 |
| QBE Insurance Group Ltd. | &nbsp;&nbsp; 2661761 | 39485138 |
| REA Group Ltd. | &nbsp;&nbsp; 129581 | 19739196 |
| Rio Tinto Ltd. | &nbsp;&nbsp; 349140 | 24830110 |
| Stockland | &nbsp;&nbsp; 3310498 | 11736660 |
| Suncorp Group Ltd. | &nbsp;&nbsp; 1598430 | 21426574 |
| Telstra Group Ltd. | &nbsp;&nbsp; 5377037 | 17137050 |
| Wesfarmers Ltd. | &nbsp;&nbsp; 1601385 | 87594954 |
| Woodside Energy Group Ltd. | &nbsp;&nbsp; 2645058 | 44760668 |
|  |  | 644372000 |
| **Austria — 0.2%** | **Austria — 0.2%** | **Austria — 0.2%** |
| OMV AG | &nbsp;&nbsp; 219984 | 11203427 |
| Verbund AG | &nbsp;&nbsp; 113990 | 8487636 |
|  |  | 19691063 |
| **Belgium — 0.2%** | **Belgium — 0.2%** | **Belgium — 0.2%** |
| Ageas SA | &nbsp;&nbsp; 266663 | 18131022 |
| Lotus Bakeries NV | &nbsp;&nbsp; 361 | 3052043 |
|  |  | 21183065 |
| **Canada — 7.4%** | **Canada — 7.4%** | **Canada — 7.4%** |
| Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 319530 | 39666827 |
| Alimentation Couche-Tard Inc. | &nbsp;&nbsp; 466253 | 24227927 |
| ARC Resources Ltd. | &nbsp;&nbsp; 767010 | 14973745 |
| Barrick Mining Corp. | &nbsp;&nbsp; 1119860 | 23640232 |
| Brookfield Asset Management Ltd., Class A | &nbsp;&nbsp; 828562 | 51091467 |
| Canadian National Railway Co. | &nbsp;&nbsp; 674356 | 62967797 |
| CCL Industries Inc., Class B, NVS | &nbsp;&nbsp; 139287 | 7785637 |
| Celestica Inc.<sup>(a)</sup> | &nbsp;&nbsp; 127626 | 25515068 |
| CGI Inc. | &nbsp;&nbsp; 190526 | 18367828 |
| Constellation Software Inc./Canada | &nbsp;&nbsp; 19158 | 66094547 |
| FirstService Corp. | &nbsp;&nbsp; 50155 | 9886211 |
| Franco-Nevada Corp. | &nbsp;&nbsp; 143310 | 22828654 |
| Great-West Lifeco Inc. | &nbsp;&nbsp; 506910 | 19034734 |
| iA Financial Corp. Inc. | &nbsp;&nbsp; 168322 | 16476265 |
| IGM Financial Inc. | &nbsp;&nbsp; 130684 | 4327210 |
| Imperial Oil Ltd. | &nbsp;&nbsp; 412549 | 34397940 |
| Intact Financial Corp. | &nbsp;&nbsp; 302829 | 62593985 |
| Kinross Gold Corp. | &nbsp;&nbsp; 910504 | 14568327 |
| Lundin Gold Inc. | &nbsp;&nbsp; 93430 | 4324239 |
| Manulife Financial Corp. | &nbsp;&nbsp; 2556575 | 79099574 |
| Power Corp. of Canada | &nbsp;&nbsp; 738898 | 29777760 |
| Quebecor Inc., Class B | &nbsp;&nbsp; 188141 | 5292824 |
| Sun Life Financial Inc. | &nbsp;&nbsp; 831568 | 50700682 |
| Suncor Energy Inc. | &nbsp;&nbsp; 2025599 | 79892455 |
| TMX Group Ltd. | &nbsp;&nbsp; 421260 | 17128889 |
| Toromont Industries Ltd. | &nbsp;&nbsp; 109729 | 11125741 |
| Tourmaline Oil Corp. | &nbsp;&nbsp; 393188 | 16733759 |
| Wheaton Precious Metals Corp. | &nbsp;&nbsp; 344609 | 31516204 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Whitecap Resources Inc. | &nbsp;&nbsp; 1960470 | $14799737 |
|  |  | 858836265 |
| **Denmark — 2.1%** | **Denmark — 2.1%** | **Denmark — 2.1%** |
| Carlsberg A/S, Class B | &nbsp;&nbsp; 84353 | 10516052 |
| Coloplast A/S, Class B | &nbsp;&nbsp; 118450 | 10818277 |
| Demant A/S<sup>(a)</sup> | &nbsp;&nbsp; 50644 | 1918779 |
| Genmab A/S<sup>(a)</sup> | &nbsp;&nbsp; 50784 | 10933664 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp; 3776694 | 175646357 |
| Pandora A/S | &nbsp;&nbsp; 101325 | 16728309 |
| Rockwool A/S, Class B | &nbsp;&nbsp; 136253 | 5970690 |
| Tryg A/S | &nbsp;&nbsp; 561747 | 13550414 |
|  |  | 246082542 |
| **Finland — 1.0%** | **Finland — 1.0%** | **Finland — 1.0%** |
| Elisa OYJ | &nbsp;&nbsp; 282437 | 14532136 |
| Fortum OYJ | &nbsp;&nbsp; 417714 | 7663265 |
| Kone OYJ, Class B | &nbsp;&nbsp; 782584 | 48057263 |
| Metso OYJ | &nbsp;&nbsp; 782279 | 9824865 |
| Orion OYJ, Class B | &nbsp;&nbsp; 121170 | 9700716 |
| UPM-Kymmene OYJ | &nbsp;&nbsp; 332305 | 8612602 |
| Wartsila OYJ Abp | &nbsp;&nbsp; 703578 | 19438735 |
|  |  | 117829582 |
| **France — 7.8%** | **France — 7.8%** | **France — 7.8%** |
| Air Liquide SA | &nbsp;&nbsp; 502601 | 98879932 |
| Amundi SA<sup>(b)</sup> | &nbsp;&nbsp; 77144 | 5700976 |
| AXA SA | &nbsp;&nbsp; 2404721 | 116795226 |
| Bureau Veritas SA | &nbsp;&nbsp; 409514 | 12611435 |
| Dassault Aviation SA | &nbsp;&nbsp; 22204 | 6913371 |
| Euronext NV<sup>(b)</sup> | &nbsp;&nbsp; 129722 | 20909745 |
| FDJ UNITED | &nbsp;&nbsp; 147006 | 4585386 |
| Hermes International SCA | &nbsp;&nbsp; 51434 | 125781222 |
| Legrand SA | &nbsp;&nbsp; 283912 | 41935708 |
| L'Oreal SA | &nbsp;&nbsp; 228598 | 101150717 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 291127 | 156280398 |
| Publicis Groupe SA | &nbsp;&nbsp; 354149 | 32362735 |
| Schneider Electric SE | &nbsp;&nbsp; 606315 | 156910212 |
| Thales SA | &nbsp;&nbsp; 105359 | 28340903 |
|  |  | 909157966 |
| **Germany — 7.1%** | **Germany — 7.1%** | **Germany — 7.1%** |
| Allianz SE, Registered | &nbsp;&nbsp; 703085 | 277843464 |
| Beiersdorf AG | &nbsp;&nbsp; 69595 | 8648022 |
| Brenntag SE | &nbsp;&nbsp; 110451 | 6852282 |
| CTS Eventim AG & Co. KGaA | &nbsp;&nbsp; 128224 | 14479614 |
| Deutsche Boerse AG | &nbsp;&nbsp; 338657 | 98003011 |
| GEA Group AG | &nbsp;&nbsp; 209986 | 15083344 |
| Hannover Rueck SE | &nbsp;&nbsp; 113616 | 34464659 |
| Henkel AG & Co. KGaA | &nbsp;&nbsp; 52654 | 3744242 |
| Knorr-Bremse AG | &nbsp;&nbsp; 82372 | 8221173 |
| MTU Aero Engines AG | &nbsp;&nbsp; 68183 | 29411297 |
| Muenchener Rueckversicherungs-Gesellschaft AG <br> in Muenchen, Registered<br>| &nbsp;&nbsp; 244734 | 160220155 |
| Nemetschek SE | &nbsp;&nbsp; 51720 | 7705921 |
| Rational AG | &nbsp;&nbsp; 10463 | 8076882 |
| Rheinmetall AG | &nbsp;&nbsp; 61777 | 122287327 |
| Scout24 SE<sup>(b)</sup> | &nbsp;&nbsp; 115367 | 15417831 |
| Symrise AG, Class A | &nbsp;&nbsp; 92620 | 8395748 |
| Talanx AG<sup>(a)</sup> | &nbsp;&nbsp; 89082 | 11807555 |
|  |  | 830662527 |
| **Hong Kong — 2.8%** | **Hong Kong — 2.8%** | **Hong Kong — 2.8%** |
| CK Asset Holdings Ltd. | &nbsp;&nbsp; 3331000 | 15263303 |
| CK Infrastructure Holdings Ltd. | &nbsp;&nbsp; 776500 | 5468880 |
| CLP Holdings Ltd. | &nbsp;&nbsp; 1742000 | 15120168 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI Intl Quality Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| Futu Holdings Ltd., ADR | &nbsp;&nbsp; 120441 | $18509373 |
| Hang Seng Bank Ltd. | &nbsp;&nbsp; 1157500 | 16860951 |
| Henderson Land Development Co. Ltd. | &nbsp;&nbsp; 1777000 | 6218212 |
| HKT Trust & HKT Ltd., Class SS | &nbsp;&nbsp; 4908000 | 7728025 |
| Hong Kong & China Gas Co. Ltd. | &nbsp;&nbsp; 11883370 | 10606659 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 2726500 | 147554897 |
| Power Assets Holdings Ltd. | &nbsp;&nbsp; 1734500 | 11420116 |
| SITC International Holdings Co. Ltd. | &nbsp;&nbsp; 2797000 | 9067981 |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 2492500 | 29604583 |
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp; 1997000 | 23879424 |
| Wharf Holdings Ltd. (The)<sup>(c)</sup> | &nbsp;&nbsp; 1505005 | 4284951 |
| Wharf Real Estate Investment Co. Ltd. | &nbsp;&nbsp; 2472000 | 7848137 |
|  |  | 329435660 |
| **Ireland — 0.3%** | **Ireland — 0.3%** | **Ireland — 0.3%** |
| AIB Group PLC | &nbsp;&nbsp; 2735635 | 21580466 |
| Kingspan Group PLC | &nbsp;&nbsp; 164884 | 13684033 |
|  |  | 35264499 |
| **Israel — 1.0%** | **Israel — 1.0%** | **Israel — 1.0%** |
| Bank Hapoalim BM | &nbsp;&nbsp; 1855540 | 34797071 |
| Bank Leumi Le-Israel BM | &nbsp;&nbsp; 2059341 | 38095288 |
| Check Point Software Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 137733 | 25645885 |
| Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp; 229915 | 14202729 |
|  |  | 112740973 |
| **Italy — 2.7%** | **Italy — 2.7%** | **Italy — 2.7%** |
| Banca Mediolanum SpA | &nbsp;&nbsp; 257078 | 4534542 |
| Enel SpA | &nbsp;&nbsp; 7103577 | 62641363 |
| Ferrari NV | &nbsp;&nbsp; 224578 | 98479088 |
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp; 1391885 | 29638820 |
| Generali | &nbsp;&nbsp; 1223657 | 45649465 |
| Moncler SpA | &nbsp;&nbsp; 321425 | 17142424 |
| Prysmian SpA | &nbsp;&nbsp; 303753 | 24258754 |
| Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp; 77637 | 4452768 |
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp; 1172129 | 11341456 |
| Unipol Gruppo SpA | &nbsp;&nbsp; 685889 | 13757357 |
|  |  | 311896037 |
| **Japan — 12.7%** | **Japan — 12.7%** | **Japan — 12.7%** |
| Advantest Corp. | &nbsp;&nbsp; 988300 | 65721054 |
| Asics Corp. | &nbsp;&nbsp; 903000 | 21228886 |
| Bandai Namco Holdings Inc. | &nbsp;&nbsp; 731700 | 23660923 |
| Capcom Co. Ltd. | &nbsp;&nbsp; 609500 | 15515269 |
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 566000 | 27132302 |
| Daifuku Co. Ltd. | &nbsp;&nbsp; 478800 | 12121393 |
| Daito Trust Construction Co. Ltd. | &nbsp;&nbsp; 201600 | 20639336 |
| Daiwa House Industry Co. Ltd. | &nbsp;&nbsp; 1168300 | 38625062 |
| Disco Corp. | &nbsp;&nbsp; 119300 | 35256308 |
| Fast Retailing Co. Ltd. | &nbsp;&nbsp; 232800 | 71010913 |
| Fuji Electric Co. Ltd. | &nbsp;&nbsp; 150200 | 7467671 |
| Fujikura Ltd. | &nbsp;&nbsp; 299500 | 20330787 |
| Fujitsu Ltd. | &nbsp;&nbsp; 1705300 | 37148113 |
| Hoya Corp. | &nbsp;&nbsp; 299100 | 37735258 |
| Japan Exchange Group Inc. | &nbsp;&nbsp; 2094300 | 20466290 |
| KDDI Corp. | &nbsp;&nbsp; 4239900 | 69583549 |
| Kikkoman Corp. | &nbsp;&nbsp; 486100 | 4270369 |
| Kobe Bussan Co. Ltd. | &nbsp;&nbsp; 134200 | 3573653 |
| Konami Group Corp. | &nbsp;&nbsp; 160400 | 21775698 |
| Lasertec Corp. | &nbsp;&nbsp; 144600 | 14568259 |
| MonotaRO Co. Ltd. | &nbsp;&nbsp; 480400 | 8554442 |
| MS&AD Insurance Group Holdings Inc. | &nbsp;&nbsp; 2935900 | 62728627 |
| Nexon Co. Ltd. | &nbsp;&nbsp; 481500 | 8810508 |
| Nintendo Co. Ltd. | &nbsp;&nbsp; 1617200 | 135163767 |
| Nippon Building Fund Inc. | &nbsp;&nbsp; 10878 | 9978689 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Nissin Foods Holdings Co. Ltd. | &nbsp;&nbsp; 119700 | $2270483 |
| Nitori Holdings Co. Ltd. | &nbsp;&nbsp; 71200 | 6029696 |
| Nitto Denko Corp. | &nbsp;&nbsp; 619600 | 12821940 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 338100 | 13378757 |
| Obic Co. Ltd. | &nbsp;&nbsp; 291800 | 10388830 |
| Olympus Corp. | &nbsp;&nbsp; 731000 | 8733291 |
| Oracle Corp./Japan | &nbsp;&nbsp; 68000 | 7353820 |
| Osaka Gas Co. Ltd. | &nbsp;&nbsp; 320300 | 8104016 |
| Pan Pacific International Holdings Corp. | &nbsp;&nbsp; 395100 | 13218561 |
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 2079000 | 123349394 |
| SCREEN Holdings Co. Ltd. | &nbsp;&nbsp; 82500 | 6435817 |
| Secom Co. Ltd. | &nbsp;&nbsp; 396100 | 14225225 |
| Sekisui Chemical Co. Ltd. | &nbsp;&nbsp; 359300 | 6232102 |
| SG Holdings Co. Ltd. | &nbsp;&nbsp; 306900 | 3404874 |
| Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp; 1515500 | 43611398 |
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 424200 | 7094455 |
| SMC Corp. | &nbsp;&nbsp; 51600 | 17955428 |
| Sompo Holdings Inc. | &nbsp;&nbsp; 1580300 | 46598350 |
| Subaru Corp. | &nbsp;&nbsp; 541800 | 9966850 |
| Suzuki Motor Corp. | &nbsp;&nbsp; 1518600 | 16685728 |
| Toho Co. Ltd./Tokyo | &nbsp;&nbsp; 153400 | 9678497 |
| Tokio Marine Holdings Inc. | &nbsp;&nbsp; 4333600 | 174006570 |
| Tokyo Electron Ltd. | &nbsp;&nbsp; 638400 | 101491991 |
| Trend Micro Inc./Japan | &nbsp;&nbsp; 152000 | 9268719 |
| Unicharm Corp. | &nbsp;&nbsp; 719500 | 4976887 |
| ZOZO Inc. | &nbsp;&nbsp; 837400 | 8289731 |
|  |  | 1478638536 |
| **Netherlands — 6.8%** | **Netherlands — 6.8%** | **Netherlands — 6.8%** |
| Adyen NV<sup>(a)(b)</sup> | &nbsp;&nbsp; 56271 | 96513239 |
| ASM International NV | &nbsp;&nbsp; 43474 | 21043892 |
| ASML Holding NV | &nbsp;&nbsp; 660369 | 457683865 |
| ASR Nederland NV | &nbsp;&nbsp; 185976 | 12353253 |
| BE Semiconductor Industries NV | &nbsp;&nbsp; 109814 | 14837155 |
| Coca-Cola Europacific Partners PLC | &nbsp;&nbsp; 144112 | 13967335 |
| CVC Capital Partners PLC<sup>(b)</sup> | &nbsp;&nbsp; 447704 | 8585090 |
| EXOR NV | &nbsp;&nbsp; 110040 | 10605260 |
| InPost SA<sup>(a)</sup> | &nbsp;&nbsp; 235779 | 3386421 |
| Koninklijke KPN NV | &nbsp;&nbsp; 5009094 | 22378118 |
| Universal Music Group NV | &nbsp;&nbsp; 2733373 | 78630645 |
| Wolters Kluwer NV | &nbsp;&nbsp; 333252 | 51906970 |
|  |  | 791891243 |
| **New Zealand — 0.0%** | **New Zealand — 0.0%** | **New Zealand — 0.0%** |
| Contact Energy Ltd. | &nbsp;&nbsp; 602181 | 3227304 |
| **Norway — 0.8%** | **Norway — 0.8%** | **Norway — 0.8%** |
| Aker BP ASA | &nbsp;&nbsp; 631833 | 15199762 |
| Equinor ASA | &nbsp;&nbsp; 1482304 | 38076786 |
| Gjensidige Forsikring ASA | &nbsp;&nbsp; 431570 | 11351852 |
| Kongsberg Gruppen ASA | &nbsp;&nbsp; 848941 | 25369013 |
| Orkla ASA | &nbsp;&nbsp; 507892 | 5341006 |
|  |  | 95338419 |
| **Portugal — 0.0%** | **Portugal — 0.0%** | **Portugal — 0.0%** |
| Jeronimo Martins SGPS SA | &nbsp;&nbsp; 185230 | 4515474 |
| **Singapore — 2.6%** | **Singapore — 2.6%** | **Singapore — 2.6%** |
| CapitaLand Ascendas REIT | &nbsp;&nbsp; 6051900 | 12957885 |
| CapitaLand Integrated Commercial Trust | &nbsp;&nbsp; 8150900 | 13762472 |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 2735580 | 100408012 |
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 5354500 | 69389812 |
| Sembcorp Industries Ltd. | &nbsp;&nbsp; 1097100 | 6523453 |
| Singapore Exchange Ltd. | &nbsp;&nbsp; 2252047 | 27613704 |
| Singapore Technologies Engineering Ltd. | &nbsp;&nbsp; 2134000 | 14356015 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI Intl Quality Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Singapore (continued)** | **Singapore (continued)** | **Singapore (continued)** |
| United Overseas Bank Ltd. | &nbsp;&nbsp; 1643900 | $45672042 |
| Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp; 4503800 | 8833879 |
|  |  | 299517274 |
| **Spain — 2.4%** | **Spain — 2.4%** | **Spain — 2.4%** |
| CaixaBank SA | &nbsp;&nbsp; 4930769 | 46390180 |
| Endesa SA | &nbsp;&nbsp; 416685 | 12054450 |
| Iberdrola SA | &nbsp;&nbsp; 6436559 | 113131002 |
| Industria de Diseno Textil SA | &nbsp;&nbsp; 1874754 | 89551419 |
| Redeia Corp. SA | &nbsp;&nbsp; 120954 | 2344812 |
| Repsol SA | &nbsp;&nbsp; 1452438 | 22021504 |
|  |  | 285493367 |
| **Sweden — 3.5%** | **Sweden — 3.5%** | **Sweden — 3.5%** |
| AddTech AB, Class B | &nbsp;&nbsp; 390401 | 13124572 |
| Alfa Laval AB | &nbsp;&nbsp; 388470 | 16878090 |
| Assa Abloy AB, Class B | &nbsp;&nbsp; 1119314 | 37038359 |
| Atlas Copco AB, Class A | &nbsp;&nbsp; 4945460 | 75311363 |
| Atlas Copco AB, Class B | &nbsp;&nbsp; 2923021 | 39557689 |
| Boliden AB<sup>(a)</sup> | &nbsp;&nbsp; 256270 | 7844226 |
| Epiroc AB, Class A | &nbsp;&nbsp; 929033 | 18908750 |
| Epiroc AB, Class B | &nbsp;&nbsp; 596387 | 10690826 |
| EQT AB | &nbsp;&nbsp; 547584 | 18302501 |
| Essity AB, Class B | &nbsp;&nbsp; 361196 | 8906194 |
| Evolution AB<sup>(b)</sup> | &nbsp;&nbsp; 278985 | 24818799 |
| Indutrade AB | &nbsp;&nbsp; 334246 | 8116963 |
| Investment AB Latour, Class B | &nbsp;&nbsp; 160205 | 4089903 |
| Lifco AB, Class B | &nbsp;&nbsp; 295647 | 10531264 |
| Sandvik AB | &nbsp;&nbsp; 1567615 | 38249271 |
| SKF AB, Class B | &nbsp;&nbsp; 372145 | 8668164 |
| Volvo AB, Class B | &nbsp;&nbsp; 2185167 | 62757529 |
|  |  | 403794463 |
| **Switzerland — 14.6%** | **Switzerland — 14.6%** | **Switzerland — 14.6%** |
| ABB Ltd., Registered | &nbsp;&nbsp; 3071554 | 200566607 |
| Amrize Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 415649 | 21011447 |
| Baloise Holding AG, Registered | &nbsp;&nbsp; 61663 | 14778457 |
| BKW AG | &nbsp;&nbsp; 30878 | 6894209 |
| Chocoladefabriken Lindt & Spruengli AG, <br> Participation Certificates, NVS<br>| &nbsp;&nbsp; 653 | 9606002 |
| Chocoladefabriken Lindt & Spruengli <br> AG, Registered<br>| &nbsp;&nbsp; 69 | 10089335 |
| Cie Financiere Richemont SA, Class A, Registered | &nbsp;&nbsp; 514054 | 83932773 |
| EMS-Chemie Holding AG, Registered | &nbsp;&nbsp; 10046 | 7904102 |
| Geberit AG, Registered | &nbsp;&nbsp; 67476 | 51693254 |
| Givaudan SA, Registered | &nbsp;&nbsp; 9803 | 40979941 |
| Helvetia Holding AG, Registered | &nbsp;&nbsp; 54334 | 13066319 |
| Holcim AG | &nbsp;&nbsp; 415103 | 33104431 |
| Kuehne + Nagel International AG, Registered | &nbsp;&nbsp; 93611 | 19085307 |
| Logitech International SA, Registered | &nbsp;&nbsp; 224051 | 20775543 |
| Nestle SA, Registered | &nbsp;&nbsp; 2444662 | 213607387 |
| Novartis AG, Registered | &nbsp;&nbsp; 1876807 | 213744003 |
| Partners Group Holding AG | &nbsp;&nbsp; 58003 | 77973230 |
| Roche Holding AG, Bearer | &nbsp;&nbsp; 36619 | 12169777 |
| Roche Holding AG, NVS | &nbsp;&nbsp; 769238 | 240058432 |
| Schindler Holding AG, Participation <br> Certificates, NVS<br>| &nbsp;&nbsp; 63766 | 23060075 |
| Schindler Holding AG, Registered | &nbsp;&nbsp; 33829 | 11864820 |
| Sika AG, Registered | &nbsp;&nbsp; 138979 | 32796198 |
| Sonova Holding AG, Registered | &nbsp;&nbsp; 44086 | 12000560 |
| Straumann Holding AG | &nbsp;&nbsp; 110446 | 13456725 |
| Swiss Re AG | &nbsp;&nbsp; 391534 | 70085117 |
| Swisscom AG, Registered | &nbsp;&nbsp; 29648 | 20600448 |
| Temenos AG, Registered | &nbsp;&nbsp; 62515 | 5591632 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| VAT Group AG<sup>(b)</sup> | &nbsp;&nbsp; 50188 | $17575267 |
| Zurich Insurance Group AG | &nbsp;&nbsp; 292749 | 199685905 |
|  |  | 1697757303 |
| **United Kingdom — 17.7%** | **United Kingdom — 17.7%** | **United Kingdom — 17.7%** |
| 3i Group PLC | &nbsp;&nbsp; 1190192 | 65034611 |
| Admiral Group PLC | &nbsp;&nbsp; 632465 | 28509295 |
| Ashtead Group PLC | &nbsp;&nbsp; 466621 | 31175562 |
| AstraZeneca PLC | &nbsp;&nbsp; 1489636 | 217325430 |
| Auto Trader Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 2385129 | 26331323 |
| BAE Systems PLC | &nbsp;&nbsp; 3485888 | 83175435 |
| British American Tobacco PLC | &nbsp;&nbsp; 1332994 | 71418254 |
| Bunzl PLC | &nbsp;&nbsp; 414560 | 12303087 |
| Centrica PLC | &nbsp;&nbsp; 5089343 | 11062973 |
| Coca-Cola HBC AG, Class DI | &nbsp;&nbsp; 188305 | 9786623 |
| Compass Group PLC | &nbsp;&nbsp; 2504013 | 87989670 |
| Croda International PLC | &nbsp;&nbsp; 96215 | 3311495 |
| Diageo PLC | &nbsp;&nbsp; 2205915 | 53465965 |
| Experian PLC | &nbsp;&nbsp; 1380938 | 72762628 |
| GSK PLC | &nbsp;&nbsp; 4359010 | 80179549 |
| Halma PLC | &nbsp;&nbsp; 350758 | 15008408 |
| Hikma Pharmaceuticals PLC | &nbsp;&nbsp; 146524 | 3787242 |
| Imperial Brands PLC | &nbsp;&nbsp; 943130 | 36762623 |
| Intertek Group PLC | &nbsp;&nbsp; 265670 | 17273858 |
| Land Securities Group PLC | &nbsp;&nbsp; 1067986 | 8121969 |
| London Stock Exchange Group PLC | &nbsp;&nbsp; 715002 | 87155145 |
| National Grid PLC | &nbsp;&nbsp; 4412809 | 62009098 |
| Next PLC | &nbsp;&nbsp; 180165 | 29244559 |
| Prudential PLC | &nbsp;&nbsp; 2771735 | 35162720 |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp; 874653 | 65551533 |
| RELX PLC | &nbsp;&nbsp; 3120808 | 162160539 |
| Rio Tinto PLC | &nbsp;&nbsp; 1235231 | 73569597 |
| Sage Group PLC (The) | &nbsp;&nbsp; 1373172 | 22048538 |
| Schroders PLC | &nbsp;&nbsp; 1282594 | 6592722 |
| Segro PLC | &nbsp;&nbsp; 2067354 | 17619503 |
| Shell PLC | &nbsp;&nbsp; 8269423 | 297146024 |
| Smiths Group PLC | &nbsp;&nbsp; 414502 | 12839685 |
| Spirax Group PLC | &nbsp;&nbsp; 80992 | 6768392 |
| SSE PLC | &nbsp;&nbsp; 1445866 | 35441398 |
| Unilever PLC | &nbsp;&nbsp; 3051713 | 177061754 |
| Wise PLC, Class A<sup>(a)</sup> | &nbsp;&nbsp; 1765639 | 23587134 |
| WPP PLC | &nbsp;&nbsp; 1794752 | 9717482 |
|  |  | 2058461823 |
| **Total Common Stocks — 99.2%** <br>**(Cost: $9,819,305,088)** | **Total Common Stocks — 99.2%** <br>**(Cost: $9,819,305,088)** | 11555787385 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Germany — 0.1%** | **Germany — 0.1%** | **Germany — 0.1%** |
| Dr Ing hc F Porsche AG, Preference Shares, <br> NVS<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 119411 | 6054909 |
| Henkel AG & Co. KGaA, Preference Shares, NVS | &nbsp;&nbsp; 105519 | 8131199 |
|  |  | 14186108 |
| **Total Preferred Stocks — 0.1%** <br>**(Cost: $18,962,742)** | **Total Preferred Stocks — 0.1%** <br>**(Cost: $18,962,742)** | 14186108 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI Intl Quality Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Warrants** | **Warrants** | **Warrants** |
| **Canada — 0.0%** | **Canada — 0.0%** | **Canada — 0.0%** |
| Constellation Software Inc., (Issued 08/29/23, <br> 1 Share for 1 Warrant, Expires 03/31/40, Strike <br> Price CAD 11.50)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 15091 | $— |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** |  |
| **Total Long-Term Investments — 99.3%** <br>**(Cost: $9,838,267,830)** | **Total Long-Term Investments — 99.3%** <br>**(Cost: $9,838,267,830)** | 11569973493 |
| **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>(e)(f)(g)</sup><br>| &nbsp;&nbsp; 6532400 | 6535013 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.30%<sup>(e)(f)</sup><br>| &nbsp;&nbsp; 2750000 | 2750000 |
| **Total Short-Term Securities — 0.1%** <br>**(Cost: $9,285,013)** | **Total Short-Term Securities — 0.1%** <br>**(Cost: $9,285,013)** | 9285013 |
| **Total Investments — 99.4%** <br>**(Cost: $9,847,552,843)** | **Total Investments — 99.4%** <br>**(Cost: $9,847,552,843)** | 11579258506 |
| **Other Assets Less Liabilities — 0.6%** | **Other Assets Less Liabilities — 0.6%** | 66576461 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $11645834967 |

---

&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 July 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>*07/31/24*<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>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<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>| $9390242 | $— | &nbsp;&nbsp; $(2855891 )<sup>(a)</sup><br>| $681 | $(19)<br>| $6535013 | 6532400 | $27351 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 2180000 | 570000 <br><sup>(a)</sup><br>|  |  |  | 2750000 | 2750000 | 130922 |  |
|  |  |  |  | $681 | $(19) | $9285013 |  | $158273 | $— |

---

&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 | 61 | 09/11/25 | &nbsp;&nbsp; $11798 | $515332 |
| SPI 200 Index | 82 | 09/18/25 | &nbsp;&nbsp; 11466 | 212332 |
| Euro STOXX 50 Index | 507 | 09/19/25 | &nbsp;&nbsp; 30896 | 86697 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI Intl Quality Factor ETF**

**Futures Contracts (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of*<br> *Contracts*<br>| &nbsp;&nbsp; *Expiration*<br> *Date*<br>| *Notional*<br> *Amount*<br> *(000)*<br>| &nbsp;&nbsp; *Value/*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| FTSE 100 Index | 143 | 09/19/25 | &nbsp;&nbsp; $17173 | $353626 |
|  |  |  |  | $1167987 |

---

**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; $1167987 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1167987 |

---

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

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts 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 July 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; $4268990 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4268990 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $814828 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $814828 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $59019023 |

---

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; $963377687 | &nbsp;&nbsp; $10592409698 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11555787385 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 14186108 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14186108 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 9285013 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9285013 |
|  | &nbsp;&nbsp; $972662700 | &nbsp;&nbsp; $10606595806 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11579258506 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI Intl Quality Factor ETF**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $299029 | &nbsp;&nbsp; $868958 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1167987 |

---

&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

July 31, 2025

**iShares® MSCI Intl Value Factor ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 1.7%** | **Australia — 1.7%** | **Australia — 1.7%** |
| BHP Group Ltd. | &nbsp;&nbsp; 673492 | $17009184 |
| BlueScope Steel Ltd. | &nbsp;&nbsp; 113565 | 1721678 |
| Fortescue Ltd. | &nbsp;&nbsp; 331814 | 3754228 |
| Qantas Airways Ltd. | &nbsp;&nbsp; 313068 | 2171232 |
| Rio Tinto Ltd. | &nbsp;&nbsp; 58896 | 4188561 |
| Santos Ltd. | &nbsp;&nbsp; 437602 | 2201964 |
| Sonic Healthcare Ltd. | &nbsp;&nbsp; 82725 | 1460828 |
| South32 Ltd. | &nbsp;&nbsp; 1254847 | 2346613 |
| Vicinity Ltd. | &nbsp;&nbsp; 965290 | 1519848 |
| Woodside Energy Group Ltd. | &nbsp;&nbsp; 224667 | 3801900 |
|  |  | 40176036 |
| **Austria — 0.4%** | **Austria — 0.4%** | **Austria — 0.4%** |
| Erste Group Bank AG | &nbsp;&nbsp; 76245 | 6972138 |
| OMV AG | &nbsp;&nbsp; 32320 | 1646005 |
|  |  | 8618143 |
| **Belgium — 0.9%** | **Belgium — 0.9%** | **Belgium — 0.9%** |
| Ageas SA | &nbsp;&nbsp; 33875 | 2303238 |
| Anheuser-Busch InBev SA | &nbsp;&nbsp; 210590 | 12107378 |
| Groupe Bruxelles Lambert NV | &nbsp;&nbsp; 13484 | 1127263 |
| KBC Group NV | &nbsp;&nbsp; 27364 | 2854171 |
| Sofina SA | &nbsp;&nbsp; 3319 | 1016351 |
| Syensqo SA | &nbsp;&nbsp; 18633 | 1476773 |
|  |  | 20885174 |
| **Canada — 3.0%** | **Canada — 3.0%** | **Canada — 3.0%** |
| AltaGas Ltd. | &nbsp;&nbsp; 51719 | 1527009 |
| Bank of Nova Scotia (The) | &nbsp;&nbsp; 129484 | 7204043 |
| Barrick Mining Corp. | &nbsp;&nbsp; 185279 | 3911238 |
| BCE Inc. | &nbsp;&nbsp; 14638 | 341441 |
| Canadian Tire Corp. Ltd., Class A, NVS | &nbsp;&nbsp; 10579 | 1416896 |
| Cenovus Energy Inc. | &nbsp;&nbsp; 125307 | 1907278 |
| CGI Inc. | &nbsp;&nbsp; 51046 | 4921135 |
| Empire Co. Ltd., NVS | &nbsp;&nbsp; 33997 | 1353893 |
| Fairfax Financial Holdings Ltd. | &nbsp;&nbsp; 3316 | 5865127 |
| iA Financial Corp. Inc. | &nbsp;&nbsp; 11453 | 1121081 |
| Kinross Gold Corp. | &nbsp;&nbsp; 159564 | 2553070 |
| Lundin Mining Corp. | &nbsp;&nbsp; 106339 | 1085953 |
| Magna International Inc. | &nbsp;&nbsp; 83653 | 3430401 |
| Manulife Financial Corp. | &nbsp;&nbsp; 303643 | 9394613 |
| Nutrien Ltd. | &nbsp;&nbsp; 101752 | 6037119 |
| Open Text Corp. | &nbsp;&nbsp; 190229 | 5598685 |
| Power Corp. of Canada | &nbsp;&nbsp; 84901 | 3421530 |
| Quebecor Inc., Class B | &nbsp;&nbsp; 28652 | 806044 |
| Rogers Communications Inc., Class B, NVS | &nbsp;&nbsp; 109126 | 3644884 |
| Saputo Inc. | &nbsp;&nbsp; 66461 | 1393878 |
| Teck Resources Ltd., Class B | &nbsp;&nbsp; 74648 | 2420565 |
| West Fraser Timber Co. Ltd. | &nbsp;&nbsp; 12774 | 885588 |
| Whitecap Resources Inc. | &nbsp;&nbsp; 137411 | 1037326 |
|  |  | 71278797 |
| **Denmark — 0.8%** | **Denmark — 0.8%** | **Denmark — 0.8%** |
| AP Moller - Maersk A/S, Class A | &nbsp;&nbsp; 1961 | 3847813 |
| AP Moller - Maersk A/S, Class B, NVS<sup>(a)</sup> | &nbsp;&nbsp; 2946 | 5817647 |
| Danske Bank A/S | &nbsp;&nbsp; 150734 | 5979840 |
| Genmab A/S<sup>(b)</sup> | &nbsp;&nbsp; 7240 | 1558753 |
| Orsted A/S<sup>(b)(c)</sup> | &nbsp;&nbsp; 20139 | 949181 |
|  |  | 18153234 |
| **Finland — 0.8%** | **Finland — 0.8%** | **Finland — 0.8%** |
| Fortum OYJ | &nbsp;&nbsp; 70171 | 1287338 |
| Nokia OYJ | &nbsp;&nbsp; 3464462 | 14118879 |
| Stora Enso OYJ, Class R | &nbsp;&nbsp; 156240 | 1607629 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Finland (continued)** | **Finland (continued)** | **Finland (continued)** |
| UPM-Kymmene OYJ | &nbsp;&nbsp; 87131 | $2258240 |
|  |  | 19272086 |
| **France — 11.5%** | **France — 11.5%** | **France — 11.5%** |
| Alstom SA<sup>(b)</sup> | &nbsp;&nbsp; 147675 | 3463913 |
| ArcelorMittal SA | &nbsp;&nbsp; 294756 | 9189363 |
| Arkema SA | &nbsp;&nbsp; 21558 | 1465973 |
| AXA SA | &nbsp;&nbsp; 227808 | 11064438 |
| BNP Paribas SA | &nbsp;&nbsp; 350414 | 31950127 |
| Bollore SE | &nbsp;&nbsp; 183527 | 1058595 |
| Bouygues SA | &nbsp;&nbsp; 89256 | 3675251 |
| Capgemini SE | &nbsp;&nbsp; 65040 | 9682915 |
| Carrefour SA | &nbsp;&nbsp; 368480 | 5280689 |
| Cie de Saint-Gobain SA | &nbsp;&nbsp; 149644 | 17166725 |
| Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp; 177575 | 6317491 |
| Covivio SA/France | &nbsp;&nbsp; 8226 | 532566 |
| Credit Agricole SA | &nbsp;&nbsp; 352344 | 6484720 |
| Danone SA | &nbsp;&nbsp; 92375 | 7559675 |
| Eiffage SA | &nbsp;&nbsp; 30327 | 4070957 |
| Engie SA | &nbsp;&nbsp; 610296 | 13718365 |
| Eurazeo SE | &nbsp;&nbsp; 15258 | 895336 |
| Eurofins Scientific SE | &nbsp;&nbsp; 19211 | 1471244 |
| Ipsen SA | &nbsp;&nbsp; 11030 | 1299688 |
| Klepierre SA | &nbsp;&nbsp; 40156 | 1532832 |
| Orange SA | &nbsp;&nbsp; 618139 | 9402550 |
| Pernod Ricard SA | &nbsp;&nbsp; 31003 | 3186138 |
| Publicis Groupe SA | &nbsp;&nbsp; 48764 | 4456137 |
| Renault SA | &nbsp;&nbsp; 131056 | 4849174 |
| Rexel SA | &nbsp;&nbsp; 77179 | 2332691 |
| Sanofi SA | &nbsp;&nbsp; 350833 | 31494499 |
| Societe Generale SA | &nbsp;&nbsp; 324469 | 20710371 |
| STMicroelectronics NV | &nbsp;&nbsp; 343230 | 8722827 |
| Teleperformance SE | &nbsp;&nbsp; 30722 | 2995122 |
| TotalEnergies SE | &nbsp;&nbsp; 381441 | 22682566 |
| Unibail-Rodamco-Westfield, New | &nbsp;&nbsp; 20889 | 2024964 |
| Vinci SA | &nbsp;&nbsp; 131483 | 18264141 |
|  |  | 269002043 |
| **Germany — 10.5%** | **Germany — 10.5%** | **Germany — 10.5%** |
| BASF SE | &nbsp;&nbsp; 191694 | 9394803 |
| Bayer AG, Registered | &nbsp;&nbsp; 582930 | 18130126 |
| Bayerische Motoren Werke AG | &nbsp;&nbsp; 144459 | 13745474 |
| Brenntag SE | &nbsp;&nbsp; 27915 | 1731822 |
| Commerzbank AG | &nbsp;&nbsp; 262829 | 9584275 |
| Continental AG | &nbsp;&nbsp; 39181 | 3346471 |
| Daimler Truck Holding AG | &nbsp;&nbsp; 224619 | 10926649 |
| Deutsche Bank AG, Registered | &nbsp;&nbsp; 745352 | 24549304 |
| Deutsche Lufthansa AG, Registered | &nbsp;&nbsp; 519231 | 4452318 |
| Deutsche Post AG, Registered | &nbsp;&nbsp; 260311 | 11663418 |
| Deutsche Telekom AG, Registered | &nbsp;&nbsp; 629172 | 22565819 |
| E.ON SE | &nbsp;&nbsp; 361181 | 6589109 |
| Evonik Industries AG | &nbsp;&nbsp; 62134 | 1233861 |
| Fresenius Medical Care AG | &nbsp;&nbsp; 91569 | 4644509 |
| Fresenius SE & Co. KGaA | &nbsp;&nbsp; 177675 | 8480540 |
| Heidelberg Materials AG | &nbsp;&nbsp; 33439 | 7714193 |
| Henkel AG & Co. KGaA | &nbsp;&nbsp; 39320 | 2796057 |
| Infineon Technologies AG | &nbsp;&nbsp; 455711 | 17901746 |
| Mercedes-Benz Group AG | &nbsp;&nbsp; 331163 | 18750531 |
| Merck KGaA | &nbsp;&nbsp; 29068 | 3633046 |
| RWE AG | &nbsp;&nbsp; 210488 | 8635309 |
| Siemens AG, Registered | &nbsp;&nbsp; 138209 | 35202264 |
| Talanx AG<sup>(b)</sup> | &nbsp;&nbsp; 8559 | 1134470 |
|  |  | 246806114 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI Intl Value Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Hong Kong — 2.4%** | **Hong Kong — 2.4%** | **Hong Kong — 2.4%** |
| BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 890000 | $3996326 |
| CK Asset Holdings Ltd. | &nbsp;&nbsp; 384000 | 1759564 |
| CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 2446000 | 15921017 |
| CK Infrastructure Holdings Ltd. | &nbsp;&nbsp; 142500 | 1003626 |
| Henderson Land Development Co. Ltd. | &nbsp;&nbsp; 206000 | 720851 |
| Hongkong Land Holdings Ltd. | &nbsp;&nbsp; 243200 | 1471360 |
| Jardine Matheson Holdings Ltd. | &nbsp;&nbsp; 138700 | 7531598 |
| MTR Corp. Ltd. | &nbsp;&nbsp; 624500 | 2246494 |
| Power Assets Holdings Ltd. | &nbsp;&nbsp; 256000 | 1685529 |
| Sino Land Co. Ltd. | &nbsp;&nbsp; 2272000 | 2618932 |
| SITC International Holdings Co. Ltd. | &nbsp;&nbsp; 494000 | 1601567 |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 565000 | 6710768 |
| Swire Pacific Ltd., Class A | &nbsp;&nbsp; 275500 | 2490337 |
| WH Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 5583500 | 5589854 |
| Wharf Real Estate Investment Co. Ltd. | &nbsp;&nbsp; 427000 | 1355645 |
|  |  | 56703468 |
| **Ireland — 0.4%** | **Ireland — 0.4%** | **Ireland — 0.4%** |
| AIB Group PLC | &nbsp;&nbsp; 518811 | 4092718 |
| Bank of Ireland Group PLC | &nbsp;&nbsp; 308809 | 4141119 |
|  |  | 8233837 |
| **Israel — 1.3%** | **Israel — 1.3%** | **Israel — 1.3%** |
| Bank Hapoalim BM | &nbsp;&nbsp; 275172 | 5160320 |
| Bank Leumi Le-Israel BM | &nbsp;&nbsp; 343957 | 6362783 |
| Check Point Software Technologies Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 17694 | 3294623 |
| ICL Group Ltd. | &nbsp;&nbsp; 162222 | 1010628 |
| Isracard Ltd. | &nbsp;&nbsp; 1 | 4 |
| Israel Discount Bank Ltd., Class A | &nbsp;&nbsp; 321797 | 3077515 |
| Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp; 26555 | 1640404 |
| Nice Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 15469 | 2414883 |
| Teva Pharmaceutical Industries Ltd., ADR<sup>(b)</sup> | &nbsp;&nbsp; 558150 | 8623417 |
|  |  | 31584577 |
| **Italy — 3.9%** | **Italy — 3.9%** | **Italy — 3.9%** |
| Banco BPM SpA | &nbsp;&nbsp; 285050 | 3635285 |
| BPER Banca SpA | &nbsp;&nbsp; 241529 | 2376770 |
| Enel SpA | &nbsp;&nbsp; 1714470 | 15118684 |
| Eni SpA | &nbsp;&nbsp; 482961 | 8242856 |
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 2802275 | 16884433 |
| Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp; 79370 | 1747438 |
| Nexi SpA<sup>(c)</sup> | &nbsp;&nbsp; 177319 | 1012533 |
| Stellantis NV | &nbsp;&nbsp; 1479088 | 13053104 |
| Telecom Italia SpA/Milano<sup>(b)</sup> | &nbsp;&nbsp; 3342949 | 1536194 |
| Tenaris SA | &nbsp;&nbsp; 78524 | 1371435 |
| UniCredit SpA | &nbsp;&nbsp; 339466 | 24975792 |
| Unipol Gruppo SpA | &nbsp;&nbsp; 60517 | 1213832 |
|  |  | 91168356 |
| **Japan — 29.3%** | **Japan — 29.3%** | **Japan — 29.3%** |
| AGC Inc. | &nbsp;&nbsp; 101300 | 3048590 |
| Aisin Corp. | &nbsp;&nbsp; 193100 | 2668644 |
| ANA Holdings Inc. | &nbsp;&nbsp; 66300 | 1229372 |
| Asahi Group Holdings Ltd. | &nbsp;&nbsp; 519800 | 6594224 |
| Asahi Kasei Corp. | &nbsp;&nbsp; 404300 | 2813020 |
| Astellas Pharma Inc. | &nbsp;&nbsp; 312500 | 3240194 |
| Bridgestone Corp. | &nbsp;&nbsp; 133700 | 5408187 |
| Canon Inc. | &nbsp;&nbsp; 567100 | 16107138 |
| Central Japan Railway Co. | &nbsp;&nbsp; 502100 | 11705045 |
| Chiba Bank Ltd. (The) | &nbsp;&nbsp; 119900 | 1117553 |
| Chubu Electric Power Co. Inc. | &nbsp;&nbsp; 404300 | 4944890 |
| Concordia Financial Group Ltd. | &nbsp;&nbsp; 226000 | 1498658 |
| Dai Nippon Printing Co. Ltd. | &nbsp;&nbsp; 174100 | 2681046 |
| Daito Trust Construction Co. Ltd. | &nbsp;&nbsp; 33100 | 3388701 |
| Daiwa House Industry Co. Ltd. | &nbsp;&nbsp; 191100 | 6317940 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Daiwa Securities Group Inc. | &nbsp;&nbsp; 168100 | $1170287 |
| Denso Corp. | &nbsp;&nbsp; 430400 | 5839417 |
| Dentsu Group Inc. | &nbsp;&nbsp; 47600 | 938700 |
| East Japan Railway Co. | &nbsp;&nbsp; 228200 | 4891276 |
| ENEOS Holdings Inc. | &nbsp;&nbsp; 706400 | 3707634 |
| Fuji Electric Co. Ltd. | &nbsp;&nbsp; 40100 | 1993699 |
| FUJIFILM Holdings Corp. | &nbsp;&nbsp; 611000 | 12673499 |
| Fujitsu Ltd. | &nbsp;&nbsp; 459300 | 10005353 |
| Hankyu Hanshin Holdings Inc. | &nbsp;&nbsp; 81900 | 2134449 |
| Hikari Tsushin Inc. | &nbsp;&nbsp; 3100 | 833462 |
| Honda Motor Co. Ltd. | &nbsp;&nbsp; 1875700 | 19418940 |
| Hulic Co. Ltd. | &nbsp;&nbsp; 286700 | 2734459 |
| Idemitsu Kosan Co. Ltd. | &nbsp;&nbsp; 197800 | 1271579 |
| Inpex Corp. | &nbsp;&nbsp; 298600 | 4251691 |
| Isuzu Motors Ltd. | &nbsp;&nbsp; 177300 | 2272278 |
| ITOCHU Corp. | &nbsp;&nbsp; 369400 | 19375989 |
| Japan Airlines Co. Ltd. | &nbsp;&nbsp; 56900 | 1129891 |
| Japan Post Bank Co. Ltd. | &nbsp;&nbsp; 437900 | 4887531 |
| Japan Post Holdings Co. Ltd. | &nbsp;&nbsp; 572100 | 5298027 |
| Japan Post Insurance Co. Ltd. | &nbsp;&nbsp; 50100 | 1282791 |
| Japan Tobacco Inc. | &nbsp;&nbsp; 272700 | 7788208 |
| JFE Holdings Inc. | &nbsp;&nbsp; 366100 | 4236897 |
| Kajima Corp. | &nbsp;&nbsp; 153700 | 3850285 |
| Kansai Electric Power Co. Inc. (The) | &nbsp;&nbsp; 487900 | 5857942 |
| Kawasaki Kisen Kaisha Ltd. | &nbsp;&nbsp; 209500 | 2959583 |
| KDDI Corp. | &nbsp;&nbsp; 656300 | 10770934 |
| Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 246400 | 3246977 |
| Komatsu Ltd. | &nbsp;&nbsp; 375600 | 12101036 |
| Kubota Corp. | &nbsp;&nbsp; 423800 | 4752598 |
| Kyocera Corp. | &nbsp;&nbsp; 781600 | 9226293 |
| Kyowa Kirin Co. Ltd. | &nbsp;&nbsp; 47900 | 817634 |
| LY Corp. | &nbsp;&nbsp; 501000 | 1831237 |
| Makita Corp. | &nbsp;&nbsp; 54000 | 1671738 |
| Marubeni Corp. | &nbsp;&nbsp; 723400 | 14810700 |
| MEIJI Holdings Co. Ltd. | &nbsp;&nbsp; 65000 | 1314364 |
| Minebea Mitsumi Inc. | &nbsp;&nbsp; 127100 | 2000347 |
| Mitsubishi Chemical Group Corp. | &nbsp;&nbsp; 608000 | 3311637 |
| Mitsubishi Corp. | &nbsp;&nbsp; 1174900 | 23172994 |
| Mitsubishi Electric Corp. | &nbsp;&nbsp; 487400 | 10962716 |
| Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp; 295100 | 5524985 |
| Mitsubishi HC Capital Inc. | &nbsp;&nbsp; 192800 | 1425106 |
| Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp; 1908300 | 26301657 |
| Mitsui & Co. Ltd. | &nbsp;&nbsp; 1060800 | 21594323 |
| Mitsui OSK Lines Ltd. | &nbsp;&nbsp; 241000 | 8100562 |
| Mizuho Financial Group Inc. | &nbsp;&nbsp; 546170 | 16020072 |
| MS&AD Insurance Group Holdings Inc. | &nbsp;&nbsp; 142700 | 3048937 |
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 618000 | 9198360 |
| NEC Corp. | &nbsp;&nbsp; 408200 | 11721819 |
| Nippon Building Fund Inc. | &nbsp;&nbsp; 2220 | 2036467 |
| Nippon Steel Corp. | &nbsp;&nbsp; 492700 | 9488423 |
| Nippon Yusen KK | &nbsp;&nbsp; 291000 | 10205303 |
| Nissan Motor Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1325800 | 2811093 |
| Nomura Holdings Inc. | &nbsp;&nbsp; 906300 | 5987286 |
| NTT Inc. | &nbsp;&nbsp; 8975700 | 9064213 |
| Obayashi Corp. | &nbsp;&nbsp; 215400 | 3171820 |
| Omron Corp. | &nbsp;&nbsp; 40800 | 1051610 |
| Ono Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 148800 | 1663996 |
| ORIX Corp. | &nbsp;&nbsp; 295300 | 6633336 |
| Osaka Gas Co. Ltd. | &nbsp;&nbsp; 129200 | 3268932 |
| Otsuka Holdings Co. Ltd. | &nbsp;&nbsp; 119700 | 5698881 |
| Panasonic Holdings Corp. | &nbsp;&nbsp; 763900 | 7225973 |
| Renesas Electronics Corp. | &nbsp;&nbsp; 1090900 | 13268675 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI Intl Value Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Resona Holdings Inc. | &nbsp;&nbsp; 348000 | $3168193 |
| Ricoh Co. Ltd. | &nbsp;&nbsp; 395100 | 3464430 |
| SBI Holdings Inc. | &nbsp;&nbsp; 59600 | 2214013 |
| SCREEN Holdings Co. Ltd. | &nbsp;&nbsp; 26400 | 2059461 |
| SCSK Corp. | &nbsp;&nbsp; 40300 | 1253931 |
| Secom Co. Ltd. | &nbsp;&nbsp; 75700 | 2718630 |
| Sekisui Chemical Co. Ltd. | &nbsp;&nbsp; 123200 | 2136919 |
| Sekisui House Ltd. | &nbsp;&nbsp; 140700 | 2951439 |
| Seven & i Holdings Co. Ltd. | &nbsp;&nbsp; 493000 | 6499314 |
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 230300 | 3851610 |
| SoftBank Group Corp. | &nbsp;&nbsp; 125000 | 9544867 |
| Subaru Corp. | &nbsp;&nbsp; 279900 | 5148988 |
| Sumitomo Corp. | &nbsp;&nbsp; 622800 | 15918614 |
| Sumitomo Electric Industries Ltd. | &nbsp;&nbsp; 206300 | 5119270 |
| Sumitomo Metal Mining Co. Ltd. | &nbsp;&nbsp; 94300 | 2074156 |
| Sumitomo Mitsui Financial Group Inc. | &nbsp;&nbsp; 759300 | 19154560 |
| Sumitomo Mitsui Trust Group Inc. | &nbsp;&nbsp; 152300 | 3992508 |
| Suntory Beverage & Food Ltd. | &nbsp;&nbsp; 41100 | 1241044 |
| Suzuki Motor Corp. | &nbsp;&nbsp; 408800 | 4491720 |
| Taisei Corp. | &nbsp;&nbsp; 48300 | 2888044 |
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 384600 | 10564878 |
| TDK Corp. | &nbsp;&nbsp; 907500 | 11056009 |
| TIS Inc. | &nbsp;&nbsp; 38200 | 1218653 |
| Tokyo Gas Co. Ltd. | &nbsp;&nbsp; 106100 | 3553140 |
| Tokyu Corp. | &nbsp;&nbsp; 70100 | 789096 |
| Toppan Holdings Inc. | &nbsp;&nbsp; 92700 | 2498100 |
| Toray Industries Inc. | &nbsp;&nbsp; 372700 | 2549214 |
| Toyota Industries Corp. | &nbsp;&nbsp; 64800 | 6929231 |
| Toyota Motor Corp. | &nbsp;&nbsp; 2636300 | 46893454 |
| Toyota Tsusho Corp. | &nbsp;&nbsp; 318900 | 7308657 |
| West Japan Railway Co. | &nbsp;&nbsp; 131900 | 2887848 |
| Yamaha Motor Co. Ltd. | &nbsp;&nbsp; 294900 | 2132959 |
| Yokogawa Electric Corp. | &nbsp;&nbsp; 85900 | 2289585 |
|  |  | 688632638 |
| **Netherlands — 2.9%** | **Netherlands — 2.9%** | **Netherlands — 2.9%** |
| ABN AMRO Bank NV, CVA<sup>(c)</sup> | &nbsp;&nbsp; 166470 | 4812387 |
| Aegon Ltd. | &nbsp;&nbsp; 381669 | 2727608 |
| AerCap Holdings NV | &nbsp;&nbsp; 98237 | 10535918 |
| ASR Nederland NV | &nbsp;&nbsp; 22223 | 1476139 |
| EXOR NV | &nbsp;&nbsp; 21543 | 2076237 |
| Heineken Holding NV | &nbsp;&nbsp; 22553 | 1522126 |
| ING Groep NV | &nbsp;&nbsp; 741424 | 17279203 |
| JDE Peet's NV | &nbsp;&nbsp; 63802 | 1892053 |
| Koninklijke Ahold Delhaize NV | &nbsp;&nbsp; 292171 | 11539702 |
| Koninklijke Philips NV | &nbsp;&nbsp; 199322 | 5205360 |
| NN Group NV | &nbsp;&nbsp; 107131 | 7213730 |
| Randstad NV | &nbsp;&nbsp; 34697 | 1649129 |
|  |  | 67929592 |
| **Norway — 0.7%** | **Norway — 0.7%** | **Norway — 0.7%** |
| Aker BP ASA | &nbsp;&nbsp; 52903 | 1272667 |
| DNB Bank ASA | &nbsp;&nbsp; 122129 | 3089831 |
| Equinor ASA | &nbsp;&nbsp; 144904 | 3722231 |
| Mowi ASA | &nbsp;&nbsp; 117352 | 2185973 |
| Norsk Hydro ASA | &nbsp;&nbsp; 396795 | 2351800 |
| Orkla ASA | &nbsp;&nbsp; 132802 | 1396549 |
| Yara International ASA | &nbsp;&nbsp; 45108 | 1667514 |
|  |  | 15686565 |
| **Portugal — 0.1%** | **Portugal — 0.1%** | **Portugal — 0.1%** |
| EDP Renovaveis SA | &nbsp;&nbsp; 47680 | 559797 |
| EDP SA | &nbsp;&nbsp; 657401 | 2841524 |
|  |  | 3401321 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Singapore — 0.9%** | **Singapore — 0.9%** | **Singapore — 0.9%** |
| Keppel Ltd. | &nbsp;&nbsp; 502700 | $3265960 |
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 302700 | 3922737 |
| Sembcorp Industries Ltd. | &nbsp;&nbsp; 100200 | 595798 |
| Singapore Airlines Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 564900 | 2950565 |
| Singapore Telecommunications Ltd. | &nbsp;&nbsp; 1018300 | 3034684 |
| United Overseas Bank Ltd. | &nbsp;&nbsp; 127500 | 3542299 |
| Wilmar International Ltd. | &nbsp;&nbsp; 1205000 | 2727344 |
| Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp; 1097600 | 2152863 |
|  |  | 22192250 |
| **Spain — 4.2%** | **Spain — 4.2%** | **Spain — 4.2%** |
| Acciona SA | &nbsp;&nbsp; 2816 | 540094 |
| ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp; 44968 | 3103455 |
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 1480985 | 24700247 |
| Banco de Sabadell SA | &nbsp;&nbsp; 1395860 | 5151980 |
| Banco Santander SA | &nbsp;&nbsp; 4964120 | 42645672 |
| CaixaBank SA | &nbsp;&nbsp; 760122 | 7151460 |
| Grifols SA<sup>(b)</sup> | &nbsp;&nbsp; 117501 | 1750780 |
| International Consolidated Airlines Group SA, <br> Class DI<br>| &nbsp;&nbsp; 413404 | 2072505 |
| Repsol SA | &nbsp;&nbsp; 516512 | 7831227 |
| Telefonica SA | &nbsp;&nbsp; 846420 | 4368198 |
|  |  | 99315618 |
| **Sweden — 2.1%** | **Sweden — 2.1%** | **Sweden — 2.1%** |
| Boliden AB<sup>(b)</sup> | &nbsp;&nbsp; 59940 | 1834717 |
| Hexagon AB, Class B | &nbsp;&nbsp; 278722 | 3062619 |
| Nordea Bank Abp | &nbsp;&nbsp; 431600 | 6297813 |
| Securitas AB, Class B | &nbsp;&nbsp; 154864 | 2298389 |
| Skanska AB, Class B | &nbsp;&nbsp; 100898 | 2353596 |
| SKF AB, Class B | &nbsp;&nbsp; 117926 | 2746784 |
| Svenska Handelsbanken AB, Class A | &nbsp;&nbsp; 227893 | 2776734 |
| Swedbank AB, Class A | &nbsp;&nbsp; 148938 | 3965925 |
| Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp; 1189258 | 8638271 |
| Telia Co. AB | &nbsp;&nbsp; 376825 | 1330837 |
| Trelleborg AB, Class B | &nbsp;&nbsp; 37105 | 1348202 |
| Volvo AB, Class B | &nbsp;&nbsp; 396669 | 11392249 |
|  |  | 48046136 |
| **Switzerland — 4.0%** | **Switzerland — 4.0%** | **Switzerland — 4.0%** |
| Amrize Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 75606 | 3821954 |
| Barry Callebaut AG, Registered | &nbsp;&nbsp; 720 | 876815 |
| Holcim AG | &nbsp;&nbsp; 75584 | 6027818 |
| Novartis AG, Registered | &nbsp;&nbsp; 346978 | 39516299 |
| Roche Holding AG, NVS | &nbsp;&nbsp; 119042 | 37149798 |
| Sandoz Group AG | &nbsp;&nbsp; 97587 | 5580892 |
| Swatch Group AG (The), Bearer<sup>(a)</sup> | &nbsp;&nbsp; 6618 | 1170441 |
|  |  | 94144017 |
| **United Kingdom — 16.3%** | **United Kingdom — 16.3%** | **United Kingdom — 16.3%** |
| 3i Group PLC | &nbsp;&nbsp; 212150 | 11592325 |
| Anglo American PLC, NVS | &nbsp;&nbsp; 156943 | 4416077 |
| Associated British Foods PLC | &nbsp;&nbsp; 122073 | 3534683 |
| Aviva PLC | &nbsp;&nbsp; 301449 | 2575581 |
| Barclays PLC | &nbsp;&nbsp; 5811762 | 28407998 |
| Barratt Redrow PLC | &nbsp;&nbsp; 293313 | 1444405 |
| BP PLC | &nbsp;&nbsp; 2600713 | 13940550 |
| British American Tobacco PLC | &nbsp;&nbsp; 1130389 | 60563220 |
| BT Group PLC | &nbsp;&nbsp; 2590461 | 7074643 |
| Centrica PLC | &nbsp;&nbsp; 2096336 | 4556916 |
| DCC PLC | &nbsp;&nbsp; 36616 | 2293298 |
| Glencore PLC | &nbsp;&nbsp; 2234817 | 8969039 |
| GSK PLC | &nbsp;&nbsp; 1237038 | 22754054 |
| Haleon PLC | &nbsp;&nbsp; 1124726 | 5275716 |
| Hikma Pharmaceuticals PLC | &nbsp;&nbsp; 48171 | 1245088 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI Intl Value Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| HSBC Holdings PLC | &nbsp;&nbsp; 4179174 | $50914755 |
| Imperial Brands PLC | &nbsp;&nbsp; 325987 | 12706771 |
| Informa PLC | &nbsp;&nbsp; 282388 | 3229117 |
| J Sainsbury PLC | &nbsp;&nbsp; 922032 | 3686830 |
| JD Sports Fashion PLC | &nbsp;&nbsp; 381884 | 428660 |
| Kingfisher PLC | &nbsp;&nbsp; 504139 | 1792619 |
| Lloyds Banking Group PLC | &nbsp;&nbsp; 14858521 | 15236635 |
| M&G PLC | &nbsp;&nbsp; 419838 | 1445038 |
| Marks & Spencer Group PLC | &nbsp;&nbsp; 384225 | 1764587 |
| Mondi PLC | &nbsp;&nbsp; 78960 | 1067400 |
| NatWest Group PLC | &nbsp;&nbsp; 1862672 | 12929879 |
| Pearson PLC | &nbsp;&nbsp; 86504 | 1223249 |
| Phoenix Group Holdings PLC | &nbsp;&nbsp; 74773 | 653895 |
| Rio Tinto PLC | &nbsp;&nbsp; 240869 | 14346009 |
| Shell PLC | &nbsp;&nbsp; 958139 | 34428907 |
| Smith & Nephew PLC | &nbsp;&nbsp; 198745 | 3037409 |
| SSE PLC | &nbsp;&nbsp; 133332 | 3268264 |
| Standard Chartered PLC | &nbsp;&nbsp; 779460 | 13973347 |
| Tesco PLC | &nbsp;&nbsp; 1937449 | 10885404 |
| Vodafone Group PLC | &nbsp;&nbsp; 12433401 | 13480252 |
| WPP PLC | &nbsp;&nbsp; 392478 | 2125028 |
|  |  | 381267648 |
| **Total Common Stocks — 98.1%** <br>**(Cost: $1,840,938,720)** | **Total Common Stocks — 98.1%** <br>**(Cost: $1,840,938,720)** | 2302497650 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Germany — 1.2%** | **Germany — 1.2%** | **Germany — 1.2%** |
| Bayerische Motoren Werke AG, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 29744 | 2600381 |
| Henkel AG & Co. KGaA, Preference Shares, NVS | &nbsp;&nbsp; 53385 | 4113800 |
| Porsche Automobil Holding SE, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 107635 | 4319831 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| Volkswagen AG, Preference Shares, NVS | &nbsp;&nbsp; 151803 | $15873388 |
|  |  | 26907400 |
| **Total Preferred Stocks — 1.2%** <br>**(Cost: $34,920,195)** | **Total Preferred Stocks — 1.2%** <br>**(Cost: $34,920,195)** | 26907400 |
| **Total Long-Term Investments — 99.3%** <br>**(Cost: $1,875,858,915)** | **Total Long-Term Investments — 99.3%** <br>**(Cost: $1,875,858,915)** | 2329405050 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.3%** | **Money Market Funds — 0.3%** | **Money Market Funds — 0.3%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 6702803 | 6705484 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 880000 | 880000 |
| **Total Short-Term Securities — 0.3%** <br>**(Cost: $7,585,354)** | **Total Short-Term Securities — 0.3%** <br>**(Cost: $7,585,354)** | 7585484 |
| **Total Investments — 99.6%** <br>**(Cost: $1,883,444,269)** | **Total Investments — 99.6%** <br>**(Cost: $1,883,444,269)** | 2336990534 |
| **Other Assets Less Liabilities — 0.4%** | **Other Assets Less Liabilities — 0.4%** | 9713211 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $2346703745 |

---

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

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

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

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

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 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>*07/31/24*<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>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<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>| $2950313<br> $3755873 <br><sup>(a)</sup><br>| $— | $(29)<br>| $(673)<br>| $6705484 | 6702803 | $21629 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 590000<br> 290000 <br><sup>(a)</sup><br>|  |  |  | 880000 | 880000 | 41803 |  |
|  |  |  | $(29) | $(673) | $7585484 |  | $63432 | $— |

---

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

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

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

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI Intl Value Factor ETF**

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| TOPIX Index | 19 | 09/11/25 | &nbsp;&nbsp; $3675 | $145353 |
| Euro STOXX 50 Index | 71 | 09/19/25 | &nbsp;&nbsp; 4327 | 12133 |
| FTSE 100 Index | 29 | 09/19/25 | &nbsp;&nbsp; 3482 | 76300 |
|  |  |  |  | $233786 |

---

**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; $233786 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $233786 |

---

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

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts 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 July 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; $1055220 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1055220 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $183773 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $183773 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $14259105 |

---

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; $100627636 | &nbsp;&nbsp; $2201870014 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2302497650 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 26907400 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26907400 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI Intl Value Factor ETF**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; $7585484 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7585484 |
|  | &nbsp;&nbsp; $108213120 | &nbsp;&nbsp; $2228777414 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2336990534 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $12133 | &nbsp;&nbsp; $221653 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $233786 |

---

&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

July 31, 2025

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>MSCI Intl <br> Momentum Factor <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Intl Quality <br> Factor ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Intl Value <br> Factor ETF <br>|
| **ASSETS** |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $3053711248 | $11569973493 | $2329405050 |
| Investments, at value—affiliated<sup>(c)</sup> | 2345701 | 9285013 | 7585484 |
| Cash | 5284 | 1166615 | 7756 |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> | 654582 | 4883608 | 746765 |
| Foreign currency, at value<sup>(e)</sup> | 5384555 | 29473271 | 10627626 |
| Receivables: |  |  |  |
| Securities lending income—affiliated | 5556 | 2601 | 4731 |
| Capital shares sold |  | 1270383 |  |
| Dividends—unaffiliated | 2227943 | 5261619 | 2937278 |
| Dividends—affiliated | 3272 | 6290 | 2112 |
| Tax reclaims | 3175916 | 35989325 | 2785411 |
| Foreign withholding tax claims | 85268 |  |  |
| Total assets | 3067599325 | 11657312218 | 2354102213 |
| **LIABILITIES** |  |  |  |
| Collateral on securities loaned, at value | 1435701 | 6535013 | 6706465 |
| Payables: |  |  |  |
| Investments purchased |  | 1362071 |  |
| Investment advisory fees | 783963 | 3042551 | 594919 |
| Professional fees | 26592 | 18830 | 18830 |
| Variation margin on futures contracts | 67455 | 518786 | 78254 |
| Total liabilities | 2313711 | 11477251 | 7398468 |
| **Commitments and contingent liabilities** |  |  |  |
| NET ASSETS | $3065285614 | $11645834967 | $2346703745 |
| **NET ASSETS CONSIST OF** |  |  |  |
| Paid-in capital | $2450308692 | $10275948186 | $1956494653 |
| Accumulated earnings | 614976922 | 1369886781 | 390209092 |
| NET ASSETS | $3065285614 | $11645834967 | $2346703745 |
| **NET ASSET VALUE** |  |  |  |
| Shares outstanding | 68600000 | 281000000 | 71700000 |
| Net asset value | $44.68 | $41.44 | $32.73 |
| Shares authorized | Unlimited | Unlimited | Unlimited |
| Par value |  |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $2507465927 | $9838267830 | $1875858915 |
| <sup>(b)</sup> Securities loaned, at value | $1358369 | $6241727 | $6213564 |
| <sup>(c)</sup> Investments, at cost—affiliated | $2345701 | $9285013 | $7585354 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $670891 | $4952579 | $764897 |
| <sup>(e)</sup> Foreign currency, at cost | $5486854 | $30204934 | $10977194 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Operations

Year Ended July 31, 2025

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

---

| | | | |
|:---|:---|:---|:---|
|  | iShares <br>MSCI Intl <br> Momentum <br> Factor ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Intl <br> Quality <br> Factor ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Intl <br> Value Factor <br> ETF <br>|
| **INVESTMENT INCOME** |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $72309097 | &nbsp;&nbsp;&nbsp; $278207713 | &nbsp;&nbsp;&nbsp; $85180432 |
| Dividends—affiliated | &nbsp;&nbsp; 56028 | &nbsp;&nbsp;&nbsp; 130922 | &nbsp;&nbsp;&nbsp; 41803 |
| Interest—unaffiliated | &nbsp;&nbsp; 25465 | &nbsp;&nbsp;&nbsp; 159088 | &nbsp;&nbsp;&nbsp; 37481 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 20325 | &nbsp;&nbsp;&nbsp; 27351 | &nbsp;&nbsp;&nbsp; 21629 |
| Other income—unaffiliated | &nbsp;&nbsp; 9831 | &nbsp;&nbsp;&nbsp; 65327 | &nbsp;&nbsp;&nbsp; 19621 |
| Foreign taxes withheld | &nbsp;&nbsp; (6456881)<br>| &nbsp;&nbsp;&nbsp; (22810189)<br>| &nbsp;&nbsp;&nbsp; (6415556)<br>|
| Foreign withholding tax claims | &nbsp;&nbsp; 513568 | &nbsp;&nbsp;&nbsp; 3293397 | &nbsp;&nbsp;&nbsp; 2349339 |
| Total investment income | &nbsp;&nbsp; 66477433 | &nbsp;&nbsp;&nbsp; 259073609 | &nbsp;&nbsp;&nbsp; 81234749 |
| EXPENSES |  |  |  |
| Investment advisory | &nbsp;&nbsp; 7436771 | &nbsp;&nbsp;&nbsp; 27204826 | &nbsp;&nbsp;&nbsp; 5797193 |
| Professional | &nbsp;&nbsp; 34395 | &nbsp;&nbsp;&nbsp; 73473 | &nbsp;&nbsp;&nbsp; 135314 |
| Interest expense | &nbsp;&nbsp; 22391 | &nbsp;&nbsp;&nbsp; 258 | &nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp; 7493557 | &nbsp;&nbsp;&nbsp; 27278557 | &nbsp;&nbsp;&nbsp; 5932507 |
| Net investment income | &nbsp;&nbsp; 58983876 | &nbsp;&nbsp;&nbsp; 231795052 | &nbsp;&nbsp;&nbsp; 75302242 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 212311749 | &nbsp;&nbsp;&nbsp; (84738702)<br>| &nbsp;&nbsp;&nbsp; 44477359 |
| Investments—affiliated | &nbsp;&nbsp; (824)<br>| &nbsp;&nbsp;&nbsp; 681 | &nbsp;&nbsp;&nbsp; (29)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 693905 | &nbsp;&nbsp;&nbsp; 1583683 | &nbsp;&nbsp;&nbsp; 884882 |
| Futures contracts | &nbsp;&nbsp; 262348 | &nbsp;&nbsp;&nbsp; 4268990 | &nbsp;&nbsp;&nbsp; 1055220 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 16853838 | &nbsp;&nbsp;&nbsp; 47776153 | &nbsp;&nbsp;&nbsp; 19266418 |
|  | &nbsp;&nbsp; 230121016 | &nbsp;&nbsp;&nbsp; (31109195)<br>| &nbsp;&nbsp;&nbsp; 65683850 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 103085270 | &nbsp;&nbsp;&nbsp; 450100039 | &nbsp;&nbsp;&nbsp; 219391043 |
| Investments—affiliated | &nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp; (673)<br>|
| Foreign currency translations | &nbsp;&nbsp; (167486)<br>| &nbsp;&nbsp;&nbsp; 1003205 | &nbsp;&nbsp;&nbsp; (461907)<br>|
| Futures contracts | &nbsp;&nbsp; 219080 | &nbsp;&nbsp;&nbsp; 814828 | &nbsp;&nbsp;&nbsp; 183773 |
|  | &nbsp;&nbsp; 103136981 | &nbsp;&nbsp;&nbsp; 451918053 | &nbsp;&nbsp;&nbsp; 219112236 |
| Net realized and unrealized gain | &nbsp;&nbsp; 333257997 | &nbsp;&nbsp;&nbsp; 420808858 | &nbsp;&nbsp;&nbsp; 284796086 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $392241873 | &nbsp;&nbsp;&nbsp; $652603910 | &nbsp;&nbsp;&nbsp; $360098328 |
| <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 Changes in Net Assets

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>MSCI Intl Momentum Factor ETF  | iShares <br>MSCI Intl Momentum Factor ETF  | iShares <br>MSCI Intl Quality Factor ETF  | iShares <br>MSCI Intl Quality Factor ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $58983876 | &nbsp;&nbsp;&nbsp; $39371073 | &nbsp;&nbsp;&nbsp; $231795052 | &nbsp;&nbsp;&nbsp; $188736809 |
| Net realized gain (loss) | &nbsp;&nbsp; 230121016 | &nbsp;&nbsp;&nbsp; 8393912 | &nbsp;&nbsp;&nbsp; (31109195)<br>| &nbsp;&nbsp;&nbsp; 1739388 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 103136981 | &nbsp;&nbsp;&nbsp; 291496305 | &nbsp;&nbsp;&nbsp; 451918053 | &nbsp;&nbsp;&nbsp; 651543534 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 392241873 | &nbsp;&nbsp;&nbsp; 339261290 | &nbsp;&nbsp;&nbsp; 652603910 | &nbsp;&nbsp;&nbsp; 842019731 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (70358159)<br>| &nbsp;&nbsp;&nbsp; (44996621)<br>| &nbsp;&nbsp;&nbsp; (255920278)<br>| &nbsp;&nbsp;&nbsp; (201150878)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 502752451 | &nbsp;&nbsp;&nbsp; 428551206 | &nbsp;&nbsp;&nbsp; 3165152419 | &nbsp;&nbsp;&nbsp; 569492662 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 824636165 | &nbsp;&nbsp;&nbsp; 722815875 | &nbsp;&nbsp;&nbsp; 3561836051 | &nbsp;&nbsp;&nbsp; 1210361515 |
| Beginning of year | &nbsp;&nbsp; 2240649449 | &nbsp;&nbsp;&nbsp; 1517833574 | &nbsp;&nbsp;&nbsp; 8083998916 | &nbsp;&nbsp;&nbsp; 6873637401 |
| End of year | &nbsp;&nbsp; $3065285614 | &nbsp;&nbsp;&nbsp; $2240649449 | &nbsp;&nbsp;&nbsp; $11645834967 | &nbsp;&nbsp;&nbsp; $8083998916 |

---

&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 Intl Value Factor ETF  | iShares <br>MSCI Intl Value Factor ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $75302242 | &nbsp;&nbsp;&nbsp; $63073338 |
| Net realized gain | &nbsp;&nbsp; 65683850 | &nbsp;&nbsp;&nbsp; 52923168 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 219112236 | &nbsp;&nbsp;&nbsp; 92565203 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 360098328 | &nbsp;&nbsp;&nbsp; 208561709 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (84669435)<br>| &nbsp;&nbsp;&nbsp; (78325829)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 279921180 | &nbsp;&nbsp;&nbsp; (89955082)<br>|
| *NET ASSETS* |  |  |
| Total increase in net assets | &nbsp;&nbsp; 555350073 | &nbsp;&nbsp;&nbsp; 40280798 |
| Beginning of year | &nbsp;&nbsp; 1791353672 | &nbsp;&nbsp;&nbsp; 1751072874 |
| End of year | &nbsp;&nbsp; $2346703745 | &nbsp;&nbsp;&nbsp; $1791353672 |

---

&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 Intl Momentum Factor ETF  | iShares MSCI Intl Momentum Factor ETF  | iShares MSCI Intl Momentum Factor ETF  | iShares MSCI Intl Momentum Factor ETF  | iShares MSCI Intl Momentum Factor ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Year Ended <br>07/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $39.52 | &nbsp;&nbsp;&nbsp; $33.73 | &nbsp;&nbsp;&nbsp; $30.84 | &nbsp;&nbsp;&nbsp; $39.06 | &nbsp;&nbsp;&nbsp; $32.99 |
| Net investment income<sup>(a)</sup> | 0.97 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 5.30 | &nbsp;&nbsp;&nbsp;&nbsp;5.87 | &nbsp;&nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp;&nbsp; (6.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.09 |
| Net increase (decrease) from investment operations | 6.27 | &nbsp;&nbsp;&nbsp;&nbsp;6.66 | &nbsp;&nbsp;&nbsp;&nbsp;3.67 | &nbsp;&nbsp;&nbsp; (6.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.52 |
| **Distributions**<sup>(d)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp; (2.22)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $44.68 | &nbsp;&nbsp;&nbsp; $39.52 | &nbsp;&nbsp;&nbsp; $33.73 | &nbsp;&nbsp;&nbsp; $30.84 | &nbsp;&nbsp;&nbsp; $39.06 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 16.16 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.98 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.09 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (16.09)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.80<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>|
| Net investment income | 2.38 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.20 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.89 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $3065286 | &nbsp;&nbsp;&nbsp; $2240649 | &nbsp;&nbsp;&nbsp; $1517834 | &nbsp;&nbsp;&nbsp; $823407 | &nbsp;&nbsp;&nbsp; $831917 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 109<br> %<br>| &nbsp;&nbsp;&nbsp; 70<br> %<br>| &nbsp;&nbsp;&nbsp; 101<br> %<br>| &nbsp;&nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp;&nbsp; 104<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.01, $0.01 and $0.00.<br> • Total return by 0.02%, 0.03% and 0.00%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.03% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.01, $0.01 and $0.00.<br> • Total return by 0.02%, 0.03% and 0.00%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.03% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.01, $0.01 and $0.00.<br> • Total return by 0.02%, 0.03% and 0.00%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.03% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.01, $0.01 and $0.00.<br> • Total return by 0.02%, 0.03% and 0.00%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.03% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.01, $0.01 and $0.00.<br> • Total return by 0.02%, 0.03% and 0.00%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.03% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.01, $0.01 and $0.00.<br> • Total return by 0.02%, 0.03% and 0.00%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.03% and 0.01%. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Intl Quality Factor ETF  | iShares MSCI Intl Quality Factor ETF  | iShares MSCI Intl Quality Factor ETF  | iShares MSCI Intl Quality Factor ETF  | iShares MSCI Intl Quality Factor ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Year Ended <br>07/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $39.55 | &nbsp;&nbsp;&nbsp; $36.41 | &nbsp;&nbsp;&nbsp; $32.80 | &nbsp;&nbsp;&nbsp; $39.29 | &nbsp;&nbsp;&nbsp; $30.32 |
| Net investment income<sup>(a)</sup> | 1.03 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 1.91 | &nbsp;&nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp;&nbsp;3.45 | &nbsp;&nbsp;&nbsp; (6.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.90 |
| Net increase (decrease) from investment operations | 2.94 | &nbsp;&nbsp;&nbsp;&nbsp;4.14 | &nbsp;&nbsp;&nbsp;&nbsp;4.40 | &nbsp;&nbsp;&nbsp; (5.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.68 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $41.44 | &nbsp;&nbsp;&nbsp; $39.55 | &nbsp;&nbsp;&nbsp; $36.41 | &nbsp;&nbsp;&nbsp; $32.80 | &nbsp;&nbsp;&nbsp; $39.29 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 7.50 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.48 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.54<br> %<br>| &nbsp;&nbsp;&nbsp; (13.78)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.03<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>|
| Net investment income | 2.56 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.55 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.18<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $11645835 | &nbsp;&nbsp;&nbsp; $8083999 | &nbsp;&nbsp;&nbsp; $6873637 | &nbsp;&nbsp;&nbsp; $4021877 | &nbsp;&nbsp;&nbsp; $3744470 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp;&nbsp; 37<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025 and <br> July 31, 2024 respectively:<br> • Net investment income per share by $0.01 and $0.01.<br> • Total return by 0.03% and 0.03%.<br> • Ratio of net investment income to average net assets by 0.04% and 0.03%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025 and <br> July 31, 2024 respectively:<br> • Net investment income per share by $0.01 and $0.01.<br> • Total return by 0.03% and 0.03%.<br> • Ratio of net investment income to average net assets by 0.04% and 0.03%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025 and <br> July 31, 2024 respectively:<br> • Net investment income per share by $0.01 and $0.01.<br> • Total return by 0.03% and 0.03%.<br> • Ratio of net investment income to average net assets by 0.04% and 0.03%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025 and <br> July 31, 2024 respectively:<br> • Net investment income per share by $0.01 and $0.01.<br> • Total return by 0.03% and 0.03%.<br> • Ratio of net investment income to average net assets by 0.04% and 0.03%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025 and <br> July 31, 2024 respectively:<br> • Net investment income per share by $0.01 and $0.01.<br> • Total return by 0.03% and 0.03%.<br> • Ratio of net investment income to average net assets by 0.04% and 0.03%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025 and <br> July 31, 2024 respectively:<br> • Net investment income per share by $0.01 and $0.01.<br> • Total return by 0.03% and 0.03%.<br> • Ratio of net investment income to average net assets by 0.04% and 0.03%. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(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 Intl Value Factor ETF  | iShares MSCI Intl Value Factor ETF  | iShares MSCI Intl Value Factor ETF  | iShares MSCI Intl Value Factor ETF  | iShares MSCI Intl Value Factor ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Year Ended <br>07/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $28.57 | &nbsp;&nbsp;&nbsp; $26.41 | &nbsp;&nbsp;&nbsp; $22.63 | &nbsp;&nbsp;&nbsp; $25.69 | &nbsp;&nbsp;&nbsp; $19.05 |
| Net investment income<sup>(a)</sup> | 1.16 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 4.27 | &nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;3.71 | &nbsp;&nbsp;&nbsp; (2.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.44 |
| Net increase (decrease) from investment operations | 5.43 | &nbsp;&nbsp;&nbsp;&nbsp;3.42 | &nbsp;&nbsp;&nbsp;&nbsp;4.71 | &nbsp;&nbsp;&nbsp; (2.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.20 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp;&nbsp; (0.56)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $32.73 | &nbsp;&nbsp;&nbsp; $28.57 | &nbsp;&nbsp;&nbsp; $26.41 | &nbsp;&nbsp;&nbsp; $22.63 | &nbsp;&nbsp;&nbsp; $25.69 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 19.49 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.34 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.19 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (8.02)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 37.95<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.30<br> %<br>| &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A |
| Net investment income | 3.90 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.72 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.24 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.18<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $2346704 | &nbsp;&nbsp;&nbsp; $1791354 | &nbsp;&nbsp;&nbsp; $1751073 | &nbsp;&nbsp;&nbsp; $1407888 | &nbsp;&nbsp;&nbsp; $1125168 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 24<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.03, $0.00 and $0.01.<br> • Total return by 0.11%, 0.02% and 0.03%.<br> • Ratio of net investment income to average net assets by 0.11%, 0.02% and 0.03%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.03, $0.00 and $0.01.<br> • Total return by 0.11%, 0.02% and 0.03%.<br> • Ratio of net investment income to average net assets by 0.11%, 0.02% and 0.03%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.03, $0.00 and $0.01.<br> • Total return by 0.11%, 0.02% and 0.03%.<br> • Ratio of net investment income to average net assets by 0.11%, 0.02% and 0.03%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.03, $0.00 and $0.01.<br> • Total return by 0.11%, 0.02% and 0.03%.<br> • Ratio of net investment income to average net assets by 0.11%, 0.02% and 0.03%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.03, $0.00 and $0.01.<br> • Total return by 0.11%, 0.02% and 0.03%.<br> • Ratio of net investment income to average net assets by 0.11%, 0.02% and 0.03%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.03, $0.00 and $0.01.<br> • Total return by 0.11%, 0.02% and 0.03%.<br> • Ratio of net investment income to average net assets by 0.11%, 0.02% and 0.03%. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

*Notes to Financial Statements* 

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

***1. ORGANIZATION***

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

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

---

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

---

***2. SIGNIFICANT ACCOUNTING POLICIES***

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

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

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

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

**Foreign Taxes:** Certain Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of July 31, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

Consistent with U.S. GAAP accrual requirements, for uncertain tax positions, each Fund recognizes tax reclaims when the Fund determines that it is more likely than not that the Fund will sustain its position that it is due the reclaim.

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

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

**Collateralization:** If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

**In-kind Redemptions:** For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds' tax year. These reclassifications have no effect on net assets or net asset value ("NAV") per share.

**Distributions:** Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

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

**Segment Reporting:** The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Funds' adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or results of operations.

The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund's financial statements.

***3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund's listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Company (the "Board") of each Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Funds' as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA's policies and procedures as reflecting fair value. BFA has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of each Fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity investments 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***

**Warrants:** Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

**Securities Lending:** Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| MSCI Intl Momentum Factor |  |  |  |  |
| Jefferies LLC | &nbsp;&nbsp; $637779 | &nbsp;&nbsp;&nbsp; $(637779) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 720590 | &nbsp;&nbsp;&nbsp; (720590) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $1358369 | &nbsp;&nbsp;&nbsp; $(1358369) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| MSCI Intl Quality Factor |  |  |  |  |
| BNP Paribas SA | &nbsp;&nbsp; $643363 | &nbsp;&nbsp;&nbsp; $(643363) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 330267 | &nbsp;&nbsp;&nbsp; (330267) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. | &nbsp;&nbsp; 5268097 | &nbsp;&nbsp;&nbsp; (5268097) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $6241727 | &nbsp;&nbsp;&nbsp; $(6241727) | &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 Intl Value Factor |  |  |  |  |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; $2707834 | &nbsp;&nbsp;&nbsp; $(2707834) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Morgan Stanley | &nbsp;&nbsp; 3087877 | &nbsp;&nbsp;&nbsp; (3087877) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 417853 | &nbsp;&nbsp;&nbsp; (417853) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $6213564 | &nbsp;&nbsp;&nbsp; $(6213564) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

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

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

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

***5. DERIVATIVE FINANCIAL INSTRUMENTS***

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

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

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

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

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund's assets. BFA is a California corporation indirectly owned by BlackRock, Inc. ("BlackRock"). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent 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 Intl Momentum Factor | 0.30% |
| MSCI Intl Quality Factor | 0.30 |
| MSCI Intl Value Factor | 0.30 |

---

**Distributor:** BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be,

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended July 31, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| MSCI Intl Momentum Factor | &nbsp;&nbsp; $6863 |
| MSCI Intl Quality Factor | &nbsp;&nbsp; 8975 |
| MSCI Intl Value Factor | &nbsp;&nbsp; 7045 |

---

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

**Other Transactions:** Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the year ended July 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 Intl Momentum Factor | &nbsp;&nbsp; $845170378 | &nbsp;&nbsp;&nbsp; $555463843 | &nbsp;&nbsp;&nbsp; $41391738 |
| MSCI Intl Quality Factor | &nbsp;&nbsp; 645326321 | &nbsp;&nbsp;&nbsp; 468902641 | &nbsp;&nbsp;&nbsp; (49956557) |
| MSCI Intl Value Factor | &nbsp;&nbsp; 184405797 | &nbsp;&nbsp;&nbsp; 157931251 | &nbsp;&nbsp;&nbsp; 36018386 |

---

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 July 31, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| MSCI Intl Momentum Factor | &nbsp;&nbsp; $2760764219 | &nbsp;&nbsp;&nbsp; $2711553000 |
| MSCI Intl Quality Factor | &nbsp;&nbsp; 2009750591 | &nbsp;&nbsp;&nbsp; 1838196787 |
| MSCI Intl Value Factor | &nbsp;&nbsp; 358387048 | &nbsp;&nbsp;&nbsp; 302270087 |

---

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

For the year ended July 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| MSCI Intl Momentum Factor | &nbsp;&nbsp; $510390853 | &nbsp;&nbsp;&nbsp; $72101857 |
| MSCI Intl Quality Factor | &nbsp;&nbsp; 3104585790 | &nbsp;&nbsp;&nbsp; 154276234 |
| MSCI Intl Value Factor | &nbsp;&nbsp; 272941604 | &nbsp;&nbsp;&nbsp; 63790469 |

---

***8. INCOME TAX INFORMATION***

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

Management has analyzed tax laws and regulations and their application to the Funds as of July 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 July 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 Intl Momentum Factor | &nbsp;&nbsp; $16251845 | &nbsp;&nbsp;&nbsp; $(16251845) |
| MSCI Intl Quality Factor | &nbsp;&nbsp; 47183585 | &nbsp;&nbsp;&nbsp; (47183585) |
| MSCI Intl Value Factor | &nbsp;&nbsp; 16771856 | &nbsp;&nbsp;&nbsp; (16771856) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended* <br>*07/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*07/31/24*<br>|
| MSCI Intl Momentum Factor |  |  |
| Ordinary income | &nbsp;&nbsp; $70358159 | &nbsp;&nbsp;&nbsp; $44996621 |
| MSCI Intl Quality Factor |  |  |
| Ordinary income | &nbsp;&nbsp; $255920278 | &nbsp;&nbsp;&nbsp; $201150878 |
| MSCI Intl Value Factor |  |  |
| Ordinary income | &nbsp;&nbsp; $84669435 | &nbsp;&nbsp;&nbsp; $78325829 |

---

As of July 31, 2025, the tax components of accumulated earnings (losses) were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *iShares ETF* | *Undistributed* <br>*Ordinary Income*<br>| &nbsp;&nbsp; *Undistributed* <br>*Long-Term Capital Gains*<br>| &nbsp;&nbsp; *Non-expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| *Total* |
| MSCI Intl Momentum Factor | &nbsp;&nbsp; $10069185 | &nbsp;&nbsp;&nbsp; $67957487 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $536950250 | &nbsp;&nbsp;&nbsp; $614976922 |
| MSCI Intl Quality Factor | &nbsp;&nbsp; 39938547 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (338685244) | &nbsp;&nbsp;&nbsp; 1668633478 | &nbsp;&nbsp;&nbsp; 1369886781 |
| MSCI Intl Value Factor | &nbsp;&nbsp; 15311014 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (31228461) | &nbsp;&nbsp;&nbsp; 406126539 | &nbsp;&nbsp;&nbsp; 390209092 |

---

&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 July 31, 2025, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

---

| | |
|:---|:---|
| *iShares ETF* | *Utilized*  |
| MSCI Intl Momentum Factor | &nbsp;&nbsp; $131443316 |
| MSCI Intl Value Factor | &nbsp;&nbsp; 44358044 |

---

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

As of July 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 Intl Momentum Factor | &nbsp;&nbsp; $2519261835 | &nbsp;&nbsp;&nbsp; $573184498 | &nbsp;&nbsp;&nbsp; $(36287202) | &nbsp;&nbsp;&nbsp; $536897296 |
| MSCI Intl Quality Factor | &nbsp;&nbsp; 9913297253 | &nbsp;&nbsp;&nbsp; 1955359582 | &nbsp;&nbsp;&nbsp; (288670665) | &nbsp;&nbsp;&nbsp; 1666688917 |
| MSCI Intl Value Factor | &nbsp;&nbsp; 1930757179 | &nbsp;&nbsp;&nbsp; 516152951 | &nbsp;&nbsp;&nbsp; (109774243) | &nbsp;&nbsp;&nbsp; 406378708 |

---

***9. PRINCIPAL RISKS***

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

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

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

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

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

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

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

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including 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 Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds' investments.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

***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>07/31/25 | Year Ended <br>07/31/25 | Year Ended <br>07/31/24 | Year Ended <br>07/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| MSCI Intl Momentum Factor |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 13800000 | &nbsp;&nbsp;&nbsp; $575329914 | &nbsp;&nbsp;&nbsp; 11700000 | &nbsp;&nbsp;&nbsp; $428551206 |
| Shares redeemed | &nbsp;&nbsp; (1900000)<br>| &nbsp;&nbsp;&nbsp; (72577463)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 11900000 | &nbsp;&nbsp;&nbsp; $502752451 | &nbsp;&nbsp;&nbsp; 11700000 | &nbsp;&nbsp;&nbsp; $428551206 |
| MSCI Intl Quality Factor |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 80600000 | &nbsp;&nbsp;&nbsp; $3319940552 | &nbsp;&nbsp;&nbsp; 19100000 | &nbsp;&nbsp;&nbsp; $707357611 |
| Shares redeemed | &nbsp;&nbsp; (4000000)<br>| &nbsp;&nbsp;&nbsp; (154788133)<br>| &nbsp;&nbsp;&nbsp; (3500000)<br>| &nbsp;&nbsp;&nbsp; (137864949)<br>|
|  | &nbsp;&nbsp; 76600000 | &nbsp;&nbsp;&nbsp; $3165152419 | &nbsp;&nbsp;&nbsp; 15600000 | &nbsp;&nbsp;&nbsp; $569492662 |
| MSCI Intl Value Factor |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 11200000 | &nbsp;&nbsp;&nbsp; $344402606 | &nbsp;&nbsp;&nbsp; 4300000 | &nbsp;&nbsp;&nbsp; $116907773 |
| Shares redeemed | &nbsp;&nbsp; (2200000)<br>| &nbsp;&nbsp;&nbsp; (64481426)<br>| &nbsp;&nbsp;&nbsp; (7900000)<br>| &nbsp;&nbsp;&nbsp; (206862855)<br>|
|  | &nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp; $279921180 | &nbsp;&nbsp;&nbsp; (3600000)<br>| &nbsp;&nbsp;&nbsp; $(89955082)<br>|

---

The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company's administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes,

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

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

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

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

The iShares MSCI Intl Momentum Factor ETF has filed European Union Discrimination Claims ("ECJ Claims") to recover taxes withheld by either Finland or Poland (the "ECJ Paying Countries") on dividend income based upon certain provisions in the Treaty on the Functioning of the European Union. The Fund has recorded receivables for all recoverable taxes withheld by the ECJ Paying Countries based upon previous determinations made by the local tax authorities. Professional and other fees associated with the filing of these claims for foreign withholding taxes have been approved by the Board as appropriate expenses of the Fund. Based upon the Fund's evaluation of the facts and circumstances related to the outstanding ECJ Claims, ECJ Paying Countries' tax claim receivables and related liabilities are disclosed in the Statements of Assets and Liabilities. The collection of these receivables, and any payment of associated liabilities, depends upon future determinations made by the local tax authorities, the outcome of which is uncertain. If such future determinations are unfavorable, the potential negative impact to the Fund, as of July 31, 2025, is $85,268 or $0.00 per share.

The Internal Revenue Service ("IRS") has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which each of the iShares MSCI Intl Momentum Factor ETF, iShares MSCI Intl Quality Factor ETF and iShares MSCI Intl Value Factor ETF are able to pass through to shareholders as a foreign tax credit in the current year, each of the Funds will be able to offset the prior years' withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Funds.

***12. SUBSEQUENT EVENTS***

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

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 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 July 31, 2025, the related statements of operations for the year ended July 31, 2025, the statements of changes in net assets for each of the two years in the period ended July 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended July 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 July 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 July 31, 2025 and each of the financial highlights for each of the five years in the period ended July 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

iShares MSCI Intl Momentum Factor ETF <br> iShares MSCI Intl Quality Factor ETF <br> iShares MSCI Intl Value Factor 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 July 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

September 23, 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 July 31, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Dividend* <br>*Income*<br>|
| MSCI Intl Momentum Factor | &nbsp;&nbsp; $66668916 |
| MSCI Intl Quality Factor | &nbsp;&nbsp; 252991806 |
| MSCI Intl Value Factor | &nbsp;&nbsp; 79233255 |

---

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 July 31, 2025:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Foreign Source* <br>*Income Earned*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Foreign* <br>*Taxes Paid*<br>|
| MSCI Intl Momentum Factor | &nbsp;&nbsp; $72400509 | &nbsp;&nbsp;&nbsp;&nbsp; $5823188 |
| MSCI Intl Quality Factor | &nbsp;&nbsp; 278247442 | &nbsp;&nbsp;&nbsp;&nbsp; 18664097 |
| MSCI Intl Value Factor | &nbsp;&nbsp; 85199387 | &nbsp;&nbsp;&nbsp;&nbsp; 3717822 |

---

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 Intl Momentum Factor ETF, iShares MSCI Intl Quality Factor 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 within range of the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the

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.

**iShares MSCI Intl Value Factor 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

------

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**  |
| ADR | American Depositary Receipt |
| NVS | Non-Voting Shares |
| REIT | Real Estate Investment Trust |

---

Glossary of Terms Used in this Report

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Want to know more?

**iShares.com** \| 1-800-474-2737

**This report is intended for the 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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------

July 31, 2025

![](g68177imgdaca35531.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 Core MSCI EAFE ETF \| IEFA \| Cboe BZX Exchange |
| • iShares Core MSCI Europe ETF \| IEUR \| NYSE Arca |
| • iShares Core MSCI International Developed Markets ETF \| IDEV \| NYSE Arca |
| • iShares Core MSCI Pacific ETF \| IPAC \| NYSE Arca |
| • iShares Core MSCI Total International Stock ETF \| IXUS \| NASDAQ |

---

------

**Table of Contents**

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

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_58104bc6-f2d5-4470-a8e7-7ff27c6344a1_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_58104bc6-f2d5-4470-a8e7-7ff27c6344a1_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 112 |
| [Statements of Operations](#xx_58104bc6-f2d5-4470-a8e7-7ff27c6344a1_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 114 |
| [Statements of Changes in Net Assets](#xx_58104bc6-f2d5-4470-a8e7-7ff27c6344a1_FS-Footer-iSharesReport_5)  | &nbsp;&nbsp; 116 |
| [Financial Highlights](#xx_58104bc6-f2d5-4470-a8e7-7ff27c6344a1_FS-Footer-iSharesReport_8)  | &nbsp;&nbsp; 119 |
| [Notes to Financial Statements](#xx_58104bc6-f2d5-4470-a8e7-7ff27c6344a1_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 124 |
| [Report of Independent Registered Public Accounting Firm](#xx_58104bc6-f2d5-4470-a8e7-7ff27c6344a1_opinion-Footer-iSharesReport_1)  | &nbsp;&nbsp; 135 |
| [Important Tax Information](#xx_58104bc6-f2d5-4470-a8e7-7ff27c6344a1_Tax-annual-Footer-iSharesReport_1)  | &nbsp;&nbsp; 136 |
| [Additional Information](#xx_58104bc6-f2d5-4470-a8e7-7ff27c6344a1_SAI-Footer-iSharesReport-267_1)  | &nbsp;&nbsp; 137 |
| [Board Review and Approval of Investment Advisory Contract](#xx_58104bc6-f2d5-4470-a8e7-7ff27c6344a1_15Cheader-Footer-iSharesReport-267_1)  | &nbsp;&nbsp; 139 |
| [Glossary of Terms Used in these Financial Statements](#xx_58104bc6-f2d5-4470-a8e7-7ff27c6344a1_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 144 |

---

------

Schedule of Investments

July 31, 2025

**iShares® Core 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 — 7.5%** | **Australia — 7.5%** | **Australia — 7.5%** |
| Abacus Group | &nbsp;&nbsp; 3458446 | $2671421 |
| Abacus Storage King | &nbsp;&nbsp; 3457794 | 3544973 |
| Accent Group Ltd. | &nbsp;&nbsp; 2206890 | 2102223 |
| AGL Energy Ltd. | &nbsp;&nbsp; 4001235 | 24936084 |
| ALS Ltd. | &nbsp;&nbsp; 3180217 | 36971536 |
| Amotiv Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 990982 | 5577524 |
| AMP Ltd. | &nbsp;&nbsp; 17242375 | 17640919 |
| Ampol Ltd. | &nbsp;&nbsp; 1570819 | 27463962 |
| Ansell Ltd. | &nbsp;&nbsp; 980709 | 18775343 |
| ANZ Group Holdings Ltd. | &nbsp;&nbsp; 19221600 | 377195012 |
| APA Group | &nbsp;&nbsp; 8540903 | 45936272 |
| ARB Corp. Ltd. | &nbsp;&nbsp; 564202 | 12099175 |
| Arena REIT | &nbsp;&nbsp; 2493009 | 5866077 |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp; 3684111 | 164962981 |
| ASX Ltd. | &nbsp;&nbsp; 1249177 | 55993235 |
| Atlas Arteria Ltd. | &nbsp;&nbsp; 7174482 | 23698608 |
| AUB Group Ltd. | &nbsp;&nbsp; 743198 | 16143207 |
| Aurizon Holdings Ltd. | &nbsp;&nbsp; 11416455 | 23698585 |
| Aussie Broadband Ltd. | &nbsp;&nbsp; 1418048 | 4088584 |
| Austal Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2689227 | 11285501 |
| Bank of Queensland Ltd. | &nbsp;&nbsp; 4239979 | 20656478 |
| Bapcor Ltd. | &nbsp;&nbsp; 2354358 | 5809737 |
| Beach Energy Ltd. | &nbsp;&nbsp; 10350010 | 7758073 |
| Bega Cheese Ltd. | &nbsp;&nbsp; 2021115 | 6729634 |
| Bellevue Gold Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 9321834 | 4805271 |
| Bendigo & Adelaide Bank Ltd. | &nbsp;&nbsp; 3682804 | 28852032 |
| BHP Group Ltd. | &nbsp;&nbsp; 33131534 | 836743970 |
| BlueScope Steel Ltd. | &nbsp;&nbsp; 2906381 | 44061578 |
| Boss Energy Ltd. <sup>(a)(b)</sup> | &nbsp;&nbsp; 2736039 | 3012140 |
| Brambles Ltd. | &nbsp;&nbsp; 8984681 | 137460607 |
| Breville Group Ltd. | &nbsp;&nbsp; 678211 | 14183787 |
| Brickworks Ltd. | &nbsp;&nbsp; 548177 | 11504423 |
| BWP Trust<sup>(b)</sup> | &nbsp;&nbsp; 3728572 | 8578277 |
| Capricorn Metals Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2479356 | 14201379 |
| CAR Group Ltd. | &nbsp;&nbsp; 2543119 | 61898297 |
| Catalyst Metals Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1395917 | 4524391 |
| Centuria Capital Group | &nbsp;&nbsp; 3899606 | 4613807 |
| Centuria Industrial REIT | &nbsp;&nbsp; 3874495 | 7885526 |
| Centuria Office REIT | &nbsp;&nbsp; 955261 | 777650 |
| Challenger Ltd. | &nbsp;&nbsp; 3409332 | 17918116 |
| Champion Iron Ltd. | &nbsp;&nbsp; 2461638 | 6504275 |
| Charter Hall Group | &nbsp;&nbsp; 3094326 | 39865325 |
| Charter Hall Long Wale REIT | &nbsp;&nbsp; 4489306 | 11911031 |
| Charter Hall Retail REIT | &nbsp;&nbsp; 3085539 | 7668945 |
| Charter Hall Social Infrastructure REIT | &nbsp;&nbsp; 621064 | 1179975 |
| Cleanaway Waste Management Ltd. | &nbsp;&nbsp; 14326240 | 26402109 |
| Cochlear Ltd. | &nbsp;&nbsp; 427855 | 87347878 |
| Codan Ltd. | &nbsp;&nbsp; 756564 | 10115413 |
| Coles Group Ltd. | &nbsp;&nbsp; 8813892 | 117347853 |
| Collins Foods Ltd. | &nbsp;&nbsp; 675595 | 4012657 |
| Commonwealth Bank of Australia | &nbsp;&nbsp; 10926550 | 1240485968 |
| Computershare Ltd. | &nbsp;&nbsp; 3447890 | 92815133 |
| Corporate Travel Management Ltd. | &nbsp;&nbsp; 837058 | 8366632 |
| Credit Corp. Group Ltd. | &nbsp;&nbsp; 429041 | 4228175 |
| Cromwell Property Group | &nbsp;&nbsp; 14017107 | 3727099 |
| CSL Ltd. | &nbsp;&nbsp; 3155923 | 545924831 |
| Data#3 Ltd. | &nbsp;&nbsp; 739223 | 3556676 |
| Deep Yellow Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 6354720 | 6054683 |
| Deterra Royalties Ltd. | &nbsp;&nbsp; 2846355 | 7537057 |
| Dexus | &nbsp;&nbsp; 7037188 | 31770134 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Australia (continued)** | **Australia (continued)** | **Australia (continued)** |
| Dexus Industria REIT | &nbsp;&nbsp; 540746 | $973917 |
| Dicker Data Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 493594 | 2752576 |
| DigiCo Infrastructure REIT | &nbsp;&nbsp; 2260331 | 4755896 |
| Domain Holdings Australia Ltd. | &nbsp;&nbsp; 1404864 | 3973029 |
| Domino's Pizza Enterprises Ltd. | &nbsp;&nbsp; 439552 | 5130178 |
| Downer EDI Ltd. | &nbsp;&nbsp; 4438148 | 19570555 |
| Dyno Nobel Ltd. | &nbsp;&nbsp; 12003451 | 22572048 |
| Eagers Automotive Ltd. | &nbsp;&nbsp; 905777 | 11343675 |
| Elders Ltd. | &nbsp;&nbsp; 1229085 | 5694270 |
| Emerald Resources NL<sup>(b)</sup> | &nbsp;&nbsp; 3508778 | 7701362 |
| Endeavour Group Ltd./Australia | &nbsp;&nbsp; 9800977 | 25665664 |
| Evolution Mining Ltd. | &nbsp;&nbsp; 13778668 | 62358382 |
| EVT Ltd. | &nbsp;&nbsp; 660446 | 7163830 |
| Firefinch Ltd., NVS<sup>(c)</sup> | &nbsp;&nbsp; 5815203 | 261600 |
| Flight Centre Travel Group Ltd. | &nbsp;&nbsp; 1223721 | 9333050 |
| Fortescue Ltd. | &nbsp;&nbsp; 11018942 | 124671129 |
| G8 Education Ltd. | &nbsp;&nbsp; 4845748 | 2793565 |
| Genesis Minerals Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 6649168 | 15617298 |
| Gold Road Resources Ltd. | &nbsp;&nbsp; 8192864 | 16412754 |
| Goodman Group | &nbsp;&nbsp; 13230319 | 295809650 |
| GPT Group (The) | &nbsp;&nbsp; 12910057 | 42055891 |
| GrainCorp Ltd., Class A | &nbsp;&nbsp; 1504845 | 7302617 |
| Greatland Resources Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2800660 | 8950832 |
| Growthpoint Properties Australia Ltd. | &nbsp;&nbsp; 854583 | 1341290 |
| Guzman y Gomez Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 128032 | 2252352 |
| Hansen Technologies Ltd. | &nbsp;&nbsp; 751506 | 2886823 |
| Harvey Norman Holdings Ltd. | &nbsp;&nbsp; 3573955 | 13251648 |
| Healius Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4309380 | 2113995 |
| Helia Group Ltd. | &nbsp;&nbsp; 2558386 | 8282785 |
| HMC Capital Ltd. | &nbsp;&nbsp; 1807187 | 4115337 |
| HomeCo Daily Needs REIT | &nbsp;&nbsp; 10989745 | 9033875 |
| HUB24 Ltd. | &nbsp;&nbsp; 547820 | 37183374 |
| IDP Education Ltd. | &nbsp;&nbsp; 1916105 | 4335110 |
| IGO Ltd. | &nbsp;&nbsp; 4355950 | 12254023 |
| Iluka Resources Ltd. | &nbsp;&nbsp; 2742364 | 8984061 |
| Imdex Ltd. | &nbsp;&nbsp; 3062939 | 5947612 |
| Ingenia Communities Group | &nbsp;&nbsp; 2419373 | 8131888 |
| Inghams Group Ltd. | &nbsp;&nbsp; 2339350 | 5181601 |
| Insignia Financial Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3737447 | 10766763 |
| Insurance Australia Group Ltd. | &nbsp;&nbsp; 15399414 | 86443334 |
| IperionX Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1674855 | 6305485 |
| IPH Ltd. | &nbsp;&nbsp; 1768027 | 5932861 |
| IRESS Ltd. | &nbsp;&nbsp; 1213285 | 6155700 |
| James Hardie Industries PLC<sup>(b)</sup> | &nbsp;&nbsp; 3799479 | 99726551 |
| JB Hi-Fi Ltd. | &nbsp;&nbsp; 732541 | 52173039 |
| Judo Capital Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 5089375 | 4908372 |
| Karoon Energy Ltd. | &nbsp;&nbsp; 5365732 | 6417384 |
| Kelsian Group Ltd. | &nbsp;&nbsp; 1063713 | 2539557 |
| Lendlease Corp. Ltd. | &nbsp;&nbsp; 4183332 | 14060201 |
| Leo Lithium Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 5416655 | 695506 |
| Lifestyle Communities Ltd. | &nbsp;&nbsp; 632041 | 1787819 |
| Liontown Resources Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 11013880 | 5438208 |
| Lottery Corp. Ltd. (The) | &nbsp;&nbsp; 14579350 | 50566726 |
| Lovisa Holdings Ltd. | &nbsp;&nbsp; 417897 | 9077470 |
| Lynas Rare Earths Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 5673262 | 38120922 |
| MA Financial Group Ltd. | &nbsp;&nbsp; 413650 | 2163457 |
| Maas Group Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 430399 | 1136197 |
| MAC Copper Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 446740 | 5263757 |
| Macquarie Group Ltd. | &nbsp;&nbsp; 2356421 | 326329918 |
| Macquarie Technology Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 22401 | 997739 |
| Magellan Financial Group Ltd. | &nbsp;&nbsp; 1142519 | 7769198 |
| McMillan Shakespeare Ltd. | &nbsp;&nbsp; 519031 | 5936838 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI EAFE ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Australia (continued)** | **Australia (continued)** | **Australia (continued)** |
| Medibank Pvt Ltd. | &nbsp;&nbsp; 18340435 | $59943940 |
| Megaport Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1026818 | 9807814 |
| Mesoblast Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 6193271 | 9361809 |
| Metcash Ltd. | &nbsp;&nbsp; 6761427 | 16879936 |
| Mineral Resources Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1180910 | 21329822 |
| Mirvac Group | &nbsp;&nbsp; 25927430 | 37200400 |
| Monadelphous Group Ltd. | &nbsp;&nbsp; 671906 | 8377110 |
| Myer Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3412848 | 1317408 |
| Nanosonics Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1637229 | 4240520 |
| National Australia Bank Ltd. | &nbsp;&nbsp; 19945857 | 494989225 |
| National Storage REIT | &nbsp;&nbsp; 8595112 | 13179403 |
| Netwealth Group Ltd. | &nbsp;&nbsp; 826870 | 19732772 |
| Neuren Pharmaceuticals Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 776275 | 8512263 |
| New Hope Corp. Ltd. | &nbsp;&nbsp; 3581520 | 9565353 |
| NEXTDC Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 4417995 | 40681316 |
| nib holdings Ltd. | &nbsp;&nbsp; 3220530 | 15290301 |
| Nick Scali Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 433024 | 5319116 |
| Nickel Industries Ltd. | &nbsp;&nbsp; 11563520 | 5432404 |
| Nine Entertainment Co. Holdings Ltd. | &nbsp;&nbsp; 9792147 | 10637425 |
| Northern Star Resources Ltd. | &nbsp;&nbsp; 9059176 | 90005875 |
| NRW Holdings Ltd. | &nbsp;&nbsp; 2698982 | 5572975 |
| Nufarm Ltd./Australia<sup>(b)</sup> | &nbsp;&nbsp; 2071161 | 3420188 |
| Nuix Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1318063 | 1983102 |
| Objective Corp. Ltd. | &nbsp;&nbsp; 41391 | 506729 |
| Ora Banda Mining Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 8535986 | 3538097 |
| Orica Ltd. | &nbsp;&nbsp; 3257098 | 44479116 |
| Origin Energy Ltd. | &nbsp;&nbsp; 11261385 | 84210508 |
| Orora Ltd. | &nbsp;&nbsp; 9152567 | 12147429 |
| Paladin Energy Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2625558 | 10282616 |
| Pantoro Gold Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1750650 | 4084603 |
| Perenti Ltd. | &nbsp;&nbsp; 4086634 | 4584859 |
| Perpetual Ltd. | &nbsp;&nbsp; 685068 | 9199911 |
| Perseus Mining Ltd. | &nbsp;&nbsp; 9549578 | 19936720 |
| PEXA Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 953273 | 9680098 |
| Pilbara Minerals Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 20497405 | 20798888 |
| Pinnacle Investment Management Group Ltd. | &nbsp;&nbsp; 1096078 | 15553564 |
| PolyNovo Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 4157368 | 3395908 |
| Premier Investments Ltd. | &nbsp;&nbsp; 706565 | 9554380 |
| Pro Medicus Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 383299 | 78712203 |
| PWR Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 541687 | 2714538 |
| Qantas Airways Ltd. | &nbsp;&nbsp; 5168677 | 35846515 |
| QBE Insurance Group Ltd. | &nbsp;&nbsp; 9791470 | 145248783 |
| Qube Holdings Ltd. | &nbsp;&nbsp; 10456594 | 29159268 |
| Ramelius Resources Ltd. | &nbsp;&nbsp; 11893368 | 19135002 |
| Ramsay Health Care Ltd. | &nbsp;&nbsp; 1289643 | 31924705 |
| REA Group Ltd. | &nbsp;&nbsp; 355107 | 54093783 |
| Reece Ltd. | &nbsp;&nbsp; 1457381 | 12618827 |
| Region Group | &nbsp;&nbsp; 7888615 | 11805853 |
| Regis Healthcare Ltd. | &nbsp;&nbsp; 1083750 | 5790115 |
| Regis Resources Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 5150421 | 13430346 |
| Reliance Worldwide Corp. Ltd. | &nbsp;&nbsp; 5491927 | 15097294 |
| Resolute Mining Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 12235487 | 4823475 |
| Rio Tinto Ltd. | &nbsp;&nbsp; 2545187 | 181008402 |
| Sandfire Resources Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3247738 | 21849386 |
| Santos Ltd. | &nbsp;&nbsp; 21184028 | 106595622 |
| Scentre Group | &nbsp;&nbsp; 33772598 | 80825892 |
| SEEK Ltd. | &nbsp;&nbsp; 2374463 | 36627684 |
| Service Stream Ltd. | &nbsp;&nbsp; 2539298 | 3228268 |
| SGH Ltd. | &nbsp;&nbsp; 1345661 | 44012973 |
| Sigma Healthcare Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 30093165 | 55585551 |
| Silex Systems Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1191554 | 3205040 |
| Sims Ltd. | &nbsp;&nbsp; 1089908 | 10575814 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Australia (continued)** | **Australia (continued)** | **Australia (continued)** |
| SiteMinder Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1561656 | $5178759 |
| SmartGroup Corp. Ltd. | &nbsp;&nbsp; 736656 | 3727669 |
| Sonic Healthcare Ltd. | &nbsp;&nbsp; 2990491 | 52808603 |
| South32 Ltd. | &nbsp;&nbsp; 29672834 | 55489371 |
| Stanmore Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2082738 | 2820846 |
| Steadfast Group Ltd. | &nbsp;&nbsp; 6937592 | 26403637 |
| Stockland | &nbsp;&nbsp; 15684614 | 55606431 |
| Suncorp Group Ltd. | &nbsp;&nbsp; 7037378 | 94334378 |
| Super Retail Group Ltd. | &nbsp;&nbsp; 1055356 | 10323007 |
| Superloop Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1705283 | 3653940 |
| Tabcorp Holdings Ltd. | &nbsp;&nbsp; 13457056 | 6647888 |
| Technology One Ltd. | &nbsp;&nbsp; 1954632 | 51130294 |
| Telix Pharmaceuticals Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1802390 | 24146952 |
| Telstra Group Ltd. | &nbsp;&nbsp; 26369653 | 84042208 |
| Temple & Webster Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 662811 | 10330365 |
| Transurban Group | &nbsp;&nbsp; 20216341 | 178911026 |
| Treasury Wine Estates Ltd. | &nbsp;&nbsp; 5435215 | 26282672 |
| Tuas Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 749296 | 2568445 |
| Vault Minerals Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 45647784 | 10567427 |
| Ventia Services Group Pty. Ltd. | &nbsp;&nbsp; 5758507 | 19174604 |
| Vicinity Ltd. | &nbsp;&nbsp; 25158716 | 39612370 |
| Viva Energy Group Ltd.<sup>(d)</sup> | &nbsp;&nbsp; 7275741 | 9736572 |
| Vulcan Energy Resources Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 570620 | 1326133 |
| Vulcan Steel Ltd. | &nbsp;&nbsp; 447465 | 1726764 |
| WA1 Resources Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 258534 | 2590990 |
| Washington H Soul Pattinson & Co. Ltd. | &nbsp;&nbsp; 1548455 | 40228945 |
| Waypoint REIT Ltd. | &nbsp;&nbsp; 4257380 | 6865540 |
| WEB Travel Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2579496 | 7364972 |
| Wesfarmers Ltd. | &nbsp;&nbsp; 7437582 | 406831993 |
| West African Resources Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 6922130 | 10363811 |
| Westgold Resources Ltd. | &nbsp;&nbsp; 6186163 | 10100688 |
| Westpac Banking Corp. | &nbsp;&nbsp; 22287123 | 481181827 |
| Whitehaven Coal Ltd. | &nbsp;&nbsp; 5701464 | 23383401 |
| WiseTech Global Ltd. | &nbsp;&nbsp; 1314825 | 99585046 |
| Woodside Energy Group Ltd. | &nbsp;&nbsp; 12408444 | 209980366 |
| Woolworths Group Ltd. | &nbsp;&nbsp; 7994200 | 161387692 |
| Worley Ltd. | &nbsp;&nbsp; 3210314 | 27320034 |
| Xero Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1071563 | 123401791 |
| Yancoal Australia Ltd. | &nbsp;&nbsp; 2567249 | 10368467 |
| Zip Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 8185979 | 16600894 |
|  |  | 10521076848 |
| **Austria — 0.4%** | **Austria — 0.4%** | **Austria — 0.4%** |
| ANDRITZ AG | &nbsp;&nbsp; 435089 | 30278241 |
| BAWAG Group AG<sup>(d)</sup> | &nbsp;&nbsp; 538980 | 68023284 |
| CA Immobilien Anlagen AG | &nbsp;&nbsp; 310371 | 8265928 |
| CPI Europe AG<sup>(a)(b)</sup> | &nbsp;&nbsp; 270884 | 5626844 |
| DO & CO AG | &nbsp;&nbsp; 49370 | 11137890 |
| Erste Group Bank AG | &nbsp;&nbsp; 2028710 | 185513088 |
| EVN AG | &nbsp;&nbsp; 238181 | 6436424 |
| Lenzing AG<sup>(a)(b)</sup> | &nbsp;&nbsp; 135121 | 3779683 |
| Oesterreichische Post AG | &nbsp;&nbsp; 217893 | 7600260 |
| OMV AG | &nbsp;&nbsp; 914067 | 46551943 |
| Palfinger AG | &nbsp;&nbsp; 23678 | 984784 |
| Porr AG | &nbsp;&nbsp; 28554 | 959978 |
| Raiffeisen Bank International AG | &nbsp;&nbsp; 871508 | 25164280 |
| SBO AG | &nbsp;&nbsp; 46824 | 1549544 |
| UNIQA Insurance Group AG | &nbsp;&nbsp; 893361 | 12870383 |
| Verbund AG | &nbsp;&nbsp; 443750 | 33041393 |
| Vienna Insurance Group AG Wiener <br> Versicherung Gruppe<br>| &nbsp;&nbsp; 271782 | 14340478 |
| voestalpine AG | &nbsp;&nbsp; 700635 | 19288837 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI EAFE ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Austria (continued)** | **Austria (continued)** | **Austria (continued)** |
| Wienerberger AG | &nbsp;&nbsp; 727359 | $24382815 |
|  |  | 505796077 |
| **Belgium — 1.1%** | **Belgium — 1.1%** | **Belgium — 1.1%** |
| Ackermans & van Haaren NV | &nbsp;&nbsp; 153842 | 37736856 |
| Aedifica SA | &nbsp;&nbsp; 307333 | 22616009 |
| Ageas SA | &nbsp;&nbsp; 958391 | 65163177 |
| Anheuser-Busch InBev SA | &nbsp;&nbsp; 6443151 | 370433841 |
| Argenx SE<sup>(b)</sup> | &nbsp;&nbsp; 399166 | 268091505 |
| Azelis Group NV | &nbsp;&nbsp; 1058405 | 16444009 |
| Barco NV | &nbsp;&nbsp; 463151 | 7218613 |
| Bekaert SA | &nbsp;&nbsp; 260280 | 10720238 |
| Cofinimmo SA | &nbsp;&nbsp; 250066 | 21706318 |
| Colruyt Group NV | &nbsp;&nbsp; 304461 | 13005615 |
| Deme Group NV | &nbsp;&nbsp; 51113 | 7650033 |
| D'ieteren Group | &nbsp;&nbsp; 146230 | 28885254 |
| Elia Group SA, Class B | &nbsp;&nbsp; 320296 | 36953575 |
| Fagron | &nbsp;&nbsp; 507080 | 12538500 |
| Galapagos NV<sup>(a)(b)</sup> | &nbsp;&nbsp; 288833 | 9451781 |
| Groupe Bruxelles Lambert NV | &nbsp;&nbsp; 581528 | 48615762 |
| KBC Ancora | &nbsp;&nbsp; 287668 | 20912334 |
| KBC Group NV | &nbsp;&nbsp; 1477502 | 154109191 |
| Kinepolis Group NV | &nbsp;&nbsp; 106992 | 4427407 |
| Lotus Bakeries NV | &nbsp;&nbsp; 2717 | 22970642 |
| Melexis NV | &nbsp;&nbsp; 137713 | 10532943 |
| Montea NV | &nbsp;&nbsp; 102161 | 7605835 |
| Ontex Group NV<sup>(a)(b)</sup> | &nbsp;&nbsp; 444828 | 3448886 |
| Proximus SADP | &nbsp;&nbsp; 875573 | 7274899 |
| Recticel SA | &nbsp;&nbsp; 161972 | 1970968 |
| Retail Estates NV | &nbsp;&nbsp; 60842 | 4520322 |
| Shurgard Self Storage Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 175805 | 6976342 |
| Sofina SA | &nbsp;&nbsp; 101909 | 31206773 |
| Solvay SA | &nbsp;&nbsp; 466598 | 14619736 |
| Syensqo SA | &nbsp;&nbsp; 484112 | 38368690 |
| Tessenderlo Group SA | &nbsp;&nbsp; 231817 | 6896231 |
| UCB SA | &nbsp;&nbsp; 821598 | 176524303 |
| Umicore SA | &nbsp;&nbsp; 1280494 | 20236637 |
| Vastned NV | &nbsp;&nbsp; 129582 | 4381103 |
| VGP NV | &nbsp;&nbsp; 87428 | 9193902 |
| Warehouses De Pauw CVA | &nbsp;&nbsp; 1187602 | 27714063 |
| Xior Student Housing NV | &nbsp;&nbsp; 195524 | 6900065 |
|  |  | 1558022358 |
| **Canada — 0.0%** | **Canada — 0.0%** | **Canada — 0.0%** |
| Southern Cross Gold Consolidated Ltd., NVS<sup>(a)(b)</sup> | &nbsp;&nbsp; 451692 | 1573317 |
| **China — 0.0%** | **China — 0.0%** | **China — 0.0%** |
| CARsgen Therapeutics Holdings Ltd.<sup>(a)(b)(d)</sup> | &nbsp;&nbsp; 2506000 | 6906662 |
| Mobvista Inc.<sup>(b)(d)</sup> | &nbsp;&nbsp; 3190000 | 3631097 |
| United Energy Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 50510000 | 3659343 |
|  |  | 14197102 |
| **Denmark — 1.9%** | **Denmark — 1.9%** | **Denmark — 1.9%** |
| ALK-Abello A/S<sup>(b)</sup> | &nbsp;&nbsp; 917355 | 26615969 |
| Alm Brand A/S | &nbsp;&nbsp; 5689936 | 15710774 |
| Ambu A/S, Class B | &nbsp;&nbsp; 1198521 | 17495880 |
| AP Moller - Maersk A/S, Class A | &nbsp;&nbsp; 17624 | 34581267 |
| AP Moller - Maersk A/S, Class B, NVS<sup>(a)</sup> | &nbsp;&nbsp; 29230 | 57722269 |
| Bavarian Nordic A/S<sup>(b)</sup> | &nbsp;&nbsp; 528186 | 19118281 |
| Carlsberg A/S, Class B | &nbsp;&nbsp; 621964 | 77538505 |
| cBrain A/S<sup>(a)</sup> | &nbsp;&nbsp; 62079 | 2031098 |
| Chemometec A/S | &nbsp;&nbsp; 108786 | 8396236 |
| Coloplast A/S, Class B | &nbsp;&nbsp; 821425 | 75022401 |
| D/S Norden A/S | &nbsp;&nbsp; 150255 | 5225391 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Denmark (continued)** | **Denmark (continued)** | **Denmark (continued)** |
| Danske Bank A/S | &nbsp;&nbsp; 4427840 | $175658933 |
| Demant A/S<sup>(b)</sup> | &nbsp;&nbsp; 562853 | 21325145 |
| DFDS A/S<sup>(b)</sup> | &nbsp;&nbsp; 228729 | 4106373 |
| DSV A/S | &nbsp;&nbsp; 1336311 | 299447118 |
| FLSmidth & Co. A/S | &nbsp;&nbsp; 303415 | 17848792 |
| Genmab A/S<sup>(b)</sup> | &nbsp;&nbsp; 416418 | 89653723 |
| GN Store Nord A/S<sup>(a)(b)</sup> | &nbsp;&nbsp; 902952 | 12935276 |
| Gubra AS<sup>(a)</sup> | &nbsp;&nbsp; 36312 | 2022545 |
| H Lundbeck A/S | &nbsp;&nbsp; 1679491 | 8749743 |
| ISS A/S | &nbsp;&nbsp; 963918 | 27709116 |
| Jyske Bank A/S, Registered | &nbsp;&nbsp; 282720 | 28382924 |
| Matas A/S<sup>(a)</sup> | &nbsp;&nbsp; 328817 | 6744735 |
| Netcompany Group A/S<sup>(a)(b)(d)</sup> | &nbsp;&nbsp; 284070 | 10416782 |
| NKT A/S<sup>(b)</sup> | &nbsp;&nbsp; 355441 | 31269117 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp; 21007275 | 977005636 |
| Novonesis Novozymes B, Class B | &nbsp;&nbsp; 2296988 | 148609411 |
| NTG Nordic Transport Group A/S, Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 67640 | 2027170 |
| Orsted A/S<sup>(b)(d)</sup> | &nbsp;&nbsp; 1095056 | 51611628 |
| Pandora A/S | &nbsp;&nbsp; 539547 | 89076823 |
| Per Aarsleff Holding A/S | &nbsp;&nbsp; 151337 | 16298544 |
| Ringkjoebing Landbobank A/S | &nbsp;&nbsp; 186601 | 41136459 |
| Rockwool A/S, Class B | &nbsp;&nbsp; 633543 | 27762242 |
| Royal Unibrew A/S | &nbsp;&nbsp; 319427 | 23939627 |
| Scandinavian Tobacco Group A/S, Class A<sup>(d)</sup> | &nbsp;&nbsp; 394478 | 5168637 |
| Schouw & Co. A/S | &nbsp;&nbsp; 88537 | 8338834 |
| Sydbank A/S | &nbsp;&nbsp; 374791 | 27767223 |
| TORM PLC, Class A<sup>(a)</sup> | &nbsp;&nbsp; 356257 | 6574203 |
| Tryg A/S | &nbsp;&nbsp; 2163005 | 52175823 |
| Vestas Wind Systems A/S | &nbsp;&nbsp; 6606698 | 120625684 |
| Zealand Pharma A/S<sup>(b)</sup> | &nbsp;&nbsp; 415987 | 21522268 |
|  |  | 2695368605 |
| **Finland — 0.9%** | **Finland — 0.9%** | **Finland — 0.9%** |
| Citycon OYJ | &nbsp;&nbsp; 657510 | 2831821 |
| Elisa OYJ | &nbsp;&nbsp; 932244 | 47966439 |
| Finnair OYJ | &nbsp;&nbsp; 259426 | 850397 |
| Fortum OYJ | &nbsp;&nbsp; 2916267 | 53501023 |
| Harvia OYJ | &nbsp;&nbsp; 11343 | 657587 |
| Hiab OYJ, Class B | &nbsp;&nbsp; 262267 | 17898221 |
| Huhtamaki OYJ | &nbsp;&nbsp; 642570 | 22116865 |
| Kalmar OYJ, Class B | &nbsp;&nbsp; 262818 | 11860449 |
| Kemira OYJ | &nbsp;&nbsp; 776668 | 16528556 |
| Kempower OYJ<sup>(a)(b)</sup> | &nbsp;&nbsp; 117473 | 2135438 |
| Kesko OYJ, Class B | &nbsp;&nbsp; 1804344 | 39243427 |
| Kojamo OYJ<sup>(b)</sup> | &nbsp;&nbsp; 900165 | 11443764 |
| Kone OYJ, Class B | &nbsp;&nbsp; 2234155 | 137195975 |
| Konecranes OYJ | &nbsp;&nbsp; 445892 | 37157095 |
| Mandatum OYJ | &nbsp;&nbsp; 2845573 | 19301836 |
| Marimekko OYJ | &nbsp;&nbsp; 72326 | 1076301 |
| Metsa Board OYJ, Class B<sup>(a)</sup> | &nbsp;&nbsp; 1256455 | 4622375 |
| Metso OYJ | &nbsp;&nbsp; 4101911 | 51517068 |
| Neste OYJ | &nbsp;&nbsp; 2769567 | 43711026 |
| Nokia OYJ | &nbsp;&nbsp; 34699701 | 141413267 |
| Nokian Renkaat OYJ<sup>(a)</sup> | &nbsp;&nbsp; 828235 | 7435658 |
| Orion OYJ, Class B | &nbsp;&nbsp; 717741 | 57461433 |
| Outokumpu OYJ<sup>(a)</sup> | &nbsp;&nbsp; 2267509 | 8531974 |
| Puuilo OYJ | &nbsp;&nbsp; 234907 | 3664980 |
| QT Group OYJ<sup>(b)</sup> | &nbsp;&nbsp; 124901 | 8594761 |
| Revenio Group OYJ | &nbsp;&nbsp; 129155 | 3867538 |
| Sampo OYJ, Class A | &nbsp;&nbsp; 15869599 | 170339043 |
| Stora Enso OYJ, Class R | &nbsp;&nbsp; 3864581 | 39764534 |
| TietoEVRY OYJ | &nbsp;&nbsp; 628740 | 10823077 |
| Tokmanni Group Corp.<sup>(a)</sup> | &nbsp;&nbsp; 251774 | 2465466 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI EAFE ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Finland (continued)** | **Finland (continued)** | **Finland (continued)** |
| UPM-Kymmene OYJ | &nbsp;&nbsp; 3492538 | $90518768 |
| Valmet OYJ | &nbsp;&nbsp; 982507 | 35450624 |
| Wartsila OYJ Abp | &nbsp;&nbsp; 3290236 | 90903957 |
| YIT OYJ<sup>(b)</sup> | &nbsp;&nbsp; 1154641 | 4000370 |
|  |  | 1196851113 |
| **France — 10.0%** | **France — 10.0%** | **France — 10.0%** |
| Accor SA | &nbsp;&nbsp; 1273276 | 64534556 |
| Aeroports de Paris SA | &nbsp;&nbsp; 239457 | 29063961 |
| Air France-KLM, NVS<sup>(b)</sup> | &nbsp;&nbsp; 802911 | 10537816 |
| Air Liquide SA | &nbsp;&nbsp; 3767562 | 741216740 |
| Airbus SE | &nbsp;&nbsp; 3868892 | 777860315 |
| Alstom SA<sup>(a)(b)</sup> | &nbsp;&nbsp; 2276081 | 53388492 |
| Altarea SCA | &nbsp;&nbsp; 20355 | 2512303 |
| Alten SA | &nbsp;&nbsp; 191107 | 15532259 |
| Amundi SA<sup>(d)</sup> | &nbsp;&nbsp; 363219 | 26842047 |
| Antin Infrastructure Partners SA | &nbsp;&nbsp; 209070 | 3052904 |
| Aperam SA | &nbsp;&nbsp; 340670 | 10020470 |
| ArcelorMittal SA | &nbsp;&nbsp; 3092140 | 96401080 |
| Arkema SA | &nbsp;&nbsp; 367675 | 25002401 |
| Assystem SA | &nbsp;&nbsp; 40280 | 2225525 |
| Aubay | &nbsp;&nbsp; 3120 | 178594 |
| AXA SA | &nbsp;&nbsp; 11489490 | 558034624 |
| Beneteau SACA<sup>(a)</sup> | &nbsp;&nbsp; 191548 | 1778241 |
| BioMerieux | &nbsp;&nbsp; 270166 | 38656500 |
| BNP Paribas SA | &nbsp;&nbsp; 6614597 | 603107233 |
| Bollore SE | &nbsp;&nbsp; 4477817 | 25828314 |
| Bouygues SA | &nbsp;&nbsp; 1273073 | 52420707 |
| Bureau Veritas SA | &nbsp;&nbsp; 2068393 | 63698439 |
| Canal+ SA, NVS<sup>(b)</sup> | &nbsp;&nbsp; 4541133 | 14365066 |
| Capgemini SE | &nbsp;&nbsp; 1051314 | 156515742 |
| Carmila SA | &nbsp;&nbsp; 383451 | 7533750 |
| Carrefour SA | &nbsp;&nbsp; 3536288 | 50678561 |
| Cie de Saint-Gobain SA | &nbsp;&nbsp; 2924791 | 335523539 |
| Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp; 4357604 | 155028163 |
| Cie. des Alpes | &nbsp;&nbsp; 21226 | 557126 |
| Coface SA | &nbsp;&nbsp; 721268 | 13410302 |
| Covivio SA/France | &nbsp;&nbsp; 331817 | 21482432 |
| Credit Agricole SA | &nbsp;&nbsp; 6876841 | 126564909 |
| Danone SA | &nbsp;&nbsp; 4219016 | 345270819 |
| Dassault Aviation SA | &nbsp;&nbsp; 128244 | 39929668 |
| Dassault Systemes SE | &nbsp;&nbsp; 4348500 | 142853538 |
| Derichebourg SA | &nbsp;&nbsp; 778129 | 5116898 |
| Edenred SE | &nbsp;&nbsp; 1560022 | 44551236 |
| Eiffage SA | &nbsp;&nbsp; 453676 | 60899379 |
| Elior Group SA<sup>(a)(b)(d)</sup> | &nbsp;&nbsp; 790353 | 2347073 |
| Elis SA | &nbsp;&nbsp; 1158053 | 31927591 |
| Emeis SA<sup>(b)</sup> | &nbsp;&nbsp; 473235 | 7360317 |
| Engie SA | &nbsp;&nbsp; 11903893 | 267578267 |
| Equasens | &nbsp;&nbsp; 31294 | 1716703 |
| Eramet SA<sup>(a)</sup> | &nbsp;&nbsp; 57764 | 3194230 |
| EssilorLuxottica SA | &nbsp;&nbsp; 1942074 | 577484153 |
| Esso SA Francaise | &nbsp;&nbsp; 14022 | 1542111 |
| Etablissements Maurel et Prom SA | &nbsp;&nbsp; 402441 | 2471498 |
| Eurazeo SE | &nbsp;&nbsp; 262561 | 15407019 |
| Eurofins Scientific SE | &nbsp;&nbsp; 793518 | 60770301 |
| Euronext NV<sup>(d)</sup> | &nbsp;&nbsp; 523500 | 84382384 |
| Eutelsat Communications SACA<sup>(a)(b)</sup> | &nbsp;&nbsp; 1012895 | 3624773 |
| Exail Technologies SA, NVS<sup>(b)</sup> | &nbsp;&nbsp; 54751 | 7398968 |
| Exosens SAS | &nbsp;&nbsp; 154553 | 7219743 |
| FDJ UNITED | &nbsp;&nbsp; 710968 | 22176392 |
| Fnac Darty SA | &nbsp;&nbsp; 117468 | 3976518 |
| Forvia SE<sup>(b)</sup> | &nbsp;&nbsp; 1010554 | 12847417 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **France (continued)** | **France (continued)** | **France (continued)** |
| Gaztransport Et Technigaz SA | &nbsp;&nbsp; 229412 | $43149030 |
| Gecina SA | &nbsp;&nbsp; 295091 | 28999368 |
| Getlink SE | &nbsp;&nbsp; 2169312 | 39342442 |
| Havas NV | &nbsp;&nbsp; 4558161 | 7321893 |
| Hermes International SCA | &nbsp;&nbsp; 206419 | 504795158 |
| ICADE | &nbsp;&nbsp; 201174 | 4781030 |
| ID Logistics Group SACA<sup>(b)</sup> | &nbsp;&nbsp; 19072 | 9574050 |
| Imerys SA | &nbsp;&nbsp; 231919 | 5709491 |
| Interparfums SA | &nbsp;&nbsp; 155003 | 5691807 |
| Ipsen SA | &nbsp;&nbsp; 239933 | 28271807 |
| IPSOS SA | &nbsp;&nbsp; 237449 | 10662016 |
| JCDecaux SE | &nbsp;&nbsp; 378358 | 6220456 |
| Kaufman & Broad SA | &nbsp;&nbsp; 76450 | 2723793 |
| Kering SA | &nbsp;&nbsp; 488086 | 119847206 |
| Klepierre SA | &nbsp;&nbsp; 1397321 | 53338429 |
| Legrand SA | &nbsp;&nbsp; 1710207 | 252609054 |
| LISI SA | &nbsp;&nbsp; 130346 | 7045182 |
| L'Oreal SA | &nbsp;&nbsp; 1567516 | 693599102 |
| Louis Hachette Group, NVS | &nbsp;&nbsp; 4558161 | 8493311 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 1792056 | 961996742 |
| Mercialys SA | &nbsp;&nbsp; 617174 | 7630566 |
| Mersen SA | &nbsp;&nbsp; 183190 | 5016784 |
| Metropole Television SA | &nbsp;&nbsp; 243823 | 3561634 |
| Nexans SA | &nbsp;&nbsp; 214174 | 30781159 |
| Nexity SA<sup>(a)(b)</sup> | &nbsp;&nbsp; 285173 | 3715853 |
| Opmobility | &nbsp;&nbsp; 412016 | 6308702 |
| Orange SA | &nbsp;&nbsp; 11954210 | 181836223 |
| Pernod Ricard SA | &nbsp;&nbsp; 1305760 | 134191251 |
| Peugeot Invest SA | &nbsp;&nbsp; 40619 | 3509111 |
| Pierre Et Vacances SA, NVS<sup>(a)(b)</sup> | &nbsp;&nbsp; 832165 | 1612347 |
| Pluxee NV, NVS | &nbsp;&nbsp; 583978 | 11842082 |
| Publicis Groupe SA | &nbsp;&nbsp; 1479682 | 135215847 |
| Quadient SA | &nbsp;&nbsp; 253204 | 4654436 |
| Remy Cointreau SA | &nbsp;&nbsp; 147294 | 8744637 |
| Renault SA | &nbsp;&nbsp; 1246585 | 46124614 |
| Rexel SA | &nbsp;&nbsp; 1450429 | 43838387 |
| Rubis SCA | &nbsp;&nbsp; 580060 | 18368109 |
| Safran SA | &nbsp;&nbsp; 2348588 | 774449666 |
| Sanofi SA | &nbsp;&nbsp; 7243701 | 650271588 |
| Sartorius Stedim Biotech | &nbsp;&nbsp; 189791 | 37926008 |
| Schneider Electric SE | &nbsp;&nbsp; 3565070 | 922615946 |
| SCOR SE | &nbsp;&nbsp; 982001 | 31990693 |
| SEB SA<sup>(a)</sup> | &nbsp;&nbsp; 158163 | 11553378 |
| Seche Environnement SACA, NVS | &nbsp;&nbsp; 14258 | 1656452 |
| SES SA, Class A | &nbsp;&nbsp; 2259738 | 15539531 |
| Societe BIC SA | &nbsp;&nbsp; 151342 | 9202066 |
| Societe Generale SA | &nbsp;&nbsp; 4701425 | 300084930 |
| Sodexo SA | &nbsp;&nbsp; 572247 | 34033502 |
| SOITEC<sup>(b)</sup> | &nbsp;&nbsp; 179217 | 7762633 |
| Sopra Steria Group | &nbsp;&nbsp; 100666 | 21690209 |
| SPIE SA | &nbsp;&nbsp; 927586 | 54589701 |
| STMicroelectronics NV | &nbsp;&nbsp; 4382200 | 111368970 |
| Technip Energies NV | &nbsp;&nbsp; 961236 | 41507462 |
| Teleperformance SE<sup>(a)</sup> | &nbsp;&nbsp; 348273 | 33953523 |
| Television Francaise 1 SA | &nbsp;&nbsp; 433314 | 4143118 |
| Thales SA | &nbsp;&nbsp; 604813 | 162690859 |
| TotalEnergies SE | &nbsp;&nbsp; 13347610 | 793721813 |
| Trigano SA | &nbsp;&nbsp; 67504 | 11511784 |
| Ubisoft Entertainment SA<sup>(b)</sup> | &nbsp;&nbsp; 615015 | 6486252 |
| Unibail-Rodamco-Westfield, New | &nbsp;&nbsp; 785890 | 76183601 |
| Valeo SE | &nbsp;&nbsp; 1446504 | 15737189 |
| Vallourec SACA | &nbsp;&nbsp; 1108627 | 20719210 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI EAFE ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **France (continued)** | **France (continued)** | **France (continued)** |
| Veolia Environnement SA | &nbsp;&nbsp; 4250749 | $144053837 |
| Verallia SA<sup>(d)</sup> | &nbsp;&nbsp; 488823 | 15727372 |
| Vicat SACA | &nbsp;&nbsp; 97043 | 6284867 |
| Vinci SA | &nbsp;&nbsp; 3224642 | 447931033 |
| Virbac SACA | &nbsp;&nbsp; 31924 | 12642604 |
| Vivendi SE | &nbsp;&nbsp; 4554410 | 17264857 |
| Voltalia SA<sup>(a)(b)</sup> | &nbsp;&nbsp; 191673 | 1620483 |
| VusionGroup | &nbsp;&nbsp; 42811 | 11004730 |
| Wavestone<sup>(a)</sup> | &nbsp;&nbsp; 48934 | 3237639 |
| Wendel SE | &nbsp;&nbsp; 155180 | 14541252 |
| Worldline SA<sup>(a)(b)(d)</sup> | &nbsp;&nbsp; 1494503 | 5444428 |
| X-Fab Silicon Foundries SE<sup>(a)(b)(d)</sup> | &nbsp;&nbsp; 314353 | 2286855 |
|  |  | 14110153257 |
| **Germany — 9.2%** | **Germany — 9.2%** | **Germany — 9.2%** |
| 1&1 AG<sup>(a)</sup> | &nbsp;&nbsp; 272084 | 5719866 |
| Adesso SE<sup>(a)</sup> | &nbsp;&nbsp; 20629 | 1909240 |
| adidas AG | &nbsp;&nbsp; 1129058 | 215795528 |
| Aixtron SE | &nbsp;&nbsp; 775383 | 13056786 |
| Allianz SE, Registered | &nbsp;&nbsp; 2508036 | 991119722 |
| AlzChem Group AG | &nbsp;&nbsp; 34749 | 5882045 |
| Aroundtown SA<sup>(b)</sup> | &nbsp;&nbsp; 5220719 | 18826394 |
| Atoss Software SE | &nbsp;&nbsp; 56376 | 7561812 |
| Aurubis AG<sup>(a)</sup> | &nbsp;&nbsp; 204149 | 20362752 |
| Auto1 Group SE<sup>(b)(d)</sup> | &nbsp;&nbsp; 877621 | 26309231 |
| BASF SE | &nbsp;&nbsp; 5844563 | 286438380 |
| Bayer AG, Registered | &nbsp;&nbsp; 6452248 | 200676016 |
| Bayerische Motoren Werke AG<sup>(a)</sup> | &nbsp;&nbsp; 1853531 | 176366037 |
| Bechtle AG | &nbsp;&nbsp; 526879 | 22868570 |
| Befesa SA<sup>(d)</sup> | &nbsp;&nbsp; 239190 | 7172320 |
| Beiersdorf AG | &nbsp;&nbsp; 658942 | 81881531 |
| Bilfinger SE | &nbsp;&nbsp; 236673 | 25462528 |
| Brenntag SE | &nbsp;&nbsp; 817310 | 50705184 |
| CANCOM SE | &nbsp;&nbsp; 224244 | 6569181 |
| Carl Zeiss Meditec AG, Bearer<sup>(a)</sup> | &nbsp;&nbsp; 242985 | 13398647 |
| Ceconomy AG<sup>(b)</sup> | &nbsp;&nbsp; 827836 | 4182830 |
| Cewe Stiftung & Co. KGaA | &nbsp;&nbsp; 54167 | 6203233 |
| Commerzbank AG | &nbsp;&nbsp; 5820723 | 212257433 |
| Continental AG | &nbsp;&nbsp; 722827 | 61737061 |
| Covestro AG, NVS<sup>(b)</sup> | &nbsp;&nbsp; 1170261 | 79328773 |
| CTS Eventim AG & Co. KGaA | &nbsp;&nbsp; 413871 | 46736121 |
| CureVac NV<sup>(a)(b)</sup> | &nbsp;&nbsp; 669562 | 3531459 |
| Daimler Truck Holding AG | &nbsp;&nbsp; 3086262 | 150132012 |
| Delivery Hero SE, Class A<sup>(b)(d)</sup> | &nbsp;&nbsp; 1252452 | 37378731 |
| Dermapharm Holding SE | &nbsp;&nbsp; 117734 | 4508977 |
| Deutsche Bank AG, Registered | &nbsp;&nbsp; 12072977 | 397641899 |
| Deutsche Boerse AG | &nbsp;&nbsp; 1230367 | 356052496 |
| Deutsche Lufthansa AG, Registered | &nbsp;&nbsp; 3835952 | 32892641 |
| Deutsche Pfandbriefbank AG<sup>(d)</sup> | &nbsp;&nbsp; 828973 | 5160978 |
| Deutsche Post AG, Registered | &nbsp;&nbsp; 6240684 | 279618254 |
| Deutsche Telekom AG, Registered | &nbsp;&nbsp; 22749397 | 815927544 |
| Deutz AG | &nbsp;&nbsp; 943548 | 8274392 |
| Duerr AG | &nbsp;&nbsp; 343373 | 8825603 |
| E.ON SE | &nbsp;&nbsp; 14630810 | 266913275 |
| Eckert & Ziegler SE | &nbsp;&nbsp; 98748 | 7512066 |
| Elmos Semiconductor SE | &nbsp;&nbsp; 49787 | 4969208 |
| Energiekontor AG | &nbsp;&nbsp; 36412 | 2046284 |
| Evonik Industries AG | &nbsp;&nbsp; 1670137 | 33165686 |
| Evotec SE<sup>(a)(b)</sup> | &nbsp;&nbsp; 981656 | 7842887 |
| Fielmann Group AG | &nbsp;&nbsp; 161127 | 10209378 |
| flatexDEGIRO AG | &nbsp;&nbsp; 544828 | 16466473 |
| Fraport AG Frankfurt Airport Services <br> Worldwide<sup>(b)</sup><br>| &nbsp;&nbsp; 238580 | 17754151 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| Freenet AG | &nbsp;&nbsp; 788950 | $25587888 |
| Fresenius Medical Care AG | &nbsp;&nbsp; 1434981 | 72784267 |
| Fresenius SE & Co. KGaA | &nbsp;&nbsp; 2767927 | 132114900 |
| Friedrich Vorwerk Group SE | &nbsp;&nbsp; 45636 | 4435502 |
| GEA Group AG | &nbsp;&nbsp; 1044160 | 75002261 |
| Gerresheimer AG<sup>(a)</sup> | &nbsp;&nbsp; 234908 | 11581891 |
| GFT Technologies SE<sup>(a)</sup> | &nbsp;&nbsp; 91804 | 1901850 |
| Grand City Properties SA<sup>(b)</sup> | &nbsp;&nbsp; 598903 | 7550990 |
| Grenke AG | &nbsp;&nbsp; 164101 | 3342095 |
| Hamborner REIT AG | &nbsp;&nbsp; 658568 | 4268121 |
| Hannover Rueck SE | &nbsp;&nbsp; 386536 | 117253129 |
| Heidelberg Materials AG | &nbsp;&nbsp; 880964 | 203233539 |
| HelloFresh SE<sup>(b)</sup> | &nbsp;&nbsp; 1015353 | 10684220 |
| Henkel AG & Co. KGaA | &nbsp;&nbsp; 627709 | 44636579 |
| Hensoldt AG | &nbsp;&nbsp; 416187 | 45642924 |
| Hornbach Holding AG & Co. KGaA | &nbsp;&nbsp; 60585 | 7123810 |
| Hugo Boss AG<sup>(a)</sup> | &nbsp;&nbsp; 314605 | 14652119 |
| Hypoport SE<sup>(a)(b)</sup> | &nbsp;&nbsp; 30654 | 6541369 |
| Infineon Technologies AG | &nbsp;&nbsp; 8516453 | 334552779 |
| IONOS Group SE<sup>(b)</sup> | &nbsp;&nbsp; 331897 | 15740714 |
| Jenoptik AG | &nbsp;&nbsp; 354237 | 7507008 |
| JOST Werke SE<sup>(a)(d)</sup> | &nbsp;&nbsp; 39432 | 2321259 |
| K+S AG, Registered | &nbsp;&nbsp; 1170299 | 17704001 |
| KION Group AG | &nbsp;&nbsp; 470221 | 28906762 |
| Kloeckner & Co. SE | &nbsp;&nbsp; 431569 | 3147033 |
| Knorr-Bremse AG | &nbsp;&nbsp; 489499 | 48854660 |
| Kontron AG | &nbsp;&nbsp; 331158 | 10683191 |
| Krones AG | &nbsp;&nbsp; 100608 | 14897599 |
| Lanxess AG | &nbsp;&nbsp; 554062 | 15215611 |
| LEG Immobilien SE | &nbsp;&nbsp; 484544 | 38459943 |
| MBB SE | &nbsp;&nbsp; 2384 | 477236 |
| Mercedes-Benz Group AG | &nbsp;&nbsp; 4725415 | 267554167 |
| Merck KGaA | &nbsp;&nbsp; 839571 | 104933253 |
| MTU Aero Engines AG | &nbsp;&nbsp; 352552 | 152076202 |
| Muenchener Rueckversicherungs-Gesellschaft <br> AG in Muenchen, Registered<br>| &nbsp;&nbsp; 871232 | 570369977 |
| Mutares SE & Co. KGaA<sup>(a)</sup> | &nbsp;&nbsp; 61628 | 2123136 |
| Nagarro SE | &nbsp;&nbsp; 52843 | 3341946 |
| Nemetschek SE | &nbsp;&nbsp; 388420 | 57871883 |
| Nordex SE<sup>(b)</sup> | &nbsp;&nbsp; 858892 | 21082265 |
| Norma Group SE<sup>(a)</sup> | &nbsp;&nbsp; 222835 | 3966426 |
| Northern Data AG<sup>(a)(b)</sup> | &nbsp;&nbsp; 54549 | 1318111 |
| Patrizia SE<sup>(a)</sup> | &nbsp;&nbsp; 356445 | 3180643 |
| Pfeiffer Vacuum Technology AG | &nbsp;&nbsp; 43054 | 7635300 |
| PNE AG<sup>(a)</sup> | &nbsp;&nbsp; 182556 | 3147858 |
| ProSiebenSat.1 Media SE<sup>(a)</sup> | &nbsp;&nbsp; 967663 | 8820330 |
| Puma SE<sup>(a)</sup> | &nbsp;&nbsp; 684804 | 14475705 |
| QIAGEN NV | &nbsp;&nbsp; 1417973 | 70311127 |
| Rational AG | &nbsp;&nbsp; 33976 | 26227671 |
| Redcare Pharmacy NV<sup>(a)(b)(d)</sup> | &nbsp;&nbsp; 105741 | 11704511 |
| RENK Group AG | &nbsp;&nbsp; 494003 | 38348181 |
| Rheinmetall AG | &nbsp;&nbsp; 291703 | 577424935 |
| RTL Group SA<sup>(a)(b)</sup> | &nbsp;&nbsp; 250945 | 9891507 |
| RWE AG | &nbsp;&nbsp; 4116227 | 168868961 |
| SAF-Holland SE | &nbsp;&nbsp; 270098 | 4872335 |
| Salzgitter AG<sup>(a)</sup> | &nbsp;&nbsp; 173225 | 4491395 |
| SAP SE | &nbsp;&nbsp; 6824633 | 1951541482 |
| Schaeffler AG<sup>(a)</sup> | &nbsp;&nbsp; 1346595 | 7785444 |
| Schott Pharma AG & Co. KGaA<sup>(a)</sup> | &nbsp;&nbsp; 227882 | 6150369 |
| Scout24 SE<sup>(d)</sup> | &nbsp;&nbsp; 507936 | 67881384 |
| Secunet Security Networks AG<sup>(a)</sup> | &nbsp;&nbsp; 9464 | 2352737 |
| SGL Carbon SE<sup>(a)(b)</sup> | &nbsp;&nbsp; 495780 | 1941414 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI EAFE ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| Siemens AG, Registered | &nbsp;&nbsp; 4973929 | $1266875248 |
| Siemens Energy AG<sup>(b)</sup> | &nbsp;&nbsp; 4430205 | 512923208 |
| Siemens Healthineers AG<sup>(d)</sup> | &nbsp;&nbsp; 2206333 | 118838889 |
| Siltronic AG<sup>(a)</sup> | &nbsp;&nbsp; 112371 | 4858495 |
| Sixt SE | &nbsp;&nbsp; 93576 | 9703026 |
| SMA Solar Technology AG<sup>(a)(b)</sup> | &nbsp;&nbsp; 114192 | 2613941 |
| Stabilus SE | &nbsp;&nbsp; 160688 | 4606411 |
| Stroeer SE & Co. KGaA | &nbsp;&nbsp; 230720 | 12397121 |
| Suedzucker AG<sup>(a)</sup> | &nbsp;&nbsp; 467002 | 5347919 |
| SUESS MicroTec SE | &nbsp;&nbsp; 124849 | 4525727 |
| Symrise AG, Class A | &nbsp;&nbsp; 865938 | 78494892 |
| TAG Immobilien AG | &nbsp;&nbsp; 1150891 | 18504079 |
| Takkt AG | &nbsp;&nbsp; 225172 | 1382226 |
| Talanx AG<sup>(b)</sup> | &nbsp;&nbsp; 421144 | 55821390 |
| TeamViewer SE<sup>(a)(b)(d)</sup> | &nbsp;&nbsp; 984080 | 10064127 |
| thyssenkrupp AG<sup>(a)</sup> | &nbsp;&nbsp; 3309758 | 38310956 |
| United Internet AG, Registered<sup>(e)</sup> | &nbsp;&nbsp; 537971 | 15419851 |
| Verbio SE<sup>(a)</sup> | &nbsp;&nbsp; 155602 | 2016221 |
| Vonovia SE | &nbsp;&nbsp; 4820638 | 149611237 |
| Vossloh AG | &nbsp;&nbsp; 76698 | 7522362 |
| Wacker Chemie AG<sup>(a)</sup> | &nbsp;&nbsp; 118921 | 8851406 |
| Wacker Neuson SE | &nbsp;&nbsp; 228334 | 5973173 |
| Zalando SE<sup>(b)(d)</sup> | &nbsp;&nbsp; 1471815 | 42915249 |
|  |  | 12931424674 |
| **Hong Kong — 2.1%** | **Hong Kong — 2.1%** | **Hong Kong — 2.1%** |
| AIA Group Ltd. | &nbsp;&nbsp; 69830200 | 651108349 |
| ASMPT Ltd. | &nbsp;&nbsp; 2120500 | 17938823 |
| Bank of East Asia Ltd. (The) | &nbsp;&nbsp; 6507600 | 10063983 |
| BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 24287500 | 109057054 |
| Brightoil Petroleum Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 6240000 | 8 |
| Cafe de Coral Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1634000 | 1505426 |
| CITIC Telecom International Holdings Ltd. | &nbsp;&nbsp; 14279000 | 4629361 |
| CK Asset Holdings Ltd. | &nbsp;&nbsp; 12788016 | 58597226 |
| CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 17537016 | 114148459 |
| CK Infrastructure Holdings Ltd. | &nbsp;&nbsp; 4176500 | 29415038 |
| CLP Holdings Ltd. | &nbsp;&nbsp; 10833000 | 94028002 |
| Cowell e Holdings Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1810000 | 6089568 |
| Crystal International Group Ltd.<sup>(a)(d)</sup> | &nbsp;&nbsp; 752500 | 540648 |
| Dah Sing Banking Group Ltd. | &nbsp;&nbsp; 3508800 | 4101996 |
| Dah Sing Financial Holdings Ltd. | &nbsp;&nbsp; 1006800 | 3734980 |
| Envision Greenwise Holdings Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2205000 | 2036465 |
| First Pacific Co. Ltd. | &nbsp;&nbsp; 15902250 | 12512295 |
| Fortune REIT | &nbsp;&nbsp; 9279000 | 5963645 |
| Futu Holdings Ltd., ADR | &nbsp;&nbsp; 401175 | 61652574 |
| Galaxy Entertainment Group Ltd. | &nbsp;&nbsp; 14641000 | 71399222 |
| Guotai Junan International Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 27540000 | 22447356 |
| Hang Lung Group Ltd. | &nbsp;&nbsp; 685000 | 1237547 |
| Hang Lung Properties Ltd. | &nbsp;&nbsp; 13054000 | 13443769 |
| Hang Seng Bank Ltd. | &nbsp;&nbsp; 5042200 | 73448197 |
| Health and Happiness H&H International <br> Holdings Ltd.<br>| &nbsp;&nbsp; 1432000 | 2087537 |
| Henderson Land Development Co. Ltd. | &nbsp;&nbsp; 9486570 | 33196119 |
| HKBN Ltd. | &nbsp;&nbsp; 7051500 | 4479343 |
| HKT Trust & HKT Ltd., Class SS | &nbsp;&nbsp; 24688200 | 38873480 |
| Hong Kong & China Gas Co. Ltd. | &nbsp;&nbsp; 73754864 | 65830876 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 7673400 | 415275169 |
| Hongkong Land Holdings Ltd. | &nbsp;&nbsp; 7320000 | 44286000 |
| Hsin Chong Group Holdings Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 7490000 | 10 |
| Hutchison Telecommunications Hong Kong <br> Holdings Ltd.<br>| &nbsp;&nbsp; 14726000 | 2025997 |
| Hysan Development Co. Ltd. | &nbsp;&nbsp; 3282000 | 6530698 |
| Jardine Matheson Holdings Ltd. | &nbsp;&nbsp; 1052600 | 57157606 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| Johnson Electric Holdings Ltd. | &nbsp;&nbsp; 2608250 | $7687462 |
| JS Global Lifestyle Co. Ltd.<sup>(b)(d)</sup> | &nbsp;&nbsp; 9132500 | 2047541 |
| Kerry Logistics Network Ltd. | &nbsp;&nbsp; 2914887 | 3065297 |
| Kerry Properties Ltd. | &nbsp;&nbsp; 3769500 | 10064954 |
| Link REIT | &nbsp;&nbsp; 17283919 | 96301752 |
| Luk Fook Holdings International Ltd. | &nbsp;&nbsp; 1727000 | 4506374 |
| Man Wah Holdings Ltd. | &nbsp;&nbsp; 10470000 | 5906195 |
| Melco International Development Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 8637500 | 5972623 |
| Melco Resorts & Entertainment Ltd., ADR<sup>(b)</sup> | &nbsp;&nbsp; 1221711 | 10567800 |
| MTR Corp. Ltd. | &nbsp;&nbsp; 10201500 | 36697535 |
| New World Development Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 9234000 | 7561584 |
| NWS Holdings Ltd. | &nbsp;&nbsp; 9291166 | 9108660 |
| OSL Group Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2509568 | 5257373 |
| Pacific Basin Shipping Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 33666000 | 9727982 |
| PAX Global Technology Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3709000 | 3217617 |
| PCCW Ltd. | &nbsp;&nbsp; 28005000 | 20064106 |
| Power Assets Holdings Ltd. | &nbsp;&nbsp; 9159500 | 60307037 |
| Realord Group Holdings Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2668000 | 2868525 |
| Sands China Ltd. | &nbsp;&nbsp; 16459600 | 39844863 |
| Sino Land Co. Ltd. | &nbsp;&nbsp; 25392000 | 29269332 |
| SITC International Holdings Co. Ltd. | &nbsp;&nbsp; 8888000 | 28815236 |
| SJM Holdings Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 18026000 | 7130227 |
| SmarTone Telecommunications Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2664000 | 1557676 |
| Stella International Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3867500 | 7685732 |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 9453500 | 112283622 |
| SUNeVision Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5060000 | 4994426 |
| Swire Pacific Ltd., Class A | &nbsp;&nbsp; 2772000 | 25057034 |
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp; 9500000 | 113597660 |
| Theme International Holdings Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 28730000 | 3074637 |
| United Laboratories International Holdings Ltd. <br> (The)<br>| &nbsp;&nbsp; 6432000 | 12057119 |
| Vitasoy International Holdings Ltd. | &nbsp;&nbsp; 4646000 | 5423985 |
| Viva Goods Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 20624000 | 1387893 |
| Vobile Group Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 12223000 | 5409912 |
| VSTECS Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4186000 | 4844512 |
| VTech Holdings Ltd. | &nbsp;&nbsp; 1059400 | 7850111 |
| WH Group Ltd.<sup>(d)</sup> | &nbsp;&nbsp; 56166000 | 56229915 |
| Wharf Holdings Ltd. (The) | &nbsp;&nbsp; 6937407 | 19751726 |
| Wharf Real Estate Investment Co. Ltd. | &nbsp;&nbsp; 10991000 | 34894367 |
| Wynn Macau Ltd. | &nbsp;&nbsp; 10202800 | 8456183 |
| Xinyi Glass Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 11603000 | 11960250 |
| Yue Yuen Industrial Holdings Ltd. | &nbsp;&nbsp; 5128500 | 8021328 |
|  |  | 2889370989 |
| **Ireland — 0.4%** | **Ireland — 0.4%** | **Ireland — 0.4%** |
| AIB Group PLC | &nbsp;&nbsp; 13604407 | 107320402 |
| Bank of Ireland Group PLC | &nbsp;&nbsp; 6241515 | 83698523 |
| Cairn Homes PLC | &nbsp;&nbsp; 4024881 | 10013159 |
| Dalata Hotel Group PLC | &nbsp;&nbsp; 1376176 | 10019735 |
| Glanbia PLC | &nbsp;&nbsp; 1203113 | 17481085 |
| Glenveagh Properties PLC<sup>(b)(d)</sup> | &nbsp;&nbsp; 1679421 | 3581979 |
| Irish Residential Properties REIT PLC | &nbsp;&nbsp; 1783984 | 1987020 |
| Kerry Group PLC, Class A | &nbsp;&nbsp; 1052540 | 97223080 |
| Kingspan Group PLC | &nbsp;&nbsp; 991743 | 82306614 |
| Ryanair Holdings PLC | &nbsp;&nbsp; 5539237 | 162868452 |
| Uniphar PLC | &nbsp;&nbsp; 1105172 | 5009951 |
|  |  | 581510000 |
| **Israel — 1.4%** | **Israel — 1.4%** | **Israel — 1.4%** |
| Africa Israel Residences Ltd. | &nbsp;&nbsp; 36971 | 2978600 |
| Airport City Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 567173 | 10112678 |
| Alony Hetz Properties & Investments Ltd. | &nbsp;&nbsp; 1081207 | 11270622 |
| Amot Investments Ltd. | &nbsp;&nbsp; 1482843 | 10110489 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI EAFE ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Israel (continued)** | **Israel (continued)** | **Israel (continued)** |
| Ashtrom Group Ltd. | &nbsp;&nbsp; 225706 | $4703537 |
| Azorim-Investment Development & Construction <br> Co. Ltd.<sup>(a)</sup><br>| &nbsp;&nbsp; 109767 | 710126 |
| Azrieli Group Ltd. | &nbsp;&nbsp; 290690 | 28560043 |
| Bank Hapoalim BM | &nbsp;&nbsp; 8199210 | 153760359 |
| Bank Leumi Le-Israel BM | &nbsp;&nbsp; 9785247 | 181015091 |
| Bet Shemesh Engines Holdings 1997 Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 27457 | 5219206 |
| Bezeq The Israeli Telecommunication Corp. Ltd. | &nbsp;&nbsp; 14093097 | 26215989 |
| Big Shopping Centers Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 102839 | 19587611 |
| Blue Square Real Estate Ltd. | &nbsp;&nbsp; 6905 | 789398 |
| Camtek Ltd./Israel<sup>(a)(b)</sup> | &nbsp;&nbsp; 195617 | 18931329 |
| Cellcom Israel Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 773403 | 6990544 |
| Cellebrite DI Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 741831 | 10370797 |
| Check Point Software Technologies Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 568318 | 105820812 |
| Clal Insurance Enterprises Holdings Ltd. | &nbsp;&nbsp; 438160 | 21007184 |
| CyberArk Software Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 309259 | 127250801 |
| Danel Adir Yeoshua Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 35745 | 4899342 |
| Danya Cebus Ltd. | &nbsp;&nbsp; 50846 | 1854934 |
| Delek Automotive Systems Ltd. | &nbsp;&nbsp; 351294 | 2746648 |
| Delek Group Ltd. | &nbsp;&nbsp; 68601 | 13931940 |
| Delta Galil Ltd. | &nbsp;&nbsp; 53389 | 2832982 |
| El Al Israel Airlines<sup>(a)(b)</sup> | &nbsp;&nbsp; 2126252 | 8583629 |
| Elbit Systems Ltd. | &nbsp;&nbsp; 177601 | 81933083 |
| Elco Ltd. | &nbsp;&nbsp; 20036 | 1129236 |
| Electra Consumer Products 1970 Ltd. | &nbsp;&nbsp; 78159 | 3101483 |
| Electra Ltd./Israel<sup>(a)</sup> | &nbsp;&nbsp; 12089 | 7324430 |
| Electra Real Estate Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 77709 | 1046117 |
| Energix-Renewable Energies Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2018593 | 7863076 |
| Enlight Renewable Energy Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 824754 | 20251212 |
| Equital Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 132147 | 5734137 |
| Fattal Holdings 1998 Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 42627 | 7672303 |
| FIBI Holdings Ltd. | &nbsp;&nbsp; 110906 | 8069341 |
| First International Bank Of Israel Ltd. (The) | &nbsp;&nbsp; 463829 | 32216446 |
| Fiverr International Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 223980 | 4945478 |
| Formula Systems 1985 Ltd. | &nbsp;&nbsp; 53737 | 6468687 |
| Fox Wizel Ltd. | &nbsp;&nbsp; 54801 | 5682925 |
| G City Ltd. | &nbsp;&nbsp; 869687 | 3115622 |
| Gav-Yam Lands Corp. Ltd. | &nbsp;&nbsp; 0 | 2 |
| Global-e Online Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 734393 | 24345128 |
| Harel Insurance Investments & Financial Services <br> Ltd.<sup>(a)</sup><br>| &nbsp;&nbsp; 1032046 | 31111807 |
| Hilan Ltd. | &nbsp;&nbsp; 67819 | 5540577 |
| ICL Group Ltd. | &nbsp;&nbsp; 5179685 | 32268959 |
| Inmode Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 514904 | 7033589 |
| Isracard Ltd. | &nbsp;&nbsp; 1212166 | 4965090 |
| Israel Canada T.R Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 984413 | 4890687 |
| Israel Corp Ltd. | &nbsp;&nbsp; 31042 | 9621700 |
| Israel Discount Bank Ltd., Class A | &nbsp;&nbsp; 8007422 | 76579219 |
| Isras Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 17524 | 2163402 |
| Isras Investment Co. Ltd. | &nbsp;&nbsp; 10494 | 2847420 |
| Ituran Location and Control Ltd. | &nbsp;&nbsp; 170927 | 6751617 |
| Kenon Holdings Ltd./Singapore<sup>(a)</sup> | &nbsp;&nbsp; 160554 | 7636751 |
| Kornit Digital Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 318548 | 6377331 |
| M Yochananof & Sons Ltd. | &nbsp;&nbsp; 4678 | 431484 |
| Magic Software Enterprises Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 163712 | 3435233 |
| Matrix IT Ltd. | &nbsp;&nbsp; 208892 | 7678090 |
| Mega Or Holdings Ltd. | &nbsp;&nbsp; 125844 | 5904284 |
| Melisron Ltd. | &nbsp;&nbsp; 195733 | 22536195 |
| Menora Mivtachim Holdings Ltd. | &nbsp;&nbsp; 91438 | 7948697 |
| Migdal Insurance & Financial Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4139590 | 12633426 |
| Mivne Real Estate KD Ltd. | &nbsp;&nbsp; 4269012 | 16091702 |
| Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp; 1064259 | 65743350 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Israel (continued)** | **Israel (continued)** | **Israel (continued)** |
| Monday.com Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 265436 | $69621208 |
| Nayax Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 40229 | 1773854 |
| Next Vision Stabilized Systems Ltd. | &nbsp;&nbsp; 396596 | 16255095 |
| Nice Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 413203 | 64505582 |
| Nova Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 192331 | 51288999 |
| Oddity Tech Ltd., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 265944 | 18634696 |
| Oil Refineries Ltd. | &nbsp;&nbsp; 19835817 | 5189074 |
| One Software Technologies Ltd. | &nbsp;&nbsp; 236260 | 6104114 |
| OPC Energy Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 958174 | 14393404 |
| OY Nofar Energy Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 102700 | 3074835 |
| Partner Communications Co. Ltd. | &nbsp;&nbsp; 912241 | 8401280 |
| Paz Retail & Energy Ltd. | &nbsp;&nbsp; 75744 | 14005110 |
| Phoenix Financial Ltd. | &nbsp;&nbsp; 1488947 | 50733019 |
| Prashkovsky Investments and Construction <br> Ltd.<sup>(a)</sup><br>| &nbsp;&nbsp; 14455 | 554272 |
| Radware Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 296650 | 7594240 |
| Rami Levy Chain Stores Hashikma Marketing <br> 2006 Ltd.<br>| &nbsp;&nbsp; 86803 | 8096424 |
| Reit 1 Ltd. | &nbsp;&nbsp; 1147407 | 7523188 |
| Retailors Ltd. | &nbsp;&nbsp; 71317 | 1483719 |
| Riskified Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 525728 | 2681213 |
| Sapiens International Corp. NV | &nbsp;&nbsp; 209178 | 5836838 |
| Sella Capital Real Estate Ltd. | &nbsp;&nbsp; 1385489 | 4273208 |
| Shapir Engineering and Industry Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 932892 | 7714330 |
| Shikun & Binui Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2144927 | 10210029 |
| Shufersal Ltd. | &nbsp;&nbsp; 1662010 | 20093331 |
| SimilarWeb Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 202131 | 1689815 |
| Strauss Group Ltd. | &nbsp;&nbsp; 399783 | 10735048 |
| Summit Real Estate Holdings Ltd. | &nbsp;&nbsp; 113198 | 2148657 |
| Tadiran Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 22663 | 1206061 |
| Tel Aviv Stock Exchange Ltd. | &nbsp;&nbsp; 645034 | 12177023 |
| Teva Pharmaceutical Industries Ltd., ADR<sup>(b)</sup> | &nbsp;&nbsp; 7442404 | 114985142 |
| Tower Semiconductor Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 745153 | 34576458 |
| Wix.com Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 348350 | 47386050 |
| YH Dimri Construction & Development Ltd. | &nbsp;&nbsp; 31933 | 3468210 |
| ZIM Integrated Shipping Services Ltd. | &nbsp;&nbsp; 811841 | 12867680 |
|  |  | 1982625213 |
| **Italy — 3.2%** | **Italy — 3.2%** | **Italy — 3.2%** |
| A2A SpA | &nbsp;&nbsp; 10158732 | 24754298 |
| ACEA SpA | &nbsp;&nbsp; 368101 | 8169003 |
| Amplifon SpA | &nbsp;&nbsp; 812839 | 13683253 |
| Ariston Holding NV | &nbsp;&nbsp; 501716 | 2611948 |
| Ascopiave SpA | &nbsp;&nbsp; 429145 | 1482317 |
| Azimut Holding SpA | &nbsp;&nbsp; 743443 | 25271478 |
| Banca Generali SpA | &nbsp;&nbsp; 439249 | 24533053 |
| Banca IFIS SpA | &nbsp;&nbsp; 242402 | 6713214 |
| Banca Mediolanum SpA | &nbsp;&nbsp; 1165854 | 20564243 |
| Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp; 5493434 | 46767917 |
| Banca Popolare di Sondrio SpA | &nbsp;&nbsp; 1185271 | 16230069 |
| Banco BPM SpA | &nbsp;&nbsp; 7680444 | 97949841 |
| BFF Bank SpA<sup>(b)(d)</sup> | &nbsp;&nbsp; 1092996 | 12976258 |
| BPER Banca SpA | &nbsp;&nbsp; 8687158 | 85486119 |
| Brembo NV | &nbsp;&nbsp; 1057086 | 10134020 |
| Brunello Cucinelli SpA | &nbsp;&nbsp; 231111 | 25917411 |
| Buzzi SpA | &nbsp;&nbsp; 589374 | 30776858 |
| Carel Industries SpA<sup>(d)</sup> | &nbsp;&nbsp; 227340 | 6175603 |
| CIR SpA-Compagnie Industriali<sup>(b)</sup> | &nbsp;&nbsp; 4008242 | 3088704 |
| Credito Emiliano SpA | &nbsp;&nbsp; 624775 | 9470648 |
| d'Amico International Shipping SA | &nbsp;&nbsp; 292008 | 1203388 |
| Danieli & C Officine Meccaniche SpA | &nbsp;&nbsp; 123986 | 5327913 |
| Davide Campari-Milano NV<sup>(a)</sup> | &nbsp;&nbsp; 3974213 | 27373687 |
| De' Longhi SpA | &nbsp;&nbsp; 468804 | 15376053 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI EAFE ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| DiaSorin SpA | &nbsp;&nbsp; 154744 | $15128547 |
| El.En. SpA | &nbsp;&nbsp; 265246 | 3532493 |
| Enav SpA<sup>(d)</sup> | &nbsp;&nbsp; 1634789 | 7171870 |
| Enel SpA | &nbsp;&nbsp; 52908448 | 466561748 |
| Eni SpA | &nbsp;&nbsp; 14329310 | 244563106 |
| ERG SpA | &nbsp;&nbsp; 401618 | 8700824 |
| Ferrari NV | &nbsp;&nbsp; 822099 | 360496397 |
| Fila SpA | &nbsp;&nbsp; 68179 | 672087 |
| Fincantieri SpA<sup>(b)</sup> | &nbsp;&nbsp; 628770 | 12168186 |
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp; 3924366 | 83565509 |
| Generali | &nbsp;&nbsp; 5744972 | 214320595 |
| GVS SpA<sup>(a)(b)(d)</sup> | &nbsp;&nbsp; 409025 | 2293361 |
| Hera SpA | &nbsp;&nbsp; 5233965 | 22395923 |
| Industrie De Nora SpA<sup>(a)</sup> | &nbsp;&nbsp; 217668 | 1635013 |
| Infrastrutture Wireless Italiane SpA<sup>(d)</sup> | &nbsp;&nbsp; 2042972 | 24152615 |
| Interpump Group SpA | &nbsp;&nbsp; 504597 | 20702715 |
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 98144447 | 591345743 |
| Iren SpA | &nbsp;&nbsp; 4616594 | 13220391 |
| Italgas SpA | &nbsp;&nbsp; 3930771 | 32615045 |
| Iveco Group NV | &nbsp;&nbsp; 1190472 | 24606853 |
| Juventus Football Club SpA, NVS<sup>(a)(b)</sup> | &nbsp;&nbsp; 849657 | 2685847 |
| Leonardo SpA | &nbsp;&nbsp; 2639182 | 142260150 |
| Lottomatica Group SpA | &nbsp;&nbsp; 1603366 | 43255536 |
| LU-VE SpA, NVS | &nbsp;&nbsp; 53700 | 1986278 |
| Maire SpA | &nbsp;&nbsp; 1225954 | 17029101 |
| MARR SpA<sup>(a)</sup> | &nbsp;&nbsp; 276133 | 3234587 |
| Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp; 3280943 | 72234386 |
| MFE-MediaForEurope NV, Class A | &nbsp;&nbsp; 1891800 | 5995492 |
| MFE-MediaForEurope NV, Class B | &nbsp;&nbsp; 406318 | 1825946 |
| Moncler SpA | &nbsp;&nbsp; 1518024 | 80960134 |
| NewPrinces SpA, NVS<sup>(b)</sup> | &nbsp;&nbsp; 64005 | 1668001 |
| Nexi SpA<sup>(d)</sup> | &nbsp;&nbsp; 3296624 | 18824493 |
| OVS SpA<sup>(d)</sup> | &nbsp;&nbsp; 1149301 | 4757725 |
| Pharmanutra SpA | &nbsp;&nbsp; 23182 | 1213832 |
| Piaggio & C SpA | &nbsp;&nbsp; 1720513 | 3714087 |
| Pirelli & C SpA<sup>(d)</sup> | &nbsp;&nbsp; 2462741 | 16602245 |
| Poste Italiane SpA<sup>(d)</sup> | &nbsp;&nbsp; 3076984 | 66477955 |
| Prysmian SpA | &nbsp;&nbsp; 1845415 | 147381158 |
| RAI Way SpA<sup>(d)</sup> | &nbsp;&nbsp; 279360 | 1864978 |
| Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp; 743748 | 42656686 |
| Reply SpA | &nbsp;&nbsp; 174038 | 27260234 |
| Saipem SpA | &nbsp;&nbsp; 8384859 | 22412973 |
| Salvatore Ferragamo SpA<sup>(a)(b)</sup> | &nbsp;&nbsp; 444414 | 2513292 |
| Sanlorenzo SpA/Ameglia | &nbsp;&nbsp; 51550 | 1737393 |
| Sesa SpA<sup>(a)</sup> | &nbsp;&nbsp; 39174 | 2949877 |
| Snam SpA | &nbsp;&nbsp; 13321673 | 77202600 |
| SOL SpA | &nbsp;&nbsp; 250704 | 13389633 |
| Stellantis NV | &nbsp;&nbsp; 13156281 | 116105537 |
| Tamburi Investment Partners SpA | &nbsp;&nbsp; 466908 | 4111620 |
| Technogym SpA<sup>(d)</sup> | &nbsp;&nbsp; 824824 | 12726415 |
| Technoprobe SpA<sup>(a)(b)</sup> | &nbsp;&nbsp; 839961 | 6891680 |
| Telecom Italia SpA/Milano<sup>(b)</sup> | &nbsp;&nbsp; 70182346 | 32251069 |
| Tenaris SA | &nbsp;&nbsp; 2700762 | 47169261 |
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp; 9191191 | 88933459 |
| UniCredit SpA | &nbsp;&nbsp; 9165904 | 674370071 |
| Unipol Gruppo SpA | &nbsp;&nbsp; 2472775 | 49598182 |
| Webuild SpA | &nbsp;&nbsp; 3204171 | 14420859 |
| Wiit SpA<sup>(a)</sup> | &nbsp;&nbsp; 28291 | 503594 |
| Zignago Vetro SpA<sup>(a)</sup> | &nbsp;&nbsp; 55415 | 495610 |
|  |  | 4543558293 |
| **Japan — 23.5%** | **Japan — 23.5%** | **Japan — 23.5%** |
| 77 Bank Ltd. (The) | &nbsp;&nbsp; 515500 | 17806243 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| ABC-Mart Inc. | &nbsp;&nbsp; 669400 | $12526727 |
| Acom Co. Ltd. | &nbsp;&nbsp; 1746200 | 5049881 |
| Activia Properties Inc. | &nbsp;&nbsp; 13732 | 11731907 |
| Adastria Co. Ltd. | &nbsp;&nbsp; 167300 | 3322475 |
| ADEKA Corp. | &nbsp;&nbsp; 661300 | 13050946 |
| Advance Residence Investment Corp. | &nbsp;&nbsp; 17590 | 18141574 |
| Advantest Corp. | &nbsp;&nbsp; 5003000 | 332694963 |
| Aeon Co. Ltd. | &nbsp;&nbsp; 4848115 | 154862508 |
| AEON Financial Service Co. Ltd. | &nbsp;&nbsp; 742800 | 6679645 |
| Aeon Hokkaido Corp. | &nbsp;&nbsp; 155300 | 922946 |
| AEON REIT Investment Corp. | &nbsp;&nbsp; 12689 | 10818197 |
| AGC Inc. | &nbsp;&nbsp; 1283600 | 38629519 |
| Ai Holdings Corp. | &nbsp;&nbsp; 198700 | 3180368 |
| Aica Kogyo Co. Ltd. | &nbsp;&nbsp; 337900 | 8320041 |
| Aichi Financial Group Inc., NVS | &nbsp;&nbsp; 219200 | 3926881 |
| Aichi Steel Corp. | &nbsp;&nbsp; 138700 | 2111003 |
| Aiful Corp. | &nbsp;&nbsp; 2353600 | 6954475 |
| Ain Holdings Inc. | &nbsp;&nbsp; 177600 | 6835786 |
| Air Water Inc. | &nbsp;&nbsp; 1177600 | 17396330 |
| Aisin Corp. | &nbsp;&nbsp; 3427900 | 47373606 |
| Ajinomoto Co. Inc. | &nbsp;&nbsp; 5918400 | 156579703 |
| Alfresa Holdings Corp. | &nbsp;&nbsp; 1066700 | 15484209 |
| Alpen Co. Ltd. | &nbsp;&nbsp; 59400 | 948522 |
| Alps Alpine Co. Ltd. | &nbsp;&nbsp; 1151776 | 12202251 |
| ALSOK Co Ltd. | &nbsp;&nbsp; 2519600 | 17550521 |
| Amada Co. Ltd. | &nbsp;&nbsp; 2126700 | 23980510 |
| Amano Corp. | &nbsp;&nbsp; 511600 | 14275545 |
| ANA Holdings Inc. | &nbsp;&nbsp; 903500 | 16753200 |
| Anritsu Corp. | &nbsp;&nbsp; 863500 | 9307408 |
| Anycolor Inc. | &nbsp;&nbsp; 221900 | 6915036 |
| AOKI Holdings Inc. | &nbsp;&nbsp; 174700 | 1985720 |
| Aozora Bank Ltd. | &nbsp;&nbsp; 718700 | 10544321 |
| Appier Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 391900 | 3973943 |
| Arata Corp. | &nbsp;&nbsp; 53100 | 1132266 |
| Arclands Corp. | &nbsp;&nbsp; 237300 | 2739925 |
| Arcs Co. Ltd. | &nbsp;&nbsp; 188700 | 3796951 |
| ARE Holdings Inc. | &nbsp;&nbsp; 536800 | 6327514 |
| Argo Graphics Inc. | &nbsp;&nbsp; 20200 | 706293 |
| Ariake Japan Co. Ltd. | &nbsp;&nbsp; 99600 | 4411812 |
| Artience Co. Ltd. | &nbsp;&nbsp; 207400 | 4391918 |
| As One Corp. | &nbsp;&nbsp; 335000 | 5264440 |
| Asahi Group Holdings Ltd. | &nbsp;&nbsp; 9459900 | 120009038 |
| Asahi Intecc Co. Ltd. | &nbsp;&nbsp; 1412400 | 21979880 |
| Asahi Kasei Corp. | &nbsp;&nbsp; 8051800 | 56022442 |
| Asics Corp. | &nbsp;&nbsp; 4331500 | 101830477 |
| ASKUL Corp. | &nbsp;&nbsp; 233300 | 2330157 |
| Astellas Pharma Inc. | &nbsp;&nbsp; 11725200 | 121574144 |
| Atom Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 877500 | 3923717 |
| Autobacs Seven Co. Ltd. | &nbsp;&nbsp; 631100 | 6157071 |
| Awa Bank Ltd. (The) | &nbsp;&nbsp; 170700 | 3618604 |
| Axial Retailing Inc. | &nbsp;&nbsp; 86800 | 656854 |
| Azbil Corp. | &nbsp;&nbsp; 3013100 | 28155617 |
| AZ-COM MARUWA Holdings Inc. | &nbsp;&nbsp; 286000 | 2206219 |
| Bandai Namco Holdings Inc. | &nbsp;&nbsp; 3877400 | 125383165 |
| BayCurrent Inc. | &nbsp;&nbsp; 880700 | 50569835 |
| Belc Co. Ltd. | &nbsp;&nbsp; 48000 | 2296350 |
| Bell System24 Holdings Inc. | &nbsp;&nbsp; 105500 | 948209 |
| Belluna Co. Ltd. | &nbsp;&nbsp; 160500 | 1018617 |
| Bic Camera Inc. | &nbsp;&nbsp; 726400 | 7584574 |
| BIPROGY Inc. | &nbsp;&nbsp; 499700 | 20150460 |
| BML Inc. | &nbsp;&nbsp; 132100 | 3067808 |
| Bridgestone Corp. | &nbsp;&nbsp; 3713500 | 150211695 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI EAFE ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Brother Industries Ltd. | &nbsp;&nbsp; 1540500 | $26212904 |
| Bunka Shutter Co. Ltd. | &nbsp;&nbsp; 76900 | 1301609 |
| C Uyemura & Co. Ltd. | &nbsp;&nbsp; 58000 | 3714820 |
| Calbee Inc. | &nbsp;&nbsp; 562200 | 10317868 |
| Canon Electronics Inc. | &nbsp;&nbsp; 97100 | 1640583 |
| Canon Inc. | &nbsp;&nbsp; 6079900 | 172685214 |
| Canon Marketing Japan Inc. | &nbsp;&nbsp; 307800 | 11120282 |
| Capcom Co. Ltd. | &nbsp;&nbsp; 2311800 | 58848563 |
| Casio Computer Co. Ltd. | &nbsp;&nbsp; 1289200 | 10213500 |
| Central Glass Co. Ltd. | &nbsp;&nbsp; 129400 | 2795121 |
| Central Japan Railway Co. | &nbsp;&nbsp; 4985000 | 116211210 |
| Change Holdings Inc. | &nbsp;&nbsp; 236600 | 1809958 |
| Chiba Bank Ltd. (The) | &nbsp;&nbsp; 3788900 | 35315218 |
| Chiyoda Corp.<sup>(b)</sup> | &nbsp;&nbsp; 964800 | 2292275 |
| Chubu Electric Power Co. Inc. | &nbsp;&nbsp; 4226500 | 51693245 |
| Chudenko Corp. | &nbsp;&nbsp; 28900 | 701380 |
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 4391100 | 210495851 |
| Chugin Financial Group Inc., NVS | &nbsp;&nbsp; 980200 | 12725702 |
| Chugoku Electric Power Co. Inc. (The) | &nbsp;&nbsp; 2072800 | 11285977 |
| Chugoku Marine Paints Ltd. | &nbsp;&nbsp; 215600 | 4428500 |
| Citizen Watch Co. Ltd. | &nbsp;&nbsp; 1596600 | 9583444 |
| CKD Corp. | &nbsp;&nbsp; 477600 | 8526707 |
| Coca-Cola Bottlers Japan Holdings Inc. | &nbsp;&nbsp; 850650 | 13006733 |
| Colowide Co. Ltd. | &nbsp;&nbsp; 614800 | 7937167 |
| Comforia Residential REIT Inc. | &nbsp;&nbsp; 5947 | 11681379 |
| COMSYS Holdings Corp. | &nbsp;&nbsp; 769900 | 17649842 |
| Concordia Financial Group Ltd. | &nbsp;&nbsp; 6807600 | 45142748 |
| Cosmo Energy Holdings Co. Ltd. | &nbsp;&nbsp; 394400 | 17504489 |
| Cosmos Pharmaceutical Corp. | &nbsp;&nbsp; 264300 | 16418696 |
| Cover Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 286000 | 4041119 |
| CRE Logistics REIT Inc. | &nbsp;&nbsp; 4620 | 4574500 |
| Create Restaurants Holdings Inc. | &nbsp;&nbsp; 842400 | 8570963 |
| Create SD Holdings Co. Ltd. | &nbsp;&nbsp; 158600 | 3616610 |
| Credit Saison Co. Ltd. | &nbsp;&nbsp; 891800 | 23528825 |
| CyberAgent Inc. | &nbsp;&nbsp; 2851700 | 28560740 |
| Cybozu Inc. | &nbsp;&nbsp; 172700 | 4554311 |
| Dai Nippon Printing Co. Ltd. | &nbsp;&nbsp; 2664600 | 41033398 |
| Daicel Corp. | &nbsp;&nbsp; 1518300 | 13060525 |
| Daido Steel Co. Ltd. | &nbsp;&nbsp; 847800 | 6528426 |
| Daifuku Co. Ltd. | &nbsp;&nbsp; 2100600 | 53179192 |
| Daihen Corp. | &nbsp;&nbsp; 117100 | 5529238 |
| Dai-ichi Life Holdings Inc. | &nbsp;&nbsp; 22919500 | 181343267 |
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 11210000 | 275002822 |
| Daiichikosho Co. Ltd. | &nbsp;&nbsp; 491500 | 5276807 |
| Daikin Industries Ltd. | &nbsp;&nbsp; 1720600 | 211557669 |
| Daikokutenbussan Co. Ltd. | &nbsp;&nbsp; 51100 | 2427211 |
| Daio Paper Corp. | &nbsp;&nbsp; 564600 | 3145415 |
| Daiseki Co. Ltd. | &nbsp;&nbsp; 268720 | 6256039 |
| Daishi Hokuetsu Financial Group Inc. | &nbsp;&nbsp; 418800 | 10249711 |
| Daito Trust Construction Co. Ltd. | &nbsp;&nbsp; 370500 | 37930923 |
| Daiwa House Industry Co. Ltd. | &nbsp;&nbsp; 3743100 | 123750293 |
| Daiwa House REIT Investment Corp. | &nbsp;&nbsp; 15836 | 26482907 |
| Daiwa Industries Ltd. | &nbsp;&nbsp; 16200 | 180075 |
| Daiwa Office Investment Corp. | &nbsp;&nbsp; 3368 | 7824800 |
| Daiwa Securities Group Inc. | &nbsp;&nbsp; 8549300 | 59518961 |
| Daiwa Securities Living Investments Corp. | &nbsp;&nbsp; 14487 | 9815497 |
| Daiwabo Holdings Co. Ltd. | &nbsp;&nbsp; 579500 | 10656777 |
| DCM Holdings Co. Ltd. | &nbsp;&nbsp; 745200 | 7084727 |
| DeNA Co. Ltd. | &nbsp;&nbsp; 519300 | 8092997 |
| Denka Co. Ltd. | &nbsp;&nbsp; 539700 | 7609944 |
| Denso Corp. | &nbsp;&nbsp; 12414500 | 168432718 |
| Dentsu Group Inc. | &nbsp;&nbsp; 1263800 | 24922885 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Dentsu Soken Inc. | &nbsp;&nbsp; 164700 | $7234133 |
| Dexerials Corp. | &nbsp;&nbsp; 1086100 | 15702444 |
| DIC Corp. | &nbsp;&nbsp; 571500 | 11280597 |
| Digital Arts Inc. | &nbsp;&nbsp; 62000 | 3277655 |
| Digital Garage Inc. | &nbsp;&nbsp; 175900 | 4628377 |
| Dip Corp. | &nbsp;&nbsp; 219600 | 3554561 |
| Disco Corp. | &nbsp;&nbsp; 603700 | 178409328 |
| DMG Mori Co. Ltd. | &nbsp;&nbsp; 896500 | 20715624 |
| Doshisha Co. Ltd. | &nbsp;&nbsp; 83500 | 1392850 |
| Doutor Nichires Holdings Co. Ltd. | &nbsp;&nbsp; 213200 | 3541311 |
| Dowa Holdings Co. Ltd. | &nbsp;&nbsp; 318000 | 10384992 |
| DTS Corp. | &nbsp;&nbsp; 207400 | 6881105 |
| Duskin Co. Ltd. | &nbsp;&nbsp; 246900 | 6518422 |
| DyDo Group Holdings Inc. | &nbsp;&nbsp; 71400 | 1260938 |
| Earth Corp. | &nbsp;&nbsp; 83800 | 2707803 |
| East Japan Railway Co. | &nbsp;&nbsp; 5894500 | 126343676 |
| Ebara Corp. | &nbsp;&nbsp; 3058800 | 55856219 |
| EDION Corp. | &nbsp;&nbsp; 649000 | 8629658 |
| eGuarantee Inc. | &nbsp;&nbsp; 173000 | 1712676 |
| Eiken Chemical Co. Ltd. | &nbsp;&nbsp; 150300 | 2362295 |
| Eisai Co. Ltd. | &nbsp;&nbsp; 1688900 | 47365808 |
| Eizo Corp. | &nbsp;&nbsp; 205600 | 2925304 |
| Elecom Co. Ltd. | &nbsp;&nbsp; 228600 | 2956726 |
| Electric Power Development Co. Ltd. | &nbsp;&nbsp; 952700 | 16487060 |
| en Japan Inc. | &nbsp;&nbsp; 175600 | 2038700 |
| ENEOS Holdings Inc. | &nbsp;&nbsp; 17597250 | 92361499 |
| ES-Con Japan Ltd. | &nbsp;&nbsp; 88800 | 571525 |
| Exedy Corp. | &nbsp;&nbsp; 203000 | 6372591 |
| EXEO Group Inc. | &nbsp;&nbsp; 1327500 | 17436828 |
| Ezaki Glico Co. Ltd. | &nbsp;&nbsp; 334800 | 10338039 |
| FANUC Corp. | &nbsp;&nbsp; 6239400 | 173685869 |
| Fast Retailing Co. Ltd. | &nbsp;&nbsp; 1237100 | 377352237 |
| FCC Co. Ltd. | &nbsp;&nbsp; 219800 | 4411838 |
| Ferrotec Corp. | &nbsp;&nbsp; 327700 | 7859695 |
| Financial Products Group Co. Ltd. | &nbsp;&nbsp; 388200 | 6232813 |
| Food & Life Companies Ltd. | &nbsp;&nbsp; 724800 | 36505572 |
| FP Corp. | &nbsp;&nbsp; 297100 | 5296418 |
| Freee KK<sup>(a)(b)</sup> | &nbsp;&nbsp; 284000 | 7633473 |
| Frontier Real Estate Investment Corp. | &nbsp;&nbsp; 16067 | 9164442 |
| Fuji Co. Ltd./Ehime | &nbsp;&nbsp; 201900 | 2716558 |
| Fuji Corp./Aichi | &nbsp;&nbsp; 565300 | 10608413 |
| Fuji Electric Co. Ltd. | &nbsp;&nbsp; 885600 | 44030424 |
| Fuji Kyuko Co. Ltd. | &nbsp;&nbsp; 122100 | 1717193 |
| Fuji Media Holdings Inc. | &nbsp;&nbsp; 320400 | 7552956 |
| Fuji Oil Co. Ltd. | &nbsp;&nbsp; 283600 | 5336540 |
| Fuji Seal International Inc. | &nbsp;&nbsp; 234400 | 4306328 |
| FUJIFILM Holdings Corp. | &nbsp;&nbsp; 7287800 | 151165180 |
| Fujikura Ltd. | &nbsp;&nbsp; 1652900 | 112202865 |
| Fujimi Inc. | &nbsp;&nbsp; 329700 | 4916373 |
| Fujita Kanko Inc.<sup>(a)</sup> | &nbsp;&nbsp; 48500 | 3374704 |
| Fujitec Co. Ltd. | &nbsp;&nbsp; 537100 | 19881069 |
| Fujitsu Ltd. | &nbsp;&nbsp; 11484200 | 250170858 |
| Fukuoka Financial Group Inc. | &nbsp;&nbsp; 1118480 | 30497632 |
| Fukuoka REIT Corp. | &nbsp;&nbsp; 6419 | 7684576 |
| Fukuyama Transporting Co. Ltd. | &nbsp;&nbsp; 97800 | 2328514 |
| Funai Soken Holdings Inc. | &nbsp;&nbsp; 169100 | 2661667 |
| Furukawa Electric Co. Ltd. | &nbsp;&nbsp; 442700 | 26739832 |
| Fuso Chemical Co. Ltd. | &nbsp;&nbsp; 100100 | 2836289 |
| Future Corp. | &nbsp;&nbsp; 234800 | 3669786 |
| Fuyo General Lease Co. Ltd. | &nbsp;&nbsp; 252300 | 6815272 |
| Galilei Co. Ltd. | &nbsp;&nbsp; 21000 | 460647 |
| GENDA Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 651700 | 4014430 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI EAFE ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Genky DrugStores Co. Ltd. | &nbsp;&nbsp; 60600 | $1789245 |
| Global One Real Estate Investment Corp. | &nbsp;&nbsp; 8228 | 7779557 |
| Glory Ltd. | &nbsp;&nbsp; 228300 | 5870489 |
| GLP J-REIT | &nbsp;&nbsp; 31578 | 27671971 |
| GMO Financial Holdings Inc. | &nbsp;&nbsp; 110300 | 610492 |
| GMO internet group Inc. | &nbsp;&nbsp; 545700 | 13979391 |
| GMO Payment Gateway Inc. | &nbsp;&nbsp; 275300 | 15343242 |
| GNI Group Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 324600 | 5911041 |
| Goldcrest Co. Ltd. | &nbsp;&nbsp; 69500 | 1520812 |
| Goldwin Inc. | &nbsp;&nbsp; 136500 | 7028484 |
| Gree Inc. | &nbsp;&nbsp; 574600 | 1878591 |
| GS Yuasa Corp. | &nbsp;&nbsp; 542800 | 9741238 |
| GungHo Online Entertainment Inc. | &nbsp;&nbsp; 250530 | 4796100 |
| Gunma Bank Ltd. (The) | &nbsp;&nbsp; 2339500 | 21906914 |
| Gunze Ltd. | &nbsp;&nbsp; 202300 | 5125773 |
| H.U. Group Holdings Inc. | &nbsp;&nbsp; 327900 | 7045651 |
| H2O Retailing Corp. | &nbsp;&nbsp; 655700 | 8664444 |
| Hachijuni Bank Ltd. (The) | &nbsp;&nbsp; 2555100 | 22987341 |
| Hakuhodo DY Holdings Inc. | &nbsp;&nbsp; 1419700 | 11172236 |
| Hakuto Co. Ltd. | &nbsp;&nbsp; 66300 | 1669327 |
| Hamamatsu Photonics KK | &nbsp;&nbsp; 1970400 | 24048915 |
| Hankyu Hanshin Holdings Inc. | &nbsp;&nbsp; 1482000 | 38623357 |
| Hankyu Hanshin REIT Inc. | &nbsp;&nbsp; 5432 | 5748955 |
| Hanwa Co. Ltd. | &nbsp;&nbsp; 202800 | 8169683 |
| Happinet Corp. | &nbsp;&nbsp; 49700 | 1867627 |
| Harmonic Drive Systems Inc. | &nbsp;&nbsp; 416300 | 7892708 |
| Haseko Corp. | &nbsp;&nbsp; 1600800 | 23814833 |
| Hazama Ando Corp. | &nbsp;&nbsp; 1229500 | 13037962 |
| Heiwa Corp. | &nbsp;&nbsp; 501400 | 6946666 |
| Heiwa Real Estate Co. Ltd. | &nbsp;&nbsp; 320000 | 4685129 |
| Heiwa Real Estate REIT Inc. | &nbsp;&nbsp; 7930 | 7434971 |
| Heiwado Co. Ltd. | &nbsp;&nbsp; 160000 | 3087180 |
| Hiday Hidaka Corp. | &nbsp;&nbsp; 121200 | 2725945 |
| Hikari Tsushin Inc. | &nbsp;&nbsp; 116000 | 31187605 |
| Hino Motors Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1974800 | 4799568 |
| Hioki EE Corp | &nbsp;&nbsp; 46500 | 1717408 |
| Hirogin Holdings Inc. | &nbsp;&nbsp; 1801800 | 15716743 |
| Hirose Electric Co. Ltd. | &nbsp;&nbsp; 178445 | 22406466 |
| HIS Co. Ltd. | &nbsp;&nbsp; 395800 | 3726788 |
| Hisamitsu Pharmaceutical Co. Inc. | &nbsp;&nbsp; 323700 | 8714018 |
| Hitachi Construction Machinery Co. Ltd. | &nbsp;&nbsp; 680900 | 19720230 |
| Hitachi Ltd. | &nbsp;&nbsp; 29884400 | 914481871 |
| Hogy Medical Co. Ltd. | &nbsp;&nbsp; 126600 | 3997481 |
| Hokkaido Electric Power Co. Inc. | &nbsp;&nbsp; 1139000 | 6823092 |
| Hokkoku Financial Holdings Inc. | &nbsp;&nbsp; 114900 | 4251316 |
| Hokuetsu Corp.<sup>(a)</sup> | &nbsp;&nbsp; 893600 | 6013309 |
| Hokuhoku Financial Group Inc. | &nbsp;&nbsp; 802900 | 16959200 |
| Hokuriku Electric Power Co. | &nbsp;&nbsp; 1144000 | 5932735 |
| Honda Motor Co. Ltd. | &nbsp;&nbsp; 27498700 | 284691371 |
| Horiba Ltd. | &nbsp;&nbsp; 221700 | 16304531 |
| Hoshino Resorts REIT Inc. | &nbsp;&nbsp; 3686 | 6395133 |
| Hoshizaki Corp. | &nbsp;&nbsp; 707200 | 24216489 |
| Hosiden Corp. | &nbsp;&nbsp; 459500 | 7143365 |
| House Foods Group Inc. | &nbsp;&nbsp; 487500 | 9015108 |
| Hoya Corp. | &nbsp;&nbsp; 2257200 | 284774406 |
| Hulic Co. Ltd. | &nbsp;&nbsp; 3101700 | 29583091 |
| Hulic REIT Inc. | &nbsp;&nbsp; 8816 | 9612469 |
| Hyakugo Bank Ltd. (The) | &nbsp;&nbsp; 1515600 | 7496310 |
| Ibiden Co. Ltd. | &nbsp;&nbsp; 789900 | 33405748 |
| Ichibanya Co. Ltd. | &nbsp;&nbsp; 551700 | 3563391 |
| Ichigo Inc. | &nbsp;&nbsp; 1919400 | 5081512 |
| Ichigo Office REIT Investment Corp. | &nbsp;&nbsp; 9511 | 6023838 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Idec Corp./Japan | &nbsp;&nbsp; 160400 | $2417970 |
| Idemitsu Kosan Co. Ltd. | &nbsp;&nbsp; 5352540 | 34409398 |
| IDOM Inc. | &nbsp;&nbsp; 364600 | 2355073 |
| IHI Corp. | &nbsp;&nbsp; 963300 | 107269932 |
| Iida Group Holdings Co. Ltd. | &nbsp;&nbsp; 990000 | 13885576 |
| Iino Kaiun Kaisha Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 784900 | 5381399 |
| Imperial Hotel Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 260800 | 1701151 |
| Inaba Denki Sangyo Co. Ltd. | &nbsp;&nbsp; 233900 | 6133905 |
| Inabata & Co. Ltd. | &nbsp;&nbsp; 236800 | 5137739 |
| Industrial & Infrastructure Fund Investment Corp. | &nbsp;&nbsp; 17597 | 14398299 |
| Infomart Corp. | &nbsp;&nbsp; 1357000 | 3723646 |
| Infroneer Holdings Inc. | &nbsp;&nbsp; 1640356 | 13862751 |
| Inpex Corp. | &nbsp;&nbsp; 5693500 | 81068329 |
| Insource Co. Ltd. | &nbsp;&nbsp; 279400 | 1686393 |
| Internet Initiative Japan Inc. | &nbsp;&nbsp; 678000 | 12486397 |
| Invincible Investment Corp. | &nbsp;&nbsp; 52012 | 23133329 |
| Ise Chemicals Corp.<sup>(a)</sup> | &nbsp;&nbsp; 14100 | 2550720 |
| Isetan Mitsukoshi Holdings Ltd. | &nbsp;&nbsp; 2122500 | 29996180 |
| Isuzu Motors Ltd. | &nbsp;&nbsp; 3606100 | 46215811 |
| Ito En Ltd. | &nbsp;&nbsp; 376600 | 8179279 |
| ITOCHU Corp. | &nbsp;&nbsp; 7761000 | 407084599 |
| Itochu Enex Co. Ltd. | &nbsp;&nbsp; 263900 | 3543099 |
| Itoham Yonekyu Holdings Inc. | &nbsp;&nbsp; 179480 | 6054408 |
| Iwatani Corp. | &nbsp;&nbsp; 1211800 | 12746177 |
| Iyogin Holdings Inc., NVS | &nbsp;&nbsp; 1832100 | 21289783 |
| Izumi Co. Ltd. | &nbsp;&nbsp; 158100 | 3328258 |
| J Front Retailing Co. Ltd. | &nbsp;&nbsp; 1614700 | 21765768 |
| JAC Recruitment Co. Ltd. | &nbsp;&nbsp; 234000 | 1637680 |
| Jaccs Co. Ltd. | &nbsp;&nbsp; 127000 | 3443351 |
| JAFCO Group Co. Ltd. | &nbsp;&nbsp; 315000 | 5176246 |
| Japan Airlines Co. Ltd. | &nbsp;&nbsp; 943100 | 18727594 |
| Japan Airport Terminal Co. Ltd. | &nbsp;&nbsp; 422700 | 12837240 |
| Japan Aviation Electronics Industry Ltd. | &nbsp;&nbsp; 263100 | 4216761 |
| Japan Elevator Service Holdings Co. Ltd. | &nbsp;&nbsp; 481800 | 12861898 |
| Japan Excellent Inc. | &nbsp;&nbsp; 8392 | 7763916 |
| Japan Exchange Group Inc. | &nbsp;&nbsp; 6482000 | 63344549 |
| Japan Hotel REIT Investment Corp. | &nbsp;&nbsp; 33522 | 18422809 |
| Japan Lifeline Co. Ltd. | &nbsp;&nbsp; 507800 | 4851871 |
| Japan Logistics Fund Inc. | &nbsp;&nbsp; 20014 | 12423269 |
| Japan Material Co. Ltd. | &nbsp;&nbsp; 443600 | 4043095 |
| Japan Metropolitan Fund Invest | &nbsp;&nbsp; 48291 | 35123152 |
| Japan Petroleum Exploration Co. Ltd. | &nbsp;&nbsp; 1033300 | 7504514 |
| Japan Post Bank Co. Ltd. | &nbsp;&nbsp; 11810600 | 131821579 |
| Japan Post Holdings Co. Ltd. | &nbsp;&nbsp; 11636100 | 107758042 |
| Japan Post Insurance Co. Ltd. | &nbsp;&nbsp; 1237400 | 31683137 |
| Japan Prime Realty Investment Corp. | &nbsp;&nbsp; 23423 | 15387458 |
| Japan Real Estate Investment Corp. | &nbsp;&nbsp; 43171 | 35016212 |
| Japan Securities Finance Co. Ltd. | &nbsp;&nbsp; 879800 | 10647617 |
| Japan Steel Works Ltd. (The) | &nbsp;&nbsp; 409700 | 25269297 |
| Japan Tobacco Inc. | &nbsp;&nbsp; 7919700 | 226183611 |
| Japan Wool Textile Co. Ltd. (The) | &nbsp;&nbsp; 72800 | 672373 |
| JCU Corp. | &nbsp;&nbsp; 101300 | 2382706 |
| Jeol Ltd. | &nbsp;&nbsp; 294400 | 8422569 |
| JFE Holdings Inc. | &nbsp;&nbsp; 3620000 | 41894472 |
| JGC Holdings Corp. | &nbsp;&nbsp; 1491300 | 13332891 |
| JINS Holdings Inc. | &nbsp;&nbsp; 86500 | 4586362 |
| JMDC Inc. | &nbsp;&nbsp; 178300 | 4607221 |
| Joyful Honda Co. Ltd. | &nbsp;&nbsp; 287200 | 3963807 |
| JTEKT Corp. | &nbsp;&nbsp; 1319800 | 11405528 |
| Juroku Financial Group Inc. | &nbsp;&nbsp; 161100 | 5555971 |
| Justsystems Corp. | &nbsp;&nbsp; 193100 | 4862854 |
| JVCKenwood Corp. | &nbsp;&nbsp; 1043100 | 8248749 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI EAFE ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Kadokawa Corp. | &nbsp;&nbsp; 567800 | $13790435 |
| Kaga Electronics Co. Ltd. | &nbsp;&nbsp; 169300 | 3249612 |
| Kagome Co. Ltd. | &nbsp;&nbsp; 627200 | 11985176 |
| Kajima Corp. | &nbsp;&nbsp; 2775100 | 69518065 |
| Kakaku.com Inc. | &nbsp;&nbsp; 856100 | 14550686 |
| Kaken Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 176000 | 4586392 |
| Kameda Seika Co. Ltd. | &nbsp;&nbsp; 25800 | 689994 |
| Kamigumi Co. Ltd. | &nbsp;&nbsp; 648000 | 18211039 |
| Kanadevia Corp. | &nbsp;&nbsp; 1120400 | 7561730 |
| Kanamoto Co. Ltd. | &nbsp;&nbsp; 156500 | 3509990 |
| Kandenko Co. Ltd. | &nbsp;&nbsp; 708200 | 16776555 |
| Kaneka Corp. | &nbsp;&nbsp; 240500 | 6807758 |
| Kanematsu Corp. | &nbsp;&nbsp; 659400 | 12388900 |
| Kansai Electric Power Co. Inc. (The) | &nbsp;&nbsp; 6208300 | 74539575 |
| Kansai Paint Co. Ltd. | &nbsp;&nbsp; 957200 | 13553852 |
| Kao Corp. | &nbsp;&nbsp; 3035300 | 136577703 |
| Kasumigaseki Capital Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 55000 | 6979030 |
| Katitas Co. Ltd. | &nbsp;&nbsp; 300500 | 5038848 |
| Kato Sangyo Co. Ltd. | &nbsp;&nbsp; 82500 | 3131474 |
| Kawasaki Heavy Industries Ltd. | &nbsp;&nbsp; 994100 | 72602139 |
| Kawasaki Kisen Kaisha Ltd. | &nbsp;&nbsp; 2326800 | 32870446 |
| KDDI Corp. | &nbsp;&nbsp; 19960400 | 327582132 |
| KDX Realty Investment Corp. | &nbsp;&nbsp; 28607 | 30742876 |
| KeePer Technical Laboratory Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 85400 | 1844175 |
| Keihan Holdings Co. Ltd. | &nbsp;&nbsp; 636700 | 13060167 |
| Keihanshin Building Co. Ltd. | &nbsp;&nbsp; 92600 | 955842 |
| Keikyu Corp. | &nbsp;&nbsp; 1419700 | 14591424 |
| Keio Corp. | &nbsp;&nbsp; 672400 | 15699416 |
| Keisei Electric Railway Co. Ltd. | &nbsp;&nbsp; 2519100 | 21133584 |
| Keiyo Bank Ltd. (The) | &nbsp;&nbsp; 669200 | 5028358 |
| Kewpie Corp. | &nbsp;&nbsp; 664700 | 18164868 |
| Keyence Corp. | &nbsp;&nbsp; 1262000 | 456504914 |
| KH Neochem Co. Ltd. | &nbsp;&nbsp; 191800 | 3630154 |
| Kikkoman Corp. | &nbsp;&nbsp; 4547200 | 39946968 |
| Kinden Corp. | &nbsp;&nbsp; 855100 | 26924274 |
| Kintetsu Group Holdings Co. Ltd. | &nbsp;&nbsp; 1184100 | 22723452 |
| Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 4981200 | 65640586 |
| Kissei Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 164600 | 4849384 |
| Kitz Corp. | &nbsp;&nbsp; 605000 | 5074590 |
| Kiyo Bank Ltd. (The) | &nbsp;&nbsp; 508800 | 9256168 |
| Kobayashi Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 316800 | 11141067 |
| Kobe Bussan Co. Ltd. | &nbsp;&nbsp; 978800 | 26064767 |
| Kobe Steel Ltd. | &nbsp;&nbsp; 2426600 | 26661291 |
| Koei Tecmo Holdings Co. Ltd. | &nbsp;&nbsp; 706032 | 9244783 |
| Kohnan Shoji Co. Ltd. | &nbsp;&nbsp; 154100 | 3979191 |
| Koito Manufacturing Co. Ltd. | &nbsp;&nbsp; 1283900 | 16417015 |
| Kokusai Electric Corp., NVS | &nbsp;&nbsp; 1023000 | 22578948 |
| Kokuyo Co. Ltd. | &nbsp;&nbsp; 2800300 | 16498693 |
| Komatsu Ltd. | &nbsp;&nbsp; 5857100 | 188703355 |
| KOMEDA Holdings Co. Ltd. | &nbsp;&nbsp; 318400 | 6350311 |
| Komeri Co. Ltd. | &nbsp;&nbsp; 118700 | 2445258 |
| Konami Group Corp. | &nbsp;&nbsp; 659500 | 89532872 |
| Konica Minolta Inc.<sup>(b)</sup> | &nbsp;&nbsp; 2977800 | 9681104 |
| Konishi Co. Ltd. | &nbsp;&nbsp; 215100 | 1731518 |
| Konoike Transport Co. Ltd. | &nbsp;&nbsp; 44600 | 954482 |
| Kose Corp. | &nbsp;&nbsp; 223300 | 8569532 |
| Koshidaka Holdings Co. Ltd. | &nbsp;&nbsp; 273000 | 2466559 |
| Kotobuki Spirits Co. Ltd. | &nbsp;&nbsp; 709400 | 9465982 |
| K's Holdings Corp. | &nbsp;&nbsp; 971900 | 9722205 |
| Kubota Corp. | &nbsp;&nbsp; 6315200 | 70820211 |
| Kumagai Gumi Co. Ltd. | &nbsp;&nbsp; 229000 | 6812522 |
| Kumiai Chemical Industry Co. Ltd. | &nbsp;&nbsp; 632327 | 3408176 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Kura Sushi Inc. | &nbsp;&nbsp; 137700 | $3782257 |
| Kuraray Co. Ltd. | &nbsp;&nbsp; 1888300 | 23345940 |
| Kureha Corp. | &nbsp;&nbsp; 244500 | 5575879 |
| Kurita Water Industries Ltd. | &nbsp;&nbsp; 677000 | 26096494 |
| Kusuri no Aoki Holdings Co. Ltd. | &nbsp;&nbsp; 345400 | 9193857 |
| KYB Corp. | &nbsp;&nbsp; 208500 | 4481559 |
| Kyocera Corp. | &nbsp;&nbsp; 8341600 | 98467305 |
| Kyoei Steel Ltd. | &nbsp;&nbsp; 84500 | 1214255 |
| Kyokuto Kaihatsu Kogyo Co. Ltd. | &nbsp;&nbsp; 156400 | 2710023 |
| Kyorin Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 504900 | 5073614 |
| Kyoritsu Maintenance Co. Ltd. | &nbsp;&nbsp; 406300 | 9782159 |
| Kyoto Financial Group Inc. | &nbsp;&nbsp; 1451900 | 26265945 |
| Kyowa Kirin Co. Ltd. | &nbsp;&nbsp; 1581800 | 27000708 |
| Kyudenko Corp. | &nbsp;&nbsp; 283900 | 12129689 |
| Kyushu Electric Power Co. Inc. | &nbsp;&nbsp; 2808100 | 24894073 |
| Kyushu Financial Group Inc. | &nbsp;&nbsp; 2318100 | 11838162 |
| Kyushu Railway Co. | &nbsp;&nbsp; 906000 | 21909546 |
| LaSalle Logiport REIT | &nbsp;&nbsp; 12112 | 11528065 |
| Lasertec Corp. | &nbsp;&nbsp; 528300 | 53225526 |
| Leopalace21 Corp. | &nbsp;&nbsp; 1111900 | 5239413 |
| Life Corp. | &nbsp;&nbsp; 233000 | 3723892 |
| Lifenet Insurance Co.<sup>(a)(b)</sup> | &nbsp;&nbsp; 325300 | 4927360 |
| Lintec Corp. | &nbsp;&nbsp; 220900 | 4429207 |
| Lion Corp. | &nbsp;&nbsp; 1773800 | 17281708 |
| Lixil Corp. | &nbsp;&nbsp; 1867600 | 21636367 |
| LY Corp. | &nbsp;&nbsp; 18805900 | 68738658 |
| M&A Capital Partners Co. Ltd. | &nbsp;&nbsp; 79200 | 1543537 |
| M&A Research Institute Holdings Inc., NVS<sup>(a)(b)</sup> | &nbsp;&nbsp; 192000 | 1726146 |
| M3 Inc. | &nbsp;&nbsp; 2893900 | 35591481 |
| Mabuchi Motor Co. Ltd. | &nbsp;&nbsp; 650900 | 9410956 |
| Macnica Holdings Inc. | &nbsp;&nbsp; 874100 | 11416042 |
| Maeda Kosen Co. Ltd. | &nbsp;&nbsp; 156300 | 1971589 |
| Makino Milling Machine Co. Ltd. | &nbsp;&nbsp; 143000 | 10936407 |
| Makita Corp. | &nbsp;&nbsp; 1565100 | 48452550 |
| Mani Inc. | &nbsp;&nbsp; 561600 | 4729247 |
| Marubeni Corp. | &nbsp;&nbsp; 9204100 | 188442299 |
| Maruha Nichiro Corp. | &nbsp;&nbsp; 259900 | 5397814 |
| Marui Group Co. Ltd. | &nbsp;&nbsp; 1110600 | 22618460 |
| Maruichi Steel Tube Ltd. | &nbsp;&nbsp; 320500 | 7748211 |
| Maruwa Co. Ltd./Aichi | &nbsp;&nbsp; 59100 | 17813779 |
| Matsuda Sangyo Co. Ltd. | &nbsp;&nbsp; 45300 | 1078791 |
| Matsui Securities Co. Ltd. | &nbsp;&nbsp; 793900 | 3880477 |
| MatsukiyoCocokara & Co. | &nbsp;&nbsp; 2201950 | 45216336 |
| Max Co. Ltd. | &nbsp;&nbsp; 95800 | 3209530 |
| Maxell Ltd. | &nbsp;&nbsp; 487500 | 6478572 |
| Maxvalu Tokai Co. Ltd. | &nbsp;&nbsp; 2500 | 52520 |
| Mazda Motor Corp. | &nbsp;&nbsp; 3801400 | 22795094 |
| McDonald's Holdings Co. Japan Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 580100 | 23165279 |
| MCJ Co. Ltd. | &nbsp;&nbsp; 288000 | 2677469 |
| Mebuki Financial Group Inc. | &nbsp;&nbsp; 6386810 | 34629666 |
| Medipal Holdings Corp. | &nbsp;&nbsp; 1210100 | 20036325 |
| Medley Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 175200 | 3584157 |
| Megachips Corp. | &nbsp;&nbsp; 74800 | 2700102 |
| Megmilk Snow Brand Co. Ltd. | &nbsp;&nbsp; 271900 | 5138426 |
| Meidensha Corp. | &nbsp;&nbsp; 218100 | 8213977 |
| MEIJI Holdings Co. Ltd. | &nbsp;&nbsp; 1599300 | 32339408 |
| Meiko Electronics Co. Ltd. | &nbsp;&nbsp; 142000 | 6958504 |
| MEITEC Group Holdings Inc. | &nbsp;&nbsp; 508400 | 10634509 |
| Menicon Co. Ltd. | &nbsp;&nbsp; 497800 | 3850390 |
| Mercari Inc.<sup>(b)</sup> | &nbsp;&nbsp; 764600 | 11665409 |
| Metaplanet Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1963600 | 14525752 |
| METAWATER Co. Ltd. | &nbsp;&nbsp; 68900 | 1252513 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI EAFE ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Micronics Japan Co. Ltd. | &nbsp;&nbsp; 182000 | $6630815 |
| Milbon Co. Ltd. | &nbsp;&nbsp; 164500 | 2774147 |
| Minebea Mitsumi Inc. | &nbsp;&nbsp; 2352359 | 37022300 |
| Mirai Corp. | &nbsp;&nbsp; 11111 | 3379150 |
| Mirait One Corp. | &nbsp;&nbsp; 654100 | 11703699 |
| MISUMI Group Inc. | &nbsp;&nbsp; 1876700 | 27024536 |
| Mitani Sekisan Co. Ltd. | &nbsp;&nbsp; 15000 | 858075 |
| Mitsubishi Chemical Group Corp. | &nbsp;&nbsp; 8744800 | 47630931 |
| Mitsubishi Corp. | &nbsp;&nbsp; 22267700 | 439194217 |
| Mitsubishi Electric Corp. | &nbsp;&nbsp; 12408400 | 279092664 |
| Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp; 6953900 | 130193798 |
| Mitsubishi Estate Logistics REIT <br> Investment Corp.<br>| &nbsp;&nbsp; 10295 | 8203916 |
| Mitsubishi Gas Chemical Co. Inc. | &nbsp;&nbsp; 985300 | 17021192 |
| Mitsubishi HC Capital Inc. | &nbsp;&nbsp; 5542970 | 40971578 |
| Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp; 20942000 | 500019510 |
| Mitsubishi Logisnext Co. Ltd. | &nbsp;&nbsp; 208000 | 2675737 |
| Mitsubishi Logistics Corp. | &nbsp;&nbsp; 1987700 | 16991635 |
| Mitsubishi Materials Corp. | &nbsp;&nbsp; 790500 | 12073813 |
| Mitsubishi Motors Corp. | &nbsp;&nbsp; 4413900 | 11598306 |
| Mitsubishi Pencil Co. Ltd. | &nbsp;&nbsp; 169700 | 2326544 |
| Mitsubishi Research Institute Inc. | &nbsp;&nbsp; 24200 | 757706 |
| Mitsubishi Shokuhin Co. Ltd. | &nbsp;&nbsp; 141200 | 5905978 |
| Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp; 74802300 | 1030982792 |
| Mitsuboshi Belting Ltd. | &nbsp;&nbsp; 166300 | 3961316 |
| Mitsui & Co. Ltd. | &nbsp;&nbsp; 16093000 | 327599396 |
| Mitsui Chemicals Inc. | &nbsp;&nbsp; 1164800 | 26002031 |
| Mitsui DM Sugar Co. Ltd. | &nbsp;&nbsp; 108800 | 2229280 |
| Mitsui E&S Co. Ltd. | &nbsp;&nbsp; 636900 | 13269443 |
| Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp; 17281600 | 154468115 |
| Mitsui Fudosan Logistics Park Inc. | &nbsp;&nbsp; 20096 | 13472113 |
| Mitsui High-Tec Inc. | &nbsp;&nbsp; 692800 | 3480780 |
| Mitsui Mining & Smelting Co. Ltd. | &nbsp;&nbsp; 357000 | 15099551 |
| Mitsui OSK Lines Ltd. | &nbsp;&nbsp; 2284300 | 76780550 |
| Mitsui-Soko Holdings Co. Ltd. | &nbsp;&nbsp; 357300 | 9284137 |
| Miura Co. Ltd. | &nbsp;&nbsp; 585500 | 11674483 |
| Mixi Inc. | &nbsp;&nbsp; 199300 | 4560929 |
| Mizuho Financial Group Inc. | &nbsp;&nbsp; 15567770 | 456628512 |
| Mizuho Leasing Co. Ltd. | &nbsp;&nbsp; 749600 | 5757724 |
| Mizuno Corp. | &nbsp;&nbsp; 324000 | 5902025 |
| Mochida Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 134900 | 2755201 |
| Modec Inc. | &nbsp;&nbsp; 326300 | 13902231 |
| Monex Group Inc. | &nbsp;&nbsp; 1271300 | 6604769 |
| Money Forward Inc.<sup>(b)</sup> | &nbsp;&nbsp; 291800 | 11539921 |
| Monogatari Corp. (The) | &nbsp;&nbsp; 225700 | 5857999 |
| MonotaRO Co. Ltd. | &nbsp;&nbsp; 1686700 | 30034925 |
| Mori Hills REIT Investment Corp. | &nbsp;&nbsp; 11087 | 10019729 |
| Mori Trust REIT Inc. | &nbsp;&nbsp; 15342 | 7465256 |
| Morinaga & Co. Ltd./Japan | &nbsp;&nbsp; 482600 | 7703706 |
| Morinaga Milk Industry Co. Ltd. | &nbsp;&nbsp; 467100 | 10158095 |
| Morita Holdings Corp. | &nbsp;&nbsp; 90400 | 1373525 |
| MOS Food Services Inc. | &nbsp;&nbsp; 178800 | 4530286 |
| MS&AD Insurance Group Holdings Inc. | &nbsp;&nbsp; 8366300 | 178754900 |
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 10901900 | 162264724 |
| Musashi Seimitsu Industry Co. Ltd. | &nbsp;&nbsp; 323900 | 6973357 |
| Musashino Bank Ltd. (The) | &nbsp;&nbsp; 128700 | 3173561 |
| Nabtesco Corp. | &nbsp;&nbsp; 697000 | 12822334 |
| Nachi-Fujikoshi Corp. | &nbsp;&nbsp; 86300 | 1845916 |
| Nagase & Co. Ltd. | &nbsp;&nbsp; 646300 | 12737065 |
| Nagawa Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 22000 | 941510 |
| Nagoya Railroad Co. Ltd. | &nbsp;&nbsp; 1222700 | 13333954 |
| Nakanishi Inc. | &nbsp;&nbsp; 513100 | 6604796 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Namura Shipbuilding Co. Ltd. | &nbsp;&nbsp; 312700 | $6384495 |
| Nankai Electric Railway Co. Ltd. | &nbsp;&nbsp; 647400 | 10399007 |
| Nanto Bank Ltd. (The) | &nbsp;&nbsp; 137100 | 4111827 |
| NEC Corp. | &nbsp;&nbsp; 8071300 | 231774423 |
| Nexon Co. Ltd. | &nbsp;&nbsp; 2177000 | 39834841 |
| Nextage Co. Ltd. | &nbsp;&nbsp; 309900 | 3846718 |
| NGK Insulators Ltd. | &nbsp;&nbsp; 1486900 | 18824502 |
| NH Foods Ltd. | &nbsp;&nbsp; 571300 | 19193601 |
| NHK Spring Co. Ltd. | &nbsp;&nbsp; 1362700 | 15343525 |
| Nichias Corp. | &nbsp;&nbsp; 443300 | 16960844 |
| Nichicon Corp. | &nbsp;&nbsp; 495000 | 4239472 |
| Nichiden Corp. | &nbsp;&nbsp; 67700 | 1278972 |
| Nichiha Corp. | &nbsp;&nbsp; 127000 | 2644933 |
| Nichirei Corp. | &nbsp;&nbsp; 1401600 | 16868336 |
| Nidec Corp. | &nbsp;&nbsp; 5475400 | 105052544 |
| Nifco Inc./Japan | &nbsp;&nbsp; 572900 | 13978762 |
| Nihon Kohden Corp. | &nbsp;&nbsp; 1110900 | 12218285 |
| Nihon M&A Center Holdings Inc. | &nbsp;&nbsp; 1932700 | 9661988 |
| Nihon Parkerizing Co. Ltd. | &nbsp;&nbsp; 760100 | 6933714 |
| Nikkon Holdings Co. Ltd. | &nbsp;&nbsp; 622900 | 14030014 |
| Nikon Corp. | &nbsp;&nbsp; 1688000 | 16393339 |
| Nintendo Co. Ltd. | &nbsp;&nbsp; 7194200 | 601283188 |
| Nippn Corp., New | &nbsp;&nbsp; 309400 | 4461605 |
| Nippon Accommodations Fund Inc. | &nbsp;&nbsp; 14767 | 11569217 |
| Nippon Building Fund Inc. | &nbsp;&nbsp; 51555 | 47292824 |
| Nippon Densetsu Kogyo Co. Ltd. | &nbsp;&nbsp; 109900 | 2086706 |
| Nippon Electric Glass Co. Ltd. | &nbsp;&nbsp; 506700 | 13562502 |
| Nippon Express Holdings Inc. | &nbsp;&nbsp; 1397700 | 30703190 |
| Nippon Gas Co. Ltd. | &nbsp;&nbsp; 678500 | 12342956 |
| Nippon Kanzai Holdings Co. Ltd. | &nbsp;&nbsp; 42300 | 777481 |
| Nippon Kayaku Co. Ltd. | &nbsp;&nbsp; 914700 | 8541422 |
| Nippon Light Metal Holdings Co. Ltd. | &nbsp;&nbsp; 478960 | 5557822 |
| Nippon Paint Holdings Co. Ltd. | &nbsp;&nbsp; 6263500 | 53099054 |
| Nippon Paper Industries Co. Ltd. | &nbsp;&nbsp; 681300 | 5012506 |
| Nippon Prologis REIT Inc. | &nbsp;&nbsp; 45090 | 24333364 |
| Nippon REIT Investment Corp. | &nbsp;&nbsp; 11497 | 7197185 |
| Nippon Sanso Holdings Corp. | &nbsp;&nbsp; 1130200 | 40001765 |
| Nippon Shinyaku Co. Ltd. | &nbsp;&nbsp; 355100 | 7645673 |
| Nippon Shokubai Co. Ltd. | &nbsp;&nbsp; 651100 | 7402335 |
| Nippon Soda Co. Ltd. | &nbsp;&nbsp; 254600 | 5772101 |
| Nippon Steel Corp. | &nbsp;&nbsp; 6249008 | 120343479 |
| Nippon Television Holdings Inc. | &nbsp;&nbsp; 334700 | 7238885 |
| Nippon Yusen KK | &nbsp;&nbsp; 2846500 | 99826103 |
| Nipro Corp. | &nbsp;&nbsp; 895400 | 8244600 |
| Nishimatsu Construction Co. Ltd. | &nbsp;&nbsp; 199000 | 6617691 |
| Nishimatsuya Chain Co. Ltd. | &nbsp;&nbsp; 449700 | 6624938 |
| Nishi-Nippon Financial Holdings Inc. | &nbsp;&nbsp; 929400 | 14680492 |
| Nishi-Nippon Railroad Co. Ltd. | &nbsp;&nbsp; 514500 | 7318785 |
| Nishio Holdings Co. Ltd. | &nbsp;&nbsp; 35000 | 976892 |
| Nissan Chemical Corp. | &nbsp;&nbsp; 843100 | 27484006 |
| Nissan Motor Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 14443500 | 30624545 |
| Nissan Shatai Co. Ltd. | &nbsp;&nbsp; 241100 | 1663456 |
| Nissha Co. Ltd. | &nbsp;&nbsp; 234500 | 2082229 |
| Nisshin Oillio Group Ltd. (The) | &nbsp;&nbsp; 163200 | 5549035 |
| Nisshin Seifun Group Inc. | &nbsp;&nbsp; 1401800 | 16249409 |
| Nisshinbo Holdings Inc. | &nbsp;&nbsp; 887400 | 5638565 |
| Nissin Foods Holdings Co. Ltd. | &nbsp;&nbsp; 1274700 | 24178655 |
| Nissui Corp. | &nbsp;&nbsp; 2002900 | 11693463 |
| Niterra Co. Ltd. | &nbsp;&nbsp; 986300 | 34001399 |
| Nitori Holdings Co. Ltd. | &nbsp;&nbsp; 526000 | 44545225 |
| Nitta Corp. | &nbsp;&nbsp; 100500 | 2746391 |
| Nittetsu Mining Co. Ltd. | &nbsp;&nbsp; 38600 | 1896118 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI EAFE ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Nitto Boseki Co. Ltd. | &nbsp;&nbsp; 172000 | $7524943 |
| Nitto Denko Corp. | &nbsp;&nbsp; 4604000 | 95274713 |
| Nitto Kogyo Corp. | &nbsp;&nbsp; 161600 | 3570811 |
| Noevir Holdings Co. Ltd. | &nbsp;&nbsp; 99700 | 3039696 |
| NOF Corp. | &nbsp;&nbsp; 1456800 | 28997475 |
| Nohmi Bosai Ltd. | &nbsp;&nbsp; 49900 | 1295627 |
| Nojima Corp. | &nbsp;&nbsp; 377300 | 8625110 |
| NOK Corp. | &nbsp;&nbsp; 630600 | 9568176 |
| Nomura Co. Ltd. | &nbsp;&nbsp; 640100 | 3894393 |
| Nomura Holdings Inc. | &nbsp;&nbsp; 19541300 | 129095603 |
| Nomura Micro Science Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 200900 | 3623585 |
| Nomura Real Estate Holdings Inc. | &nbsp;&nbsp; 3628200 | 20106082 |
| Nomura Real Estate Master Fund Inc. | &nbsp;&nbsp; 25844 | 27218534 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 2480840 | 98167868 |
| Noritake Co. Ltd. | &nbsp;&nbsp; 128400 | 3653265 |
| Noritsu Koki Co. Ltd. | &nbsp;&nbsp; 321900 | 3365684 |
| Noritz Corp. | &nbsp;&nbsp; 135500 | 1719259 |
| North Pacific Bank Ltd. | &nbsp;&nbsp; 2197900 | 9457179 |
| NS Solutions Corp. | &nbsp;&nbsp; 397700 | 9327811 |
| NS United Kaiun Kaisha Ltd. | &nbsp;&nbsp; 56400 | 1565213 |
| NSD Co. Ltd. | &nbsp;&nbsp; 617600 | 14771818 |
| NSK Ltd. | &nbsp;&nbsp; 2452700 | 11737502 |
| NTN Corp. | &nbsp;&nbsp; 3085600 | 5264486 |
| NTT Inc. | &nbsp;&nbsp; 189339700 | 191206854 |
| NTT UD REIT Investment Corp. | &nbsp;&nbsp; 9909 | 8536168 |
| Nxera Pharma Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 531400 | 3201763 |
| Obara Group Inc. | &nbsp;&nbsp; 63400 | 1622911 |
| Obayashi Corp. | &nbsp;&nbsp; 4298600 | 63297990 |
| OBIC Business Consultants Co. Ltd. | &nbsp;&nbsp; 195900 | 11298520 |
| Obic Co. Ltd. | &nbsp;&nbsp; 2115900 | 75331480 |
| Odakyu Electric Railway Co. Ltd. | &nbsp;&nbsp; 2004800 | 21605393 |
| Ogaki Kyoritsu Bank Ltd. (The) | &nbsp;&nbsp; 193200 | 3638687 |
| Ohsho Food Service Corp. | &nbsp;&nbsp; 217800 | 5388577 |
| Oiles Corp. | &nbsp;&nbsp; 110500 | 1570994 |
| Oji Holdings Corp. | &nbsp;&nbsp; 4965900 | 24203088 |
| Okamoto Industries Inc. | &nbsp;&nbsp; 43900 | 1486716 |
| Okamura Corp. | &nbsp;&nbsp; 541700 | 8538507 |
| Okasan Securities Group Inc. | &nbsp;&nbsp; 1369800 | 5926114 |
| Oki Electric Industry Co. Ltd. | &nbsp;&nbsp; 662900 | 6897816 |
| Okinawa Cellular Telephone Co. | &nbsp;&nbsp; 118400 | 4019932 |
| OKUMA Corp. | &nbsp;&nbsp; 281600 | 7661283 |
| Okumura Corp. | &nbsp;&nbsp; 202500 | 5981485 |
| Olympus Corp. | &nbsp;&nbsp; 7432700 | 88798814 |
| Omron Corp. | &nbsp;&nbsp; 1159300 | 29880672 |
| Ono Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 2446000 | 27353054 |
| Open House Group Co. Ltd. | &nbsp;&nbsp; 514300 | 22742561 |
| Open Up Group Inc. | &nbsp;&nbsp; 305800 | 3747320 |
| Optorun Co. Ltd. | &nbsp;&nbsp; 165200 | 1780644 |
| Oracle Corp./Japan | &nbsp;&nbsp; 245300 | 26527825 |
| Organo Corp. | &nbsp;&nbsp; 170200 | 10486953 |
| Orient Corp. | &nbsp;&nbsp; 608610 | 4026012 |
| Oriental Land Co. Ltd./Japan | &nbsp;&nbsp; 7048200 | 145126116 |
| ORIX Corp. | &nbsp;&nbsp; 7462300 | 167625962 |
| Orix JREIT Inc. | &nbsp;&nbsp; 17332 | 22656929 |
| Osaka Gas Co. Ltd. | &nbsp;&nbsp; 2355000 | 59584634 |
| Osaka Soda Co. Ltd. | &nbsp;&nbsp; 490200 | 5969585 |
| OSG Corp. | &nbsp;&nbsp; 530100 | 6859138 |
| Otsuka Corp. | &nbsp;&nbsp; 1510000 | 28610209 |
| Otsuka Holdings Co. Ltd. | &nbsp;&nbsp; 2872900 | 136777908 |
| PAL GROUP Holdings Co. Ltd. | &nbsp;&nbsp; 290600 | 9508401 |
| PALTAC Corp. | &nbsp;&nbsp; 164200 | 4698910 |
| Pan Pacific International Holdings Corp. | &nbsp;&nbsp; 2518400 | 84256196 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Panasonic Holdings Corp. | &nbsp;&nbsp; 15264000 | $144387035 |
| Paramount Bed Holdings Co. Ltd. | &nbsp;&nbsp; 236800 | 3885322 |
| Park24 Co. Ltd. | &nbsp;&nbsp; 868500 | 10967762 |
| Pasona Group Inc. | &nbsp;&nbsp; 126600 | 1734035 |
| Penta-Ocean Construction Co. Ltd. | &nbsp;&nbsp; 1883100 | 12186268 |
| PeptiDream Inc.<sup>(b)</sup> | &nbsp;&nbsp; 696700 | 7720448 |
| Persol Holdings Co. Ltd. | &nbsp;&nbsp; 11040300 | 21102960 |
| PHC Holdings Corp. | &nbsp;&nbsp; 131700 | 807118 |
| Pigeon Corp. | &nbsp;&nbsp; 872700 | 9647526 |
| PILLAR Corp. | &nbsp;&nbsp; 110600 | 2832765 |
| Pilot Corp. | &nbsp;&nbsp; 161800 | 4710670 |
| Piolax Inc. | &nbsp;&nbsp; 126600 | 1467419 |
| PKSHA Technology Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 142300 | 3312679 |
| Plus Alpha Consulting Co. Ltd. | &nbsp;&nbsp; 128000 | 1925302 |
| Pola Orbis Holdings Inc. | &nbsp;&nbsp; 631100 | 5327002 |
| Prestige International Inc. | &nbsp;&nbsp; 360900 | 1570153 |
| Prima Meat Packers Ltd. | &nbsp;&nbsp; 168500 | 2660216 |
| Raito Kogyo Co. Ltd. | &nbsp;&nbsp; 234900 | 4853521 |
| Raiznext Corp. | &nbsp;&nbsp; 161100 | 1995595 |
| Rakus Co. Ltd. | &nbsp;&nbsp; 598700 | 9182602 |
| Rakuten Bank Ltd., NVS<sup>(b)</sup> | &nbsp;&nbsp; 639200 | 29775056 |
| Rakuten Group Inc.<sup>(b)</sup> | &nbsp;&nbsp; 9841700 | 49796173 |
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 9184000 | 544896987 |
| Relo Group Inc. | &nbsp;&nbsp; 622700 | 7150591 |
| Renesas Electronics Corp. | &nbsp;&nbsp; 10967900 | 133403152 |
| Rengo Co. Ltd. | &nbsp;&nbsp; 1374800 | 7973798 |
| Resona Holdings Inc. | &nbsp;&nbsp; 13589538 | 123719175 |
| Resonac Holdings Corp. | &nbsp;&nbsp; 1167600 | 28078602 |
| Resorttrust Inc. | &nbsp;&nbsp; 1229900 | 15235349 |
| Restar Corp. | &nbsp;&nbsp; 9400 | 168810 |
| Ricoh Co. Ltd. | &nbsp;&nbsp; 3527200 | 30928215 |
| Ricoh Leasing Co. Ltd. | &nbsp;&nbsp; 65300 | 2376173 |
| Riken Keiki Co. Ltd. | &nbsp;&nbsp; 125800 | 2648535 |
| Rinnai Corp. | &nbsp;&nbsp; 693600 | 17119395 |
| Riso Kagaku Corp. | &nbsp;&nbsp; 136000 | 1049230 |
| Rohm Co. Ltd. | &nbsp;&nbsp; 2219000 | 27923602 |
| Rohto Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 1242700 | 17738403 |
| Roland Corp. | &nbsp;&nbsp; 69400 | 1450572 |
| Rorze Corp. | &nbsp;&nbsp; 693500 | 9325182 |
| Round One Corp. | &nbsp;&nbsp; 1253600 | 12873396 |
| Royal Holdings Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 197100 | 3479422 |
| RS Technologies Co. Ltd. | &nbsp;&nbsp; 77000 | 1584671 |
| Ryohin Keikaku Co. Ltd. | &nbsp;&nbsp; 1672900 | 78321448 |
| Ryoyo Ryosan Holdings Inc. | &nbsp;&nbsp; 281204 | 5165222 |
| S Foods Inc. | &nbsp;&nbsp; 48700 | 857418 |
| Saizeriya Co. Ltd. | &nbsp;&nbsp; 214500 | 7525088 |
| Sakai Moving Service Co. Ltd. | &nbsp;&nbsp; 61800 | 1093768 |
| Sakata INX Corp. | &nbsp;&nbsp; 49900 | 709789 |
| Sakata Seed Corp. | &nbsp;&nbsp; 200000 | 4497068 |
| Sakura Internet Inc.<sup>(a)</sup> | &nbsp;&nbsp; 148800 | 2904263 |
| Samty Residential Investment Corp. | &nbsp;&nbsp; 733 | 479986 |
| San-A Co. Ltd. | &nbsp;&nbsp; 253800 | 5056925 |
| San-Ai Obbli Co. Ltd. | &nbsp;&nbsp; 164000 | 2210688 |
| SanBio Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 366200 | 5501136 |
| Sangetsu Corp. | &nbsp;&nbsp; 310800 | 6185557 |
| San-In Godo Bank Ltd. (The) | &nbsp;&nbsp; 918900 | 7737708 |
| Sanken Electric Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 144400 | 8191100 |
| Sanki Engineering Co. Ltd. | &nbsp;&nbsp; 220000 | 6472992 |
| Sankyo Co. Ltd. | &nbsp;&nbsp; 1224600 | 22851401 |
| Sankyu Inc. | &nbsp;&nbsp; 273000 | 16070805 |
| Sanrio Co. Ltd. | &nbsp;&nbsp; 1185300 | 48635399 |
| Sansan Inc.<sup>(b)</sup> | &nbsp;&nbsp; 501700 | 6347961 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI EAFE ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Santen Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 2194000 | $24241314 |
| Sanwa Holdings Corp. | &nbsp;&nbsp; 1285400 | 35068055 |
| Sanyo Chemical Industries Ltd. | &nbsp;&nbsp; 21100 | 552963 |
| Sanyo Denki Co. Ltd. | &nbsp;&nbsp; 45600 | 2827466 |
| Sapporo Holdings Ltd. | &nbsp;&nbsp; 452000 | 20915026 |
| Sawai Group Holdings Co. Ltd. | &nbsp;&nbsp; 691300 | 8873855 |
| SBI Holdings Inc. | &nbsp;&nbsp; 1780500 | 66141772 |
| SBI Sumishin Net Bank Ltd., NVS | &nbsp;&nbsp; 344300 | 10985671 |
| SBS Holdings Inc. | &nbsp;&nbsp; 58000 | 1234905 |
| SCREEN Holdings Co. Ltd. | &nbsp;&nbsp; 531400 | 41454460 |
| SCSK Corp. | &nbsp;&nbsp; 1000400 | 31127347 |
| Secom Co. Ltd. | &nbsp;&nbsp; 2719800 | 97676764 |
| Sega Sammy Holdings Inc. | &nbsp;&nbsp; 1056400 | 21595188 |
| Seibu Holdings Inc. | &nbsp;&nbsp; 1407500 | 39332163 |
| Seiko Epson Corp. | &nbsp;&nbsp; 1937000 | 24577246 |
| Seiko Group Corp. | &nbsp;&nbsp; 155000 | 4308816 |
| Seino Holdings Co. Ltd. | &nbsp;&nbsp; 678800 | 10324397 |
| Seiren Co. Ltd. | &nbsp;&nbsp; 285500 | 4664027 |
| Sekisui Chemical Co. Ltd. | &nbsp;&nbsp; 2505600 | 43459933 |
| Sekisui House Ltd. | &nbsp;&nbsp; 3980800 | 83504530 |
| Sekisui House REIT Inc. | &nbsp;&nbsp; 29582 | 15367673 |
| Senko Group Holdings Co. Ltd. | &nbsp;&nbsp; 829000 | 11157679 |
| Senshu Ikeda Holdings Inc. | &nbsp;&nbsp; 963000 | 4099015 |
| Septeni Holdings Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 342000 | 1003098 |
| Seria Co. Ltd. | &nbsp;&nbsp; 310700 | 5722028 |
| Seven & i Holdings Co. Ltd. | &nbsp;&nbsp; 14475300 | 190830671 |
| Seven Bank Ltd. | &nbsp;&nbsp; 4231300 | 7600276 |
| SG Holdings Co. Ltd. | &nbsp;&nbsp; 2086300 | 23146267 |
| Sharp Corp./Japan<sup>(b)</sup> | &nbsp;&nbsp; 1851299 | 8752154 |
| Shibaura Machine Co. Ltd. | &nbsp;&nbsp; 128300 | 3302162 |
| Shibaura Mechatronics Corp. | &nbsp;&nbsp; 82900 | 5834051 |
| SHIFT Inc.<sup>(b)</sup> | &nbsp;&nbsp; 1275300 | 13383574 |
| Shiga Bank Ltd. (The) | &nbsp;&nbsp; 219700 | 8823223 |
| Shikoku Electric Power Co. Inc. | &nbsp;&nbsp; 1084600 | 9025243 |
| Shikoku Kasei Holdings Corp. | &nbsp;&nbsp; 125300 | 1734093 |
| Shimadzu Corp. | &nbsp;&nbsp; 1536600 | 34015213 |
| Shimamura Co. Ltd. | &nbsp;&nbsp; 291600 | 21113746 |
| Shimano Inc. | &nbsp;&nbsp; 502400 | 54960490 |
| Shimizu Corp. | &nbsp;&nbsp; 3433300 | 38033963 |
| Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp; 11749700 | 338119985 |
| Shin-Etsu Polymer Co. Ltd. | &nbsp;&nbsp; 123700 | 1460581 |
| Shinmaywa Industries Ltd. | &nbsp;&nbsp; 590700 | 7129423 |
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 4922900 | 82332136 |
| Ship Healthcare Holdings Inc. | &nbsp;&nbsp; 601500 | 8393431 |
| Shiseido Co. Ltd. | &nbsp;&nbsp; 2608400 | 42400909 |
| Shizuoka Financial Group Inc., NVS | &nbsp;&nbsp; 2852200 | 33736341 |
| Shizuoka Gas Co. Ltd. | &nbsp;&nbsp; 137200 | 1031209 |
| SHO-BOND Holdings Co. Ltd. | &nbsp;&nbsp; 319600 | 10204802 |
| Shochiku Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 48800 | 4135528 |
| Shoei Co. Ltd. | &nbsp;&nbsp; 310300 | 3715518 |
| Showa Sangyo Co. Ltd. | &nbsp;&nbsp; 79900 | 1604671 |
| Simplex Holdings Inc. | &nbsp;&nbsp; 189700 | 5149742 |
| Sinfonia Technology Co. Ltd. | &nbsp;&nbsp; 155400 | 9759855 |
| SKY Perfect JSAT Holdings Inc. | &nbsp;&nbsp; 1445600 | 13690192 |
| Skylark Holdings Co. Ltd. | &nbsp;&nbsp; 1515800 | 28812085 |
| SMC Corp. | &nbsp;&nbsp; 376800 | 131116384 |
| SMS Co. Ltd. | &nbsp;&nbsp; 531600 | 5321796 |
| Socionext Inc. | &nbsp;&nbsp; 1172600 | 22097436 |
| SoftBank Corp. | &nbsp;&nbsp; 182715500 | 263993901 |
| SoftBank Group Corp. | &nbsp;&nbsp; 6225000 | 475334360 |
| Sojitz Corp. | &nbsp;&nbsp; 1469400 | 34971519 |
| Sompo Holdings Inc. | &nbsp;&nbsp; 5815600 | 171484758 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Sony Group Corp. | &nbsp;&nbsp; 40166000 | $966124841 |
| SOSiLA Logistics REIT Inc. | &nbsp;&nbsp; 3743 | 2910982 |
| Sotetsu Holdings Inc. | &nbsp;&nbsp; 567300 | 8958283 |
| Square Enix Holdings Co. Ltd. | &nbsp;&nbsp; 551300 | 37271274 |
| Stanley Electric Co. Ltd. | &nbsp;&nbsp; 779000 | 14691552 |
| Star Asia Investment Corp. | &nbsp;&nbsp; 15355 | 5963562 |
| Star Micronics Co. Ltd. | &nbsp;&nbsp; 222600 | 2559869 |
| Starts Corp. Inc. | &nbsp;&nbsp; 143300 | 4333017 |
| Subaru Corp. | &nbsp;&nbsp; 3823400 | 70334544 |
| Sugi Holdings Co. Ltd. | &nbsp;&nbsp; 684800 | 16597772 |
| SUMCO Corp. | &nbsp;&nbsp; 2312300 | 18084035 |
| Sumitomo Bakelite Co. Ltd. | &nbsp;&nbsp; 491000 | 14238508 |
| Sumitomo Chemical Co. Ltd. | &nbsp;&nbsp; 9772000 | 24440651 |
| Sumitomo Corp. | &nbsp;&nbsp; 7085100 | 181093404 |
| Sumitomo Electric Industries Ltd. | &nbsp;&nbsp; 4678100 | 116085587 |
| Sumitomo Forestry Co. Ltd. | &nbsp;&nbsp; 3159900 | 31743230 |
| Sumitomo Heavy Industries Ltd. | &nbsp;&nbsp; 702200 | 15551300 |
| Sumitomo Metal Mining Co. Ltd. | &nbsp;&nbsp; 1641200 | 36098679 |
| Sumitomo Mitsui Financial Group Inc. | &nbsp;&nbsp; 24028600 | 606159968 |
| Sumitomo Mitsui Trust Group Inc. | &nbsp;&nbsp; 4158700 | 109019320 |
| Sumitomo Osaka Cement Co. Ltd. | &nbsp;&nbsp; 221200 | 5757440 |
| Sumitomo Pharma Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1226400 | 10551373 |
| Sumitomo Realty & Development Co. Ltd. | &nbsp;&nbsp; 2012300 | 73507643 |
| Sumitomo Riko Co. Ltd. | &nbsp;&nbsp; 125500 | 1589274 |
| Sumitomo Rubber Industries Ltd. | &nbsp;&nbsp; 1215800 | 13895949 |
| Sumitomo Warehouse Co. Ltd. (The) | &nbsp;&nbsp; 530000 | 10992831 |
| Sun Corp. | &nbsp;&nbsp; 69500 | 2666678 |
| Sundrug Co. Ltd. | &nbsp;&nbsp; 484600 | 14363078 |
| Suntory Beverage & Food Ltd. | &nbsp;&nbsp; 890200 | 26880232 |
| Suruga Bank Ltd. | &nbsp;&nbsp; 804500 | 7407596 |
| Suzuken Co. Ltd. | &nbsp;&nbsp; 411300 | 15545978 |
| Suzuki Motor Corp. | &nbsp;&nbsp; 10250000 | 112622620 |
| SWCC Corp. | &nbsp;&nbsp; 206000 | 12332188 |
| Synspective Inc., NVS<sup>(a)(b)</sup> | &nbsp;&nbsp; 284600 | 1880779 |
| Sysmex Corp. | &nbsp;&nbsp; 3257800 | 52925734 |
| Systena Corp. | &nbsp;&nbsp; 2072600 | 5490269 |
| T Hasegawa Co. Ltd. | &nbsp;&nbsp; 137000 | 2826681 |
| T&D Holdings Inc. | &nbsp;&nbsp; 3174200 | 77509895 |
| Tadano Ltd. | &nbsp;&nbsp; 717700 | 5163729 |
| Taihei Dengyo Kaisha Ltd. | &nbsp;&nbsp; 57100 | 2454945 |
| Taiheiyo Cement Corp. | &nbsp;&nbsp; 768500 | 18779711 |
| Taikisha Ltd. | &nbsp;&nbsp; 271400 | 4862513 |
| Taisei Corp. | &nbsp;&nbsp; 1070500 | 64009345 |
| Taiyo Holdings Co. Ltd. | &nbsp;&nbsp; 252700 | 10974043 |
| Taiyo Yuden Co. Ltd. | &nbsp;&nbsp; 832700 | 15557475 |
| Takamatsu Construction Group Co. Ltd. | &nbsp;&nbsp; 75700 | 1543358 |
| Takara Bio Inc. | &nbsp;&nbsp; 282500 | 1651072 |
| Takara Holdings Inc. | &nbsp;&nbsp; 991500 | 8346636 |
| Takara Leben Real Estate Investment Corp. | &nbsp;&nbsp; 7189 | 4491437 |
| Takasago Thermal Engineering Co. Ltd. | &nbsp;&nbsp; 277100 | 13445039 |
| Takashimaya Co. Ltd. | &nbsp;&nbsp; 1936300 | 14964132 |
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 10179080 | 279617114 |
| Takeuchi Manufacturing Co. Ltd. | &nbsp;&nbsp; 236900 | 8468248 |
| Takuma Co. Ltd. | &nbsp;&nbsp; 564700 | 8168241 |
| Tama Home Co. Ltd. | &nbsp;&nbsp; 129000 | 3042305 |
| Tamron Co. Ltd. | &nbsp;&nbsp; 921700 | 5538788 |
| TBS Holdings Inc. | &nbsp;&nbsp; 200200 | 6585404 |
| TDK Corp. | &nbsp;&nbsp; 12683200 | 154518535 |
| TechMatrix Corp. | &nbsp;&nbsp; 187900 | 2673150 |
| TechnoPro Holdings Inc. | &nbsp;&nbsp; 678000 | 21472384 |
| Teijin Ltd. | &nbsp;&nbsp; 1086500 | 9234936 |
| Terumo Corp. | &nbsp;&nbsp; 8664500 | 146926244 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI EAFE ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| THK Co. Ltd. | &nbsp;&nbsp; 706200 | $19850554 |
| Timee Inc.<sup>(b)</sup> | &nbsp;&nbsp; 320900 | 4276549 |
| TIS Inc. | &nbsp;&nbsp; 1435100 | 45782443 |
| TKC Corp. | &nbsp;&nbsp; 102100 | 3066886 |
| Toa Corp./Tokyo | &nbsp;&nbsp; 358000 | 4472310 |
| Toagosei Co. Ltd. | &nbsp;&nbsp; 737300 | 7227477 |
| Tobu Railway Co. Ltd. | &nbsp;&nbsp; 1156300 | 19682323 |
| Tocalo Co. Ltd. | &nbsp;&nbsp; 578000 | 7734339 |
| Toda Corp. | &nbsp;&nbsp; 1581100 | 10082927 |
| Toei Animation Co. Ltd. | &nbsp;&nbsp; 402900 | 8814538 |
| Toei Co. Ltd. | &nbsp;&nbsp; 185900 | 6420777 |
| Toenec Corp. | &nbsp;&nbsp; 179500 | 1582325 |
| Toho Bank Ltd. (The) | &nbsp;&nbsp; 940200 | 2289145 |
| Toho Co. Ltd./Tokyo | &nbsp;&nbsp; 740100 | 46695277 |
| Toho Gas Co. Ltd. | &nbsp;&nbsp; 503300 | 14054243 |
| Toho Holdings Co. Ltd. | &nbsp;&nbsp; 499600 | 16860246 |
| Tohoku Electric Power Co. Inc. | &nbsp;&nbsp; 3175300 | 22276929 |
| Tokai Carbon Co. Ltd. | &nbsp;&nbsp; 1400300 | 9562118 |
| Tokai Corp./Gifu | &nbsp;&nbsp; 56700 | 791188 |
| TOKAI Holdings Corp. | &nbsp;&nbsp; 890400 | 6304693 |
| Tokai Rika Co. Ltd. | &nbsp;&nbsp; 269100 | 4308521 |
| Tokai Tokyo Financial Holdings Inc. | &nbsp;&nbsp; 2124000 | 7656944 |
| Token Corp. | &nbsp;&nbsp; 52210 | 4823244 |
| Tokio Marine Holdings Inc. | &nbsp;&nbsp; 11981300 | 481083837 |
| Tokuyama Corp. | &nbsp;&nbsp; 477500 | 10225508 |
| Tokyo Century Corp. | &nbsp;&nbsp; 858000 | 9819590 |
| Tokyo Electric Power Co. Holdings Inc.<sup>(b)</sup> | &nbsp;&nbsp; 9906900 | 37512901 |
| Tokyo Electron Device Ltd. | &nbsp;&nbsp; 128600 | 2237089 |
| Tokyo Electron Ltd. | &nbsp;&nbsp; 2913400 | 463168494 |
| Tokyo Gas Co. Ltd. | &nbsp;&nbsp; 2190100 | 73343377 |
| Tokyo Kiraboshi Financial Group Inc. | &nbsp;&nbsp; 172900 | 7454684 |
| Tokyo Metro Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1898100 | 20452673 |
| Tokyo Ohka Kogyo Co. Ltd. | &nbsp;&nbsp; 640500 | 17543041 |
| Tokyo Seimitsu Co. Ltd. | &nbsp;&nbsp; 264700 | 16466908 |
| Tokyo Steel Manufacturing Co. Ltd. | &nbsp;&nbsp; 467100 | 4860099 |
| Tokyo Tatemono Co. Ltd. | &nbsp;&nbsp; 1250900 | 20933641 |
| Tokyotokeiba Co. Ltd. | &nbsp;&nbsp; 74000 | 2550188 |
| Tokyu Construction Co. Ltd. | &nbsp;&nbsp; 695500 | 4778162 |
| Tokyu Corp. | &nbsp;&nbsp; 3273500 | 36848857 |
| Tokyu Fudosan Holdings Corp. | &nbsp;&nbsp; 3753900 | 26471205 |
| Tokyu REIT Inc. | &nbsp;&nbsp; 6366 | 8277718 |
| TOMONY Holdings Inc. | &nbsp;&nbsp; 1015400 | 4104612 |
| Tomy Co. Ltd. | &nbsp;&nbsp; 610200 | 12895242 |
| Topcon Corp. | &nbsp;&nbsp; 682500 | 14859641 |
| Toppan Holdings Inc. | &nbsp;&nbsp; 1548800 | 41737411 |
| Topre Corp. | &nbsp;&nbsp; 181500 | 2486513 |
| Toray Industries Inc. | &nbsp;&nbsp; 9045200 | 61867862 |
| Toridoll Holdings Corp. | &nbsp;&nbsp; 325500 | 9575110 |
| Tosei Corp. | &nbsp;&nbsp; 98200 | 1893541 |
| Toshiba TEC Corp. | &nbsp;&nbsp; 164000 | 3278629 |
| Tosoh Corp. | &nbsp;&nbsp; 1778600 | 26775810 |
| Totetsu Kogyo Co. Ltd. | &nbsp;&nbsp; 125000 | 3459147 |
| TOTO Ltd. | &nbsp;&nbsp; 897400 | 22844391 |
| Towa Corp. | &nbsp;&nbsp; 447500 | 5557205 |
| Towa Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 137300 | 2978739 |
| Toyo Construction Co. Ltd. | &nbsp;&nbsp; 385000 | 4207641 |
| Toyo Seikan Group Holdings Ltd. | &nbsp;&nbsp; 827200 | 17131969 |
| Toyo Suisan Kaisha Ltd. | &nbsp;&nbsp; 589600 | 37668717 |
| Toyo Tanso Co. Ltd. | &nbsp;&nbsp; 106900 | 3431585 |
| Toyo Tire Corp. | &nbsp;&nbsp; 824900 | 17472251 |
| Toyobo Co. Ltd. | &nbsp;&nbsp; 641900 | 4156523 |
| Toyoda Gosei Co. Ltd. | &nbsp;&nbsp; 346500 | 7312545 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Toyota Boshoku Corp. | &nbsp;&nbsp; 573000 | $8142620 |
| Toyota Industries Corp. | &nbsp;&nbsp; 1062200 | 113583784 |
| Toyota Motor Corp. | &nbsp;&nbsp; 61801825 | 1099306249 |
| Toyota Tsusho Corp. | &nbsp;&nbsp; 4147000 | 95042341 |
| Transcosmos Inc. | &nbsp;&nbsp; 115500 | 2751040 |
| TRE Holdings Corp. | &nbsp;&nbsp; 213400 | 1913551 |
| Trend Micro Inc./Japan | &nbsp;&nbsp; 830400 | 50636477 |
| Tri Chemical Laboratories Inc. | &nbsp;&nbsp; 195700 | 4445451 |
| Trial Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 259200 | 4029648 |
| Trusco Nakayama Corp. | &nbsp;&nbsp; 278500 | 4056112 |
| TS Tech Co. Ltd. | &nbsp;&nbsp; 558000 | 6700016 |
| Tsubakimoto Chain Co. | &nbsp;&nbsp; 378500 | 5312560 |
| Tsuburaya Fields Holdings Inc. | &nbsp;&nbsp; 256900 | 3910315 |
| Tsugami Corp. | &nbsp;&nbsp; 228400 | 3145582 |
| Tsumura & Co. | &nbsp;&nbsp; 411500 | 10150817 |
| Tsuruha Holdings Inc. | &nbsp;&nbsp; 244900 | 18025764 |
| TV Asahi Holdings Corp. | &nbsp;&nbsp; 141100 | 2651212 |
| UACJ Corp. | &nbsp;&nbsp; 230200 | 9058805 |
| UBE Corp. | &nbsp;&nbsp; 625400 | 9573529 |
| Ulvac Inc. | &nbsp;&nbsp; 298200 | 10953467 |
| U-Next Holdings Co. Ltd. | &nbsp;&nbsp; 403800 | 5430343 |
| Unicharm Corp. | &nbsp;&nbsp; 7343000 | 50792608 |
| United Super Markets Holdings Inc. | &nbsp;&nbsp; 712500 | 4441870 |
| United Urban Investment Corp. | &nbsp;&nbsp; 20029 | 21991392 |
| Ushio Inc. | &nbsp;&nbsp; 603300 | 7400057 |
| USS Co. Ltd. | &nbsp;&nbsp; 2661100 | 28923196 |
| UT Group Co. Ltd. | &nbsp;&nbsp; 205700 | 3472636 |
| Valor Holdings Co. Ltd. | &nbsp;&nbsp; 194300 | 3431506 |
| Visional Inc.<sup>(b)</sup> | &nbsp;&nbsp; 161100 | 12592455 |
| Wacoal Holdings Corp. | &nbsp;&nbsp; 257900 | 9320726 |
| Wacom Co. Ltd. | &nbsp;&nbsp; 925000 | 3982852 |
| Welcia Holdings Co. Ltd. | &nbsp;&nbsp; 617000 | 10353055 |
| West Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp; 142330 | 1418440 |
| West Japan Railway Co. | &nbsp;&nbsp; 2870500 | 62847361 |
| WingArc1st Inc. | &nbsp;&nbsp; 105300 | 2518568 |
| Workman Co. Ltd. | &nbsp;&nbsp; 137900 | 5902567 |
| Yakult Honsha Co. Ltd. | &nbsp;&nbsp; 1786900 | 28746816 |
| Yamada Holdings Co. Ltd. | &nbsp;&nbsp; 3714000 | 11319235 |
| Yamaguchi Financial Group Inc. | &nbsp;&nbsp; 1316100 | 14896650 |
| Yamaha Corp. | &nbsp;&nbsp; 2617500 | 18864612 |
| Yamaha Motor Co. Ltd. | &nbsp;&nbsp; 6041700 | 43698534 |
| Yamato Holdings Co. Ltd. | &nbsp;&nbsp; 1630500 | 23575700 |
| Yamato Kogyo Co. Ltd. | &nbsp;&nbsp; 245200 | 13759044 |
| Yamazaki Baking Co. Ltd. | &nbsp;&nbsp; 795700 | 16998003 |
| Yamazen Corp. | &nbsp;&nbsp; 543400 | 4816539 |
| Yaoko Co. Ltd. | &nbsp;&nbsp; 98600 | 6381134 |
| Yaskawa Electric Corp. | &nbsp;&nbsp; 1500100 | 31375768 |
| Yellow Hat Ltd. | &nbsp;&nbsp; 325600 | 3446694 |
| Yodogawa Steel Works Ltd. | &nbsp;&nbsp; 566900 | 4363652 |
| Yokogawa Bridge Holdings Corp. | &nbsp;&nbsp; 158200 | 2804199 |
| Yokogawa Electric Corp. | &nbsp;&nbsp; 1493700 | 39813198 |
| Yokohama Rubber Co. Ltd. (The) | &nbsp;&nbsp; 879200 | 25138002 |
| Yonex Co. Ltd. | &nbsp;&nbsp; 360800 | 7084467 |
| Yoshinoya Holdings Co. Ltd. | &nbsp;&nbsp; 517700 | 11220406 |
| Yuasa Trading Co. Ltd. | &nbsp;&nbsp; 68100 | 2115795 |
| Zacros Corp. | &nbsp;&nbsp; 13900 | 362227 |
| Zenkoku Hosho Co. Ltd. | &nbsp;&nbsp; 662500 | 14134536 |
| Zensho Holdings Co. Ltd. | &nbsp;&nbsp; 637000 | 33521129 |
| Zeon Corp. | &nbsp;&nbsp; 939900 | 9975628 |
| ZERIA Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 25200 | 347705 |
| Zojirushi Corp. | &nbsp;&nbsp; 165200 | 1970828 |
| ZOZO Inc. | &nbsp;&nbsp; 2652300 | 26256095 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI EAFE ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Zuken Inc. | &nbsp;&nbsp; 50700 | $1949948 |
|  |  | 33172369229 |
| **Netherlands — 4.0%** | **Netherlands — 4.0%** | **Netherlands — 4.0%** |
| Aalberts NV | &nbsp;&nbsp; 655663 | 20956469 |
| ABN AMRO Bank NV, CVA<sup>(d)</sup> | &nbsp;&nbsp; 3018051 | 87247127 |
| Adyen NV<sup>(b)(d)</sup> | &nbsp;&nbsp; 163915 | 281138910 |
| Aegon Ltd. | &nbsp;&nbsp; 8739124 | 62454392 |
| AerCap Holdings NV | &nbsp;&nbsp; 1221601 | 131016707 |
| Akzo Nobel NV | &nbsp;&nbsp; 1135557 | 71314553 |
| Allfunds Group PLC | &nbsp;&nbsp; 2330973 | 16140135 |
| AMG Critical Materials NV | &nbsp;&nbsp; 226784 | 6385534 |
| Arcadis NV | &nbsp;&nbsp; 489476 | 24428611 |
| ASM International NV | &nbsp;&nbsp; 307158 | 148681966 |
| ASML Holding NV | &nbsp;&nbsp; 2576703 | 1785843050 |
| ASR Nederland NV | &nbsp;&nbsp; 1000235 | 66439520 |
| Basic-Fit NV<sup>(a)(b)(d)</sup> | &nbsp;&nbsp; 328329 | 9268902 |
| BE Semiconductor Industries NV | &nbsp;&nbsp; 531973 | 71875768 |
| Brunel International NV | &nbsp;&nbsp; 252336 | 2621607 |
| Coca-Cola Europacific Partners PLC | &nbsp;&nbsp; 1515982 | 146928975 |
| Corbion NV | &nbsp;&nbsp; 385991 | 7325266 |
| CVC Capital Partners PLC<sup>(d)</sup> | &nbsp;&nbsp; 1390033 | 26655019 |
| DSM-Firmenich AG | &nbsp;&nbsp; 1225344 | 117730382 |
| Eurocommercial Properties NV | &nbsp;&nbsp; 310948 | 9491073 |
| EXOR NV | &nbsp;&nbsp; 593232 | 57173568 |
| Flow Traders Ltd. | &nbsp;&nbsp; 233440 | 6991964 |
| Fugro NV | &nbsp;&nbsp; 761572 | 10917058 |
| Heineken Holding NV | &nbsp;&nbsp; 859555 | 58012300 |
| Heineken NV | &nbsp;&nbsp; 1888058 | 148196797 |
| IMCD NV | &nbsp;&nbsp; 386650 | 42380972 |
| ING Groep NV | &nbsp;&nbsp; 20572093 | 479441416 |
| InPost SA<sup>(b)</sup> | &nbsp;&nbsp; 1521731 | 21856153 |
| JDE Peet's NV | &nbsp;&nbsp; 1125197 | 33367795 |
| Just Eat Takeaway.com NV<sup>(b)(d)</sup> | &nbsp;&nbsp; 1177097 | 26887720 |
| Koninklijke Ahold Delhaize NV | &nbsp;&nbsp; 5938247 | 234539372 |
| Koninklijke BAM Groep NV | &nbsp;&nbsp; 1903585 | 16618751 |
| Koninklijke KPN NV | &nbsp;&nbsp; 25326289 | 113145147 |
| Koninklijke Philips NV | &nbsp;&nbsp; 5448517 | 142289824 |
| Koninklijke Vopak NV | &nbsp;&nbsp; 429444 | 20514957 |
| NN Group NV | &nbsp;&nbsp; 1742533 | 117334500 |
| OCI NV | &nbsp;&nbsp; 685426 | 5709190 |
| Pharming Group NV<sup>(a)(b)</sup> | &nbsp;&nbsp; 4827274 | 5305307 |
| Pharvaris NV<sup>(b)</sup> | &nbsp;&nbsp; 54451 | 1082486 |
| PostNL NV<sup>(a)</sup> | &nbsp;&nbsp; 2200530 | 2399486 |
| Prosus NV | &nbsp;&nbsp; 8543770 | 488069171 |
| Randstad NV | &nbsp;&nbsp; 696469 | 33102778 |
| SBM Offshore NV | &nbsp;&nbsp; 945188 | 24649782 |
| Signify NV<sup>(d)</sup> | &nbsp;&nbsp; 828722 | 19825165 |
| Sligro Food Group NV | &nbsp;&nbsp; 143104 | 1808817 |
| TKH Group NV | &nbsp;&nbsp; 269431 | 11082566 |
| TomTom NV<sup>(a)(b)</sup> | &nbsp;&nbsp; 596763 | 3592880 |
| Universal Music Group NV | &nbsp;&nbsp; 7160169 | 205975806 |
| Van Lanschot Kempen NV | &nbsp;&nbsp; 214560 | 13975447 |
| Wereldhave NV | &nbsp;&nbsp; 253828 | 5195409 |
| Wolters Kluwer NV | &nbsp;&nbsp; 1555930 | 242349970 |
|  |  | 5687736520 |
| **New Zealand — 0.2%** | **New Zealand — 0.2%** | **New Zealand — 0.2%** |
| Air New Zealand Ltd. | &nbsp;&nbsp; 5283144 | 1805134 |
| Auckland International Airport Ltd. | &nbsp;&nbsp; 10343325 | 45882184 |
| Contact Energy Ltd. | &nbsp;&nbsp; 5212797 | 27937245 |
| EBOS Group Ltd. | &nbsp;&nbsp; 1124795 | 27101019 |
| Fisher & Paykel Healthcare Corp. Ltd. | &nbsp;&nbsp; 3831467 | 83061897 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **New Zealand (continued)** | **New Zealand (continued)** | **New Zealand (continued)** |
| Fletcher Building Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 6482055 | $11563433 |
| Goodman Property Trust | &nbsp;&nbsp; 6326400 | 7491032 |
| Infratil Ltd. | &nbsp;&nbsp; 6148927 | 41985499 |
| Kiwi Property Group Ltd. | &nbsp;&nbsp; 7733723 | 4434119 |
| Mercury NZ Ltd. | &nbsp;&nbsp; 4690365 | 17090728 |
| Meridian Energy Ltd. | &nbsp;&nbsp; 8508862 | 28571647 |
| Ryman Healthcare Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 6123294 | 9000747 |
| Spark New Zealand Ltd. | &nbsp;&nbsp; 12738075 | 18234716 |
|  |  | 324159400 |
| **Norway — 0.8%** | **Norway — 0.8%** | **Norway — 0.8%** |
| Aker ASA, Class A | &nbsp;&nbsp; 159509 | 11000408 |
| Aker BP ASA | &nbsp;&nbsp; 2087836 | 50226262 |
| Aker Solutions ASA | &nbsp;&nbsp; 1818837 | 5379576 |
| Atea ASA | &nbsp;&nbsp; 645260 | 8912448 |
| Austevoll Seafood ASA | &nbsp;&nbsp; 673623 | 6198747 |
| AutoStore Holdings Ltd.<sup>(a)(b)(d)</sup> | &nbsp;&nbsp; 8239809 | 5788770 |
| Bakkafrost P/F | &nbsp;&nbsp; 312403 | 12478686 |
| BW LPG Ltd.<sup>(a)(d)</sup> | &nbsp;&nbsp; 648279 | 8618028 |
| BW Offshore Ltd. | &nbsp;&nbsp; 59299 | 200460 |
| Cadeler AS<sup>(b)</sup> | &nbsp;&nbsp; 1261272 | 6639664 |
| DNB Bank ASA | &nbsp;&nbsp; 5825240 | 147377015 |
| DNO ASA | &nbsp;&nbsp; 2835801 | 3872566 |
| DOF Group ASA | &nbsp;&nbsp; 1002103 | 9175570 |
| Elkem ASA<sup>(a)(d)</sup> | &nbsp;&nbsp; 2324714 | 5401398 |
| Entra ASA<sup>(b)(d)</sup> | &nbsp;&nbsp; 616263 | 7570140 |
| Equinor ASA | &nbsp;&nbsp; 5405054 | 138842697 |
| Europris ASA<sup>(d)</sup> | &nbsp;&nbsp; 1040263 | 9744417 |
| Flex LNG Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 199401 | 4976008 |
| Frontline PLC<sup>(a)</sup> | &nbsp;&nbsp; 980431 | 18053929 |
| Gjensidige Forsikring ASA | &nbsp;&nbsp; 1302693 | 34265539 |
| Golden Ocean Group Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 832998 | 6896866 |
| Grieg Seafood ASA<sup>(a)(b)</sup> | &nbsp;&nbsp; 408370 | 2717839 |
| Hexagon Composites ASA<sup>(a)(b)</sup> | &nbsp;&nbsp; 987085 | 1630943 |
| Hoegh Autoliners ASA | &nbsp;&nbsp; 696891 | 7003135 |
| Kitron ASA | &nbsp;&nbsp; 1221535 | 7429596 |
| Kongsberg Gruppen ASA | &nbsp;&nbsp; 2896309 | 86550775 |
| Leroy Seafood Group ASA | &nbsp;&nbsp; 1808349 | 8226299 |
| Mowi ASA | &nbsp;&nbsp; 3062375 | 57044342 |
| MPC Container Ships ASA | &nbsp;&nbsp; 2433468 | 4482710 |
| NORBIT ASA | &nbsp;&nbsp; 176598 | 3509411 |
| Nordic Semiconductor ASA<sup>(b)</sup> | &nbsp;&nbsp; 1181963 | 16068866 |
| Norsk Hydro ASA | &nbsp;&nbsp; 9152984 | 54249650 |
| Norwegian Air Shuttle ASA<sup>(a)(b)</sup> | &nbsp;&nbsp; 4007282 | 6554588 |
| Odfjell Drilling Ltd. | &nbsp;&nbsp; 597243 | 4243707 |
| Orkla ASA | &nbsp;&nbsp; 4691579 | 49336772 |
| Paratus Energy Services Ltd. | &nbsp;&nbsp; 628705 | 2397163 |
| Protector Forsikring ASA | &nbsp;&nbsp; 622158 | 30375956 |
| Salmar ASA | &nbsp;&nbsp; 459231 | 18655829 |
| Scatec ASA<sup>(b)(d)</sup> | &nbsp;&nbsp; 826237 | 8197736 |
| SpareBank 1 Nord Norge | &nbsp;&nbsp; 577580 | 8265163 |
| SpareBank 1 Oestlandet | &nbsp;&nbsp; 90425 | 1685085 |
| SpareBank 1 SMN | &nbsp;&nbsp; 1217623 | 22625029 |
| SpareBank 1 Sor-Norge ASA | &nbsp;&nbsp; 1287457 | 22549091 |
| Stolt-Nielsen Ltd. | &nbsp;&nbsp; 156310 | 4573992 |
| Storebrand ASA | &nbsp;&nbsp; 2763008 | 39235488 |
| Subsea 7 SA | &nbsp;&nbsp; 1470525 | 28497251 |
| Telenor ASA | &nbsp;&nbsp; 3984780 | 61130102 |
| TGS ASA | &nbsp;&nbsp; 1308071 | 9610188 |
| TOMRA Systems ASA | &nbsp;&nbsp; 1483071 | 20599979 |
| Vend Marketplaces ASA, Class A | &nbsp;&nbsp; 491014 | 19381303 |
| Vend Marketplaces ASA, Class B | &nbsp;&nbsp; 607703 | 22833669 |
| Wallenius Wilhelmsen ASA | &nbsp;&nbsp; 744795 | 6663071 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI EAFE ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Norway (continued)** | **Norway (continued)** | **Norway (continued)** |
| Wilh Wilhelmsen Holding ASA, Class A | &nbsp;&nbsp; 87244 | $4020986 |
| Yara International ASA | &nbsp;&nbsp; 1078555 | 39871094 |
|  |  | 1181836002 |
| **Portugal — 0.2%** | **Portugal — 0.2%** | **Portugal — 0.2%** |
| Altri SGPS SA<sup>(a)</sup> | &nbsp;&nbsp; 743345 | 4045494 |
| Banco Comercial Portugues SA, Class R | &nbsp;&nbsp; 51361881 | 42175520 |
| Corticeira Amorim SGPS SA | &nbsp;&nbsp; 47650 | 423521 |
| CTT-Correios de Portugal SA | &nbsp;&nbsp; 925305 | 7797981 |
| EDP Renovaveis SA | &nbsp;&nbsp; 2023297 | 23754937 |
| EDP SA | &nbsp;&nbsp; 20222381 | 87408417 |
| Galp Energia SGPS SA | &nbsp;&nbsp; 2775850 | 53005506 |
| Jeronimo Martins SGPS SA | &nbsp;&nbsp; 1789591 | 43626042 |
| Mota-Engil SGPS SA<sup>(a)</sup> | &nbsp;&nbsp; 595372 | 3042189 |
| Navigator Co. SA (The) | &nbsp;&nbsp; 1910650 | 6748154 |
| NOS SGPS SA | &nbsp;&nbsp; 1424471 | 5871845 |
| REN - Redes Energeticas Nacionais SGPS SA | &nbsp;&nbsp; 3405571 | 11556826 |
| Sonae SGPS SA | &nbsp;&nbsp; 7549702 | 10890265 |
|  |  | 300346697 |
| **Singapore — 1.8%** | **Singapore — 1.8%** | **Singapore — 1.8%** |
| AIMS APAC REIT | &nbsp;&nbsp; 537193 | 574232 |
| Bitdeer Technologies Group, Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 591521 | 7624706 |
| CapitaLand Ascendas REIT | &nbsp;&nbsp; 25245003 | 54052752 |
| CapitaLand Ascott Trust | &nbsp;&nbsp; 14433868 | 9935324 |
| CapitaLand China Trust<sup>(a)</sup> | &nbsp;&nbsp; 7751080 | 4526281 |
| Capitaland India Trust<sup>(a)</sup> | &nbsp;&nbsp; 5294946 | 4852885 |
| CapitaLand Integrated Commercial Trust | &nbsp;&nbsp; 39489405 | 66676297 |
| CapitaLand Investment Ltd./Singapore<sup>(a)</sup> | &nbsp;&nbsp; 16524700 | 35194340 |
| CDL Hospitality Trusts<sup>(a)</sup> | &nbsp;&nbsp; 7834646 | 4810879 |
| City Developments Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3723500 | 17627687 |
| ComfortDelGro Corp. Ltd. | &nbsp;&nbsp; 12707900 | 14939740 |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 13880090 | 509461338 |
| Digital Core REIT Management Pte. Ltd. | &nbsp;&nbsp; 5714800 | 2988715 |
| ESR-REIT | &nbsp;&nbsp; 4704942 | 9963776 |
| Far East Hospitality Trust<sup>(a)</sup> | &nbsp;&nbsp; 624000 | 287779 |
| First Resources Ltd. | &nbsp;&nbsp; 3256300 | 3799160 |
| Frasers Centrepoint Trust | &nbsp;&nbsp; 8318354 | 14185299 |
| Frasers Logistics & Commercial Trust<sup>(a)</sup> | &nbsp;&nbsp; 18364086 | 12402391 |
| Genting Singapore Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 37666600 | 21247107 |
| Golden Agri-Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 44304700 | 8672822 |
| Grab Holdings Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 15463094 | 75614530 |
| Hafnia Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1897070 | 10425512 |
| Hutchison Port Holdings Trust, Class U | &nbsp;&nbsp; 33561200 | 6690056 |
| iFAST Corp. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 956700 | 6656460 |
| Keppel DC REIT | &nbsp;&nbsp; 12424505 | 22610379 |
| Keppel Infrastructure Trust | &nbsp;&nbsp; 24619169 | 8324650 |
| Keppel Ltd. | &nbsp;&nbsp; 9674500 | 62853648 |
| Keppel REIT | &nbsp;&nbsp; 19689240 | 14370385 |
| Lendlease Global Commercial REIT | &nbsp;&nbsp; 8274009 | 3493220 |
| Mapletree Industrial Trust | &nbsp;&nbsp; 14110920 | 21997494 |
| Mapletree Logistics Trust<sup>(a)</sup> | &nbsp;&nbsp; 21875479 | 19453103 |
| Mapletree Pan Asia Commercial Trust<sup>(a)</sup> | &nbsp;&nbsp; 14717456 | 14583589 |
| NetLink NBN Trust | &nbsp;&nbsp; 24567200 | 16934415 |
| Olam Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5352600 | 4287357 |
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 22034600 | 285549867 |
| Parkway Life REIT | &nbsp;&nbsp; 3004800 | 9307863 |
| Raffles Medical Group Ltd. | &nbsp;&nbsp; 7350200 | 5587647 |
| Riverstone Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3059800 | 1659590 |
| Sasseur REIT | &nbsp;&nbsp; 298200 | 154717 |
| SATS Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6678826 | 16296634 |
| Sea Ltd., ADR<sup>(b)</sup> | &nbsp;&nbsp; 2491423 | 390281413 |
| Seatrium Ltd. | &nbsp;&nbsp; 15186187 | 26392994 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Singapore (continued)** | **Singapore (continued)** | **Singapore (continued)** |
| Sembcorp Industries Ltd. | &nbsp;&nbsp; 6219000 | $36978718 |
| Sheng Siong Group Ltd. | &nbsp;&nbsp; 5017900 | 8100314 |
| SIA Engineering Co. Ltd. | &nbsp;&nbsp; 336100 | 794198 |
| Singapore Airlines Ltd. | &nbsp;&nbsp; 9742000 | 50884055 |
| Singapore Exchange Ltd. | &nbsp;&nbsp; 4962700 | 60850652 |
| Singapore Post Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 10882800 | 4088778 |
| Singapore Technologies Engineering Ltd. | &nbsp;&nbsp; 10486700 | 70546964 |
| Singapore Telecommunications Ltd. | &nbsp;&nbsp; 50012800 | 149045501 |
| Starhill Global REIT<sup>(a)</sup> | &nbsp;&nbsp; 11924000 | 4946458 |
| StarHub Ltd. | &nbsp;&nbsp; 4589900 | 4348103 |
| Stoneweg Europe Stapled Trust, NVS | &nbsp;&nbsp; 1074140 | 1936777 |
| Suntec REIT<sup>(a)</sup> | &nbsp;&nbsp; 14689100 | 13074080 |
| Super Hi International Holding Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 916000 | 1881126 |
| UMS Integration Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3397200 | 3955906 |
| United Overseas Bank Ltd. | &nbsp;&nbsp; 8209200 | 228074046 |
| UOL Group Ltd. | &nbsp;&nbsp; 2936200 | 15521315 |
| Venture Corp. Ltd. | &nbsp;&nbsp; 1880500 | 18653120 |
| Wilmar International Ltd. | &nbsp;&nbsp; 12380000 | 28020353 |
| Yangzijiang Financial Holding Ltd. | &nbsp;&nbsp; 15679200 | 11593201 |
| Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp; 17149100 | 33636723 |
| Yanlord Land Group Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 6266100 | 2779173 |
|  |  | 2577058594 |
| **Spain — 3.2%** | **Spain — 3.2%** | **Spain — 3.2%** |
| Acciona SA | &nbsp;&nbsp; 162491 | 31164936 |
| Acerinox SA | &nbsp;&nbsp; 1172288 | 13527612 |
| ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp; 1193532 | 82371307 |
| Aena SME SA<sup>(d)</sup> | &nbsp;&nbsp; 4896236 | 131846377 |
| Almirall SA | &nbsp;&nbsp; 513965 | 6186667 |
| Amadeus IT Group SA | &nbsp;&nbsp; 2957038 | 237431675 |
| Atresmedia Corp. de Medios de <br> Comunicacion SA<br>| &nbsp;&nbsp; 813299 | 4596071 |
| Audax Renovables SA | &nbsp;&nbsp; 806569 | 1330619 |
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 37451364 | 624623434 |
| Banco de Sabadell SA | &nbsp;&nbsp; 35396823 | 130646149 |
| Banco Santander SA | &nbsp;&nbsp; 98610706 | 847143063 |
| Bankinter SA | &nbsp;&nbsp; 4342507 | 61985910 |
| CaixaBank SA | &nbsp;&nbsp; 25525053 | 240147489 |
| Cellnex Telecom SA<sup>(d)</sup> | &nbsp;&nbsp; 3294754 | 116270283 |
| CIE Automotive SA | &nbsp;&nbsp; 386787 | 11612833 |
| Construcciones y Auxiliar de Ferrocarriles SA | &nbsp;&nbsp; 172107 | 10422164 |
| Distribuidora Internacional de Alimentacion SA<sup>(b)</sup> | &nbsp;&nbsp; 46324 | 1517223 |
| eDreams ODIGEO SA<sup>(b)</sup> | &nbsp;&nbsp; 306516 | 2901109 |
| Enagas SA | &nbsp;&nbsp; 1535234 | 22993946 |
| Ence Energia y Celulosa SA<sup>(a)</sup> | &nbsp;&nbsp; 1090552 | 3431793 |
| Endesa SA | &nbsp;&nbsp; 2078641 | 60133851 |
| Ferrovial SE | &nbsp;&nbsp; 3334570 | 170939775 |
| Fluidra SA | &nbsp;&nbsp; 629520 | 15700621 |
| Gestamp Automocion SA<sup>(d)</sup> | &nbsp;&nbsp; 1268494 | 4768274 |
| Grenergy Renovables SA<sup>(b)</sup> | &nbsp;&nbsp; 87326 | 6471780 |
| Grifols SA<sup>(b)</sup> | &nbsp;&nbsp; 1957952 | 29173737 |
| Iberdrola SA | &nbsp;&nbsp; 41488980 | 729223470 |
| Indra Sistemas SA<sup>(a)</sup> | &nbsp;&nbsp; 566181 | 23453479 |
| Industria de Diseno Textil SA | &nbsp;&nbsp; 7091405 | 338735314 |
| Inmobiliaria Colonial SOCIMI SA | &nbsp;&nbsp; 1973002 | 13066085 |
| International Consolidated Airlines Group SA, <br> Class DI<br>| &nbsp;&nbsp; 8083658 | 40525541 |
| Laboratorios Farmaceuticos Rovi SA | &nbsp;&nbsp; 140586 | 8677946 |
| Linea Directa Aseguradora SA Cia de Seguros <br> y Reaseguros<br>| &nbsp;&nbsp; 3955039 | 6093345 |
| Logista Integral SA | &nbsp;&nbsp; 377654 | 11952946 |
| Melia Hotels International SA | &nbsp;&nbsp; 789093 | 7006536 |
| Merlin Properties SOCIMI SA | &nbsp;&nbsp; 2518240 | 34867662 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI EAFE ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Spain (continued)** | **Spain (continued)** | **Spain (continued)** |
| Neinor Homes SA<sup>(d)</sup> | &nbsp;&nbsp; 419914 | $8161759 |
| Pharma Mar SA | &nbsp;&nbsp; 95689 | 8722241 |
| Prosegur Cash SA<sup>(d)</sup> | &nbsp;&nbsp; 207254 | 177625 |
| Prosegur Cia. de Seguridad SA | &nbsp;&nbsp; 1264924 | 3746002 |
| Redeia Corp. SA | &nbsp;&nbsp; 1672728 | 32427475 |
| Repsol SA | &nbsp;&nbsp; 7478656 | 113389523 |
| Sacyr SA | &nbsp;&nbsp; 3756781 | 15383110 |
| Solaria Energia y Medio Ambiente SA<sup>(a)(b)</sup> | &nbsp;&nbsp; 590364 | 7590961 |
| Tecnicas Reunidas SA<sup>(b)</sup> | &nbsp;&nbsp; 371176 | 9140892 |
| Telefonica SA | &nbsp;&nbsp; 24648562 | 127206119 |
| Unicaja Banco SA<sup>(d)</sup> | &nbsp;&nbsp; 8992664 | 23627300 |
| Vidrala SA | &nbsp;&nbsp; 134260 | 14452624 |
| Viscofan SA | &nbsp;&nbsp; 258208 | 17668571 |
|  |  | 4464635224 |
| **Sweden — 3.6%** | **Sweden — 3.6%** | **Sweden — 3.6%** |
| AAK AB | &nbsp;&nbsp; 1200620 | 30885250 |
| AcadeMedia AB<sup>(d)</sup> | &nbsp;&nbsp; 240578 | 2202922 |
| AddLife AB, Class B | &nbsp;&nbsp; 734453 | 12933824 |
| Addnode Group AB, Class B | &nbsp;&nbsp; 625562 | 7157287 |
| AddTech AB, Class B | &nbsp;&nbsp; 1715756 | 57680598 |
| AFRY AB | &nbsp;&nbsp; 689896 | 10678602 |
| Alfa Laval AB | &nbsp;&nbsp; 1914070 | 83161754 |
| Alleima AB | &nbsp;&nbsp; 1279747 | 9043920 |
| Ambea AB<sup>(d)</sup> | &nbsp;&nbsp; 386138 | 4857814 |
| AQ Group AB | &nbsp;&nbsp; 217529 | 4433341 |
| Arjo AB, Class B | &nbsp;&nbsp; 1537127 | 5356536 |
| Asmodee Group AB, Class B<sup>(b)</sup> | &nbsp;&nbsp; 854470 | 10760846 |
| Assa Abloy AB, Class B | &nbsp;&nbsp; 6642752 | 219810201 |
| Atlas Copco AB, Class A | &nbsp;&nbsp; 17631464 | 268498702 |
| Atlas Copco AB, Class B | &nbsp;&nbsp; 10059897 | 136142119 |
| Atrium Ljungberg AB, Class B | &nbsp;&nbsp; 1760819 | 5695145 |
| Attendo AB<sup>(d)</sup> | &nbsp;&nbsp; 848301 | 5927409 |
| Avanza Bank Holding AB | &nbsp;&nbsp; 817940 | 30132557 |
| Axfood AB | &nbsp;&nbsp; 710458 | 21170443 |
| Beijer Ref AB, Class B | &nbsp;&nbsp; 2570048 | 43143127 |
| Betsson AB, Class B | &nbsp;&nbsp; 789736 | 13372100 |
| Better Collective A/S<sup>(a)(b)</sup> | &nbsp;&nbsp; 233617 | 3298094 |
| Bilia AB, Class A | &nbsp;&nbsp; 541287 | 6359747 |
| Billerud Aktiebolag | &nbsp;&nbsp; 1454794 | 12352251 |
| BioArctic AB, Class B<sup>(a)(b)(d)</sup> | &nbsp;&nbsp; 234263 | 5129103 |
| BioGaia AB, Class B | &nbsp;&nbsp; 670889 | 6712768 |
| Boliden AB<sup>(b)</sup> | &nbsp;&nbsp; 1870644 | 57258959 |
| BoneSupport Holding AB<sup>(b)(d)</sup> | &nbsp;&nbsp; 387980 | 13102759 |
| Boozt AB<sup>(b)(d)</sup> | &nbsp;&nbsp; 358178 | 3188791 |
| Bravida Holding AB<sup>(d)</sup> | &nbsp;&nbsp; 1499003 | 14066559 |
| Bufab AB | &nbsp;&nbsp; 780547 | 7740807 |
| Bure Equity AB | &nbsp;&nbsp; 337962 | 9977080 |
| Camurus AB<sup>(b)</sup> | &nbsp;&nbsp; 230968 | 16025433 |
| Castellum AB | &nbsp;&nbsp; 2842556 | 32358402 |
| Catena AB | &nbsp;&nbsp; 279720 | 12636130 |
| Cibus Nordic Real Estate AB publ | &nbsp;&nbsp; 396009 | 7018675 |
| Clas Ohlson AB, Class B | &nbsp;&nbsp; 235294 | 8186942 |
| Cloetta AB, Class B | &nbsp;&nbsp; 1589424 | 5111651 |
| Corem Property Group AB, Class B | &nbsp;&nbsp; 3475922 | 1550370 |
| Creades AB, Class A | &nbsp;&nbsp; 275375 | 2198952 |
| Dios Fastigheter AB | &nbsp;&nbsp; 449809 | 2955151 |
| Dometic Group AB<sup>(d)</sup> | &nbsp;&nbsp; 2025600 | 10232171 |
| Electrolux AB, Class B<sup>(b)</sup> | &nbsp;&nbsp; 1535933 | 9354755 |
| Electrolux Professional AB, Class B | &nbsp;&nbsp; 1818789 | 12358151 |
| Elekta AB, Class B | &nbsp;&nbsp; 2477522 | 12216947 |
| Embracer Group AB<sup>(b)</sup> | &nbsp;&nbsp; 959733 | 9928048 |
| Engcon AB | &nbsp;&nbsp; 245990 | 1927536 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| Epiroc AB, Class A | &nbsp;&nbsp; 4509752 | $91787668 |
| Epiroc AB, Class B | &nbsp;&nbsp; 2378103 | 42629846 |
| EQT AB | &nbsp;&nbsp; 2454169 | 82028386 |
| Essity AB, Class B | &nbsp;&nbsp; 3989622 | 98374142 |
| Evolution AB<sup>(d)</sup> | &nbsp;&nbsp; 975511 | 86782483 |
| Fabege AB | &nbsp;&nbsp; 1569403 | 13154176 |
| Fastighets AB Balder, Class B<sup>(b)</sup> | &nbsp;&nbsp; 4765272 | 32175555 |
| Getinge AB, Class B | &nbsp;&nbsp; 1532454 | 30247983 |
| Granges AB | &nbsp;&nbsp; 733310 | 9833050 |
| H & M Hennes & Mauritz AB, Class B | &nbsp;&nbsp; 3689592 | 49704853 |
| Hemnet Group AB | &nbsp;&nbsp; 568923 | 16384111 |
| Hexagon AB, Class B | &nbsp;&nbsp; 13498189 | 148319164 |
| Hexatronic Group AB<sup>(a)(b)</sup> | &nbsp;&nbsp; 1133682 | 2407901 |
| Hexpol AB | &nbsp;&nbsp; 1729727 | 14894659 |
| HMS Networks AB<sup>(b)</sup> | &nbsp;&nbsp; 181682 | 7634231 |
| Hoist Finance AB<sup>(d)</sup> | &nbsp;&nbsp; 262337 | 2584750 |
| Holmen AB, Class B | &nbsp;&nbsp; 576816 | 21438298 |
| Hufvudstaden AB, Class A | &nbsp;&nbsp; 771228 | 9332339 |
| Husqvarna AB, Class B | &nbsp;&nbsp; 2515070 | 13621878 |
| Industrivarden AB, Class A | &nbsp;&nbsp; 835566 | 30914209 |
| Industrivarden AB, Class C | &nbsp;&nbsp; 1025983 | 37889201 |
| Indutrade AB | &nbsp;&nbsp; 1784331 | 43331404 |
| Instalco AB | &nbsp;&nbsp; 1384715 | 3625840 |
| Investment AB Latour, Class B | &nbsp;&nbsp; 953720 | 24347694 |
| Investor AB, Class B | &nbsp;&nbsp; 11365033 | 329353185 |
| INVISIO AB | &nbsp;&nbsp; 234485 | 7597565 |
| Inwido AB | &nbsp;&nbsp; 498868 | 9275477 |
| JM AB | &nbsp;&nbsp; 406916 | 5831102 |
| Kinnevik AB, Class B | &nbsp;&nbsp; 1599346 | 14339705 |
| L E Lundbergforetagen AB, Class B | &nbsp;&nbsp; 495012 | 24145267 |
| Lifco AB, Class B | &nbsp;&nbsp; 1552191 | 55290715 |
| Lindab International AB | &nbsp;&nbsp; 517271 | 10872300 |
| Loomis AB, Class B | &nbsp;&nbsp; 476053 | 18822801 |
| Medicover AB, Class B | &nbsp;&nbsp; 410279 | 11493360 |
| MEKO AB | &nbsp;&nbsp; 312486 | 2735659 |
| Mildef Group AB<sup>(a)</sup> | &nbsp;&nbsp; 288685 | 5081150 |
| Millicom International Cellular SA | &nbsp;&nbsp; 706347 | 28359832 |
| MIPS AB | &nbsp;&nbsp; 172835 | 7324979 |
| Modern Times Group MTG AB, Class B<sup>(b)</sup> | &nbsp;&nbsp; 567831 | 5837635 |
| Munters Group AB<sup>(d)</sup> | &nbsp;&nbsp; 873520 | 12293285 |
| Mycronic AB | &nbsp;&nbsp; 1002449 | 21752018 |
| NCAB Group AB<sup>(b)</sup> | &nbsp;&nbsp; 972114 | 5253302 |
| NCC AB, Class B | &nbsp;&nbsp; 560959 | 10621919 |
| New Wave Group AB, Class B | &nbsp;&nbsp; 579668 | 6942081 |
| Nibe Industrier AB, Class B | &nbsp;&nbsp; 10006329 | 46173309 |
| Nolato AB, Class B | &nbsp;&nbsp; 1424626 | 8427281 |
| Nordea Bank Abp | &nbsp;&nbsp; 20425267 | 298041034 |
| Nordnet AB publ | &nbsp;&nbsp; 896596 | 24213546 |
| Norion Bank AB<sup>(b)</sup> | &nbsp;&nbsp; 133157 | 850815 |
| NP3 Fastigheter AB | &nbsp;&nbsp; 182298 | 4832478 |
| Nyfosa AB | &nbsp;&nbsp; 1175825 | 10193593 |
| Pandox AB, Class B | &nbsp;&nbsp; 676825 | 12085605 |
| Paradox Interactive AB | &nbsp;&nbsp; 215874 | 3691158 |
| Peab AB, Class B | &nbsp;&nbsp; 1204014 | 9054866 |
| Platzer Fastigheter Holding AB, Class B | &nbsp;&nbsp; 370734 | 2641818 |
| Polestar Automotive Holding U.K. PLC, <br> Class A<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2644057 | 2829141 |
| Ratos AB, Class B | &nbsp;&nbsp; 1433771 | 5075672 |
| RaySearch Laboratories AB | &nbsp;&nbsp; 111204 | 3811303 |
| Saab AB, Class B | &nbsp;&nbsp; 2094580 | 113932533 |
| Sagax AB, Class B | &nbsp;&nbsp; 1475304 | 31225731 |
| Samhallsbyggnadsbolaget i Norden AB<sup>(a)</sup> | &nbsp;&nbsp; 7387870 | 3704163 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI EAFE ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| Sandvik AB | &nbsp;&nbsp; 6983975 | $170406604 |
| Scandic Hotels Group AB<sup>(d)</sup> | &nbsp;&nbsp; 1043462 | 8652763 |
| Sdiptech AB, Class B<sup>(b)</sup> | &nbsp;&nbsp; 184354 | 3705840 |
| Sectra AB, Class B | &nbsp;&nbsp; 890683 | 33022934 |
| Securitas AB, Class B | &nbsp;&nbsp; 3228296 | 47912221 |
| Sinch AB<sup>(b)(d)</sup> | &nbsp;&nbsp; 4327159 | 14854938 |
| Skandinaviska Enskilda Banken AB, Class A | &nbsp;&nbsp; 10176791 | 178017783 |
| Skanska AB, Class B | &nbsp;&nbsp; 2275386 | 53076772 |
| SKF AB, Class B | &nbsp;&nbsp; 2246221 | 52319964 |
| SkiStar AB | &nbsp;&nbsp; 160826 | 2537102 |
| SSAB AB, Class A | &nbsp;&nbsp; 1369598 | 7897987 |
| SSAB AB, Class B | &nbsp;&nbsp; 4180310 | 23625736 |
| Storskogen Group AB, Class B | &nbsp;&nbsp; 8779697 | 10189962 |
| Storytel AB | &nbsp;&nbsp; 251061 | 2185790 |
| Surgical Science Sweden AB<sup>(a)(b)</sup> | &nbsp;&nbsp; 213374 | 3233299 |
| Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp; 4060386 | 50921899 |
| Svenska Handelsbanken AB, Class A | &nbsp;&nbsp; 9487722 | 115601971 |
| Svolder AB, Class B | &nbsp;&nbsp; 607614 | 3419412 |
| Sweco AB, Class B | &nbsp;&nbsp; 1334085 | 21044564 |
| Swedbank AB, Class A | &nbsp;&nbsp; 5513819 | 146822114 |
| SwedenCare AB | &nbsp;&nbsp; 559967 | 2170825 |
| Swedish Orphan Biovitrum AB<sup>(b)</sup> | &nbsp;&nbsp; 1283046 | 35279258 |
| Synsam AB | &nbsp;&nbsp; 694652 | 3789598 |
| Tele2 AB, Class B | &nbsp;&nbsp; 3615385 | 55876177 |
| Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp; 18148564 | 131823557 |
| Telia Co. AB | &nbsp;&nbsp; 15138877 | 53466126 |
| Thule Group AB<sup>(d)</sup> | &nbsp;&nbsp; 713559 | 20180699 |
| Trelleborg AB, Class B | &nbsp;&nbsp; 1375397 | 49974752 |
| Troax Group AB | &nbsp;&nbsp; 150771 | 2106485 |
| Truecaller AB, Class B | &nbsp;&nbsp; 1760272 | 8793051 |
| Vimian Group AB<sup>(a)(b)</sup> | &nbsp;&nbsp; 1106797 | 3754086 |
| Vitec Software Group AB, Class B | &nbsp;&nbsp; 204942 | 7945095 |
| Vitrolife AB | &nbsp;&nbsp; 488398 | 7176977 |
| Volvo AB, Class B | &nbsp;&nbsp; 10377678 | 298044692 |
| Wallenstam AB, Class B | &nbsp;&nbsp; 2479067 | 11235699 |
| Wihlborgs Fastigheter AB | &nbsp;&nbsp; 1864130 | 18318920 |
| Xvivo Perfusion AB<sup>(a)(b)</sup> | &nbsp;&nbsp; 158888 | 3238690 |
| Yubico AB<sup>(a)(b)</sup> | &nbsp;&nbsp; 299024 | 4114955 |
|  |  | 5020481230 |
| **Switzerland — 8.8%** | **Switzerland — 8.8%** | **Switzerland — 8.8%** |
| ABB Ltd., Registered | &nbsp;&nbsp; 10271966 | 670739753 |
| Accelleron Industries AG | &nbsp;&nbsp; 619290 | 56406072 |
| Adecco Group AG, Registered | &nbsp;&nbsp; 1115332 | 35119731 |
| Alcon AG | &nbsp;&nbsp; 3264695 | 286209185 |
| Allreal Holding AG, Registered | &nbsp;&nbsp; 96838 | 21903247 |
| ALSO Holding AG, Registered | &nbsp;&nbsp; 37325 | 11273240 |
| Amrize Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3394691 | 171604817 |
| ams-OSRAM AG<sup>(b)</sup> | &nbsp;&nbsp; 637824 | 8407037 |
| Arbonia AG<sup>(a)</sup> | &nbsp;&nbsp; 399095 | 2702995 |
| Aryzta AG<sup>(b)</sup> | &nbsp;&nbsp; 153687 | 14423977 |
| Autoneum Holding AG | &nbsp;&nbsp; 24397 | 4337244 |
| Avolta AG, Registered | &nbsp;&nbsp; 615079 | 31973987 |
| Bachem Holding AG | &nbsp;&nbsp; 219982 | 18532722 |
| Baloise Holding AG, Registered | &nbsp;&nbsp; 276775 | 66333252 |
| Banque Cantonale Vaudoise, Registered | &nbsp;&nbsp; 195034 | 22570166 |
| Barry Callebaut AG, Registered | &nbsp;&nbsp; 23104 | 28136015 |
| Basilea Pharmaceutica Ag Allschwil, <br> Registered<sup>(b)</sup><br>| &nbsp;&nbsp; 102323 | 7256435 |
| Belimo Holding AG, Registered | &nbsp;&nbsp; 65022 | 75667910 |
| BKW AG | &nbsp;&nbsp; 146912 | 32801415 |
| Bossard Holding AG, Class A, Registered | &nbsp;&nbsp; 44723 | 9478399 |
| Bucher Industries AG, Registered | &nbsp;&nbsp; 48494 | 22901226 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| Burckhardt Compression Holding AG | &nbsp;&nbsp; 23923 | $21305637 |
| Burkhalter Holding AG | &nbsp;&nbsp; 43491 | 7820949 |
| Bystronic AG, Registered | &nbsp;&nbsp; 8762 | 4341896 |
| Cembra Money Bank AG | &nbsp;&nbsp; 193285 | 21692416 |
| Chocoladefabriken Lindt & Spruengli AG, <br> Participation Certificates, NVS<br>| &nbsp;&nbsp; 6718 | 98825608 |
| Chocoladefabriken Lindt & Spruengli <br> AG, Registered<br>| &nbsp;&nbsp; 635 | 92851128 |
| Cie Financiere Richemont SA, <br> Class A, Registered<br>| &nbsp;&nbsp; 3506274 | 572491024 |
| Clariant AG, Registered | &nbsp;&nbsp; 1374198 | 14103330 |
| Comet Holding AG, Registered | &nbsp;&nbsp; 52442 | 13203871 |
| COSMO Pharmaceuticals NV | &nbsp;&nbsp; 67706 | 4856944 |
| Daetwyler Holding AG, Bearer | &nbsp;&nbsp; 53414 | 9512720 |
| DKSH Holding AG | &nbsp;&nbsp; 222466 | 15383580 |
| dormakaba Holding AG | &nbsp;&nbsp; 22607 | 21823094 |
| Dottikon Es Holding AG<sup>(a)(b)</sup> | &nbsp;&nbsp; 16282 | 6329609 |
| EFG International AG | &nbsp;&nbsp; 719553 | 14262026 |
| Emmi AG, Registered | &nbsp;&nbsp; 14711 | 13390727 |
| EMS-Chemie Holding AG, Registered | &nbsp;&nbsp; 45211 | 35571607 |
| Flughafen Zurich AG, Registered | &nbsp;&nbsp; 130421 | 36757408 |
| Forbo Holding AG, Registered | &nbsp;&nbsp; 6937 | 6579849 |
| Galderma Group AG | &nbsp;&nbsp; 856395 | 131985976 |
| Galenica AG<sup>(d)</sup> | &nbsp;&nbsp; 326822 | 34685495 |
| Geberit AG, Registered | &nbsp;&nbsp; 219291 | 167998480 |
| Georg Fischer AG | &nbsp;&nbsp; 512219 | 40070207 |
| Givaudan SA, Registered | &nbsp;&nbsp; 60454 | 252718692 |
| Helvetia Holding AG, Registered | &nbsp;&nbsp; 238413 | 57333905 |
| Holcim AG | &nbsp;&nbsp; 3404463 | 271505650 |
| Huber + Suhner AG, Registered | &nbsp;&nbsp; 128331 | 17135513 |
| Implenia AG, Registered | &nbsp;&nbsp; 115644 | 7783925 |
| Inficon Holding AG | &nbsp;&nbsp; 106946 | 12868387 |
| Interroll Holding AG, Registered | &nbsp;&nbsp; 4068 | 11455359 |
| Intershop Holding AG | &nbsp;&nbsp; 51506 | 9534379 |
| Julius Baer Group Ltd. | &nbsp;&nbsp; 1349623 | 91321250 |
| Kardex Holding AG, Registered | &nbsp;&nbsp; 38436 | 14800436 |
| Komax Holding AG, Registered<sup>(a)(b)</sup> | &nbsp;&nbsp; 29100 | 3983150 |
| Kuehne + Nagel International AG, Registered | &nbsp;&nbsp; 312468 | 63705628 |
| Kuros Biosciences AG<sup>(b)</sup> | &nbsp;&nbsp; 196570 | 7218333 |
| Landis+Gyr Group AG | &nbsp;&nbsp; 162660 | 13281892 |
| LEM Holding SA, Registered<sup>(b)</sup> | &nbsp;&nbsp; 2465 | 2003711 |
| Logitech International SA, Registered | &nbsp;&nbsp; 995782 | 92335727 |
| Lonza Group AG, Registered | &nbsp;&nbsp; 471379 | 328536496 |
| Medacta Group SA<sup>(d)</sup> | &nbsp;&nbsp; 33998 | 6166536 |
| Medmix AG<sup>(d)</sup> | &nbsp;&nbsp; 151866 | 2219657 |
| Mobilezone Holding AG, Registered | &nbsp;&nbsp; 529105 | 7380644 |
| Mobimo Holding AG, Registered | &nbsp;&nbsp; 53515 | 20959323 |
| Montana Aerospace AG<sup>(b)(d)</sup> | &nbsp;&nbsp; 133258 | 4641356 |
| Nestle SA, Registered | &nbsp;&nbsp; 17138269 | 1497491622 |
| Novartis AG, Registered | &nbsp;&nbsp; 12398731 | 1412054831 |
| OC Oerlikon Corp. AG Pfaffikon, Registered | &nbsp;&nbsp; 1344931 | 6570746 |
| Partners Group Holding AG | &nbsp;&nbsp; 148023 | 198986801 |
| PolyPeptide Group AG<sup>(b)(d)</sup> | &nbsp;&nbsp; 95058 | 2643970 |
| PSP Swiss Property AG, Registered | &nbsp;&nbsp; 300814 | 51037405 |
| R&S Group Holding AG | &nbsp;&nbsp; 155017 | 7079973 |
| Rieter Holding AG, Registered<sup>(a)</sup> | &nbsp;&nbsp; 26219 | 1999288 |
| Roche Holding AG, Bearer | &nbsp;&nbsp; 197609 | 65672397 |
| Roche Holding AG, NVS | &nbsp;&nbsp; 4590901 | 1432696376 |
| Sandoz Group AG | &nbsp;&nbsp; 2723028 | 155726949 |
| Schindler Holding AG, Participation <br> Certificates, NVS<br>| &nbsp;&nbsp; 268841 | 97222557 |
| Schindler Holding AG, Registered | &nbsp;&nbsp; 149482 | 52427711 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI EAFE ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| Schweiter Technologies AG | &nbsp;&nbsp; 7245 | $3344133 |
| Sensirion Holding AG<sup>(b)(d)</sup> | &nbsp;&nbsp; 50241 | 4977562 |
| SFS Group AG | &nbsp;&nbsp; 134071 | 17325449 |
| SGS SA | &nbsp;&nbsp; 1030029 | 104664711 |
| Siegfried Holding AG | &nbsp;&nbsp; 272103 | 30422798 |
| SIG Group AG | &nbsp;&nbsp; 2046883 | 33116052 |
| Sika AG, Registered | &nbsp;&nbsp; 991754 | 234033632 |
| SKAN Group AG | &nbsp;&nbsp; 63187 | 5794810 |
| Softwareone Holding AG | &nbsp;&nbsp; 702120 | 5730299 |
| Softwareone Holding AG<sup>(b)</sup> | &nbsp;&nbsp; 383661 | 3134986 |
| Sonova Holding AG, Registered | &nbsp;&nbsp; 329675 | 89740158 |
| Stadler Rail AG<sup>(a)</sup> | &nbsp;&nbsp; 366317 | 9680539 |
| Straumann Holding AG | &nbsp;&nbsp; 731167 | 89085282 |
| Sulzer AG, Registered | &nbsp;&nbsp; 141953 | 27313299 |
| Sunrise Communications AG, Class A | &nbsp;&nbsp; 440784 | 23484064 |
| Swatch Group AG (The), Bearer<sup>(a)</sup> | &nbsp;&nbsp; 188456 | 33329802 |
| Swiss Life Holding AG, Registered | &nbsp;&nbsp; 184161 | 190753513 |
| Swiss Prime Site AG, Registered | &nbsp;&nbsp; 522086 | 72209038 |
| Swiss Re AG | &nbsp;&nbsp; 1969237 | 352496095 |
| Swisscom AG, Registered | &nbsp;&nbsp; 167679 | 116509124 |
| Swissquote Group Holding SA, Registered | &nbsp;&nbsp; 78694 | 52287876 |
| Tecan Group AG, Registered | &nbsp;&nbsp; 84077 | 16646542 |
| Temenos AG, Registered | &nbsp;&nbsp; 367909 | 32907488 |
| TX Group AG | &nbsp;&nbsp; 6696 | 1820481 |
| u-blox Holding AG<sup>(b)</sup> | &nbsp;&nbsp; 53571 | 6670775 |
| UBS Group AG, Registered | &nbsp;&nbsp; 21397143 | 795203581 |
| Valiant Holding AG, Registered | &nbsp;&nbsp; 117519 | 18497222 |
| VAT Group AG<sup>(d)</sup> | &nbsp;&nbsp; 176768 | 61902143 |
| Vetropack Holding AG, Class A, Registered | &nbsp;&nbsp; 57634 | 2125859 |
| Vontobel Holding AG, Registered | &nbsp;&nbsp; 203882 | 14865841 |
| Ypsomed Holding AG, Registered<sup>(a)</sup> | &nbsp;&nbsp; 33893 | 16216348 |
| Zehnder Group AG, Registered | &nbsp;&nbsp; 100795 | 8880673 |
| Zurich Insurance Group AG | &nbsp;&nbsp; 949941 | 647960636 |
|  |  | 12388253792 |
| **United Kingdom — 14.7%** | **United Kingdom — 14.7%** | **United Kingdom — 14.7%** |
| 3i Group PLC | &nbsp;&nbsp; 6362214 | 347644842 |
| 4imprint Group PLC | &nbsp;&nbsp; 172938 | 8191492 |
| AB Dynamics PLC | &nbsp;&nbsp; 15776 | 301060 |
| Aberdeen Group PLC | &nbsp;&nbsp; 12042103 | 31775918 |
| Admiral Group PLC | &nbsp;&nbsp; 1710927 | 77122565 |
| Advanced Medical Solutions Group PLC | &nbsp;&nbsp; 2171752 | 5827311 |
| AG Barr PLC | &nbsp;&nbsp; 660717 | 6002133 |
| Airtel Africa PLC<sup>(d)</sup> | &nbsp;&nbsp; 5786677 | 15577555 |
| AJ Bell PLC | &nbsp;&nbsp; 1902581 | 13475147 |
| Alpha Group International PLC | &nbsp;&nbsp; 222231 | 12179482 |
| Alphawave IP Group PLC<sup>(a)(b)</sup> | &nbsp;&nbsp; 2344857 | 5337892 |
| Anglo American PLC, NVS | &nbsp;&nbsp; 7288539 | 205085584 |
| Antofagasta PLC | &nbsp;&nbsp; 2618417 | 64574365 |
| AO World PLC<sup>(b)</sup> | &nbsp;&nbsp; 2345944 | 2884397 |
| Ashmore Group PLC | &nbsp;&nbsp; 2673517 | 6171803 |
| Ashtead Group PLC | &nbsp;&nbsp; 2828230 | 188957761 |
| Ashtead Technology Holdings PLC<sup>(a)</sup> | &nbsp;&nbsp; 489896 | 2165409 |
| ASOS PLC<sup>(a)(b)</sup> | &nbsp;&nbsp; 407414 | 1667959 |
| Associated British Foods PLC | &nbsp;&nbsp; 2148126 | 62200033 |
| Assura PLC | &nbsp;&nbsp; 20573343 | 13547705 |
| Aston Martin Lagonda Global Holdings <br> PLC<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 2402374 | 2209734 |
| AstraZeneca PLC | &nbsp;&nbsp; 10143802 | 1479895850 |
| Atalaya Mining PLC | &nbsp;&nbsp; 735652 | 4433908 |
| Auction Technology Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 579973 | 3772261 |
| Auto Trader Group PLC<sup>(d)</sup> | &nbsp;&nbsp; 5838641 | 64457370 |
| Aviva PLC | &nbsp;&nbsp; 19594096 | 167412023 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| B&M European Value Retail SA | &nbsp;&nbsp; 6655063 | $19671504 |
| Babcock International Group PLC | &nbsp;&nbsp; 1647564 | 22588640 |
| BAE Systems PLC | &nbsp;&nbsp; 19637384 | 468560078 |
| Balfour Beatty PLC | &nbsp;&nbsp; 3697980 | 26427593 |
| Baltic Classifieds Group PLC | &nbsp;&nbsp; 2226070 | 10524695 |
| Barclays PLC | &nbsp;&nbsp; 93663974 | 457831204 |
| Barratt Redrow PLC | &nbsp;&nbsp; 9016533 | 44401462 |
| Beazley PLC | &nbsp;&nbsp; 4121874 | 48566893 |
| Bellway PLC | &nbsp;&nbsp; 768075 | 25137544 |
| Berkeley Group Holdings PLC | &nbsp;&nbsp; 679914 | 32698281 |
| Big Yellow Group PLC | &nbsp;&nbsp; 1164854 | 14362213 |
| Bodycote PLC | &nbsp;&nbsp; 1164761 | 9790906 |
| boohoo Group PLC<sup>(a)(b)</sup> | &nbsp;&nbsp; 5748208 | 1322417 |
| BP PLC | &nbsp;&nbsp; 104252554 | 558822867 |
| Breedon Group PLC | &nbsp;&nbsp; 1857977 | 8897250 |
| Bridgepoint Group PLC<sup>(d)</sup> | &nbsp;&nbsp; 1337144 | 5788617 |
| British American Tobacco PLC | &nbsp;&nbsp; 12927350 | 692612846 |
| British Land Co. PLC (The) | &nbsp;&nbsp; 6519434 | 29962880 |
| BT Group PLC | &nbsp;&nbsp; 40029269 | 109321393 |
| Bunzl PLC | &nbsp;&nbsp; 2140138 | 63513858 |
| Burberry Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 2349986 | 39862538 |
| Bytes Technology Group PLC | &nbsp;&nbsp; 1243243 | 5998771 |
| C&C Group PLC | &nbsp;&nbsp; 2515111 | 5885841 |
| Carnival PLC<sup>(b)</sup> | &nbsp;&nbsp; 912011 | 24816687 |
| Centrica PLC | &nbsp;&nbsp; 33047696 | 71837516 |
| Cerillion PLC | &nbsp;&nbsp; 28720 | 576522 |
| Chemring Group PLC | &nbsp;&nbsp; 1768906 | 12810585 |
| Clarkson PLC | &nbsp;&nbsp; 190610 | 8679288 |
| CMC Markets PLC<sup>(d)</sup> | &nbsp;&nbsp; 582188 | 1749171 |
| Coats Group PLC | &nbsp;&nbsp; 12277096 | 11998171 |
| Coca-Cola HBC AG, Class DI | &nbsp;&nbsp; 1410687 | 73316491 |
| Cohort PLC | &nbsp;&nbsp; 31676 | 608850 |
| Compass Group PLC | &nbsp;&nbsp; 10983917 | 385968933 |
| Computacenter PLC | &nbsp;&nbsp; 500444 | 15125023 |
| Conduit Holdings Ltd. | &nbsp;&nbsp; 1047423 | 4212811 |
| ConvaTec Group PLC<sup>(d)</sup> | &nbsp;&nbsp; 10700720 | 32969181 |
| Craneware PLC | &nbsp;&nbsp; 166602 | 4926994 |
| Cranswick PLC | &nbsp;&nbsp; 343381 | 24048010 |
| Crest Nicholson Holdings PLC | &nbsp;&nbsp; 2065188 | 4970737 |
| Croda International PLC | &nbsp;&nbsp; 867844 | 29869155 |
| Currys PLC<sup>(b)</sup> | &nbsp;&nbsp; 6782144 | 10112269 |
| CVS Group PLC<sup>(a)</sup> | &nbsp;&nbsp; 501003 | 8110463 |
| DCC PLC | &nbsp;&nbsp; 647356 | 40544572 |
| Deliveroo PLC<sup>(b)(d)</sup> | &nbsp;&nbsp; 6707788 | 15678861 |
| Derwent London PLC | &nbsp;&nbsp; 633204 | 16139446 |
| Diageo PLC | &nbsp;&nbsp; 14469608 | 350707779 |
| Diploma PLC | &nbsp;&nbsp; 900883 | 63773433 |
| DiscoverIE Group PLC | &nbsp;&nbsp; 584628 | 5335134 |
| Diversified Energy Co. PLC | &nbsp;&nbsp; 320868 | 4812738 |
| Domino's Pizza Group PLC | &nbsp;&nbsp; 2560464 | 8104891 |
| Dowlais Group PLC | &nbsp;&nbsp; 8510843 | 7863642 |
| Dr. Martens PLC | &nbsp;&nbsp; 3951630 | 4219335 |
| Drax Group PLC | &nbsp;&nbsp; 2579464 | 24091012 |
| Dunelm Group PLC | &nbsp;&nbsp; 823288 | 13206682 |
| easyJet PLC | &nbsp;&nbsp; 1979212 | 12833722 |
| Elementis PLC | &nbsp;&nbsp; 3997219 | 9146648 |
| Empiric Student Property PLC | &nbsp;&nbsp; 3056321 | 3891022 |
| Endeavour Mining PLC | &nbsp;&nbsp; 1179050 | 35766306 |
| Energean PLC | &nbsp;&nbsp; 997634 | 12061943 |
| Entain PLC | &nbsp;&nbsp; 3989719 | 53576814 |
| Experian PLC | &nbsp;&nbsp; 5988950 | 315562133 |
| Fevertree Drinks PLC | &nbsp;&nbsp; 632713 | 7936629 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI EAFE ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Firstgroup PLC | &nbsp;&nbsp; 4334071 | $12844185 |
| Foresight Group Holdings Ltd. | &nbsp;&nbsp; 444072 | 2715326 |
| Frasers Group PLC<sup>(a)(b)</sup> | &nbsp;&nbsp; 1223532 | 11077862 |
| Future PLC | &nbsp;&nbsp; 696624 | 6515244 |
| Games Workshop Group PLC | &nbsp;&nbsp; 218493 | 46814776 |
| Gamma Communications PLC | &nbsp;&nbsp; 579805 | 8331027 |
| GB Group PLC | &nbsp;&nbsp; 1524170 | 4695812 |
| Genuit Group PLC | &nbsp;&nbsp; 1515453 | 7784138 |
| Genus PLC | &nbsp;&nbsp; 419753 | 13747287 |
| Glencore PLC | &nbsp;&nbsp; 66955571 | 268714226 |
| Grafton Group PLC | &nbsp;&nbsp; 1339720 | 15705994 |
| Grainger PLC | &nbsp;&nbsp; 4607109 | 12455658 |
| Great Portland Estates PLC | &nbsp;&nbsp; 2674100 | 11989611 |
| Greencore Group PLC | &nbsp;&nbsp; 3189775 | 10826320 |
| Greggs PLC | &nbsp;&nbsp; 693603 | 14423119 |
| GSK PLC | &nbsp;&nbsp; 26822501 | 493372588 |
| Haleon PLC | &nbsp;&nbsp; 58842625 | 276011227 |
| Halma PLC | &nbsp;&nbsp; 2490130 | 106548919 |
| Hammerson PLC | &nbsp;&nbsp; 2881253 | 11259079 |
| Harbour Energy PLC | &nbsp;&nbsp; 4150085 | 10914461 |
| Hays PLC | &nbsp;&nbsp; 9399118 | 7900876 |
| Helios Towers PLC<sup>(b)</sup> | &nbsp;&nbsp; 4376405 | 6859941 |
| Hikma Pharmaceuticals PLC | &nbsp;&nbsp; 1098184 | 28385033 |
| Hill & Smith PLC | &nbsp;&nbsp; 489421 | 13172636 |
| Hiscox Ltd. | &nbsp;&nbsp; 2172256 | 36983252 |
| Hochschild Mining PLC | &nbsp;&nbsp; 2209289 | 8119295 |
| Hollywood Bowl Group PLC | &nbsp;&nbsp; 907453 | 2948132 |
| Home REIT PLC<sup>(b)(c)</sup> | &nbsp;&nbsp; 4179974 | 629312 |
| Howden Joinery Group PLC | &nbsp;&nbsp; 3684954 | 42659120 |
| HSBC Holdings PLC | &nbsp;&nbsp; 115230024 | 1403844012 |
| Hunting PLC | &nbsp;&nbsp; 1122851 | 4671113 |
| Ibstock PLC<sup>(d)</sup> | &nbsp;&nbsp; 2760891 | 5476548 |
| ICG PLC | &nbsp;&nbsp; 1902361 | 54469467 |
| IG Group Holdings PLC | &nbsp;&nbsp; 2375736 | 35376633 |
| IMI PLC | &nbsp;&nbsp; 1722566 | 50324644 |
| Imperial Brands PLC | &nbsp;&nbsp; 5174488 | 201698338 |
| Inchcape PLC | &nbsp;&nbsp; 2315797 | 21432372 |
| Informa PLC | &nbsp;&nbsp; 8776308 | 100357415 |
| IntegraFin Holdings PLC | &nbsp;&nbsp; 1740804 | 8241842 |
| InterContinental Hotels Group PLC | &nbsp;&nbsp; 987562 | 113609254 |
| International Workplace Group PLC | &nbsp;&nbsp; 4715222 | 13757708 |
| Intertek Group PLC | &nbsp;&nbsp; 1066559 | 69347645 |
| Investec PLC | &nbsp;&nbsp; 3874797 | 28733358 |
| IP Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 5922552 | 4372284 |
| ITV PLC | &nbsp;&nbsp; 22274024 | 24160425 |
| J D Wetherspoon PLC | &nbsp;&nbsp; 594401 | 5891297 |
| J Sainsbury PLC | &nbsp;&nbsp; 11465188 | 45844611 |
| JD Sports Fashion PLC | &nbsp;&nbsp; 17220535 | 19329815 |
| JET2 PLC | &nbsp;&nbsp; 951586 | 20382336 |
| John Wood Group PLC<sup>(b)(c)</sup> | &nbsp;&nbsp; 4439018 | 972922 |
| Johnson Matthey PLC | &nbsp;&nbsp; 1061182 | 24726391 |
| Johnson Service Group PLC | &nbsp;&nbsp; 2565560 | 4784147 |
| JTC PLC<sup>(d)</sup> | &nbsp;&nbsp; 915775 | 11320799 |
| Judges Scientific PLC<sup>(a)</sup> | &nbsp;&nbsp; 35092 | 2780655 |
| Jupiter Fund Management PLC | &nbsp;&nbsp; 3102710 | 5277700 |
| Just Group PLC | &nbsp;&nbsp; 6502757 | 18120395 |
| Kainos Group PLC | &nbsp;&nbsp; 544654 | 5314378 |
| Keller Group PLC | &nbsp;&nbsp; 521361 | 9106339 |
| Kier Group PLC | &nbsp;&nbsp; 2789121 | 7291051 |
| Kingfisher PLC | &nbsp;&nbsp; 11895889 | 42299443 |
| Lancashire Holdings Ltd. | &nbsp;&nbsp; 1473430 | 12181240 |
| Land Securities Group PLC | &nbsp;&nbsp; 4596647 | 34957222 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Legal & General Group PLC | &nbsp;&nbsp; 38083423 | $128838697 |
| Lion Finance Group PLC | &nbsp;&nbsp; 236297 | 23689770 |
| Lloyds Banking Group PLC | &nbsp;&nbsp; 391655851 | 401622553 |
| London Stock Exchange Group PLC | &nbsp;&nbsp; 3118232 | 380096788 |
| LondonMetric Property PLC | &nbsp;&nbsp; 15534485 | 39095130 |
| M&G PLC | &nbsp;&nbsp; 14410189 | 49598353 |
| Man Group PLC/Jersey | &nbsp;&nbsp; 7851438 | 17051302 |
| Marks & Spencer Group PLC | &nbsp;&nbsp; 13461448 | 61822895 |
| Marshalls PLC | &nbsp;&nbsp; 1518573 | 4151392 |
| Melrose Industries PLC | &nbsp;&nbsp; 8413265 | 56803258 |
| Mitchells & Butlers PLC<sup>(b)</sup> | &nbsp;&nbsp; 1496527 | 5453952 |
| Mitie Group PLC | &nbsp;&nbsp; 7286800 | 13511745 |
| Mobico Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 3200251 | 1531182 |
| Molten Ventures PLC<sup>(b)</sup> | &nbsp;&nbsp; 992923 | 4652505 |
| Mondi PLC | &nbsp;&nbsp; 2878383 | 38910654 |
| MONY Group PLC | &nbsp;&nbsp; 3190069 | 8440239 |
| Moonpig Group PLC | &nbsp;&nbsp; 2033816 | 5747952 |
| Morgan Advanced Materials PLC | &nbsp;&nbsp; 2173952 | 6660788 |
| Morgan Sindall Group PLC | &nbsp;&nbsp; 283908 | 17224463 |
| National Grid PLC | &nbsp;&nbsp; 31844097 | 447475457 |
| NatWest Group PLC | &nbsp;&nbsp; 52635659 | 365374415 |
| NCC Group PLC | &nbsp;&nbsp; 1686212 | 3345138 |
| Next PLC | &nbsp;&nbsp; 769033 | 124830190 |
| Ninety One PLC | &nbsp;&nbsp; 2501758 | 6221331 |
| NMC Health PLC, NVS<sup>(b)(c)</sup> | &nbsp;&nbsp; 475795 | 6 |
| Ocado Group PLC<sup>(a)(b)</sup> | &nbsp;&nbsp; 3627109 | 15032803 |
| OSB Group PLC | &nbsp;&nbsp; 2449867 | 17920143 |
| Oxford Instruments PLC | &nbsp;&nbsp; 337192 | 8086876 |
| Oxford Nanopore Technologies PLC<sup>(a)(b)</sup> | &nbsp;&nbsp; 3553409 | 9524886 |
| Pagegroup PLC | &nbsp;&nbsp; 2049261 | 7167806 |
| Pan African Resources PLC | &nbsp;&nbsp; 10253038 | 7203638 |
| Paragon Banking Group PLC | &nbsp;&nbsp; 1721457 | 20529198 |
| Pearson PLC | &nbsp;&nbsp; 4058688 | 57393711 |
| Penno Group PLC | &nbsp;&nbsp; 3187029 | 21054848 |
| Persimmon PLC | &nbsp;&nbsp; 2091100 | 31531147 |
| Pets at Home Group PLC | &nbsp;&nbsp; 3049547 | 9185939 |
| Phoenix Group Holdings PLC | &nbsp;&nbsp; 4601120 | 40237115 |
| Playtech PLC | &nbsp;&nbsp; 1568459 | 8244113 |
| Plus500 Ltd. | &nbsp;&nbsp; 594028 | 26363908 |
| Polar Capital Holdings PLC | &nbsp;&nbsp; 516512 | 3233234 |
| Premier Foods PLC | &nbsp;&nbsp; 3667483 | 9338192 |
| Primary Health Properties PLC | &nbsp;&nbsp; 8210975 | 10399605 |
| PRS REIT PLC (The) | &nbsp;&nbsp; 3254726 | 4538786 |
| Prudential PLC | &nbsp;&nbsp; 17117879 | 217160436 |
| QinetiQ Group PLC | &nbsp;&nbsp; 3408844 | 22348701 |
| Quilter PLC<sup>(d)</sup> | &nbsp;&nbsp; 8902191 | 19892297 |
| Raspberry PI Holdings PLC<sup>(a)(b)</sup> | &nbsp;&nbsp; 654695 | 3563449 |
| Rathbones Group PLC | &nbsp;&nbsp; 338298 | 8528527 |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp; 4443785 | 333042842 |
| RELX PLC | &nbsp;&nbsp; 12058043 | 626548879 |
| Renishaw PLC | &nbsp;&nbsp; 236840 | 9305285 |
| Rentokil Initial PLC | &nbsp;&nbsp; 16433468 | 81977440 |
| RHI Magnesita NV | &nbsp;&nbsp; 171168 | 5389151 |
| Rightmove PLC | &nbsp;&nbsp; 5149553 | 55571339 |
| Rio Tinto PLC | &nbsp;&nbsp; 7190008 | 428232445 |
| Rolls-Royce Holdings PLC | &nbsp;&nbsp; 55281495 | 784608639 |
| Rotork PLC | &nbsp;&nbsp; 5487992 | 23539138 |
| RS Group PLC | &nbsp;&nbsp; 3050091 | 22445483 |
| RWS Holdings PLC | &nbsp;&nbsp; 1730289 | 2049740 |
| Safestore Holdings PLC | &nbsp;&nbsp; 1528262 | 13551715 |
| Sage Group PLC (The) | &nbsp;&nbsp; 6468406 | 103860909 |
| Savills PLC | &nbsp;&nbsp; 917024 | 11856352 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI EAFE ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Schroders PLC | &nbsp;&nbsp; 5171594 | $26582755 |
| Segro PLC | &nbsp;&nbsp; 8408902 | 71666815 |
| Serco Group PLC | &nbsp;&nbsp; 7081696 | 19513343 |
| Serica Energy PLC | &nbsp;&nbsp; 1778812 | 3953723 |
| Severn Trent PLC | &nbsp;&nbsp; 1774762 | 62236128 |
| Shaftesbury Capital PLC | &nbsp;&nbsp; 9626181 | 20059816 |
| Shell PLC | &nbsp;&nbsp; 39049841 | 1403181939 |
| SigmaRoc PLC<sup>(b)</sup> | &nbsp;&nbsp; 5785297 | 8788482 |
| Sirius Real Estate Ltd. | &nbsp;&nbsp; 8767467 | 12053483 |
| Smith & Nephew PLC | &nbsp;&nbsp; 5557605 | 84936573 |
| Smiths Group PLC | &nbsp;&nbsp; 2238971 | 69354747 |
| Softcat PLC | &nbsp;&nbsp; 826168 | 17769135 |
| Spectris PLC | &nbsp;&nbsp; 653047 | 34291308 |
| Spirax Group PLC | &nbsp;&nbsp; 478565 | 39993030 |
| Spire Healthcare Group PLC<sup>(d)</sup> | &nbsp;&nbsp; 1322066 | 3785356 |
| Spirent Communications PLC | &nbsp;&nbsp; 3911056 | 10056219 |
| SSE PLC | &nbsp;&nbsp; 7206546 | 176648503 |
| SSP Group PLC | &nbsp;&nbsp; 4983610 | 11199750 |
| St. James's Place PLC | &nbsp;&nbsp; 3537969 | 60891527 |
| Standard Chartered PLC | &nbsp;&nbsp; 13307364 | 238560566 |
| SThree PLC | &nbsp;&nbsp; 754471 | 2104273 |
| Supermarket Income REIT PLC | &nbsp;&nbsp; 7264523 | 7646686 |
| Target Healthcare REIT PLC | &nbsp;&nbsp; 3671409 | 4810404 |
| Tate & Lyle PLC | &nbsp;&nbsp; 2495749 | 17621846 |
| Taylor Wimpey PLC | &nbsp;&nbsp; 23217272 | 31238483 |
| TBC Bank Group PLC | &nbsp;&nbsp; 268818 | 17182541 |
| Telecom Plus PLC | &nbsp;&nbsp; 536979 | 13082456 |
| Tesco PLC | &nbsp;&nbsp; 43837550 | 246297798 |
| THG PLC<sup>(a)(b)</sup> | &nbsp;&nbsp; 5196910 | 2071954 |
| TP ICAP Group PLC | &nbsp;&nbsp; 4922869 | 19872585 |
| Trainline PLC<sup>(b)(d)</sup> | &nbsp;&nbsp; 2921665 | 10491379 |
| Travis Perkins PLC | &nbsp;&nbsp; 1339402 | 9596160 |
| Tritax Big Box REIT PLC | &nbsp;&nbsp; 14427180 | 26836297 |
| Trustpilot Group PLC<sup>(b)(d)</sup> | &nbsp;&nbsp; 2018576 | 6657044 |
| TUI AG<sup>(b)</sup> | &nbsp;&nbsp; 3049811 | 27515545 |
| Unilever PLC | &nbsp;&nbsp; 16336943 | 947876746 |
| UNITE Group PLC (The) | &nbsp;&nbsp; 2616534 | 25797434 |
| United Utilities Group PLC | &nbsp;&nbsp; 4441814 | 66306734 |
| Vesuvius PLC | &nbsp;&nbsp; 1384582 | 6516945 |
| Victrex PLC | &nbsp;&nbsp; 563821 | 5104298 |
| Vistry Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 2127100 | 16302154 |
| Vodafone Group PLC | &nbsp;&nbsp; 129846493 | 140779140 |
| Volex PLC<sup>(a)</sup> | &nbsp;&nbsp; 795685 | 3904124 |
| Volution Group PLC | &nbsp;&nbsp; 1214587 | 10747095 |
| Watches of Switzerland Group PLC<sup>(b)(d)</sup> | &nbsp;&nbsp; 1447290 | 6656233 |
| Weir Group PLC (The) | &nbsp;&nbsp; 1730004 | 60776577 |
| WH Smith PLC | &nbsp;&nbsp; 826972 | 11162758 |
| Whitbread PLC | &nbsp;&nbsp; 1149623 | 46181252 |
| Wise PLC, Class A<sup>(b)</sup> | &nbsp;&nbsp; 4403506 | 58826344 |
| Workspace Group PLC | &nbsp;&nbsp; 838920 | 4403980 |
| WPP PLC | &nbsp;&nbsp; 7040042 | 38117511 |
| XPS Pensions Group PLC | &nbsp;&nbsp; 722432 | 3530095 |
| Yellow Cake PLC<sup>(a)(b)(d)</sup> | &nbsp;&nbsp; 1436197 | 9260642 |
| YouGov PLC<sup>(a)</sup> | &nbsp;&nbsp; 733580 | 3024763 |
| Young & Co's Brewery PLC, Series A, Class A<sup>(a)</sup> | &nbsp;&nbsp; 250717 | 2989917 |
| Zigup PLC | &nbsp;&nbsp; 1603891 | 7098890 |
|  |  | 20718760855 |
| **United States — 0.5%** | **United States — 0.5%** | **United States — 0.5%** |
| Spotify Technology SA<sup>(b)</sup> | &nbsp;&nbsp; 1005700 | 630111278 |
| **Total Common Stocks — 99.4%** <br>**(Cost: $107,757,831,406)** | **Total Common Stocks — 99.4%** <br>**(Cost: $107,757,831,406)** | 139997276667 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Germany — 0.3%** | **Germany — 0.3%** | **Germany — 0.3%** |
| Bayerische Motoren Werke AG, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 401968 | $35142209 |
| Dr Ing hc F Porsche AG, Preference Shares, <br> NVS<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 734954 | 37266917 |
| Draegerwerk AG & Co. KGaA, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 67556 | 5390150 |
| Einhell Germany AG, Preference Shares, NVS | &nbsp;&nbsp; 3087 | 262102 |
| FUCHS SE, Preference Shares, NVS | &nbsp;&nbsp; 461102 | 21100151 |
| Henkel AG & Co. KGaA, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 1153362 | 88877033 |
| Jungheinrich AG, Preference Shares, NVS | &nbsp;&nbsp; 321776 | 12336280 |
| Porsche Automobil Holding SE, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 1002607 | 40238708 |
| Sartorius AG, Preference Shares, NVS | &nbsp;&nbsp; 172083 | 36645374 |
| Sixt SE, Preference Shares, NVS | &nbsp;&nbsp; 90934 | 6341607 |
| STO SE & Co. KGaA, Preference Shares, NVS | &nbsp;&nbsp; 11450 | 1630209 |
| Volkswagen AG, Preference Shares, NVS | &nbsp;&nbsp; 1337013 | 139805706 |
|  |  | 425036446 |
| **Italy — 0.0%** | **Italy — 0.0%** | **Italy — 0.0%** |
| Danieli & C Officine Meccaniche SpA, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 175800 | 5715591 |
| **Total Preferred Stocks — 0.3%** <br>**(Cost: $579,625,293)** | **Total Preferred Stocks — 0.3%** <br>**(Cost: $579,625,293)** | 430752037 |
| **Warrants** | **Warrants** | **Warrants** |
| **Italy — 0.0%** | **Italy — 0.0%** | **Italy — 0.0%** |
| Webuild SpA, ((Issued/Exercisable 08/02/21, <br> 1 Share for 1 Warrant, Expires 08/31/30, Strike <br> Price EUR 0.01)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 127842 | 1 |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** | 1 |
| **Total Long-Term Investments — 99.7%** <br>**(Cost: $108,337,456,699)** | **Total Long-Term Investments — 99.7%** <br>**(Cost: $108,337,456,699)** | 140428028705 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.7%** | **Money Market Funds — 0.7%** | **Money Market Funds — 0.7%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(f)(g)(h)</sup><br>| &nbsp;&nbsp; 996081754 | 996480187 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.30%<sup>(f)(g)</sup><br>| &nbsp;&nbsp; 8800000 | 8800000 |
| **Total Short-Term Securities — 0.7%** <br>**(Cost: $1,005,280,187)** | **Total Short-Term Securities — 0.7%** <br>**(Cost: $1,005,280,187)** | 1005280187 |
| **Total Investments — 100.4%** <br>**(Cost: $109,342,736,886)** | **Total Investments — 100.4%** <br>**(Cost: $109,342,736,886)** | 141433308892 |
| **Liabilities in Excess of Other Assets — (0.4)%** | **Liabilities in Excess of Other Assets — (0.4)%** | (498619090)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $140934689802 |

---

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

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

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

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

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI EAFE ETF**

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

<sup>(f)</sup> Affiliate of the Fund. <br> <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 July 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>*07/31/24*<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>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institu-<br> tional, SL Agency Shares<br>| $738642157 | $257859191 <br><sup>(a)</sup><br>| $— | $337663 | $(358824)<br>| $996480187 | 996081754 | $14132367 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Trea-<br> sury, SL Agency Shares<br>| 25070000 |  | &nbsp;&nbsp; (16270000 )<sup>(a)</sup><br>|  |  | 8800000 | 8800000 | 1628037 |  |
|  |  |  |  | $337663 | $(358824) | $1005280187 |  | $15760404 | $— |

---

&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 | 574 | 09/11/25 | &nbsp;&nbsp; $112477 | $5049928 |
| SPI 200 Index | 425 | 09/18/25 | &nbsp;&nbsp; 59536 | 1247506 |
| Euro STOXX 50 Index | 2954 | 09/19/25 | &nbsp;&nbsp; 180546 | 1123012 |
| FTSE 100 Index | 804 | 09/19/25 | &nbsp;&nbsp; 97077 | 2869869 |
|  |  |  |  | $10290315 |

---

**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; $10290315 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10290315 |

---

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

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts 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)

July 31, 2025

**iShares® Core MSCI EAFE ETF**

For the period ended July 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; $65036622 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $65036622 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6253131 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6253131 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $732448879 |

---

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; $3536559913 | &nbsp;&nbsp; $136458157390 | &nbsp;&nbsp; $2559364 | &nbsp;&nbsp; $139997276667 |
| Preferred Stocks | &nbsp;&nbsp; 262102 | &nbsp;&nbsp; 430489935 | &nbsp;&nbsp; — | &nbsp;&nbsp; 430752037 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 1005280187 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1005280187 |
|  | &nbsp;&nbsp; $4542102202 | &nbsp;&nbsp; $136888647326 | &nbsp;&nbsp; $2559364 | &nbsp;&nbsp; $141433308892 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $2370518 | &nbsp;&nbsp; $7919797 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10290315 |

---

&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

July 31, 2025

**iShares® Core MSCI Europe ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 0.0%** | **Australia — 0.0%** | **Australia — 0.0%** |
| Greatland Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 192554 | $615397 |
| **Austria — 0.6%** | **Austria — 0.6%** | **Austria — 0.6%** |
| ANDRITZ AG | &nbsp;&nbsp; 32653 | 2272352 |
| BAWAG Group AG<sup>(b)</sup> | &nbsp;&nbsp; 38450 | 4852676 |
| CA Immobilien Anlagen AG | &nbsp;&nbsp; 23033 | 613424 |
| CPI Europe AG<sup>(a)(c)</sup> | &nbsp;&nbsp; 21077 | 437815 |
| DO & CO AG | &nbsp;&nbsp; 4130 | 931730 |
| Erste Group Bank AG | &nbsp;&nbsp; 151888 | 13889226 |
| EVN AG | &nbsp;&nbsp; 8264 | 223320 |
| Lenzing AG<sup>(a)(c)</sup> | &nbsp;&nbsp; 6184 | 172982 |
| Oesterreichische Post AG<sup>(c)</sup> | &nbsp;&nbsp; 24849 | 866751 |
| OMV AG | &nbsp;&nbsp; 71151 | 3623605 |
| Raiffeisen Bank International AG | &nbsp;&nbsp; 62157 | 1794747 |
| SBO AG | &nbsp;&nbsp; 9384 | 310544 |
| UNIQA Insurance Group AG | &nbsp;&nbsp; 81512 | 1174319 |
| Verbund AG | &nbsp;&nbsp; 34540 | 2571830 |
| Vienna Insurance Group AG Wiener <br> Versicherung Gruppe<br>| &nbsp;&nbsp; 24773 | 1307138 |
| voestalpine AG | &nbsp;&nbsp; 62275 | 1714462 |
| Wienerberger AG | &nbsp;&nbsp; 62453 | 2093574 |
|  |  | 38850495 |
| **Belgium — 1.7%** | **Belgium — 1.7%** | **Belgium — 1.7%** |
| Ackermans & van Haaren NV | &nbsp;&nbsp; 11132 | 2730637 |
| Aedifica SA | &nbsp;&nbsp; 26082 | 1919321 |
| Ageas SA | &nbsp;&nbsp; 71903 | 4888848 |
| Anheuser-Busch InBev SA | &nbsp;&nbsp; 483397 | 27791776 |
| Argenx SE<sup>(a)</sup> | &nbsp;&nbsp; 29810 | 20021264 |
| Azelis Group NV | &nbsp;&nbsp; 81263 | 1262550 |
| Barco NV | &nbsp;&nbsp; 48755 | 759889 |
| Bekaert SA | &nbsp;&nbsp; 24061 | 991008 |
| Cofinimmo SA | &nbsp;&nbsp; 21366 | 1854619 |
| Colruyt Group NV | &nbsp;&nbsp; 21341 | 911620 |
| Deme Group NV | &nbsp;&nbsp; 3555 | 532073 |
| D'ieteren Group | &nbsp;&nbsp; 11675 | 2306198 |
| Elia Group SA, Class B | &nbsp;&nbsp; 24029 | 2772303 |
| Fagron | &nbsp;&nbsp; 45020 | 1113204 |
| Galapagos NV<sup>(a)(c)</sup> | &nbsp;&nbsp; 28285 | 925599 |
| Groupe Bruxelles Lambert NV<sup>(c)</sup> | &nbsp;&nbsp; 43141 | 3606589 |
| KBC Ancora | &nbsp;&nbsp; 23084 | 1678116 |
| KBC Group NV | &nbsp;&nbsp; 112843 | 11769963 |
| Lotus Bakeries NV | &nbsp;&nbsp; 203 | 1716246 |
| Melexis NV | &nbsp;&nbsp; 12377 | 946652 |
| Montea NV | &nbsp;&nbsp; 9326 | 694316 |
| Proximus SADP | &nbsp;&nbsp; 86395 | 717833 |
| Retail Estates NV | &nbsp;&nbsp; 5632 | 418436 |
| Shurgard Self Storage Ltd. | &nbsp;&nbsp; 16199 | 642813 |
| Sofina SA | &nbsp;&nbsp; 7862 | 2407517 |
| Solvay SA | &nbsp;&nbsp; 39324 | 1232124 |
| Syensqo SA | &nbsp;&nbsp; 34643 | 2745659 |
| UCB SA | &nbsp;&nbsp; 61985 | 13317777 |
| Umicore SA | &nbsp;&nbsp; 99658 | 1574973 |
| VGP NV | &nbsp;&nbsp; 6540 | 687744 |
| Warehouses De Pauw CVA | &nbsp;&nbsp; 95025 | 2217518 |
|  |  | 117155185 |
| **Denmark — 3.0%** | **Denmark — 3.0%** | **Denmark — 3.0%** |
| ALK-Abello A/S<sup>(a)</sup> | &nbsp;&nbsp; 65469 | 1899506 |
| Alm Brand A/S | &nbsp;&nbsp; 386739 | 1067845 |
| Ambu A/S, Class B | &nbsp;&nbsp; 96868 | 1414069 |
| AP Moller - Maersk A/S, Class A | &nbsp;&nbsp; 1390 | 2727415 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Denmark (continued)** | **Denmark (continued)** | **Denmark (continued)** |
| AP Moller - Maersk A/S, Class B, NVS<sup>(c)</sup> | &nbsp;&nbsp; 2170 | $4285232 |
| Bavarian Nordic A/S<sup>(a)</sup> | &nbsp;&nbsp; 42203 | 1527585 |
| Carlsberg A/S, Class B | &nbsp;&nbsp; 46936 | 5851379 |
| Chemometec A/S | &nbsp;&nbsp; 9648 | 744644 |
| Coloplast A/S, Class B | &nbsp;&nbsp; 61298 | 5598470 |
| D/S Norden A/S | &nbsp;&nbsp; 11801 | 410401 |
| Danske Bank A/S | &nbsp;&nbsp; 333397 | 13226350 |
| Demant A/S<sup>(a)</sup> | &nbsp;&nbsp; 47656 | 1805571 |
| DSV A/S | &nbsp;&nbsp; 100377 | 22492970 |
| FLSmidth & Co. A/S | &nbsp;&nbsp; 23871 | 1404243 |
| Genmab A/S<sup>(a)</sup> | &nbsp;&nbsp; 31033 | 6681325 |
| GN Store Nord A/S<sup>(a)</sup> | &nbsp;&nbsp; 76506 | 1095990 |
| Gubra AS<sup>(c)</sup> | &nbsp;&nbsp; 4452 | 247972 |
| H Lundbeck A/S | &nbsp;&nbsp; 165233 | 860824 |
| ISS A/S | &nbsp;&nbsp; 78056 | 2243824 |
| Jyske Bank A/S, Registered | &nbsp;&nbsp; 24812 | 2490935 |
| Matas A/S | &nbsp;&nbsp; 8917 | 182907 |
| Netcompany Group A/S<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 24646 | 903763 |
| NKT A/S<sup>(a)</sup> | &nbsp;&nbsp; 28526 | 2509510 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp; 1578810 | 73427242 |
| Novonesis Novozymes B, Class B | &nbsp;&nbsp; 175979 | 11385404 |
| Orsted A/S<sup>(a)(b)</sup> | &nbsp;&nbsp; 81687 | 3850031 |
| Pandora A/S | &nbsp;&nbsp; 40497 | 6685876 |
| Per Aarsleff Holding A/S | &nbsp;&nbsp; 11749 | 1265332 |
| Ringkjoebing Landbobank A/S | &nbsp;&nbsp; 13846 | 3052371 |
| Rockwool A/S, Class B | &nbsp;&nbsp; 45131 | 1977668 |
| Royal Unibrew A/S | &nbsp;&nbsp; 27128 | 2033122 |
| Schouw & Co. A/S | &nbsp;&nbsp; 8869 | 835324 |
| Sydbank A/S | &nbsp;&nbsp; 28779 | 2132156 |
| TORM PLC, Class A<sup>(c)</sup> | &nbsp;&nbsp; 20084 | 370621 |
| Tryg A/S | &nbsp;&nbsp; 159869 | 3856346 |
| Vestas Wind Systems A/S | &nbsp;&nbsp; 493754 | 9015005 |
| Zealand Pharma A/S<sup>(a)</sup> | &nbsp;&nbsp; 31603 | 1635071 |
|  |  | 203194299 |
| **Finland — 1.3%** | **Finland — 1.3%** | **Finland — 1.3%** |
| Elisa OYJ | &nbsp;&nbsp; 70996 | 3652934 |
| Fortum OYJ | &nbsp;&nbsp; 215073 | 3945669 |
| Harvia OYJ | &nbsp;&nbsp; 9735 | 564367 |
| Hiab OYJ, Class B | &nbsp;&nbsp; 20635 | 1408221 |
| Huhtamaki OYJ | &nbsp;&nbsp; 49847 | 1715703 |
| Kemira OYJ | &nbsp;&nbsp; 51842 | 1103269 |
| Kesko OYJ, Class B | &nbsp;&nbsp; 143948 | 3130785 |
| Kojamo OYJ<sup>(a)</sup> | &nbsp;&nbsp; 66047 | 839653 |
| Kone OYJ, Class B | &nbsp;&nbsp; 168536 | 10349533 |
| Konecranes OYJ | &nbsp;&nbsp; 34245 | 2853706 |
| Mandatum OYJ | &nbsp;&nbsp; 214630 | 1455859 |
| Metsa Board OYJ, Class B<sup>(c)</sup> | &nbsp;&nbsp; 115014 | 423125 |
| Metso OYJ | &nbsp;&nbsp; 326603 | 4101900 |
| Neste OYJ | &nbsp;&nbsp; 208891 | 3296847 |
| Nokia OYJ | &nbsp;&nbsp; 2609226 | 10633497 |
| Nokian Renkaat OYJ<sup>(c)</sup> | &nbsp;&nbsp; 78019 | 700432 |
| Orion OYJ, Class B | &nbsp;&nbsp; 56097 | 4491055 |
| Outokumpu OYJ | &nbsp;&nbsp; 213790 | 804429 |
| Revenio Group OYJ | &nbsp;&nbsp; 11447 | 342780 |
| Sampo OYJ, Class A | &nbsp;&nbsp; 1175411 | 12616474 |
| Stora Enso OYJ, Class R | &nbsp;&nbsp; 279534 | 2876260 |
| TietoEVRY OYJ | &nbsp;&nbsp; 59243 | 1019804 |
| Tokmanni Group Corp. | &nbsp;&nbsp; 42774 | 418859 |
| UPM-Kymmene OYJ | &nbsp;&nbsp; 265774 | 6888267 |
| Valmet OYJ | &nbsp;&nbsp; 81115 | 2926776 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Europe ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Finland (continued)** | **Finland (continued)** | **Finland (continued)** |
| Wartsila OYJ Abp | &nbsp;&nbsp; 255745 | $7065825 |
|  |  | 89626029 |
| **France — 15.8%** | **France — 15.8%** | **France — 15.8%** |
| Accor SA | &nbsp;&nbsp; 96488 | 4890385 |
| Aeroports de Paris SA | &nbsp;&nbsp; 17559 | 2131214 |
| Air France-KLM, NVS<sup>(a)</sup> | &nbsp;&nbsp; 71719 | 941277 |
| Air Liquide SA | &nbsp;&nbsp; 284011 | 55875313 |
| Airbus SE | &nbsp;&nbsp; 291134 | 58533964 |
| Alstom SA<sup>(a)</sup> | &nbsp;&nbsp; 169681 | 3980092 |
| Alten SA | &nbsp;&nbsp; 14624 | 1188568 |
| Amundi SA<sup>(b)</sup> | &nbsp;&nbsp; 27477 | 2030563 |
| Aperam SA | &nbsp;&nbsp; 31675 | 931689 |
| ArcelorMittal SA | &nbsp;&nbsp; 239236 | 7458462 |
| Arkema SA | &nbsp;&nbsp; 28527 | 1939875 |
| AXA SA | &nbsp;&nbsp; 864043 | 41965824 |
| BioMerieux | &nbsp;&nbsp; 20733 | 2966566 |
| BNP Paribas SA | &nbsp;&nbsp; 499732 | 45564678 |
| Bollore SE | &nbsp;&nbsp; 350095 | 2019369 |
| Bouygues SA | &nbsp;&nbsp; 93297 | 3841645 |
| Bureau Veritas SA | &nbsp;&nbsp; 154130 | 4746603 |
| Canal+ SA, NVS<sup>(a)</sup> | &nbsp;&nbsp; 354281 | 1120705 |
| Capgemini SE | &nbsp;&nbsp; 77981 | 11609523 |
| Carmila SA | &nbsp;&nbsp; 32539 | 639301 |
| Carrefour SA | &nbsp;&nbsp; 262581 | 3763050 |
| Cie de Saint-Gobain SA | &nbsp;&nbsp; 220683 | 25316113 |
| Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp; 327905 | 11665702 |
| Clariane SE<sup>(a)</sup> | &nbsp;&nbsp; 52088 | 270060 |
| Coface SA | &nbsp;&nbsp; 65384 | 1215664 |
| Covivio SA/France | &nbsp;&nbsp; 27257 | 1764667 |
| Credit Agricole SA | &nbsp;&nbsp; 517533 | 9524943 |
| Danone SA | &nbsp;&nbsp; 315058 | 25783342 |
| Dassault Aviation SA | &nbsp;&nbsp; 10335 | 3217875 |
| Dassault Systemes SE | &nbsp;&nbsp; 325136 | 10681115 |
| Edenred SE | &nbsp;&nbsp; 121279 | 3463496 |
| Eiffage SA | &nbsp;&nbsp; 34438 | 4622799 |
| Elis SA | &nbsp;&nbsp; 87831 | 2421506 |
| Emeis SA<sup>(a)</sup> | &nbsp;&nbsp; 57116 | 888336 |
| Engie SA | &nbsp;&nbsp; 890744 | 20022335 |
| Eramet SA | &nbsp;&nbsp; 4304 | 238002 |
| EssilorLuxottica SA | &nbsp;&nbsp; 145584 | 43290036 |
| Esso SA Francaise | &nbsp;&nbsp; 1025 | 112727 |
| Eurazeo SE | &nbsp;&nbsp; 21669 | 1271532 |
| Eurofins Scientific SE | &nbsp;&nbsp; 61953 | 4744571 |
| Euronext NV<sup>(b)</sup> | &nbsp;&nbsp; 38677 | 6234303 |
| Eutelsat Communications SACA<sup>(a)(c)</sup> | &nbsp;&nbsp; 85942 | 307554 |
| Exosens SAS | &nbsp;&nbsp; 7287 | 340403 |
| FDJ UNITED | &nbsp;&nbsp; 52762 | 1645743 |
| Fnac Darty SA | &nbsp;&nbsp; 11350 | 384219 |
| Forvia SE<sup>(a)</sup> | &nbsp;&nbsp; 91938 | 1168830 |
| Gaztransport Et Technigaz SA | &nbsp;&nbsp; 17116 | 3219268 |
| Gecina SA | &nbsp;&nbsp; 24795 | 2436670 |
| Getlink SE | &nbsp;&nbsp; 162004 | 2938090 |
| Hermes International SCA | &nbsp;&nbsp; 15529 | 37975981 |
| ICADE | &nbsp;&nbsp; 19250 | 457489 |
| ID Logistics Group SACA<sup>(a)</sup> | &nbsp;&nbsp; 1272 | 638538 |
| Imerys SA | &nbsp;&nbsp; 19062 | 469277 |
| Interparfums SA | &nbsp;&nbsp; 17766 | 652379 |
| Ipsen SA | &nbsp;&nbsp; 18958 | 2233861 |
| IPSOS SA | &nbsp;&nbsp; 21665 | 972809 |
| JCDecaux SE | &nbsp;&nbsp; 36201 | 595168 |
| Kering SA | &nbsp;&nbsp; 36638 | 8996287 |
| Klepierre SA | &nbsp;&nbsp; 109597 | 4183528 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **France (continued)** | **France (continued)** | **France (continued)** |
| Legrand SA | &nbsp;&nbsp; 128201 | $18936148 |
| L'Oreal SA | &nbsp;&nbsp; 117559 | 52017853 |
| Louis Hachette Group, NVS | &nbsp;&nbsp; 452092 | 842392 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 134732 | 72325722 |
| Mercialys SA | &nbsp;&nbsp; 53308 | 659085 |
| Nexans SA | &nbsp;&nbsp; 16564 | 2380584 |
| Nexity SA<sup>(a)(c)</sup> | &nbsp;&nbsp; 37351 | 486690 |
| Orange SA | &nbsp;&nbsp; 900143 | 13692130 |
| Pernod Ricard SA | &nbsp;&nbsp; 98081 | 10079656 |
| Pluxee NV, NVS | &nbsp;&nbsp; 45556 | 923798 |
| Publicis Groupe SA | &nbsp;&nbsp; 111557 | 10194268 |
| Remy Cointreau SA | &nbsp;&nbsp; 12036 | 714560 |
| Renault SA | &nbsp;&nbsp; 93102 | 3444846 |
| Rexel SA | &nbsp;&nbsp; 109860 | 3320456 |
| Rubis SCA | &nbsp;&nbsp; 45661 | 1445896 |
| Safran SA | &nbsp;&nbsp; 177108 | 58401572 |
| Sanofi SA | &nbsp;&nbsp; 547374 | 49138108 |
| Sartorius Stedim Biotech | &nbsp;&nbsp; 14759 | 2949297 |
| Schneider Electric SE | &nbsp;&nbsp; 268305 | 69435515 |
| SCOR SE | &nbsp;&nbsp; 72876 | 2374085 |
| SEB SA | &nbsp;&nbsp; 11811 | 862761 |
| SES SA, Class A | &nbsp;&nbsp; 192954 | 1326886 |
| Societe BIC SA | &nbsp;&nbsp; 12707 | 772625 |
| Societe Generale SA | &nbsp;&nbsp; 353823 | 22583993 |
| Sodexo SA | &nbsp;&nbsp; 43077 | 2561938 |
| SOITEC<sup>(a)</sup> | &nbsp;&nbsp; 14540 | 629788 |
| Sopra Steria Group | &nbsp;&nbsp; 7339 | 1581313 |
| SPIE SA | &nbsp;&nbsp; 69607 | 4096467 |
| STMicroelectronics NV | &nbsp;&nbsp; 329164 | 8365354 |
| Technip Energies NV | &nbsp;&nbsp; 72734 | 3140752 |
| Teleperformance SE | &nbsp;&nbsp; 27211 | 2652831 |
| Thales SA | &nbsp;&nbsp; 45548 | 12252123 |
| TotalEnergies SE | &nbsp;&nbsp; 1006546 | 59854724 |
| Trigano SA | &nbsp;&nbsp; 5156 | 879278 |
| Ubisoft Entertainment SA<sup>(a)</sup> | &nbsp;&nbsp; 48926 | 515998 |
| Unibail-Rodamco-Westfield, New | &nbsp;&nbsp; 59530 | 5770795 |
| Valeo SE | &nbsp;&nbsp; 125145 | 1361511 |
| Vallourec SACA | &nbsp;&nbsp; 81121 | 1516076 |
| Veolia Environnement SA | &nbsp;&nbsp; 316084 | 10711786 |
| Verallia SA<sup>(b)</sup> | &nbsp;&nbsp; 38319 | 1232874 |
| Vicat SACA | &nbsp;&nbsp; 12573 | 814274 |
| Vinci SA | &nbsp;&nbsp; 241454 | 33540077 |
| Virbac SACA | &nbsp;&nbsp; 2501 | 990451 |
| Vivendi SE | &nbsp;&nbsp; 334937 | 1269679 |
| Voltalia SA<sup>(a)(c)</sup> | &nbsp;&nbsp; 39219 | 331574 |
| VusionGroup | &nbsp;&nbsp; 3613 | 928735 |
| Wendel SE | &nbsp;&nbsp; 12627 | 1183222 |
| Worldline SA<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 129021 | 470019 |
|  |  | 1060464449 |
| **Germany — 14.5%** | **Germany — 14.5%** | **Germany — 14.5%** |
| adidas AG | &nbsp;&nbsp; 84602 | 16169881 |
| Aixtron SE | &nbsp;&nbsp; 58261 | 981065 |
| Allianz SE, Registered | &nbsp;&nbsp; 188901 | 74649449 |
| AlzChem Group AG | &nbsp;&nbsp; 2592 | 438754 |
| Aroundtown SA<sup>(a)</sup> | &nbsp;&nbsp; 402064 | 1449880 |
| Atoss Software SE | &nbsp;&nbsp; 3624 | 486093 |
| Aurubis AG | &nbsp;&nbsp; 17049 | 1700545 |
| Auto1 Group SE<sup>(a)(b)</sup> | &nbsp;&nbsp; 68946 | 2066856 |
| BASF SE | &nbsp;&nbsp; 436968 | 21415529 |
| Bayer AG, Registered | &nbsp;&nbsp; 487081 | 15149057 |
| Bayerische Motoren Werke AG | &nbsp;&nbsp; 143094 | 13615592 |
| Bechtle AG | &nbsp;&nbsp; 42794 | 1857424 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Europe ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| Befesa SA<sup>(b)</sup> | &nbsp;&nbsp; 21024 | $630423 |
| Beiersdorf AG | &nbsp;&nbsp; 49654 | 6170111 |
| Bilfinger SE | &nbsp;&nbsp; 17618 | 1895437 |
| Brenntag SE | &nbsp;&nbsp; 62977 | 3907037 |
| CANCOM SE | &nbsp;&nbsp; 21052 | 616714 |
| Carl Zeiss Meditec AG, Bearer<sup>(c)</sup> | &nbsp;&nbsp; 20024 | 1104161 |
| Commerzbank AG | &nbsp;&nbsp; 440812 | 16074571 |
| Continental AG | &nbsp;&nbsp; 56645 | 4838081 |
| Covestro AG, NVS<sup>(a)</sup> | &nbsp;&nbsp; 85267 | 5780015 |
| CTS Eventim AG & Co. KGaA | &nbsp;&nbsp; 32098 | 3624646 |
| Daimler Truck Holding AG | &nbsp;&nbsp; 235186 | 11440684 |
| Delivery Hero SE, Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 98015 | 2925203 |
| Deutsche Bank AG, Registered | &nbsp;&nbsp; 917118 | 30206679 |
| Deutsche Boerse AG | &nbsp;&nbsp; 92210 | 26684396 |
| Deutsche Lufthansa AG, Registered | &nbsp;&nbsp; 318512 | 2731187 |
| Deutsche Pfandbriefbank AG<sup>(b)</sup> | &nbsp;&nbsp; 93050 | 579306 |
| Deutsche Post AG, Registered | &nbsp;&nbsp; 471898 | 21143723 |
| Deutsche Telekom AG, Registered | &nbsp;&nbsp; 1711056 | 61368559 |
| Deutz AG | &nbsp;&nbsp; 74641 | 654560 |
| Duerr AG | &nbsp;&nbsp; 33136 | 851684 |
| E.ON SE | &nbsp;&nbsp; 1103426 | 20130058 |
| Eckert & Ziegler SE | &nbsp;&nbsp; 9849 | 749244 |
| Evonik Industries AG | &nbsp;&nbsp; 124312 | 2468596 |
| Evotec SE<sup>(a)(c)</sup> | &nbsp;&nbsp; 83193 | 664666 |
| Fielmann Group AG | &nbsp;&nbsp; 14900 | 944098 |
| flatexDEGIRO AG | &nbsp;&nbsp; 48207 | 1456972 |
| Fraport AG Frankfurt Airport Services Worldwide<sup>(a)</sup> | &nbsp;&nbsp; 20311 | 1511462 |
| Freenet AG | &nbsp;&nbsp; 65558 | 2126232 |
| Fresenius Medical Care AG | &nbsp;&nbsp; 108921 | 5524627 |
| Fresenius SE & Co. KGaA | &nbsp;&nbsp; 213569 | 10193783 |
| Friedrich Vorwerk Group SE | &nbsp;&nbsp; 3567 | 346688 |
| GEA Group AG | &nbsp;&nbsp; 75559 | 5427421 |
| Gerresheimer AG<sup>(c)</sup> | &nbsp;&nbsp; 16844 | 830476 |
| Grand City Properties SA<sup>(a)</sup> | &nbsp;&nbsp; 34698 | 437474 |
| Hannover Rueck SE | &nbsp;&nbsp; 28791 | 8733559 |
| Heidelberg Materials AG | &nbsp;&nbsp; 66825 | 15416159 |
| HelloFresh SE<sup>(a)</sup> | &nbsp;&nbsp; 81815 | 860912 |
| Henkel AG & Co. KGaA | &nbsp;&nbsp; 50160 | 3566893 |
| Hensoldt AG | &nbsp;&nbsp; 32094 | 3519725 |
| Hornbach Holding AG & Co. KGaA | &nbsp;&nbsp; 6469 | 760649 |
| Hugo Boss AG<sup>(c)</sup> | &nbsp;&nbsp; 28077 | 1307632 |
| Hypoport SE<sup>(a)</sup> | &nbsp;&nbsp; 2073 | 442365 |
| Infineon Technologies AG | &nbsp;&nbsp; 639495 | 25121354 |
| IONOS Group SE<sup>(a)</sup> | &nbsp;&nbsp; 24641 | 1168636 |
| Jenoptik AG | &nbsp;&nbsp; 32208 | 682553 |
| K+S AG, Registered | &nbsp;&nbsp; 95093 | 1438544 |
| KION Group AG | &nbsp;&nbsp; 37161 | 2284467 |
| Knorr-Bremse AG | &nbsp;&nbsp; 37547 | 3747395 |
| Kontron AG | &nbsp;&nbsp; 27997 | 903186 |
| Krones AG | &nbsp;&nbsp; 8322 | 1232286 |
| Lanxess AG | &nbsp;&nbsp; 45701 | 1255038 |
| LEG Immobilien SE | &nbsp;&nbsp; 38950 | 3091597 |
| Mercedes-Benz Group AG | &nbsp;&nbsp; 354502 | 20071991 |
| Merck KGaA | &nbsp;&nbsp; 63680 | 7959005 |
| MTU Aero Engines AG | &nbsp;&nbsp; 27086 | 11683769 |
| Muenchener Rueckversicherungs-Gesellschaft AG in <br> Muenchen, Registered<br>| &nbsp;&nbsp; 65310 | 42756537 |
| Nemetschek SE | &nbsp;&nbsp; 29947 | 4461895 |
| Nordex SE<sup>(a)</sup> | &nbsp;&nbsp; 64247 | 1577000 |
| ProSiebenSat.1 Media SE | &nbsp;&nbsp; 79732 | 726764 |
| Puma SE | &nbsp;&nbsp; 51693 | 1092711 |
| QIAGEN NV | &nbsp;&nbsp; 103384 | 5126364 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| Rational AG | &nbsp;&nbsp; 2689 | $2075765 |
| Redcare Pharmacy NV<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 8392 | 928914 |
| RENK Group AG | &nbsp;&nbsp; 37992 | 2949221 |
| Rheinmetall AG | &nbsp;&nbsp; 22022 | 43592462 |
| RTL Group SA<sup>(a)(c)</sup> | &nbsp;&nbsp; 24601 | 969698 |
| RWE AG | &nbsp;&nbsp; 312136 | 12805436 |
| SAF-Holland SE | &nbsp;&nbsp; 38258 | 690141 |
| SAP SE | &nbsp;&nbsp; 512712 | 146612827 |
| Schaeffler AG<sup>(c)</sup> | &nbsp;&nbsp; 112536 | 650636 |
| Schott Pharma AG & Co. KGaA<sup>(c)</sup> | &nbsp;&nbsp; 22717 | 613115 |
| Scout24 SE<sup>(b)</sup> | &nbsp;&nbsp; 38672 | 5168188 |
| Siemens AG, Registered | &nbsp;&nbsp; 373578 | 95151483 |
| Siemens Energy AG<sup>(a)</sup> | &nbsp;&nbsp; 334436 | 38720553 |
| Siemens Healthineers AG<sup>(b)</sup> | &nbsp;&nbsp; 166466 | 8966296 |
| Siltronic AG | &nbsp;&nbsp; 10711 | 463103 |
| Sixt SE | &nbsp;&nbsp; 9287 | 962982 |
| SMA Solar Technology AG<sup>(a)(c)</sup> | &nbsp;&nbsp; 4269 | 97721 |
| Stabilus SE | &nbsp;&nbsp; 14974 | 429257 |
| Stroeer SE & Co. KGaA | &nbsp;&nbsp; 16150 | 867777 |
| Suedzucker AG<sup>(c)</sup> | &nbsp;&nbsp; 36484 | 417800 |
| SUESS MicroTec SE | &nbsp;&nbsp; 12399 | 449459 |
| Symrise AG, Class A | &nbsp;&nbsp; 65525 | 5939661 |
| TAG Immobilien AG | &nbsp;&nbsp; 99972 | 1607354 |
| Talanx AG<sup>(a)</sup> | &nbsp;&nbsp; 32031 | 4245614 |
| TeamViewer SE<sup>(a)(b)</sup> | &nbsp;&nbsp; 82970 | 848529 |
| thyssenkrupp AG<sup>(c)</sup> | &nbsp;&nbsp; 251017 | 2905560 |
| United Internet AG, Registered<sup>(d)</sup> | &nbsp;&nbsp; 46032 | 1319414 |
| Vonovia SE | &nbsp;&nbsp; 366976 | 11389308 |
| Wacker Chemie AG<sup>(c)</sup> | &nbsp;&nbsp; 9587 | 713570 |
| Wacker Neuson SE | &nbsp;&nbsp; 3845 | 100584 |
| Zalando SE<sup>(a)(b)</sup> | &nbsp;&nbsp; 112570 | 3282321 |
|  |  | 972942834 |
| **Ireland — 0.6%** | **Ireland — 0.6%** | **Ireland — 0.6%** |
| AIB Group PLC | &nbsp;&nbsp; 992052 | 7825951 |
| Bank of Ireland Group PLC | &nbsp;&nbsp; 495395 | 6643232 |
| Cairn Homes PLC | &nbsp;&nbsp; 379980 | 945320 |
| Dalata Hotel Group PLC | &nbsp;&nbsp; 129010 | 939303 |
| Glanbia PLC | &nbsp;&nbsp; 109977 | 1597952 |
| Glenveagh Properties PLC<sup>(a)(b)</sup> | &nbsp;&nbsp; 154309 | 329120 |
| Kerry Group PLC, Class A | &nbsp;&nbsp; 78033 | 7207905 |
| Kingspan Group PLC | &nbsp;&nbsp; 74785 | 6206548 |
| Ryanair Holdings PLC | &nbsp;&nbsp; 408792 | 12019583 |
| Uniphar PLC | &nbsp;&nbsp; 52820 | 239443 |
|  |  | 43954357 |
| **Italy — 5.1%** | **Italy — 5.1%** | **Italy — 5.1%** |
| A2A SpA | &nbsp;&nbsp; 833092 | 2030037 |
| ACEA SpA | &nbsp;&nbsp; 28886 | 641046 |
| Amplifon SpA | &nbsp;&nbsp; 59891 | 1008199 |
| Azimut Holding SpA | &nbsp;&nbsp; 62954 | 2139963 |
| Banca Generali SpA | &nbsp;&nbsp; 31129 | 1738625 |
| Banca Mediolanum SpA | &nbsp;&nbsp; 90186 | 1590771 |
| Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp; 440077 | 3746561 |
| Banca Popolare di Sondrio SpA | &nbsp;&nbsp; 57500 | 787355 |
| Banco BPM SpA | &nbsp;&nbsp; 579248 | 7387236 |
| BFF Bank SpA<sup>(a)(b)</sup> | &nbsp;&nbsp; 102158 | 1212839 |
| BPER Banca SpA | &nbsp;&nbsp; 682695 | 6718071 |
| Brembo NV | &nbsp;&nbsp; 80905 | 775616 |
| Brunello Cucinelli SpA | &nbsp;&nbsp; 16622 | 1864036 |
| Buzzi SpA | &nbsp;&nbsp; 47090 | 2459020 |
| Carel Industries SpA<sup>(b)</sup> | &nbsp;&nbsp; 33509 | 910259 |
| Credito Emiliano SpA | &nbsp;&nbsp; 59359 | 899793 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Europe ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| Davide Campari-Milano NV | &nbsp;&nbsp; 300273 | $2068228 |
| De' Longhi SpA | &nbsp;&nbsp; 40827 | 1339063 |
| DiaSorin SpA | &nbsp;&nbsp; 11495 | 1123809 |
| Enav SpA<sup>(b)</sup> | &nbsp;&nbsp; 126926 | 556828 |
| Enel SpA | &nbsp;&nbsp; 4010229 | 35363340 |
| Eni SpA | &nbsp;&nbsp; 1066019 | 18194101 |
| ERG SpA | &nbsp;&nbsp; 33179 | 718804 |
| Ferrari NV | &nbsp;&nbsp; 61887 | 27137900 |
| Fincantieri SpA<sup>(a)</sup> | &nbsp;&nbsp; 43869 | 848969 |
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp; 293573 | 6251348 |
| Generali | &nbsp;&nbsp; 430263 | 16051292 |
| GVS SpA<sup>(a)(b)</sup> | &nbsp;&nbsp; 38234 | 214374 |
| Hera SpA | &nbsp;&nbsp; 468010 | 2002596 |
| Infrastrutture Wireless Italiane SpA<sup>(b)</sup> | &nbsp;&nbsp; 157691 | 1864269 |
| Intercos SpA, NVS | &nbsp;&nbsp; 6902 | 92156 |
| Interpump Group SpA | &nbsp;&nbsp; 41812 | 1715472 |
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 7396823 | 44567777 |
| Iren SpA | &nbsp;&nbsp; 358469 | 1026536 |
| Italgas SpA | &nbsp;&nbsp; 306567 | 2543698 |
| Iveco Group NV | &nbsp;&nbsp; 86672 | 1791495 |
| Juventus Football Club SpA, NVS<sup>(a)(c)</sup> | &nbsp;&nbsp; 117267 | 370692 |
| Leonardo SpA | &nbsp;&nbsp; 198865 | 10719444 |
| Lottomatica Group SpA | &nbsp;&nbsp; 117871 | 3179919 |
| Maire SpA | &nbsp;&nbsp; 88337 | 1227044 |
| Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp; 248833 | 5478394 |
| Moncler SpA | &nbsp;&nbsp; 111218 | 5931543 |
| NewPrinces SpA, NVS<sup>(a)</sup> | &nbsp;&nbsp; 7004 | 182528 |
| Nexi SpA<sup>(b)</sup> | &nbsp;&nbsp; 280882 | 1603902 |
| Pirelli & C SpA<sup>(b)</sup> | &nbsp;&nbsp; 187002 | 1260649 |
| Poste Italiane SpA<sup>(b)</sup> | &nbsp;&nbsp; 214659 | 4637688 |
| Prysmian SpA | &nbsp;&nbsp; 136902 | 10933462 |
| Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp; 55611 | 3189496 |
| Reply SpA | &nbsp;&nbsp; 12388 | 1940380 |
| Saipem SpA | &nbsp;&nbsp; 663866 | 1774533 |
| Salvatore Ferragamo SpA<sup>(a)(c)</sup> | &nbsp;&nbsp; 44395 | 251067 |
| Sesa SpA<sup>(c)</sup> | &nbsp;&nbsp; 3600 | 271087 |
| Snam SpA | &nbsp;&nbsp; 1020189 | 5912264 |
| SOL SpA | &nbsp;&nbsp; 17534 | 936458 |
| Stellantis NV | &nbsp;&nbsp; 993418 | 8767016 |
| Tamburi Investment Partners SpA | &nbsp;&nbsp; 65373 | 575679 |
| Technogym SpA<sup>(b)</sup> | &nbsp;&nbsp; 72917 | 1125055 |
| Technoprobe SpA<sup>(a)</sup> | &nbsp;&nbsp; 77649 | 637092 |
| Telecom Italia SpA/Milano<sup>(a)</sup> | &nbsp;&nbsp; 5366851 | 2466242 |
| Tenaris SA | &nbsp;&nbsp; 205646 | 3591642 |
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp; 667715 | 6460774 |
| UniCredit SpA | &nbsp;&nbsp; 685078 | 50403768 |
| Unipol Gruppo SpA | &nbsp;&nbsp; 187017 | 3751131 |
| Webuild SpA | &nbsp;&nbsp; 222551 | 1001625 |
|  |  | 339962056 |
| **Netherlands — 6.4%** | **Netherlands — 6.4%** | **Netherlands — 6.4%** |
| Aalberts NV | &nbsp;&nbsp; 49713 | 1588940 |
| ABN AMRO Bank NV, CVA<sup>(b)</sup> | &nbsp;&nbsp; 227520 | 6577247 |
| Adyen NV<sup>(a)(b)</sup> | &nbsp;&nbsp; 12391 | 21252431 |
| Aegon Ltd. | &nbsp;&nbsp; 646221 | 4618236 |
| AerCap Holdings NV | &nbsp;&nbsp; 93302 | 10006639 |
| Akzo Nobel NV | &nbsp;&nbsp; 84387 | 5299620 |
| Allfunds Group PLC | &nbsp;&nbsp; 171376 | 1186643 |
| Arcadis NV | &nbsp;&nbsp; 36268 | 1810052 |
| ASM International NV | &nbsp;&nbsp; 22767 | 11020525 |
| ASML Holding NV | &nbsp;&nbsp; 193017 | 133774854 |
| ASR Nederland NV | &nbsp;&nbsp; 76334 | 5070403 |
| Basic-Fit NV<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 26880 | 758837 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| BE Semiconductor Industries NV | &nbsp;&nbsp; 40057 | $5412169 |
| Coca-Cola Europacific Partners PLC | &nbsp;&nbsp; 111964 | 10851551 |
| Corbion NV | &nbsp;&nbsp; 35435 | 672479 |
| CVC Capital Partners PLC<sup>(b)</sup> | &nbsp;&nbsp; 102179 | 1959366 |
| DSM-Firmenich AG | &nbsp;&nbsp; 91351 | 8776954 |
| Eurocommercial Properties NV | &nbsp;&nbsp; 20674 | 631033 |
| EXOR NV | &nbsp;&nbsp; 45732 | 4407486 |
| Flow Traders Ltd. | &nbsp;&nbsp; 18698 | 560040 |
| Fugro NV | &nbsp;&nbsp; 62563 | 896834 |
| Heineken Holding NV | &nbsp;&nbsp; 66503 | 4488360 |
| Heineken NV | &nbsp;&nbsp; 142236 | 11164339 |
| IMCD NV | &nbsp;&nbsp; 29126 | 3192521 |
| ING Groep NV | &nbsp;&nbsp; 1554548 | 36229405 |
| InPost SA<sup>(a)</sup> | &nbsp;&nbsp; 101574 | 1458876 |
| JDE Peet's NV | &nbsp;&nbsp; 88033 | 2610625 |
| Just Eat Takeaway.com NV<sup>(a)(b)</sup> | &nbsp;&nbsp; 89297 | 2039758 |
| Koninklijke Ahold Delhaize NV | &nbsp;&nbsp; 449508 | 17753947 |
| Koninklijke BAM Groep NV | &nbsp;&nbsp; 151684 | 1324237 |
| Koninklijke Heijmans NV | &nbsp;&nbsp; 13738 | 875615 |
| Koninklijke KPN NV | &nbsp;&nbsp; 1919451 | 8575144 |
| Koninklijke Philips NV | &nbsp;&nbsp; 410443 | 10718855 |
| Koninklijke Vopak NV | &nbsp;&nbsp; 34334 | 1640168 |
| NN Group NV | &nbsp;&nbsp; 130988 | 8820155 |
| OCI NV | &nbsp;&nbsp; 54217 | 451595 |
| Pharming Group NV<sup>(a)(c)</sup> | &nbsp;&nbsp; 469553 | 516052 |
| Prosus NV | &nbsp;&nbsp; 647323 | 36978804 |
| Randstad NV | &nbsp;&nbsp; 53695 | 2552093 |
| SBM Offshore NV | &nbsp;&nbsp; 77247 | 2014543 |
| Signify NV<sup>(b)</sup> | &nbsp;&nbsp; 72402 | 1732042 |
| TKH Group NV | &nbsp;&nbsp; 24851 | 1022202 |
| Universal Music Group NV | &nbsp;&nbsp; 542160 | 15596258 |
| Van Lanschot Kempen NV | &nbsp;&nbsp; 14443 | 940750 |
| Wolters Kluwer NV | &nbsp;&nbsp; 116452 | 18138437 |
|  |  | 427967120 |
| **Norway — 1.3%** | **Norway — 1.3%** | **Norway — 1.3%** |
| Aker ASA, Class A | &nbsp;&nbsp; 14536 | 1002463 |
| Aker BP ASA | &nbsp;&nbsp; 156020 | 3753313 |
| Aker Solutions ASA | &nbsp;&nbsp; 150570 | 445341 |
| Atea ASA | &nbsp;&nbsp; 55358 | 764615 |
| Austevoll Seafood ASA | &nbsp;&nbsp; 65351 | 601367 |
| AutoStore Holdings Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 614524 | 431726 |
| Bakkafrost P/F | &nbsp;&nbsp; 25847 | 1032438 |
| BlueNord ASA | &nbsp;&nbsp; 13765 | 657201 |
| Cadeler AS<sup>(a)</sup> | &nbsp;&nbsp; 105111 | 553332 |
| DNB Bank ASA | &nbsp;&nbsp; 447600 | 11324160 |
| DOF Group ASA | &nbsp;&nbsp; 90351 | 827282 |
| Elkem ASA<sup>(b)(c)</sup> | &nbsp;&nbsp; 231224 | 537242 |
| Equinor ASA | &nbsp;&nbsp; 415244 | 10666609 |
| Frontline PLC<sup>(c)</sup> | &nbsp;&nbsp; 80674 | 1485553 |
| Gjensidige Forsikring ASA | &nbsp;&nbsp; 97569 | 2566418 |
| Golden Ocean Group Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 69551 | 575852 |
| Hoegh Autoliners ASA | &nbsp;&nbsp; 67550 | 678817 |
| Kitron ASA | &nbsp;&nbsp; 75242 | 457635 |
| Kongsberg Gruppen ASA | &nbsp;&nbsp; 220320 | 6583851 |
| Leroy Seafood Group ASA | &nbsp;&nbsp; 138438 | 629764 |
| Mowi ASA | &nbsp;&nbsp; 236585 | 4406983 |
| MPC Container Ships ASA | &nbsp;&nbsp; 262710 | 483940 |
| NORBIT ASA | &nbsp;&nbsp; 14863 | 295362 |
| Nordic Semiconductor ASA<sup>(a)</sup> | &nbsp;&nbsp; 93768 | 1274782 |
| Norsk Hydro ASA | &nbsp;&nbsp; 715951 | 4243435 |
| Norwegian Air Shuttle ASA<sup>(a)</sup> | &nbsp;&nbsp; 436540 | 714035 |
| Orkla ASA | &nbsp;&nbsp; 358489 | 3769880 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Europe ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Norway (continued)** | **Norway (continued)** | **Norway (continued)** |
| Protector Forsikring ASA | &nbsp;&nbsp; 25971 | $1267996 |
| Salmar ASA | &nbsp;&nbsp; 35996 | 1462304 |
| Scatec ASA<sup>(a)(b)</sup> | &nbsp;&nbsp; 74334 | 737525 |
| SpareBank 1 Nord Norge | &nbsp;&nbsp; 40251 | 575991 |
| SpareBank 1 Oestlandet | &nbsp;&nbsp; 5625 | 104823 |
| SpareBank 1 SMN | &nbsp;&nbsp; 78312 | 1455139 |
| SpareBank 1 Sor-Norge ASA | &nbsp;&nbsp; 110768 | 1940040 |
| Stolt-Nielsen Ltd. | &nbsp;&nbsp; 11782 | 344769 |
| Storebrand ASA | &nbsp;&nbsp; 228969 | 3251424 |
| Subsea 7 SA | &nbsp;&nbsp; 118923 | 2304605 |
| Telenor ASA | &nbsp;&nbsp; 315195 | 4835374 |
| TGS ASA | &nbsp;&nbsp; 101429 | 745183 |
| TOMRA Systems ASA | &nbsp;&nbsp; 120874 | 1678950 |
| Vend Marketplaces ASA, Class A | &nbsp;&nbsp; 40840 | 1612036 |
| Vend Marketplaces ASA, Class B | &nbsp;&nbsp; 45087 | 1694087 |
| Wallenius Wilhelmsen ASA | &nbsp;&nbsp; 50718 | 453732 |
| Yara International ASA | &nbsp;&nbsp; 85022 | 3143020 |
|  |  | 88370394 |
| **Portugal — 0.3%** | **Portugal — 0.3%** | **Portugal — 0.3%** |
| Banco Comercial Portugues SA, Class R | &nbsp;&nbsp; 4187788 | 3438778 |
| EDP Renovaveis SA | &nbsp;&nbsp; 165133 | 1938778 |
| EDP SA | &nbsp;&nbsp; 1609702 | 6957712 |
| Galp Energia SGPS SA | &nbsp;&nbsp; 219899 | 4199023 |
| Jeronimo Martins SGPS SA | &nbsp;&nbsp; 134788 | 3285816 |
| Navigator Co. SA (The) | &nbsp;&nbsp; 157883 | 557621 |
| NOS SGPS SA | &nbsp;&nbsp; 109257 | 450371 |
| REN - Redes Energeticas Nacionais SGPS SA | &nbsp;&nbsp; 270107 | 916610 |
| Sonae SGPS SA | &nbsp;&nbsp; 567556 | 818686 |
|  |  | 22563395 |
| **Spain — 5.0%** | **Spain — 5.0%** | **Spain — 5.0%** |
| Acciona SA | &nbsp;&nbsp; 11655 | 2235369 |
| Acerinox SA | &nbsp;&nbsp; 89108 | 1028261 |
| ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp; 92661 | 6394975 |
| Aena SME SA<sup>(b)</sup> | &nbsp;&nbsp; 378310 | 10187173 |
| Almirall SA | &nbsp;&nbsp; 12283 | 147852 |
| Amadeus IT Group SA | &nbsp;&nbsp; 220125 | 17674662 |
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 2829233 | 47186672 |
| Banco de Sabadell SA | &nbsp;&nbsp; 2679441 | 9889550 |
| Banco Santander SA | &nbsp;&nbsp; 7456693 | 64058823 |
| Bankinter SA | &nbsp;&nbsp; 335788 | 4793113 |
| CaixaBank SA | &nbsp;&nbsp; 1944853 | 18297771 |
| Cellnex Telecom SA<sup>(b)</sup> | &nbsp;&nbsp; 249352 | 8799512 |
| CIE Automotive SA | &nbsp;&nbsp; 29311 | 880029 |
| eDreams ODIGEO SA<sup>(a)</sup> | &nbsp;&nbsp; 11268 | 106649 |
| Enagas SA | &nbsp;&nbsp; 115569 | 1730933 |
| Endesa SA | &nbsp;&nbsp; 152404 | 4408957 |
| Ferrovial SE | &nbsp;&nbsp; 245366 | 12578176 |
| Fluidra SA | &nbsp;&nbsp; 46878 | 1169167 |
| Grenergy Renovables SA<sup>(a)</sup> | &nbsp;&nbsp; 4928 | 365217 |
| Grifols SA<sup>(a)</sup> | &nbsp;&nbsp; 138844 | 2068793 |
| Iberdrola SA | &nbsp;&nbsp; 3095830 | 54413290 |
| Indra Sistemas SA<sup>(c)</sup> | &nbsp;&nbsp; 43944 | 1820336 |
| Industria de Diseno Textil SA | &nbsp;&nbsp; 536516 | 25627773 |
| Inmobiliaria Colonial SOCIMI SA | &nbsp;&nbsp; 147092 | 974108 |
| International Consolidated Airlines Group SA, <br> Class DI<br>| &nbsp;&nbsp; 556078 | 2787768 |
| Laboratorios Farmaceuticos Rovi SA | &nbsp;&nbsp; 11943 | 737205 |
| Linea Directa Aseguradora SA Cia de Seguros <br> y Reaseguros<br>| &nbsp;&nbsp; 427793 | 659081 |
| Logista Integral SA | &nbsp;&nbsp; 35436 | 1121568 |
| Melia Hotels International SA | &nbsp;&nbsp; 30084 | 267123 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Spain (continued)** | **Spain (continued)** | **Spain (continued)** |
| Merlin Properties SOCIMI SA | &nbsp;&nbsp; 201889 | $2795364 |
| Pharma Mar SA | &nbsp;&nbsp; 6478 | 590482 |
| Redeia Corp. SA | &nbsp;&nbsp; 130938 | 2538362 |
| Repsol SA | &nbsp;&nbsp; 574948 | 8717219 |
| Sacyr SA | &nbsp;&nbsp; 312173 | 1278273 |
| Solaria Energia y Medio Ambiente SA<sup>(a)</sup> | &nbsp;&nbsp; 68764 | 884175 |
| Tecnicas Reunidas SA<sup>(a)</sup> | &nbsp;&nbsp; 21336 | 525438 |
| Telefonica SA | &nbsp;&nbsp; 1856335 | 9580160 |
| Unicaja Banco SA<sup>(b)</sup> | &nbsp;&nbsp; 599597 | 1575379 |
| Vidrala SA | &nbsp;&nbsp; 12657 | 1362482 |
| Viscofan SA | &nbsp;&nbsp; 23044 | 1576847 |
|  |  | 333834087 |
| **Sweden — 5.6%** | **Sweden — 5.6%** | **Sweden — 5.6%** |
| AAK AB | &nbsp;&nbsp; 94530 | 2431729 |
| AddLife AB, Class B | &nbsp;&nbsp; 67691 | 1192048 |
| Addnode Group AB, Class B | &nbsp;&nbsp; 58405 | 668233 |
| AddTech AB, Class B | &nbsp;&nbsp; 133009 | 4471521 |
| AFRY AB | &nbsp;&nbsp; 57865 | 895667 |
| Alfa Laval AB | &nbsp;&nbsp; 142561 | 6193934 |
| Alimak Group AB<sup>(b)</sup> | &nbsp;&nbsp; 34305 | 588031 |
| Alleima AB | &nbsp;&nbsp; 95146 | 672393 |
| Ambea AB<sup>(b)</sup> | &nbsp;&nbsp; 27158 | 341662 |
| Arjo AB, Class B | &nbsp;&nbsp; 152237 | 530511 |
| Asmodee Group AB, Class B<sup>(a)</sup> | &nbsp;&nbsp; 68140 | 858127 |
| Assa Abloy AB, Class B | &nbsp;&nbsp; 500039 | 16546406 |
| Atlas Copco AB, Class A | &nbsp;&nbsp; 1323466 | 20154248 |
| Atlas Copco AB, Class B | &nbsp;&nbsp; 757980 | 10257859 |
| Avanza Bank Holding AB | &nbsp;&nbsp; 64324 | 2369668 |
| Axfood AB | &nbsp;&nbsp; 59738 | 1780091 |
| Beijer Ref AB, Class B | &nbsp;&nbsp; 192429 | 3230285 |
| Betsson AB, Class B | &nbsp;&nbsp; 69486 | 1176562 |
| Better Collective A/S<sup>(a)(c)</sup> | &nbsp;&nbsp; 31651 | 446834 |
| Bilia AB, Class A | &nbsp;&nbsp; 45951 | 539892 |
| Billerud Aktiebolag | &nbsp;&nbsp; 108637 | 922407 |
| BioArctic AB, Class B<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 26217 | 574012 |
| BioGaia AB, Class B | &nbsp;&nbsp; 43866 | 438914 |
| Boliden AB<sup>(a)</sup> | &nbsp;&nbsp; 136847 | 4188780 |
| BoneSupport Holding AB<sup>(a)(b)</sup> | &nbsp;&nbsp; 30562 | 1032132 |
| Boozt AB<sup>(a)(b)</sup> | &nbsp;&nbsp; 41747 | 371666 |
| Bravida Holding AB<sup>(b)</sup> | &nbsp;&nbsp; 101127 | 948970 |
| Bure Equity AB | &nbsp;&nbsp; 28389 | 838080 |
| Camurus AB<sup>(a)</sup> | &nbsp;&nbsp; 19157 | 1329185 |
| Castellum AB | &nbsp;&nbsp; 223426 | 2543383 |
| Catena AB | &nbsp;&nbsp; 21785 | 984120 |
| Clas Ohlson AB, Class B | &nbsp;&nbsp; 18390 | 639871 |
| Dios Fastigheter AB | &nbsp;&nbsp; 31712 | 208341 |
| Dometic Group AB<sup>(b)</sup> | &nbsp;&nbsp; 162668 | 821706 |
| Electrolux AB, Class B<sup>(a)</sup> | &nbsp;&nbsp; 125597 | 764961 |
| Electrolux Professional AB, Class B | &nbsp;&nbsp; 129332 | 878774 |
| Elekta AB, Class B | &nbsp;&nbsp; 186444 | 919377 |
| Epiroc AB, Class A | &nbsp;&nbsp; 330751 | 6731825 |
| Epiroc AB, Class B | &nbsp;&nbsp; 182638 | 3273967 |
| EQT AB | &nbsp;&nbsp; 183745 | 6141511 |
| Essity AB, Class B | &nbsp;&nbsp; 295746 | 7292360 |
| Evolution AB<sup>(b)</sup> | &nbsp;&nbsp; 74663 | 6642099 |
| Fabege AB | &nbsp;&nbsp; 125010 | 1047789 |
| Fastighets AB Balder, Class B<sup>(a)</sup> | &nbsp;&nbsp; 361970 | 2444055 |
| Getinge AB, Class B | &nbsp;&nbsp; 117971 | 2328543 |
| Granges AB | &nbsp;&nbsp; 65616 | 879854 |
| H & M Hennes & Mauritz AB, Class B | &nbsp;&nbsp; 273892 | 3689774 |
| Hemnet Group AB | &nbsp;&nbsp; 49518 | 1426043 |
| Hexagon AB, Class B | &nbsp;&nbsp; 1010239 | 11100586 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Europe ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| Hexatronic Group AB<sup>(a)(c)</sup> | &nbsp;&nbsp; 116668 | $247799 |
| Hexpol AB | &nbsp;&nbsp; 140693 | 1211506 |
| HMS Networks AB<sup>(a)</sup> | &nbsp;&nbsp; 13993 | 587982 |
| Holmen AB, Class B | &nbsp;&nbsp; 39113 | 1453698 |
| Hufvudstaden AB, Class A | &nbsp;&nbsp; 60135 | 727671 |
| Husqvarna AB, Class B | &nbsp;&nbsp; 177491 | 961310 |
| Industrivarden AB, Class A | &nbsp;&nbsp; 65071 | 2407492 |
| Industrivarden AB, Class C | &nbsp;&nbsp; 77503 | 2862159 |
| Indutrade AB | &nbsp;&nbsp; 136313 | 3310279 |
| Instalco AB | &nbsp;&nbsp; 129621 | 339409 |
| Investment AB Latour, Class B | &nbsp;&nbsp; 72967 | 1862788 |
| Investor AB, Class B | &nbsp;&nbsp; 858633 | 24882771 |
| INVISIO AB | &nbsp;&nbsp; 19243 | 623494 |
| Inwido AB | &nbsp;&nbsp; 21521 | 400141 |
| JM AB | &nbsp;&nbsp; 44982 | 644592 |
| Kinnevik AB, Class B | &nbsp;&nbsp; 146100 | 1309930 |
| L E Lundbergforetagen AB, Class B | &nbsp;&nbsp; 34266 | 1671397 |
| Lifco AB, Class B | &nbsp;&nbsp; 122221 | 4353644 |
| Lindab International AB | &nbsp;&nbsp; 40300 | 847049 |
| Loomis AB, Class B | &nbsp;&nbsp; 37232 | 1472127 |
| Medicover AB, Class B | &nbsp;&nbsp; 38754 | 1085636 |
| Millicom International Cellular SA | &nbsp;&nbsp; 49207 | 1975661 |
| MIPS AB | &nbsp;&nbsp; 16748 | 709803 |
| Modern Times Group MTG AB, Class B<sup>(a)</sup> | &nbsp;&nbsp; 36713 | 377431 |
| Munters Group AB<sup>(b)</sup> | &nbsp;&nbsp; 77567 | 1091621 |
| Mycronic AB | &nbsp;&nbsp; 85442 | 1853995 |
| NCAB Group AB<sup>(a)</sup> | &nbsp;&nbsp; 101529 | 548662 |
| NCC AB, Class B | &nbsp;&nbsp; 54006 | 1022619 |
| New Wave Group AB, Class B | &nbsp;&nbsp; 51850 | 620954 |
| Nibe Industrier AB, Class B | &nbsp;&nbsp; 786387 | 3628712 |
| Nolato AB, Class B | &nbsp;&nbsp; 119916 | 709355 |
| Nordea Bank Abp | &nbsp;&nbsp; 1530352 | 22330562 |
| Nordnet AB publ | &nbsp;&nbsp; 71278 | 1924940 |
| Nyfosa AB | &nbsp;&nbsp; 85824 | 744035 |
| Pandox AB, Class B | &nbsp;&nbsp; 63553 | 1134823 |
| Peab AB, Class B | &nbsp;&nbsp; 100098 | 752794 |
| Ratos AB, Class B | &nbsp;&nbsp; 25832 | 91447 |
| RaySearch Laboratories AB | &nbsp;&nbsp; 12481 | 427762 |
| Saab AB, Class B | &nbsp;&nbsp; 158576 | 8625579 |
| Sagax AB, Class B | &nbsp;&nbsp; 114374 | 2420797 |
| Samhallsbyggnadsbolaget i Norden AB<sup>(c)</sup> | &nbsp;&nbsp; 602731 | 302200 |
| Sandvik AB | &nbsp;&nbsp; 524350 | 12793961 |
| Sdiptech AB, Class B<sup>(a)</sup> | &nbsp;&nbsp; 18579 | 373471 |
| Sectra AB, Class B | &nbsp;&nbsp; 74540 | 2763643 |
| Securitas AB, Class B | &nbsp;&nbsp; 256957 | 3813585 |
| Sinch AB<sup>(a)(b)</sup> | &nbsp;&nbsp; 370849 | 1273108 |
| Skandinaviska Enskilda Banken AB, Class A | &nbsp;&nbsp; 767144 | 13419286 |
| Skanska AB, Class B | &nbsp;&nbsp; 170932 | 3987244 |
| SKF AB, Class B | &nbsp;&nbsp; 172315 | 4013636 |
| SSAB AB, Class A | &nbsp;&nbsp; 122833 | 708334 |
| SSAB AB, Class B | &nbsp;&nbsp; 294565 | 1664784 |
| Storskogen Group AB, Class B | &nbsp;&nbsp; 764887 | 887749 |
| Storytel AB | &nbsp;&nbsp; 26370 | 229583 |
| Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp; 318497 | 3994318 |
| Svenska Handelsbanken AB, Class A | &nbsp;&nbsp; 717691 | 8744617 |
| Sweco AB, Class B | &nbsp;&nbsp; 109044 | 1720118 |
| Swedbank AB, Class A | &nbsp;&nbsp; 416559 | 11092144 |
| Swedish Orphan Biovitrum AB<sup>(a)</sup> | &nbsp;&nbsp; 98232 | 2701035 |
| Tele2 AB, Class B | &nbsp;&nbsp; 278888 | 4310245 |
| Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp; 1356735 | 9854754 |
| Telia Co. AB | &nbsp;&nbsp; 1149016 | 4057991 |
| Thule Group AB<sup>(b)</sup> | &nbsp;&nbsp; 59070 | 1670603 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| Trelleborg AB, Class B | &nbsp;&nbsp; 107404 | $3902501 |
| Troax Group AB | &nbsp;&nbsp; 26307 | 367546 |
| Truecaller AB, Class B | &nbsp;&nbsp; 140381 | 701242 |
| VBG Group AB, Class B | &nbsp;&nbsp; 8397 | 241261 |
| Vitec Software Group AB, Class B | &nbsp;&nbsp; 18226 | 706577 |
| Vitrolife AB | &nbsp;&nbsp; 44375 | 652088 |
| Volvo AB, Class B | &nbsp;&nbsp; 772098 | 22174489 |
| Wallenstam AB, Class B | &nbsp;&nbsp; 178840 | 810544 |
| Wihlborgs Fastigheter AB | &nbsp;&nbsp; 149002 | 1464252 |
| Xvivo Perfusion AB<sup>(a)(c)</sup> | &nbsp;&nbsp; 15237 | 310583 |
| Yubico AB<sup>(a)(c)</sup> | &nbsp;&nbsp; 29384 | 404362 |
|  |  | 377115066 |
| **Switzerland — 13.9%** | **Switzerland — 13.9%** | **Switzerland — 13.9%** |
| ABB Ltd., Registered | &nbsp;&nbsp; 776329 | 50692800 |
| Accelleron Industries AG | &nbsp;&nbsp; 48265 | 4396065 |
| Adecco Group AG, Registered | &nbsp;&nbsp; 85610 | 2695700 |
| Alcon AG | &nbsp;&nbsp; 245199 | 21496099 |
| Allreal Holding AG, Registered | &nbsp;&nbsp; 8715 | 1971197 |
| ALSO Holding AG, Registered | &nbsp;&nbsp; 3502 | 1057706 |
| Amrize Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 257076 | 12995433 |
| ams-OSRAM AG<sup>(a)</sup> | &nbsp;&nbsp; 52271 | 688974 |
| Arbonia AG | &nbsp;&nbsp; 37214 | 252043 |
| Aryzta AG<sup>(a)</sup> | &nbsp;&nbsp; 14185 | 1331304 |
| Avolta AG, Registered | &nbsp;&nbsp; 48571 | 2524893 |
| Bachem Holding AG<sup>(c)</sup> | &nbsp;&nbsp; 17643 | 1486362 |
| Baloise Holding AG, Registered | &nbsp;&nbsp; 20797 | 4984311 |
| Banque Cantonale Vaudoise, Registered | &nbsp;&nbsp; 17560 | 2032118 |
| Barry Callebaut AG, Registered<sup>(c)</sup> | &nbsp;&nbsp; 1749 | 2129930 |
| Belimo Holding AG, Registered | &nbsp;&nbsp; 5024 | 5846569 |
| BKW AG | &nbsp;&nbsp; 11208 | 2502439 |
| Bossard Holding AG, Class A, Registered | &nbsp;&nbsp; 3442 | 729483 |
| Bucher Industries AG, Registered | &nbsp;&nbsp; 3513 | 1659010 |
| Burckhardt Compression Holding AG | &nbsp;&nbsp; 1517 | 1351028 |
| Burkhalter Holding AG | &nbsp;&nbsp; 2108 | 379080 |
| Cembra Money Bank AG | &nbsp;&nbsp; 16854 | 1891528 |
| Chocoladefabriken Lindt & Spruengli AG, <br> Participation Certificates, NVS<br>| &nbsp;&nbsp; 467 | 6869836 |
| Chocoladefabriken Lindt & Spruengli AG, Registered | &nbsp;&nbsp; 52 | 7603557 |
| Cie Financiere Richemont SA, Class A, Registered | &nbsp;&nbsp; 264383 | 43167446 |
| Clariant AG, Registered | &nbsp;&nbsp; 107450 | 1102754 |
| Comet Holding AG, Registered | &nbsp;&nbsp; 4283 | 1078376 |
| Daetwyler Holding AG, Bearer<sup>(c)</sup> | &nbsp;&nbsp; 4125 | 734638 |
| DKSH Holding AG | &nbsp;&nbsp; 20078 | 1388399 |
| dormakaba Holding AG | &nbsp;&nbsp; 1684 | 1625607 |
| Dottikon Es Holding AG<sup>(a)(c)</sup> | &nbsp;&nbsp; 1289 | 501097 |
| EFG International AG | &nbsp;&nbsp; 44846 | 888878 |
| Emmi AG, Registered | &nbsp;&nbsp; 1144 | 1041329 |
| EMS-Chemie Holding AG, Registered | &nbsp;&nbsp; 3476 | 2734885 |
| Flughafen Zurich AG, Registered | &nbsp;&nbsp; 10247 | 2887979 |
| Forbo Holding AG, Registered | &nbsp;&nbsp; 460 | 436317 |
| Galderma Group AG | &nbsp;&nbsp; 64236 | 9899931 |
| Galenica AG<sup>(b)</sup> | &nbsp;&nbsp; 26562 | 2819015 |
| Geberit AG, Registered | &nbsp;&nbsp; 16828 | 12891904 |
| Georg Fischer AG | &nbsp;&nbsp; 40257 | 3149251 |
| Givaudan SA, Registered | &nbsp;&nbsp; 4512 | 18861725 |
| Helvetia Holding AG, Registered | &nbsp;&nbsp; 18760 | 4511432 |
| Holcim AG | &nbsp;&nbsp; 257076 | 20501790 |
| Huber + Suhner AG, Registered | &nbsp;&nbsp; 8896 | 1187846 |
| Implenia AG, Registered | &nbsp;&nbsp; 10316 | 694363 |
| Inficon Holding AG | &nbsp;&nbsp; 10321 | 1241885 |
| Interroll Holding AG, Registered | &nbsp;&nbsp; 320 | 901110 |
| Intershop Holding AG | &nbsp;&nbsp; 1257 | 232686 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Europe ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| Julius Baer Group Ltd. | &nbsp;&nbsp; 102179 | $6913867 |
| Kardex Holding AG, Registered | &nbsp;&nbsp; 3556 | 1369298 |
| Kuehne + Nagel International AG, Registered | &nbsp;&nbsp; 23439 | 4778717 |
| Kuros Biosciences AG<sup>(a)</sup> | &nbsp;&nbsp; 13876 | 509547 |
| Landis+Gyr Group AG | &nbsp;&nbsp; 14994 | 1224325 |
| LEM Holding SA, Registered<sup>(a)</sup> | &nbsp;&nbsp; 133 | 108111 |
| Logitech International SA, Registered | &nbsp;&nbsp; 75235 | 6976305 |
| Lonza Group AG, Registered | &nbsp;&nbsp; 35358 | 24643426 |
| Medacta Group SA<sup>(b)</sup> | &nbsp;&nbsp; 2100 | 380897 |
| Mobimo Holding AG, Registered | &nbsp;&nbsp; 4301 | 1684501 |
| Nestle SA, Registered | &nbsp;&nbsp; 1283169 | 112119539 |
| Novartis AG, Registered | &nbsp;&nbsp; 931331 | 106066535 |
| OC Oerlikon Corp. AG Pfaffikon, Registered | &nbsp;&nbsp; 109383 | 534398 |
| Partners Group Holding AG | &nbsp;&nbsp; 11066 | 14875985 |
| PSP Swiss Property AG, Registered | &nbsp;&nbsp; 23841 | 4044967 |
| Roche Holding AG, Bearer | &nbsp;&nbsp; 15510 | 5154517 |
| Roche Holding AG, NVS | &nbsp;&nbsp; 344326 | 107454857 |
| Sandoz Group AG | &nbsp;&nbsp; 207090 | 11843247 |
| Schindler Holding AG, Participation Certificates, NVS | &nbsp;&nbsp; 20710 | 7489480 |
| Schindler Holding AG, Registered | &nbsp;&nbsp; 10646 | 3733864 |
| Sensirion Holding AG<sup>(a)(b)</sup> | &nbsp;&nbsp; 6399 | 633973 |
| SFS Group AG | &nbsp;&nbsp; 9438 | 1219634 |
| SGS SA | &nbsp;&nbsp; 79249 | 8052757 |
| Siegfried Holding AG | &nbsp;&nbsp; 21120 | 2361347 |
| SIG Group AG | &nbsp;&nbsp; 154520 | 2499944 |
| Sika AG, Registered | &nbsp;&nbsp; 74847 | 17662359 |
| SKAN Group AG | &nbsp;&nbsp; 2305 | 211389 |
| Softwareone Holding AG | &nbsp;&nbsp; 58061 | 473860 |
| Softwareone Holding AG<sup>(a)</sup> | &nbsp;&nbsp; 18132 | 148161 |
| Sonova Holding AG, Registered | &nbsp;&nbsp; 25441 | 6925243 |
| Stadler Rail AG | &nbsp;&nbsp; 26924 | 711512 |
| Straumann Holding AG | &nbsp;&nbsp; 55354 | 6744323 |
| Sulzer AG, Registered | &nbsp;&nbsp; 8875 | 1707646 |
| Sunrise Communications AG, Class A | &nbsp;&nbsp; 34848 | 1856630 |
| Swatch Group AG (The), Bearer | &nbsp;&nbsp; 14341 | 2536309 |
| Swiss Life Holding AG, Registered | &nbsp;&nbsp; 14175 | 14682430 |
| Swiss Prime Site AG, Registered | &nbsp;&nbsp; 41191 | 5697074 |
| Swiss Re AG | &nbsp;&nbsp; 147676 | 26434204 |
| Swisscom AG, Registered | &nbsp;&nbsp; 12974 | 9014781 |
| Swissquote Group Holding SA, Registered | &nbsp;&nbsp; 5443 | 3616577 |
| Tecan Group AG, Registered | &nbsp;&nbsp; 7481 | 1481175 |
| Temenos AG, Registered | &nbsp;&nbsp; 30376 | 2716970 |
| TX Group AG | &nbsp;&nbsp; 405 | 110110 |
| u-blox Holding AG<sup>(a)</sup> | &nbsp;&nbsp; 3466 | 431594 |
| UBS Group AG, Registered | &nbsp;&nbsp; 1613149 | 59951081 |
| Valiant Holding AG, Registered | &nbsp;&nbsp; 9541 | 1501732 |
| VAT Group AG<sup>(b)</sup> | &nbsp;&nbsp; 13858 | 4852914 |
| Vontobel Holding AG, Registered | &nbsp;&nbsp; 15765 | 1149488 |
| Ypsomed Holding AG, Registered | &nbsp;&nbsp; 2269 | 1085619 |
| Zurich Insurance Group AG | &nbsp;&nbsp; 71507 | 48775367 |
|  |  | 931200694 |
| **United Kingdom — 23.2%** | **United Kingdom — 23.2%** | **United Kingdom — 23.2%** |
| 3i Group PLC | &nbsp;&nbsp; 474836 | 25946044 |
| 4imprint Group PLC | &nbsp;&nbsp; 14987 | 709884 |
| Aberdeen Group PLC | &nbsp;&nbsp; 875178 | 2309363 |
| Admiral Group PLC | &nbsp;&nbsp; 126409 | 5698073 |
| AG Barr PLC | &nbsp;&nbsp; 48838 | 443658 |
| Airtel Africa PLC<sup>(b)</sup> | &nbsp;&nbsp; 566488 | 1524968 |
| AJ Bell PLC | &nbsp;&nbsp; 141398 | 1001460 |
| Alpha Group International PLC | &nbsp;&nbsp; 11542 | 632565 |
| Alphawave IP Group PLC<sup>(a)</sup> | &nbsp;&nbsp; 243193 | 553611 |
| Anglo American PLC, NVS | &nbsp;&nbsp; 544902 | 15332503 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Antofagasta PLC | &nbsp;&nbsp; 190898 | $4707851 |
| Ashmore Group PLC | &nbsp;&nbsp; 266495 | 615203 |
| Ashtead Group PLC | &nbsp;&nbsp; 212190 | 14176693 |
| Ashtead Technology Holdings PLC | &nbsp;&nbsp; 23019 | 101747 |
| Associated British Foods PLC | &nbsp;&nbsp; 159436 | 4616547 |
| Assura PLC | &nbsp;&nbsp; 1961864 | 1291903 |
| AstraZeneca PLC | &nbsp;&nbsp; 759608 | 110820452 |
| Auction Technology Group PLC<sup>(a)</sup> | &nbsp;&nbsp; 74508 | 484615 |
| Auto Trader Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 448877 | 4955508 |
| Aviva PLC | &nbsp;&nbsp; 1499893 | 12815091 |
| B&M European Value Retail SA | &nbsp;&nbsp; 500719 | 1480060 |
| Babcock International Group PLC | &nbsp;&nbsp; 126085 | 1728666 |
| BAE Systems PLC | &nbsp;&nbsp; 1478720 | 35283170 |
| Bakkavor Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 28484 | 88401 |
| Balfour Beatty PLC | &nbsp;&nbsp; 281727 | 2013360 |
| Baltic Classifieds Group PLC | &nbsp;&nbsp; 200590 | 948375 |
| Barclays PLC | &nbsp;&nbsp; 7046688 | 34444339 |
| Barratt Redrow PLC | &nbsp;&nbsp; 691893 | 3407192 |
| Beazley PLC | &nbsp;&nbsp; 324005 | 3817661 |
| Bellway PLC | &nbsp;&nbsp; 57856 | 1893510 |
| Berkeley Group Holdings PLC | &nbsp;&nbsp; 50785 | 2442341 |
| Big Yellow Group PLC | &nbsp;&nbsp; 102589 | 1264884 |
| Bodycote PLC | &nbsp;&nbsp; 92595 | 778348 |
| BP PLC | &nbsp;&nbsp; 7798868 | 41804115 |
| Breedon Group PLC | &nbsp;&nbsp; 163682 | 783820 |
| Bridgepoint Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 115701 | 500880 |
| British American Tobacco PLC | &nbsp;&nbsp; 970825 | 52014208 |
| British Land Co. PLC (The) | &nbsp;&nbsp; 475435 | 2185067 |
| BT Group PLC | &nbsp;&nbsp; 3036398 | 8292514 |
| Bunzl PLC | &nbsp;&nbsp; 161018 | 4778605 |
| Burberry Group PLC<sup>(a)</sup> | &nbsp;&nbsp; 175709 | 2980531 |
| Bytes Technology Group PLC | &nbsp;&nbsp; 113505 | 547673 |
| C&C Group PLC | &nbsp;&nbsp; 246726 | 577386 |
| Carnival PLC<sup>(a)</sup> | &nbsp;&nbsp; 72736 | 1979216 |
| Centrica PLC | &nbsp;&nbsp; 2579917 | 5608101 |
| Chemring Group PLC | &nbsp;&nbsp; 130576 | 945644 |
| Clarkson PLC | &nbsp;&nbsp; 13914 | 633564 |
| Coats Group PLC | &nbsp;&nbsp; 854727 | 835308 |
| Coca-Cola HBC AG, Class DI | &nbsp;&nbsp; 103847 | 5397156 |
| Cohort PLC | &nbsp;&nbsp; 16849 | 323858 |
| Compass Group PLC | &nbsp;&nbsp; 824870 | 28985488 |
| Computacenter PLC | &nbsp;&nbsp; 40681 | 1229510 |
| ConvaTec Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 798330 | 2459674 |
| Craneware PLC | &nbsp;&nbsp; 13652 | 403737 |
| Cranswick PLC | &nbsp;&nbsp; 29996 | 2100711 |
| Crest Nicholson Holdings PLC | &nbsp;&nbsp; 151688 | 365100 |
| Croda International PLC | &nbsp;&nbsp; 64052 | 2204520 |
| Currys PLC<sup>(a)</sup> | &nbsp;&nbsp; 612418 | 913124 |
| CVS Group PLC | &nbsp;&nbsp; 42302 | 684804 |
| DCC PLC | &nbsp;&nbsp; 49560 | 3103994 |
| Deliveroo PLC<sup>(a)(b)</sup> | &nbsp;&nbsp; 528359 | 1234992 |
| Derwent London PLC | &nbsp;&nbsp; 49727 | 1267469 |
| Diageo PLC | &nbsp;&nbsp; 1085561 | 26311334 |
| Diploma PLC | &nbsp;&nbsp; 65183 | 4614299 |
| DiscoverIE Group PLC | &nbsp;&nbsp; 41325 | 377119 |
| Diversified Energy Co. PLC | &nbsp;&nbsp; 18359 | 275369 |
| Dowlais Group PLC | &nbsp;&nbsp; 787956 | 728036 |
| Dr. Martens PLC | &nbsp;&nbsp; 298232 | 318436 |
| Drax Group PLC | &nbsp;&nbsp; 202262 | 1889034 |
| Dunelm Group PLC | &nbsp;&nbsp; 71638 | 1149173 |
| easyJet PLC | &nbsp;&nbsp; 147688 | 957647 |
| Elementis PLC | &nbsp;&nbsp; 321944 | 736689 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Europe ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Empiric Student Property PLC | &nbsp;&nbsp; 152981 | $194761 |
| Endeavour Mining PLC | &nbsp;&nbsp; 93453 | 2834883 |
| Energean PLC | &nbsp;&nbsp; 78618 | 950535 |
| Entain PLC | &nbsp;&nbsp; 300939 | 4041225 |
| Experian PLC | &nbsp;&nbsp; 450380 | 23730850 |
| Fevertree Drinks PLC | &nbsp;&nbsp; 31115 | 390300 |
| Firstgroup PLC | &nbsp;&nbsp; 392323 | 1162664 |
| Frasers Group PLC<sup>(a)</sup> | &nbsp;&nbsp; 71382 | 646293 |
| Games Workshop Group PLC | &nbsp;&nbsp; 16783 | 3595961 |
| Gamma Communications PLC | &nbsp;&nbsp; 43376 | 623255 |
| GB Group PLC | &nbsp;&nbsp; 142556 | 439200 |
| Genuit Group PLC | &nbsp;&nbsp; 155362 | 798018 |
| Genus PLC | &nbsp;&nbsp; 37538 | 1229403 |
| Glencore PLC | &nbsp;&nbsp; 5103041 | 20480144 |
| Grafton Group PLC | &nbsp;&nbsp; 108342 | 1270130 |
| Grainger PLC | &nbsp;&nbsp; 390625 | 1056083 |
| Great Portland Estates PLC | &nbsp;&nbsp; 214083 | 959864 |
| Greencore Group PLC | &nbsp;&nbsp; 215266 | 730628 |
| Greggs PLC | &nbsp;&nbsp; 55355 | 1151079 |
| GSK PLC | &nbsp;&nbsp; 2014379 | 37052450 |
| Haleon PLC | &nbsp;&nbsp; 4425356 | 20757876 |
| Halma PLC | &nbsp;&nbsp; 184711 | 7903506 |
| Hammerson PLC | &nbsp;&nbsp; 242990 | 949533 |
| Harbour Energy PLC | &nbsp;&nbsp; 301918 | 794025 |
| Hays PLC | &nbsp;&nbsp; 796021 | 669133 |
| HBX Group International PLC<sup>(a)</sup> | &nbsp;&nbsp; 18500 | 180260 |
| Helios Towers PLC<sup>(a)</sup> | &nbsp;&nbsp; 372933 | 584566 |
| Hikma Pharmaceuticals PLC | &nbsp;&nbsp; 79744 | 2061163 |
| Hill & Smith PLC | &nbsp;&nbsp; 44882 | 1207987 |
| Hilton Food Group PLC | &nbsp;&nbsp; 36877 | 413964 |
| Hiscox Ltd. | &nbsp;&nbsp; 173690 | 2957120 |
| Hochschild Mining PLC | &nbsp;&nbsp; 192485 | 707396 |
| Howden Joinery Group PLC | &nbsp;&nbsp; 267299 | 3094405 |
| HSBC Holdings PLC | &nbsp;&nbsp; 8672150 | 105652550 |
| Hunting PLC | &nbsp;&nbsp; 72242 | 300530 |
| ICG PLC | &nbsp;&nbsp; 136205 | 3899898 |
| IG Group Holdings PLC | &nbsp;&nbsp; 190974 | 2843758 |
| IMI PLC | &nbsp;&nbsp; 122888 | 3590164 |
| Imperial Brands PLC | &nbsp;&nbsp; 389281 | 15173932 |
| Inchcape PLC | &nbsp;&nbsp; 187269 | 1733148 |
| Informa PLC | &nbsp;&nbsp; 655535 | 7496068 |
| IntegraFin Holdings PLC | &nbsp;&nbsp; 164711 | 779825 |
| InterContinental Hotels Group PLC | &nbsp;&nbsp; 74864 | 8612364 |
| International Workplace Group PLC | &nbsp;&nbsp; 384081 | 1120642 |
| Intertek Group PLC | &nbsp;&nbsp; 77945 | 5067982 |
| Investec PLC | &nbsp;&nbsp; 321065 | 2380841 |
| IP Group PLC<sup>(a)</sup> | &nbsp;&nbsp; 787852 | 581626 |
| ITV PLC | &nbsp;&nbsp; 1716676 | 1862062 |
| J D Wetherspoon PLC | &nbsp;&nbsp; 56843 | 563389 |
| J Sainsbury PLC | &nbsp;&nbsp; 815588 | 3261204 |
| JD Sports Fashion PLC | &nbsp;&nbsp; 1265371 | 1420362 |
| JET2 PLC | &nbsp;&nbsp; 61865 | 1325107 |
| John Wood Group PLC<sup>(a)(e)</sup> | &nbsp;&nbsp; 334399 | 73292 |
| Johnson Matthey PLC | &nbsp;&nbsp; 84620 | 1971714 |
| Johnson Service Group PLC | &nbsp;&nbsp; 201731 | 376179 |
| JTC PLC<sup>(b)</sup> | &nbsp;&nbsp; 91828 | 1135177 |
| Judges Scientific PLC | &nbsp;&nbsp; 1924 | 152456 |
| Just Group PLC | &nbsp;&nbsp; 582259 | 1622506 |
| Keller Group PLC | &nbsp;&nbsp; 35080 | 612724 |
| Kingfisher PLC | &nbsp;&nbsp; 889673 | 3163502 |
| Lancashire Holdings Ltd. | &nbsp;&nbsp; 127963 | 1057904 |
| Land Securities Group PLC | &nbsp;&nbsp; 346793 | 2637340 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Legal & General Group PLC | &nbsp;&nbsp; 2842211 | $9615385 |
| Lion Finance Group PLC | &nbsp;&nbsp; 16669 | 1671137 |
| Lloyds Banking Group PLC | &nbsp;&nbsp; 29518888 | 30270073 |
| London Stock Exchange Group PLC | &nbsp;&nbsp; 234094 | 28534880 |
| LondonMetric Property PLC | &nbsp;&nbsp; 1035251 | 2605382 |
| M&G PLC | &nbsp;&nbsp; 1070282 | 3683798 |
| Man Group PLC/Jersey | &nbsp;&nbsp; 606021 | 1316122 |
| Marks & Spencer Group PLC | &nbsp;&nbsp; 1009475 | 4636104 |
| Marshalls PLC | &nbsp;&nbsp; 138705 | 379184 |
| Melrose Industries PLC | &nbsp;&nbsp; 638754 | 4312631 |
| Mitchells & Butlers PLC<sup>(a)</sup> | &nbsp;&nbsp; 189054 | 688989 |
| Mitie Group PLC | &nbsp;&nbsp; 743366 | 1378406 |
| Mondi PLC | &nbsp;&nbsp; 218815 | 2957992 |
| MONY Group PLC | &nbsp;&nbsp; 342020 | 904912 |
| Moonpig Group PLC | &nbsp;&nbsp; 126134 | 356479 |
| Morgan Advanced Materials PLC | &nbsp;&nbsp; 138742 | 425093 |
| Morgan Sindall Group PLC | &nbsp;&nbsp; 25829 | 1567024 |
| National Grid PLC | &nbsp;&nbsp; 2390233 | 33587720 |
| NatWest Group PLC | &nbsp;&nbsp; 3921989 | 27224784 |
| NCC Group PLC | &nbsp;&nbsp; 170027 | 337303 |
| Next PLC | &nbsp;&nbsp; 58328 | 9467858 |
| Ninety One PLC | &nbsp;&nbsp; 259246 | 644689 |
| NMC Health PLC, NVS<sup>(a)(e)</sup> | &nbsp;&nbsp; 42009 | 1 |
| Ocado Group PLC<sup>(a)</sup> | &nbsp;&nbsp; 276581 | 1146309 |
| OSB Group PLC | &nbsp;&nbsp; 220407 | 1612220 |
| Oxford Instruments PLC | &nbsp;&nbsp; 35670 | 855474 |
| Oxford Nanopore Technologies PLC<sup>(a)</sup> | &nbsp;&nbsp; 377671 | 1012344 |
| Pagegroup PLC | &nbsp;&nbsp; 172317 | 602722 |
| Pan African Resources PLC | &nbsp;&nbsp; 932199 | 654950 |
| Paragon Banking Group PLC | &nbsp;&nbsp; 116995 | 1395221 |
| Pearson PLC | &nbsp;&nbsp; 300963 | 4255903 |
| Penno Group PLC | &nbsp;&nbsp; 229745 | 1517792 |
| Persimmon PLC | &nbsp;&nbsp; 153376 | 2312716 |
| Pets at Home Group PLC | &nbsp;&nbsp; 260086 | 783439 |
| Phoenix Group Holdings PLC | &nbsp;&nbsp; 353929 | 3095134 |
| Playtech PLC | &nbsp;&nbsp; 121423 | 638222 |
| Plus500 Ltd. | &nbsp;&nbsp; 41608 | 1846629 |
| Premier Foods PLC | &nbsp;&nbsp; 312668 | 796119 |
| Primary Health Properties PLC | &nbsp;&nbsp; 800981 | 1014482 |
| PRS REIT PLC (The) | &nbsp;&nbsp; 65792 | 91748 |
| Prudential PLC | &nbsp;&nbsp; 1283711 | 16285384 |
| QinetiQ Group PLC | &nbsp;&nbsp; 270520 | 1773555 |
| Quilter PLC<sup>(b)</sup> | &nbsp;&nbsp; 673210 | 1504314 |
| Rathbones Group PLC | &nbsp;&nbsp; 32228 | 812471 |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp; 333727 | 25011423 |
| RELX PLC | &nbsp;&nbsp; 908645 | 47214171 |
| Renew Holdings PLC | &nbsp;&nbsp; 38444 | 429301 |
| Renishaw PLC | &nbsp;&nbsp; 18861 | 741036 |
| Rentokil Initial PLC | &nbsp;&nbsp; 1237124 | 6171324 |
| Rightmove PLC | &nbsp;&nbsp; 380231 | 4103258 |
| Rio Tinto PLC | &nbsp;&nbsp; 548259 | 32653968 |
| Rolls-Royce Holdings PLC | &nbsp;&nbsp; 4175969 | 59269406 |
| Rotork PLC | &nbsp;&nbsp; 402763 | 1727534 |
| RS Group PLC | &nbsp;&nbsp; 230496 | 1696210 |
| Safestore Holdings PLC | &nbsp;&nbsp; 113155 | 1003391 |
| Sage Group PLC (The) | &nbsp;&nbsp; 493260 | 7920102 |
| Savills PLC | &nbsp;&nbsp; 74679 | 965537 |
| Schroders PLC | &nbsp;&nbsp; 351462 | 1806566 |
| Segro PLC | &nbsp;&nbsp; 623640 | 5315116 |
| Senior PLC | &nbsp;&nbsp; 126015 | 336172 |
| Serco Group PLC | &nbsp;&nbsp; 597619 | 1646716 |
| Severn Trent PLC | &nbsp;&nbsp; 131179 | 4600095 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Europe ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Shaftesbury Capital PLC | &nbsp;&nbsp; 828268 | $1726012 |
| Shell PLC | &nbsp;&nbsp; 2930283 | 105294159 |
| Sirius Real Estate Ltd. | &nbsp;&nbsp; 762044 | 1047655 |
| Smith & Nephew PLC | &nbsp;&nbsp; 416116 | 6359478 |
| Smiths Group PLC | &nbsp;&nbsp; 167680 | 5194084 |
| Softcat PLC | &nbsp;&nbsp; 69367 | 1491938 |
| Spectris PLC | &nbsp;&nbsp; 51607 | 2709869 |
| Spirax Group PLC | &nbsp;&nbsp; 35611 | 2975963 |
| Spire Healthcare Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 202874 | 580871 |
| Spirent Communications PLC | &nbsp;&nbsp; 340797 | 876267 |
| SSE PLC | &nbsp;&nbsp; 545043 | 13360219 |
| SSP Group PLC | &nbsp;&nbsp; 453063 | 1018176 |
| St. James's Place PLC | &nbsp;&nbsp; 269718 | 4642082 |
| Standard Chartered PLC | &nbsp;&nbsp; 1005436 | 18024410 |
| Supermarket Income REIT PLC | &nbsp;&nbsp; 714355 | 751935 |
| Target Healthcare REIT PLC | &nbsp;&nbsp; 77737 | 101854 |
| Tate & Lyle PLC | &nbsp;&nbsp; 197304 | 1393113 |
| Taylor Wimpey PLC | &nbsp;&nbsp; 1783387 | 2399520 |
| TBC Bank Group PLC | &nbsp;&nbsp; 22092 | 1412096 |
| Telecom Plus PLC | &nbsp;&nbsp; 38576 | 939830 |
| Tesco PLC | &nbsp;&nbsp; 3287043 | 18467990 |
| TP ICAP Group PLC | &nbsp;&nbsp; 361597 | 1459691 |
| Trainline PLC<sup>(a)(b)</sup> | &nbsp;&nbsp; 241716 | 867976 |
| Travis Perkins PLC | &nbsp;&nbsp; 112477 | 805843 |
| Tritax Big Box REIT PLC | &nbsp;&nbsp; 1218007 | 2265640 |
| Trustpilot Group PLC<sup>(a)(b)</sup> | &nbsp;&nbsp; 156837 | 517231 |
| TUI AG<sup>(a)</sup> | &nbsp;&nbsp; 244246 | 2203599 |
| Unilever PLC | &nbsp;&nbsp; 1222732 | 70943458 |
| UNITE Group PLC (The) | &nbsp;&nbsp; 198671 | 1958775 |
| United Utilities Group PLC | &nbsp;&nbsp; 330874 | 4939238 |
| Vesuvius PLC | &nbsp;&nbsp; 111810 | 526267 |
| Victrex PLC | &nbsp;&nbsp; 49167 | 445111 |
| Vistry Group PLC<sup>(a)</sup> | &nbsp;&nbsp; 165746 | 1270282 |
| Vodafone Group PLC | &nbsp;&nbsp; 9852651 | 10682212 |
| Volution Group PLC | &nbsp;&nbsp; 92872 | 821764 |
| Watches of Switzerland Group PLC<sup>(a)(b)</sup> | &nbsp;&nbsp; 137369 | 631774 |
| Weir Group PLC (The) | &nbsp;&nbsp; 131310 | 4613037 |
| WH Smith PLC | &nbsp;&nbsp; 80495 | 1086550 |
| Whitbread PLC | &nbsp;&nbsp; 87991 | 3534667 |
| Wise PLC, Class A<sup>(a)</sup> | &nbsp;&nbsp; 324486 | 4334802 |
| Workspace Group PLC | &nbsp;&nbsp; 77543 | 407068 |
| WPP PLC | &nbsp;&nbsp; 536462 | 2904613 |
| XPS Pensions Group PLC | &nbsp;&nbsp; 53184 | 259879 |
| Yellow Cake PLC<sup>(a)(b)</sup> | &nbsp;&nbsp; 119152 | 768296 |
| Zigup PLC | &nbsp;&nbsp; 154788 | 685098 |
|  |  | 1559797669 |
| **United States — 0.7%** | **United States — 0.7%** | **United States — 0.7%** |
| Spotify Technology SA<sup>(a)</sup> | &nbsp;&nbsp; 75836 | 47514288 |
| **Total Common Stocks — 99.0%** <br>**(Cost: $6,157,231,150)** | **Total Common Stocks — 99.0%** <br>**(Cost: $6,157,231,150)** | 6655127814 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Germany — 0.5%** | **Germany — 0.5%** | **Germany — 0.5%** |
| Bayerische Motoren Werke AG, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 27329 | $2389248 |
| Dr Ing hc F Porsche AG, Preference Shares, <br> NVS<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 54874 | 2782466 |
| FUCHS SE, Preference Shares, NVS | &nbsp;&nbsp; 33138 | 1516404 |
| Henkel AG & Co. KGaA, Preference Shares, NVS | &nbsp;&nbsp; 84024 | 6474814 |
| Jungheinrich AG, Preference Shares, NVS | &nbsp;&nbsp; 25867 | 991692 |
| Porsche Automobil Holding SE, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 83579 | 3354366 |
| Sartorius AG, Preference Shares, NVS | &nbsp;&nbsp; 13112 | 2792223 |
| Sixt SE, Preference Shares, NVS | &nbsp;&nbsp; 7244 | 505186 |
| Volkswagen AG, Preference Shares, NVS | &nbsp;&nbsp; 103046 | 10775078 |
|  |  | 31581477 |
| **Italy — 0.0%** | **Italy — 0.0%** | **Italy — 0.0%** |
| Danieli & C Officine Meccaniche SpA, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 25610 | 832629 |
| **Total Preferred Stocks — 0.5%** <br>**(Cost: $48,145,275)** | **Total Preferred Stocks — 0.5%** <br>**(Cost: $48,145,275)** | 32414106 |
| **Total Long-Term Investments — 99.5%** <br>**(Cost: $6,205,376,425)** | **Total Long-Term Investments — 99.5%** <br>**(Cost: $6,205,376,425)** | 6687541920 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.5%** | **Money Market Funds — 0.5%** | **Money Market Funds — 0.5%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(f)(g)(h)</sup><br>| &nbsp;&nbsp; 29460494 | 29472278 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(f)(g)</sup><br>| &nbsp;&nbsp; 580000 | 580000 |
| **Total Short-Term Securities — 0.5%** <br>**(Cost: $30,052,278)** | **Total Short-Term Securities — 0.5%** <br>**(Cost: $30,052,278)** | 30052278 |
| **Total Investments — 100.0%** <br>**(Cost: $6,235,428,703)** | **Total Investments — 100.0%** <br>**(Cost: $6,235,428,703)** | 6717594198 |
| **Other Assets Less Liabilities — 0.0%** | **Other Assets Less Liabilities — 0.0%** | 1559283 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $6719153481 |

---

&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> 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.

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

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

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Europe ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 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>*07/31/24*<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>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<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>| $30986580 | $— | &nbsp;&nbsp; $(1518086 )<sup>(a)</sup><br>| $17359 | $(13575)<br>| $29472278 | 29460494 | $306082 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 420000 | 160000 <br><sup>(a)</sup><br>|  |  |  | 580000 | 580000 | 79072 |  |
|  |  |  |  | $17359 | $(13575) | $30052278 |  | $385154 | $— |

---

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

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

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Euro STOXX 50 Index | 321 | 09/19/25 | &nbsp;&nbsp; $19619 | $177532 |
| FTSE 100 Index | 91 | 09/19/25 | &nbsp;&nbsp; 10988 | 280901 |
|  |  |  |  | $458433 |

---

**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; $458433 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $458433 |

---

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

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts 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 July 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; $2802366 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2802366 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $327266 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $327266 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Europe ETF**

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $31189582 |

---

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; $149498159 | &nbsp;&nbsp; $6505556362 | &nbsp;&nbsp; $73293 | &nbsp;&nbsp; $6655127814 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 32414106 | &nbsp;&nbsp; — | &nbsp;&nbsp; 32414106 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 30052278 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30052278 |
|  | &nbsp;&nbsp; $179550437 | &nbsp;&nbsp; $6537970468 | &nbsp;&nbsp; $73293 | &nbsp;&nbsp; $6717594198 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $177532 | &nbsp;&nbsp; $280901 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $458433 |

---

&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

July 31, 2025

**iShares® Core MSCI International Developed Markets ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 6.6%** | **Australia — 6.6%** | **Australia — 6.6%** |
| Abacus Group | &nbsp;&nbsp; 214246 | $165491 |
| Abacus Storage King | &nbsp;&nbsp; 1144138 | 1172985 |
| AGL Energy Ltd. | &nbsp;&nbsp; 571745 | 3563170 |
| ALS Ltd. | &nbsp;&nbsp; 481796 | 5601108 |
| AMP Ltd. | &nbsp;&nbsp; 2998592 | 3067902 |
| Ampol Ltd. | &nbsp;&nbsp; 184789 | 3230823 |
| Ansell Ltd. | &nbsp;&nbsp; 120205 | 2301284 |
| ANZ Group Holdings Ltd. | &nbsp;&nbsp; 2397831 | 47053830 |
| APA Group | &nbsp;&nbsp; 1007540 | 5418939 |
| ARB Corp. Ltd. | &nbsp;&nbsp; 96457 | 2068497 |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp; 470615 | 21072669 |
| ASX Ltd. | &nbsp;&nbsp; 158200 | 7091173 |
| Atlas Arteria Ltd. | &nbsp;&nbsp; 1100406 | 3634840 |
| AUB Group Ltd. | &nbsp;&nbsp; 121057 | 2629512 |
| Aurizon Holdings Ltd. | &nbsp;&nbsp; 1323476 | 2747307 |
| Bank of Queensland Ltd. | &nbsp;&nbsp; 637722 | 3106876 |
| Bapcor Ltd. | &nbsp;&nbsp; 446876 | 1102735 |
| Beach Energy Ltd. | &nbsp;&nbsp; 2187638 | 1639791 |
| Bega Cheese Ltd. | &nbsp;&nbsp; 317374 | 1056749 |
| Bellevue Gold Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1837437 | 947172 |
| Bendigo & Adelaide Bank Ltd. | &nbsp;&nbsp; 529996 | 4152125 |
| BHP Group Ltd. | &nbsp;&nbsp; 4128727 | 104271882 |
| BlueScope Steel Ltd. | &nbsp;&nbsp; 416207 | 6309819 |
| Brambles Ltd. | &nbsp;&nbsp; 1136250 | 17383991 |
| Breville Group Ltd. | &nbsp;&nbsp; 125741 | 2629688 |
| Brickworks Ltd. | &nbsp;&nbsp; 72659 | 1524872 |
| BWP Trust<sup>(a)</sup> | &nbsp;&nbsp; 505907 | 1163934 |
| Capricorn Metals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 317461 | 1818369 |
| CAR Group Ltd. | &nbsp;&nbsp; 327275 | 7965717 |
| Catalyst Metals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 215175 | 697417 |
| Challenger Ltd. | &nbsp;&nbsp; 466702 | 2452803 |
| Champion Iron Ltd. | &nbsp;&nbsp; 472109 | 1247432 |
| Charter Hall Group | &nbsp;&nbsp; 466937 | 6015719 |
| Charter Hall Long Wale REIT | &nbsp;&nbsp; 919251 | 2438958 |
| Charter Hall Retail REIT | &nbsp;&nbsp; 549040 | 1364610 |
| Cleanaway Waste Management Ltd. | &nbsp;&nbsp; 2252012 | 4150277 |
| Cochlear Ltd. | &nbsp;&nbsp; 55775 | 11386633 |
| Coles Group Ltd. | &nbsp;&nbsp; 1063078 | 14153784 |
| Commonwealth Bank of Australia | &nbsp;&nbsp; 1367000 | 155194853 |
| Computershare Ltd. | &nbsp;&nbsp; 461562 | 12424972 |
| Corporate Travel Management Ltd. | &nbsp;&nbsp; 107918 | 1078671 |
| Credit Corp. Group Ltd. | &nbsp;&nbsp; 61934 | 610356 |
| Cromwell Property Group | &nbsp;&nbsp; 943180 | 250788 |
| CSL Ltd. | &nbsp;&nbsp; 390438 | 67539607 |
| Deterra Royalties Ltd. | &nbsp;&nbsp; 696487 | 1844275 |
| Dexus | &nbsp;&nbsp; 847703 | 3827045 |
| Domino's Pizza Enterprises Ltd. | &nbsp;&nbsp; 62244 | 726473 |
| Downer EDI Ltd. | &nbsp;&nbsp; 679517 | 2996413 |
| Dyno Nobel Ltd. | &nbsp;&nbsp; 1849527 | 3477968 |
| Eagers Automotive Ltd. | &nbsp;&nbsp; 201135 | 2518953 |
| Endeavour Group Ltd./Australia | &nbsp;&nbsp; 1194227 | 3127303 |
| Evolution Mining Ltd. | &nbsp;&nbsp; 1575119 | 7128546 |
| Flight Centre Travel Group Ltd. | &nbsp;&nbsp; 198171 | 1511406 |
| Fortescue Ltd. | &nbsp;&nbsp; 1363034 | 15421715 |
| Genesis Minerals Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 986468 | 2316976 |
| Gold Road Resources Ltd. | &nbsp;&nbsp; 1338355 | 2681125 |
| Goodman Group | &nbsp;&nbsp; 1651076 | 36915528 |
| GPT Group (The) | &nbsp;&nbsp; 1619303 | 5275053 |
| GrainCorp Ltd., Class A | &nbsp;&nbsp; 215305 | 1044818 |
| Greatland Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 420237 | 1343066 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Australia (continued)** | **Australia (continued)** | **Australia (continued)** |
| Growthpoint Properties Australia Ltd. | &nbsp;&nbsp; 240639 | $377689 |
| Harvey Norman Holdings Ltd. | &nbsp;&nbsp; 740573 | 2745925 |
| Healius Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 595182 | 291970 |
| HMC Capital Ltd. | &nbsp;&nbsp; 242784 | 552869 |
| HomeCo Daily Needs REIT | &nbsp;&nbsp; 1067609 | 877604 |
| HUB24 Ltd. | &nbsp;&nbsp; 83886 | 5693776 |
| IDP Education Ltd. | &nbsp;&nbsp; 277152 | 627045 |
| IGO Ltd. | &nbsp;&nbsp; 546978 | 1538741 |
| Iluka Resources Ltd. | &nbsp;&nbsp; 345274 | 1131127 |
| Ingenia Communities Group | &nbsp;&nbsp; 380047 | 1277397 |
| Insignia Financial Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 432086 | 1244745 |
| Insurance Australia Group Ltd. | &nbsp;&nbsp; 1913262 | 10739938 |
| IPH Ltd. | &nbsp;&nbsp; 239930 | 805119 |
| IRESS Ltd. | &nbsp;&nbsp; 164927 | 836770 |
| James Hardie Industries PLC<sup>(a)</sup> | &nbsp;&nbsp; 477675 | 12537740 |
| JB Hi-Fi Ltd. | &nbsp;&nbsp; 102163 | 7276254 |
| Lendlease Corp. Ltd. | &nbsp;&nbsp; 586176 | 1970141 |
| Liontown Resources Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1525445 | 753203 |
| Lottery Corp. Ltd. (The) | &nbsp;&nbsp; 2061311 | 7149410 |
| Lovisa Holdings Ltd. | &nbsp;&nbsp; 62337 | 1354071 |
| Lynas Rare Earths Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 711695 | 4782164 |
| MAC Copper Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 82598 | 973219 |
| Macquarie Group Ltd. | &nbsp;&nbsp; 290398 | 40215885 |
| Magellan Financial Group Ltd. | &nbsp;&nbsp; 144768 | 984431 |
| Medibank Pvt Ltd. | &nbsp;&nbsp; 2191385 | 7162330 |
| Megaport Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 223545 | 2135225 |
| Mesoblast Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 817551 | 1235818 |
| Metcash Ltd. | &nbsp;&nbsp; 1251855 | 3125262 |
| Mineral Resources Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 148316 | 2678912 |
| Mirvac Group | &nbsp;&nbsp; 3179942 | 4562547 |
| Monadelphous Group Ltd. | &nbsp;&nbsp; 96909 | 1208231 |
| Myer Holdings Ltd. | &nbsp;&nbsp; 1045469 | 403566 |
| Nanosonics Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 281994 | 730381 |
| National Australia Bank Ltd. | &nbsp;&nbsp; 2486535 | 61707453 |
| National Storage REIT | &nbsp;&nbsp; 1438362 | 2205527 |
| Netwealth Group Ltd. | &nbsp;&nbsp; 115477 | 2755791 |
| Neuren Pharmaceuticals Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 184343 | 2021418 |
| New Hope Corp. Ltd. | &nbsp;&nbsp; 424653 | 1134143 |
| NEXTDC Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 520223 | 4790263 |
| nib holdings Ltd. | &nbsp;&nbsp; 455589 | 2163027 |
| Nine Entertainment Co. Holdings Ltd. | &nbsp;&nbsp; 997946 | 1084091 |
| Northern Star Resources Ltd. | &nbsp;&nbsp; 1184045 | 11763874 |
| Nufarm Ltd./Australia<sup>(a)</sup> | &nbsp;&nbsp; 355936 | 587771 |
| Orica Ltd. | &nbsp;&nbsp; 375400 | 5126484 |
| Origin Energy Ltd. | &nbsp;&nbsp; 1444731 | 10803425 |
| Orora Ltd. | &nbsp;&nbsp; 1275671 | 1693090 |
| Paladin Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 350557 | 1372906 |
| Paladin Energy Ltd., NVS<sup>(a)(b)</sup> | &nbsp;&nbsp; 102067 | 397778 |
| Perpetual Ltd. | &nbsp;&nbsp; 89382 | 1200328 |
| Perseus Mining Ltd. | &nbsp;&nbsp; 1503752 | 3139393 |
| PEXA Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 124477 | 1264013 |
| Pilbara Minerals Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2551304 | 2588829 |
| Pinnacle Investment Management Group Ltd. | &nbsp;&nbsp; 169681 | 2407807 |
| PolyNovo Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 740959 | 605246 |
| Premier Investments Ltd. | &nbsp;&nbsp; 116218 | 1571534 |
| Pro Medicus Ltd. | &nbsp;&nbsp; 51546 | 10585207 |
| Qantas Airways Ltd. | &nbsp;&nbsp; 759570 | 5267874 |
| QBE Insurance Group Ltd. | &nbsp;&nbsp; 1189055 | 17638699 |
| Qube Holdings Ltd. | &nbsp;&nbsp; 1098554 | 3063429 |
| Ramelius Resources Ltd. | &nbsp;&nbsp; 2112335 | 3398494 |
| Ramsay Health Care Ltd. | &nbsp;&nbsp; 150236 | 3719045 |
| REA Group Ltd. | &nbsp;&nbsp; 46890 | 7142798 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI International Developed Markets ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Australia (continued)** | **Australia (continued)** | **Australia (continued)** |
| Reece Ltd. | &nbsp;&nbsp; 236792 | $2050279 |
| Region Group | &nbsp;&nbsp; 1439620 | 2154490 |
| Regis Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 917188 | 2391679 |
| Reliance Worldwide Corp. Ltd. | &nbsp;&nbsp; 881664 | 2423692 |
| Rio Tinto Ltd. | &nbsp;&nbsp; 309432 | 22006160 |
| Sandfire Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 511017 | 3437903 |
| Santos Ltd. | &nbsp;&nbsp; 2669480 | 13432520 |
| Scentre Group | &nbsp;&nbsp; 4067854 | 9735346 |
| SEEK Ltd. | &nbsp;&nbsp; 279416 | 4310179 |
| SGH Ltd. | &nbsp;&nbsp; 164903 | 5393536 |
| Sigma Healthcare Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3767819 | 6959597 |
| Silex Systems Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 230754 | 620682 |
| Sims Ltd. | &nbsp;&nbsp; 128316 | 1245102 |
| Sonic Healthcare Ltd. | &nbsp;&nbsp; 380831 | 6725034 |
| South32 Ltd. | &nbsp;&nbsp; 3840771 | 7182393 |
| Steadfast Group Ltd. | &nbsp;&nbsp; 1079265 | 4107552 |
| Stockland | &nbsp;&nbsp; 1933115 | 6853444 |
| Suncorp Group Ltd. | &nbsp;&nbsp; 875542 | 11736432 |
| Super Retail Group Ltd. | &nbsp;&nbsp; 145620 | 1424388 |
| Tabcorp Holdings Ltd. | &nbsp;&nbsp; 1678980 | 829429 |
| Technology One Ltd. | &nbsp;&nbsp; 244663 | 6400024 |
| Telix Pharmaceuticals Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 244389 | 3274125 |
| Telstra Group Ltd. | &nbsp;&nbsp; 3272640 | 10430167 |
| Temple & Webster Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 87340 | 1361254 |
| Transurban Group | &nbsp;&nbsp; 2486513 | 22005198 |
| Treasury Wine Estates Ltd. | &nbsp;&nbsp; 667616 | 3228342 |
| Vault Minerals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6887162 | 1594373 |
| Ventia Services Group Pty. Ltd. | &nbsp;&nbsp; 946406 | 3151331 |
| Vicinity Ltd. | &nbsp;&nbsp; 3050133 | 4802431 |
| Viva Energy Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1263111 | 1690326 |
| Washington H Soul Pattinson & Co. Ltd. | &nbsp;&nbsp; 177320 | 4606783 |
| Waypoint REIT Ltd. | &nbsp;&nbsp; 695843 | 1122131 |
| WEB Travel Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 503704 | 1438175 |
| Wesfarmers Ltd. | &nbsp;&nbsp; 918288 | 50229892 |
| West African Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1023542 | 1532447 |
| Westgold Resources Ltd. | &nbsp;&nbsp; 805657 | 1315466 |
| Westpac Banking Corp. | &nbsp;&nbsp; 2783991 | 60106721 |
| Whitehaven Coal Ltd. | &nbsp;&nbsp; 694697 | 2849159 |
| WiseTech Global Ltd. | &nbsp;&nbsp; 163896 | 12413508 |
| Woodside Energy Group Ltd. | &nbsp;&nbsp; 1499144 | 25369080 |
| Woolworths Group Ltd. | &nbsp;&nbsp; 965358 | 19488742 |
| Worley Ltd. | &nbsp;&nbsp; 355139 | 3022262 |
| Xero Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 134072 | 15439806 |
| Yancoal Australia Ltd. | &nbsp;&nbsp; 310614 | 1254491 |
| Zip Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1135712 | 2303186 |
|  |  | 1317685292 |
| **Austria — 0.3%** | **Austria — 0.3%** | **Austria — 0.3%** |
| ANDRITZ AG | &nbsp;&nbsp; 55700 | 3876214 |
| BAWAG Group AG<sup>(c)</sup> | &nbsp;&nbsp; 65142 | 8221405 |
| CA Immobilien Anlagen AG | &nbsp;&nbsp; 31806 | 847071 |
| CPI Europe AG<sup>(a)(b)</sup> | &nbsp;&nbsp; 45534 | 945839 |
| DO & CO AG | &nbsp;&nbsp; 6725 | 1517162 |
| Erste Group Bank AG | &nbsp;&nbsp; 262149 | 23971918 |
| Lenzing AG<sup>(a)(b)</sup> | &nbsp;&nbsp; 16125 | 451058 |
| Oesterreichische Post AG | &nbsp;&nbsp; 57104 | 1991828 |
| OMV AG | &nbsp;&nbsp; 111461 | 5676527 |
| Raiffeisen Bank International AG | &nbsp;&nbsp; 111103 | 3208034 |
| SBO AG | &nbsp;&nbsp; 14399 | 476505 |
| UNIQA Insurance Group AG | &nbsp;&nbsp; 93537 | 1347559 |
| Verbund AG | &nbsp;&nbsp; 60410 | 4498097 |
| Vienna Insurance Group AG Wiener <br> Versicherung Gruppe<br>| &nbsp;&nbsp; 28057 | 1480417 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Austria (continued)** | **Austria (continued)** | **Austria (continued)** |
| voestalpine AG | &nbsp;&nbsp; 98077 | $2700110 |
| Wienerberger AG | &nbsp;&nbsp; 90634 | 3038269 |
|  |  | 64248013 |
| **Belgium — 1.0%** | **Belgium — 1.0%** | **Belgium — 1.0%** |
| Ackermans & van Haaren NV | &nbsp;&nbsp; 22222 | 5450972 |
| Aedifica SA | &nbsp;&nbsp; 36125 | 2658365 |
| Ageas SA | &nbsp;&nbsp; 117826 | 8011257 |
| Anheuser-Busch InBev SA | &nbsp;&nbsp; 799783 | 45981646 |
| Argenx SE<sup>(a)</sup> | &nbsp;&nbsp; 50119 | 33661379 |
| Azelis Group NV | &nbsp;&nbsp; 132425 | 2057433 |
| Barco NV | &nbsp;&nbsp; 54670 | 852080 |
| Bekaert SA | &nbsp;&nbsp; 39750 | 1637196 |
| Cofinimmo SA | &nbsp;&nbsp; 32107 | 2786963 |
| Colruyt Group NV | &nbsp;&nbsp; 47208 | 2016577 |
| Deme Group NV | &nbsp;&nbsp; 7962 | 1191665 |
| D'ieteren Group | &nbsp;&nbsp; 21148 | 4177428 |
| Elia Group SA, Class B<sup>(b)</sup> | &nbsp;&nbsp; 37277 | 4300767 |
| Fagron | &nbsp;&nbsp; 66742 | 1650321 |
| Galapagos NV<sup>(a)(b)</sup> | &nbsp;&nbsp; 40908 | 1338675 |
| Groupe Bruxelles Lambert NV | &nbsp;&nbsp; 72130 | 6030071 |
| KBC Ancora | &nbsp;&nbsp; 44761 | 3253949 |
| KBC Group NV | &nbsp;&nbsp; 186214 | 19422843 |
| Kinepolis Group NV | &nbsp;&nbsp; 8350 | 345529 |
| Lotus Bakeries NV | &nbsp;&nbsp; 329 | 2781502 |
| Melexis NV | &nbsp;&nbsp; 21335 | 1631802 |
| Montea NV | &nbsp;&nbsp; 17709 | 1318426 |
| Ontex Group NV<sup>(a)(b)</sup> | &nbsp;&nbsp; 51790 | 401544 |
| Proximus SADP | &nbsp;&nbsp; 110249 | 916029 |
| Retail Estates NV | &nbsp;&nbsp; 13864 | 1030041 |
| Shurgard Self Storage Ltd. | &nbsp;&nbsp; 30261 | 1200825 |
| Sofina SA | &nbsp;&nbsp; 12981 | 3975067 |
| Solvay SA | &nbsp;&nbsp; 56233 | 1761927 |
| Syensqo SA | &nbsp;&nbsp; 58539 | 4639556 |
| UCB SA | &nbsp;&nbsp; 103990 | 22342754 |
| Umicore SA | &nbsp;&nbsp; 188696 | 2982109 |
| VGP NV | &nbsp;&nbsp; 18054 | 1898553 |
| Warehouses De Pauw CVA | &nbsp;&nbsp; 136908 | 3194906 |
|  |  | 196900157 |
| **Canada — 11.3%** | **Canada — 11.3%** | **Canada — 11.3%** |
| Advantage Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 174227 | 1389440 |
| Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 418207 | 51916705 |
| Air Canada<sup>(a)(b)</sup> | &nbsp;&nbsp; 169101 | 2355405 |
| Alamos Gold Inc., Class A | &nbsp;&nbsp; 377368 | 9170021 |
| Algonquin Power & Utilities Corp. | &nbsp;&nbsp; 626658 | 3695003 |
| Alimentation Couche-Tard Inc. | &nbsp;&nbsp; 611975 | 31800087 |
| Allied Gold Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 57730 | 739957 |
| Allied Properties REIT | &nbsp;&nbsp; 71557 | 893430 |
| AltaGas Ltd. | &nbsp;&nbsp; 273828 | 8084803 |
| Altus Group Ltd. | &nbsp;&nbsp; 33433 | 1396098 |
| Andlauer Healthcare Group Inc. | &nbsp;&nbsp; 16487 | 630637 |
| ARC Resources Ltd. | &nbsp;&nbsp; 519901 | 10149626 |
| Aritzia Inc.<sup>(a)</sup> | &nbsp;&nbsp; 77312 | 4149606 |
| Atco Ltd., Class I, NVS | &nbsp;&nbsp; 79075 | 2863729 |
| Athabasca Oil Corp.<sup>(a)</sup> | &nbsp;&nbsp; 602541 | 2548275 |
| AtkinsRealis Group Inc. | &nbsp;&nbsp; 145005 | 10267350 |
| ATS Corp.<sup>(a)</sup> | &nbsp;&nbsp; 75010 | 2276393 |
| B2Gold Corp. | &nbsp;&nbsp; 1012538 | 3405331 |
| Badger Infrastructure Solutions Ltd. | &nbsp;&nbsp; 57812 | 2181719 |
| Bank of Montreal | &nbsp;&nbsp; 590812 | 65212751 |
| Bank of Nova Scotia (The) | &nbsp;&nbsp; 1003183 | 55813638 |
| Barrick Mining Corp. | &nbsp;&nbsp; 1364843 | 28811820 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI International Developed Markets ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Bausch Health Companies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 259954 | $1532783 |
| Baytex Energy Corp. | &nbsp;&nbsp; 825374 | 1751299 |
| BCE Inc. | &nbsp;&nbsp; 52833 | 1232363 |
| Birchcliff Energy Ltd. | &nbsp;&nbsp; 253508 | 1234973 |
| Bitfarms Ltd./Canada<sup>(a)(b)</sup> | &nbsp;&nbsp; 445182 | 562261 |
| BlackBerry Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 449643 | 1655008 |
| Boardwalk Real Estate Investment Trust | &nbsp;&nbsp; 37496 | 1933523 |
| Bombardier Inc., Class B<sup>(a)</sup> | &nbsp;&nbsp; 72506 | 8454673 |
| Boralex Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 77033 | 1743472 |
| Boyd Group Services Inc.<sup>(b)</sup> | &nbsp;&nbsp; 17057 | 2364172 |
| Brookfield Asset Management Ltd., Class A | &nbsp;&nbsp; 331657 | 20450905 |
| Brookfield Corp., Class A | &nbsp;&nbsp; 1105992 | 74081349 |
| Brookfield Infrastructure Corp., Class A | &nbsp;&nbsp; 92250 | 3601185 |
| Brookfield Renewable Corp. | &nbsp;&nbsp; 106914 | 3909738 |
| Brookfield Wealth Solutions Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 29623 | 1981423 |
| BRP Inc. | &nbsp;&nbsp; 37767 | 1909610 |
| CAE Inc.<sup>(a)</sup> | &nbsp;&nbsp; 278588 | 7943860 |
| Cameco Corp. | &nbsp;&nbsp; 355969 | 26725935 |
| Canada Goose Holdings Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 89171 | 974986 |
| Canadian Apartment Properties REIT | &nbsp;&nbsp; 92932 | 2967841 |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 763570 | 54572992 |
| Canadian National Railway Co. | &nbsp;&nbsp; 428182 | 39981371 |
| Canadian Natural Resources Ltd. | &nbsp;&nbsp; 1688847 | 53459028 |
| Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp; 751887 | 55295385 |
| Canadian Tire Corp. Ltd., Class A, NVS | &nbsp;&nbsp; 43653 | 5846654 |
| Canadian Utilities Ltd., Class A, NVS | &nbsp;&nbsp; 115309 | 3210610 |
| Canfor Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 38830 | 380565 |
| Capital Power Corp. | &nbsp;&nbsp; 123435 | 5174008 |
| Capstone Copper Corp.<sup>(a)</sup> | &nbsp;&nbsp; 501982 | 2814954 |
| CCL Industries Inc., Class B, NVS | &nbsp;&nbsp; 138028 | 7715263 |
| Celestica Inc.<sup>(a)</sup> | &nbsp;&nbsp; 99556 | 19903296 |
| Cenovus Energy Inc. | &nbsp;&nbsp; 1118384 | 17022747 |
| Centerra Gold Inc. | &nbsp;&nbsp; 170572 | 1160865 |
| CGI Inc. | &nbsp;&nbsp; 163332 | 15746167 |
| Choice Properties REIT | &nbsp;&nbsp; 224826 | 2302455 |
| CI Financial Corp. | &nbsp;&nbsp; 127888 | 2947073 |
| Cogeco Communications Inc. | &nbsp;&nbsp; 11266 | 507279 |
| Colliers International Group Inc. | &nbsp;&nbsp; 32087 | 4838755 |
| Constellation Software Inc./Canada | &nbsp;&nbsp; 16463 | 56796875 |
| Crombie REIT | &nbsp;&nbsp; 62242 | 645958 |
| Cronos Group Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 274969 | 543746 |
| Definity Financial Corp. | &nbsp;&nbsp; 71254 | 3838850 |
| Denison Mines Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1079234 | 2219845 |
| Descartes Systems Group Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp; 71425 | 7546121 |
| Discovery Silver Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 501384 | 1168786 |
| Dollarama Inc. | &nbsp;&nbsp; 232200 | 31736458 |
| Dream Industrial REIT | &nbsp;&nbsp; 198829 | 1653082 |
| Dundee Precious Metals Inc.<sup>(b)</sup> | &nbsp;&nbsp; 145714 | 2355654 |
| Eldorado Gold Corp.<sup>(a)</sup> | &nbsp;&nbsp; 212942 | 4363037 |
| Element Fleet Management Corp. | &nbsp;&nbsp; 329787 | 8577889 |
| Emera Inc. | &nbsp;&nbsp; 236091 | 11085508 |
| Empire Co. Ltd., NVS | &nbsp;&nbsp; 131290 | 5228480 |
| Enbridge Inc. | &nbsp;&nbsp; 1763140 | 79847745 |
| Endeavour Silver Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 245225 | 1242407 |
| Enghouse Systems Ltd. | &nbsp;&nbsp; 42027 | 696103 |
| EQB Inc. | &nbsp;&nbsp; 24797 | 1843310 |
| Equinox Gold Corp.<sup>(a)</sup> | &nbsp;&nbsp; 523964 | 3191582 |
| ERO Copper Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 105700 | 1430337 |
| Fairfax Financial Holdings Ltd. | &nbsp;&nbsp; 16733 | 29596252 |
| Finning International Inc. | &nbsp;&nbsp; 120086 | 5232962 |
| First Capital Real Estate Investment Trust | &nbsp;&nbsp; 120830 | 1621124 |
| First Majestic Silver Corp. | &nbsp;&nbsp; 361611 | 2875977 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| First Quantum Minerals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 584335 | $9821855 |
| FirstService Corp. | &nbsp;&nbsp; 37267 | 7345816 |
| Fortis Inc./Canada | &nbsp;&nbsp; 392242 | 19193135 |
| Fortuna Mining Corp.<sup>(a)</sup> | &nbsp;&nbsp; 343869 | 2218670 |
| Franco-Nevada Corp. | &nbsp;&nbsp; 151893 | 24195888 |
| Freehold Royalties Ltd. | &nbsp;&nbsp; 164964 | 1588207 |
| G Mining Ventures Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 116381 | 1364050 |
| George Weston Ltd. | &nbsp;&nbsp; 49188 | 9346643 |
| GFL Environmental Inc. | &nbsp;&nbsp; 185423 | 9338061 |
| Gibson Energy Inc. | &nbsp;&nbsp; 193042 | 3480217 |
| Gildan Activewear Inc. | &nbsp;&nbsp; 123757 | 6251265 |
| goeasy Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 12396 | 1637174 |
| Granite Real Estate Investment Trust | &nbsp;&nbsp; 39366 | 2076545 |
| Great-West Lifeco Inc. | &nbsp;&nbsp; 229774 | 8628133 |
| H&R Real Estate Investment Trust | &nbsp;&nbsp; 100848 | 843554 |
| Hammond Power Solutions Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 8804 | 787506 |
| Hudbay Minerals Inc.<sup>(b)</sup> | &nbsp;&nbsp; 345968 | 3210991 |
| Hydro One Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 292569 | 10346334 |
| iA Financial Corp. Inc. | &nbsp;&nbsp; 84416 | 8263093 |
| IAMGOLD Corp.<sup>(a)</sup> | &nbsp;&nbsp; 468131 | 3162317 |
| IGM Financial Inc. | &nbsp;&nbsp; 54348 | 1799571 |
| Imperial Oil Ltd. | &nbsp;&nbsp; 155345 | 12952517 |
| Intact Financial Corp. | &nbsp;&nbsp; 143657 | 29693537 |
| Interfor Corp.<sup>(a)</sup> | &nbsp;&nbsp; 58486 | 525935 |
| InterRent REIT | &nbsp;&nbsp; 89574 | 856564 |
| Ivanhoe Mines Ltd., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 587070 | 4580129 |
| K92 Mining Inc.<sup>(a)</sup> | &nbsp;&nbsp; 192429 | 1998451 |
| Keyera Corp. | &nbsp;&nbsp; 182676 | 5734993 |
| Killam Apartment REIT | &nbsp;&nbsp; 106175 | 1403815 |
| Kinaxis Inc.<sup>(a)</sup> | &nbsp;&nbsp; 22243 | 3301133 |
| Kinross Gold Corp. | &nbsp;&nbsp; 1056816 | 16909361 |
| Labrador Iron Ore Royalty Corp. | &nbsp;&nbsp; 70811 | 1361947 |
| Laurentian Bank of Canada | &nbsp;&nbsp; 40021 | 889901 |
| Lightspeed Commerce Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 156266 | 1947686 |
| Linamar Corp. | &nbsp;&nbsp; 54888 | 2654082 |
| Lithium Americas Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 204772 | 527595 |
| Loblaw Companies Ltd. | &nbsp;&nbsp; 129275 | 20905492 |
| Lundin Gold Inc. | &nbsp;&nbsp; 88809 | 4110365 |
| Lundin Mining Corp. | &nbsp;&nbsp; 618685 | 6318124 |
| MAG Silver Corp. | &nbsp;&nbsp; 94939 | 1936328 |
| Magna International Inc. | &nbsp;&nbsp; 210548 | 8634048 |
| Manulife Financial Corp. | &nbsp;&nbsp; 1418599 | 43890978 |
| Maple Leaf Foods Inc. | &nbsp;&nbsp; 64014 | 1350873 |
| MDA Space Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 95970 | 2687382 |
| MEG Energy Corp. | &nbsp;&nbsp; 212619 | 4190694 |
| Methanex Corp. | &nbsp;&nbsp; 67781 | 2265889 |
| Metro Inc./CN | &nbsp;&nbsp; 183643 | 14042275 |
| MTY Food Group Inc. | &nbsp;&nbsp; 24473 | 681945 |
| National Bank of Canada | &nbsp;&nbsp; 313941 | 32656117 |
| New Gold Inc.<sup>(a)</sup> | &nbsp;&nbsp; 674896 | 2825055 |
| NexGen Energy Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 444444 | 2983061 |
| NFI Group Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 84705 | 1167628 |
| NGEx Minerals Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 164556 | 2324163 |
| North West Co. Inc. (The) | &nbsp;&nbsp; 49285 | 1691682 |
| Northland Power Inc. | &nbsp;&nbsp; 222478 | 3635177 |
| NorthWest Healthcare Properties REIT | &nbsp;&nbsp; 145726 | 498514 |
| Novagold Resources Inc.<sup>(a)</sup> | &nbsp;&nbsp; 237304 | 1227966 |
| Nutrien Ltd. | &nbsp;&nbsp; 395790 | 23482893 |
| NuVista Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 156146 | 1649811 |
| OceanaGold Corp. | &nbsp;&nbsp; 193347 | 2630334 |
| Onex Corp. | &nbsp;&nbsp; 53787 | 4375628 |
| Open Text Corp. | &nbsp;&nbsp; 241797 | 7116398 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI International Developed Markets ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| OR Royalties Inc. | &nbsp;&nbsp; 177050 | $4904142 |
| Orla Mining Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 173112 | 1611681 |
| Pan American Silver Corp. | &nbsp;&nbsp; 306212 | 8271879 |
| Paramount Resources Ltd., Class A | &nbsp;&nbsp; 77154 | 1186599 |
| Parex Resources Inc.<sup>(b)</sup> | &nbsp;&nbsp; 75324 | 893711 |
| Parkland Corp. | &nbsp;&nbsp; 140604 | 3968694 |
| Pason Systems Inc.<sup>(b)</sup> | &nbsp;&nbsp; 77944 | 657596 |
| Pembina Pipeline Corp. | &nbsp;&nbsp; 478248 | 17775528 |
| Peyto Exploration & Development Corp. | &nbsp;&nbsp; 230583 | 3235085 |
| Power Corp. of Canada | &nbsp;&nbsp; 456146 | 18382789 |
| PrairieSky Royalty Ltd. | &nbsp;&nbsp; 179816 | 3092534 |
| Premium Brands Holdings Corp., Class A | &nbsp;&nbsp; 35201 | 2231565 |
| Prinmaris REIT | &nbsp;&nbsp; 114333 | 1217099 |
| Propel Holdings Inc.<sup>(b)</sup> | &nbsp;&nbsp; 30366 | 788517 |
| Quebecor Inc., Class B | &nbsp;&nbsp; 150931 | 4246024 |
| RB Global Inc.<sup>(b)</sup> | &nbsp;&nbsp; 153198 | 16587973 |
| Restaurant Brands International Inc. | &nbsp;&nbsp; 248240 | 16844345 |
| Richelieu Hardware Ltd. | &nbsp;&nbsp; 49068 | 1227762 |
| RioCan REIT | &nbsp;&nbsp; 125721 | 1601455 |
| Rogers Communications Inc., Class B, NVS | &nbsp;&nbsp; 294813 | 9846958 |
| Royal Bank of Canada | &nbsp;&nbsp; 1151936 | 147807954 |
| Russel Metals Inc. | &nbsp;&nbsp; 62876 | 2013883 |
| Sandstorm Gold Ltd. | &nbsp;&nbsp; 260432 | 2437791 |
| Saputo Inc. | &nbsp;&nbsp; 222659 | 4669797 |
| Seabridge Gold Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 117123 | 1792009 |
| Secure Waste Infrastructure Corp. | &nbsp;&nbsp; 215226 | 2351704 |
| Shopify Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 997830 | 121970603 |
| Sienna Senior Living Inc. | &nbsp;&nbsp; 147831 | 1909768 |
| Silvercorp Metals Inc. | &nbsp;&nbsp; 219285 | 954308 |
| Skeena Resources Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 81140 | 1141910 |
| SmartCentres Real Estate Investment Trust<sup>(b)</sup> | &nbsp;&nbsp; 112939 | 2070331 |
| South Bow Corp. | &nbsp;&nbsp; 168763 | 4432221 |
| Spin Master Corp.<sup>(b)(c)</sup> | &nbsp;&nbsp; 28615 | 470859 |
| SSR Mining Inc.<sup>(a)</sup> | &nbsp;&nbsp; 154229 | 1842155 |
| Stantec Inc. | &nbsp;&nbsp; 96271 | 10523387 |
| Stella-Jones Inc. | &nbsp;&nbsp; 56355 | 3212674 |
| Sun Life Financial Inc. | &nbsp;&nbsp; 458430 | 27950467 |
| Suncor Energy Inc. | &nbsp;&nbsp; 1006788 | 39709125 |
| Superior Plus Corp. | &nbsp;&nbsp; 177925 | 888598 |
| Tamarack Valley Energy Ltd. | &nbsp;&nbsp; 719196 | 2823633 |
| TC Energy Corp. | &nbsp;&nbsp; 837705 | 39998963 |
| Teck Resources Ltd., Class B | &nbsp;&nbsp; 380341 | 12333084 |
| TELUS Corp. | &nbsp;&nbsp; 380612 | 6131106 |
| TerraVest Industries Inc.<sup>(b)</sup> | &nbsp;&nbsp; 13704 | 1688472 |
| TFI International Inc. | &nbsp;&nbsp; 66111 | 5749405 |
| Thomson Reuters Corp. | &nbsp;&nbsp; 125994 | 25286094 |
| TMX Group Ltd. | &nbsp;&nbsp; 252277 | 10257857 |
| Topaz Energy Corp. | &nbsp;&nbsp; 112935 | 2098785 |
| Torex Gold Resources Inc.<sup>(a)</sup> | &nbsp;&nbsp; 77959 | 2195973 |
| Toromont Industries Ltd. | &nbsp;&nbsp; 67088 | 6802247 |
| Toronto-Dominion Bank (The) | &nbsp;&nbsp; 1425995 | 103862165 |
| Tourmaline Oil Corp. | &nbsp;&nbsp; 274557 | 11684921 |
| TransAlta Corp. | &nbsp;&nbsp; 235331 | 2831241 |
| Transcontinental Inc., Class A | &nbsp;&nbsp; 71547 | 995028 |
| Vermilion Energy Inc. | &nbsp;&nbsp; 225070 | 1846886 |
| Wesdome Gold Mines Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 148914 | 1773298 |
| West Fraser Timber Co. Ltd. | &nbsp;&nbsp; 40601 | 2814760 |
| Wheaton Precious Metals Corp. | &nbsp;&nbsp; 360685 | 32986434 |
| Whitecap Resources Inc. | &nbsp;&nbsp; 1148359 | 8669050 |
| Winpak Ltd. | &nbsp;&nbsp; 44100 | 1303012 |
| WSP Global Inc. | &nbsp;&nbsp; 107808 | 22198053 |
|  |  | 2247548176 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Denmark — 1.7%** | **Denmark — 1.7%** | **Denmark — 1.7%** |
| ALK-Abello A/S<sup>(a)</sup> | &nbsp;&nbsp; 138140 | $4007969 |
| Alm Brand A/S | &nbsp;&nbsp; 786654 | 2172071 |
| Ambu A/S, Class B | &nbsp;&nbsp; 163856 | 2391952 |
| AP Moller - Maersk A/S, Class A | &nbsp;&nbsp; 2241 | 4397221 |
| AP Moller - Maersk A/S, Class B, NVS<sup>(b)</sup> | &nbsp;&nbsp; 3705 | 7316490 |
| Bavarian Nordic A/S<sup>(a)</sup> | &nbsp;&nbsp; 79140 | 2864560 |
| Carlsberg A/S, Class B | &nbsp;&nbsp; 74910 | 9338819 |
| Chemometec A/S | &nbsp;&nbsp; 18265 | 1409715 |
| Coloplast A/S, Class B | &nbsp;&nbsp; 102597 | 9370391 |
| D/S Norden A/S | &nbsp;&nbsp; 22109 | 768881 |
| Danske Bank A/S | &nbsp;&nbsp; 547151 | 21706286 |
| Demant A/S<sup>(a)</sup> | &nbsp;&nbsp; 76872 | 2912495 |
| DFDS A/S<sup>(a)</sup> | &nbsp;&nbsp; 42268 | 758838 |
| DSV A/S | &nbsp;&nbsp; 166875 | 37394168 |
| FLSmidth & Co. A/S | &nbsp;&nbsp; 46571 | 2739601 |
| Genmab A/S<sup>(a)</sup> | &nbsp;&nbsp; 51373 | 11060475 |
| GN Store Nord A/S<sup>(a)(b)</sup> | &nbsp;&nbsp; 133206 | 1908248 |
| H Lundbeck A/S | &nbsp;&nbsp; 240791 | 1254463 |
| ISS A/S | &nbsp;&nbsp; 159941 | 4597719 |
| Jyske Bank A/S, Registered | &nbsp;&nbsp; 45711 | 4589034 |
| Netcompany Group A/S<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 44961 | 1648710 |
| NKT A/S<sup>(a)</sup> | &nbsp;&nbsp; 46309 | 4073929 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp; 2627991 | 122222517 |
| Novonesis Novozymes B, Class B | &nbsp;&nbsp; 300956 | 19471105 |
| Orsted A/S<sup>(a)(c)</sup> | &nbsp;&nbsp; 141976 | 6691541 |
| Pandora A/S | &nbsp;&nbsp; 69759 | 11516902 |
| Ringkjoebing Landbobank A/S | &nbsp;&nbsp; 22026 | 4855663 |
| Rockwool A/S, Class B | &nbsp;&nbsp; 72962 | 3197239 |
| Royal Unibrew A/S | &nbsp;&nbsp; 41362 | 3099897 |
| Schouw & Co. A/S | &nbsp;&nbsp; 16677 | 1570719 |
| Sydbank A/S | &nbsp;&nbsp; 57841 | 4285279 |
| TORM PLC, Class A<sup>(b)</sup> | &nbsp;&nbsp; 56188 | 1036868 |
| Tryg A/S | &nbsp;&nbsp; 254589 | 6141174 |
| Vestas Wind Systems A/S | &nbsp;&nbsp; 818587 | 14945835 |
| Zealand Pharma A/S<sup>(a)</sup> | &nbsp;&nbsp; 59302 | 3068157 |
|  |  | 340784931 |
| **Finland — 0.8%** | **Finland — 0.8%** | **Finland — 0.8%** |
| Citycon OYJ | &nbsp;&nbsp; 69750 | 300405 |
| Elisa OYJ | &nbsp;&nbsp; 110983 | 5710371 |
| Fortum OYJ | &nbsp;&nbsp; 359299 | 6591600 |
| Hiab OYJ, Class B | &nbsp;&nbsp; 38636 | 2636686 |
| Huhtamaki OYJ | &nbsp;&nbsp; 102868 | 3540654 |
| Kalmar OYJ, Class B | &nbsp;&nbsp; 39214 | 1769649 |
| Kemira OYJ | &nbsp;&nbsp; 106073 | 2257378 |
| Kesko OYJ, Class B | &nbsp;&nbsp; 238059 | 5177644 |
| Kojamo OYJ<sup>(a)</sup> | &nbsp;&nbsp; 109082 | 1386755 |
| Kone OYJ, Class B | &nbsp;&nbsp; 273502 | 16795332 |
| Konecranes OYJ | &nbsp;&nbsp; 55215 | 4601179 |
| Mandatum OYJ | &nbsp;&nbsp; 362356 | 2457901 |
| Metsa Board OYJ, Class B<sup>(b)</sup> | &nbsp;&nbsp; 139206 | 512125 |
| Metso OYJ | &nbsp;&nbsp; 555887 | 6981543 |
| Neste OYJ | &nbsp;&nbsp; 338854 | 5348004 |
| Nokia OYJ | &nbsp;&nbsp; 4287444 | 17472815 |
| Nokian Renkaat OYJ<sup>(b)</sup> | &nbsp;&nbsp; 131004 | 1176117 |
| Orion OYJ, Class B | &nbsp;&nbsp; 102655 | 8218429 |
| Outokumpu OYJ<sup>(b)</sup> | &nbsp;&nbsp; 360298 | 1355696 |
| QT Group OYJ<sup>(a)</sup> | &nbsp;&nbsp; 22832 | 1571129 |
| Sampo OYJ, Class A | &nbsp;&nbsp; 1978512 | 21236696 |
| Stora Enso OYJ, Class R | &nbsp;&nbsp; 429880 | 4423242 |
| TietoEVRY OYJ | &nbsp;&nbsp; 80503 | 1385772 |
| UPM-Kymmene OYJ | &nbsp;&nbsp; 429533 | 11132534 |
| Valmet OYJ | &nbsp;&nbsp; 115921 | 4182639 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI International Developed Markets ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Finland (continued)** | **Finland (continued)** | **Finland (continued)** |
| Wartsila OYJ Abp | &nbsp;&nbsp; 417061 | $11522728 |
| YIT OYJ<sup>(a)</sup> | &nbsp;&nbsp; 139684 | 483949 |
|  |  | 150228972 |
| **France — 8.9%** | **France — 8.9%** | **France — 8.9%** |
| Accor SA | &nbsp;&nbsp; 165002 | 8362940 |
| Aeroports de Paris SA | &nbsp;&nbsp; 26816 | 3254777 |
| Air France-KLM, NVS<sup>(a)</sup> | &nbsp;&nbsp; 154179 | 2023524 |
| Air Liquide SA | &nbsp;&nbsp; 469080 | 92285130 |
| Airbus SE | &nbsp;&nbsp; 485185 | 97548900 |
| Alstom SA<sup>(a)</sup> | &nbsp;&nbsp; 305156 | 7157838 |
| Alten SA | &nbsp;&nbsp; 33966 | 2760593 |
| Amundi SA<sup>(c)</sup> | &nbsp;&nbsp; 46819 | 3459945 |
| Aperam SA | &nbsp;&nbsp; 38527 | 1133233 |
| ArcelorMittal SA | &nbsp;&nbsp; 398720 | 12430562 |
| Arkema SA | &nbsp;&nbsp; 53392 | 3630729 |
| AXA SA | &nbsp;&nbsp; 1440621 | 69969720 |
| BioMerieux | &nbsp;&nbsp; 37224 | 5326168 |
| BNP Paribas SA | &nbsp;&nbsp; 823774 | 75110254 |
| Bollore SE | &nbsp;&nbsp; 709548 | 4092715 |
| Bouygues SA | &nbsp;&nbsp; 178467 | 7348649 |
| Bureau Veritas SA | &nbsp;&nbsp; 245326 | 7555084 |
| Canal+ SA, NVS<sup>(a)</sup> | &nbsp;&nbsp; 564720 | 1786391 |
| Capgemini SE | &nbsp;&nbsp; 129665 | 19304046 |
| Carrefour SA | &nbsp;&nbsp; 493801 | 7076665 |
| Cie de Saint-Gobain SA | &nbsp;&nbsp; 368671 | 42292868 |
| Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp; 548137 | 19500779 |
| Coface SA | &nbsp;&nbsp; 78965 | 1468171 |
| Covivio SA/France | &nbsp;&nbsp; 46761 | 3027392 |
| Credit Agricole SA | &nbsp;&nbsp; 831031 | 15294721 |
| Danone SA | &nbsp;&nbsp; 517695 | 42366508 |
| Dassault Aviation SA | &nbsp;&nbsp; 15897 | 4949642 |
| Dassault Systemes SE | &nbsp;&nbsp; 531233 | 17451653 |
| Edenred SE | &nbsp;&nbsp; 217229 | 6203644 |
| Eiffage SA | &nbsp;&nbsp; 55507 | 7451004 |
| Elior Group SA<sup>(a)(c)</sup> | &nbsp;&nbsp; 119008 | 353412 |
| Elis SA<sup>(b)</sup> | &nbsp;&nbsp; 171432 | 4726390 |
| Engie SA | &nbsp;&nbsp; 1470284 | 33049360 |
| EssilorLuxottica SA | &nbsp;&nbsp; 242301 | 72049256 |
| Eurazeo SE | &nbsp;&nbsp; 32893 | 1930154 |
| Eurofins Scientific SE | &nbsp;&nbsp; 92340 | 7071711 |
| Euronext NV<sup>(c)</sup> | &nbsp;&nbsp; 69788 | 11249050 |
| Eutelsat Communications SACA<sup>(a)(b)</sup> | &nbsp;&nbsp; 140849 | 504046 |
| FDJ UNITED | &nbsp;&nbsp; 85732 | 2674138 |
| Fnac Darty SA | &nbsp;&nbsp; 15728 | 532423 |
| Forvia SE<sup>(a)</sup> | &nbsp;&nbsp; 201468 | 2561311 |
| Gaztransport Et Technigaz SA | &nbsp;&nbsp; 28465 | 5353849 |
| Gecina SA | &nbsp;&nbsp; 37699 | 3704780 |
| Getlink SE | &nbsp;&nbsp; 250081 | 4535446 |
| Havas NV | &nbsp;&nbsp; 721946 | 1159681 |
| Hermes International SCA | &nbsp;&nbsp; 25869 | 63262325 |
| ICADE | &nbsp;&nbsp; 35147 | 835291 |
| ID Logistics Group SACA<sup>(a)</sup> | &nbsp;&nbsp; 758 | 380512 |
| Imerys SA | &nbsp;&nbsp; 28229 | 694955 |
| Ipsen SA | &nbsp;&nbsp; 35085 | 4134139 |
| IPSOS SA | &nbsp;&nbsp; 36213 | 1626049 |
| JCDecaux SE | &nbsp;&nbsp; 108254 | 1779767 |
| Kering SA | &nbsp;&nbsp; 60419 | 14835599 |
| Klepierre SA | &nbsp;&nbsp; 182550 | 6968284 |
| Legrand SA | &nbsp;&nbsp; 213019 | 31464336 |
| L'Oreal SA | &nbsp;&nbsp; 195116 | 86335503 |
| Louis Hachette Group, NVS | &nbsp;&nbsp; 826170 | 1539419 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 223658 | 120062245 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **France (continued)** | **France (continued)** | **France (continued)** |
| Nexans SA | &nbsp;&nbsp; 27323 | $3926871 |
| Nexity SA<sup>(a)(b)</sup> | &nbsp;&nbsp; 29138 | 379673 |
| Opmobility | &nbsp;&nbsp; 49220 | 753646 |
| Orange SA | &nbsp;&nbsp; 1486970 | 22618392 |
| Pernod Ricard SA | &nbsp;&nbsp; 165963 | 17055801 |
| Pluxee NV, NVS | &nbsp;&nbsp; 86022 | 1744380 |
| Publicis Groupe SA | &nbsp;&nbsp; 183706 | 16787365 |
| Remy Cointreau SA | &nbsp;&nbsp; 34059 | 2022035 |
| Renault SA | &nbsp;&nbsp; 160422 | 5935739 |
| Rexel SA | &nbsp;&nbsp; 163127 | 4930420 |
| Rubis SCA | &nbsp;&nbsp; 92220 | 2920227 |
| Safran SA | &nbsp;&nbsp; 294771 | 97201085 |
| Sanofi SA | &nbsp;&nbsp; 916093 | 82238244 |
| Sartorius Stedim Biotech | &nbsp;&nbsp; 23713 | 4738578 |
| Schneider Electric SE | &nbsp;&nbsp; 445246 | 115226646 |
| SCOR SE | &nbsp;&nbsp; 111538 | 3633579 |
| SEB SA | &nbsp;&nbsp; 22577 | 1649189 |
| SES SA, Class A | &nbsp;&nbsp; 342666 | 2356410 |
| Societe BIC SA | &nbsp;&nbsp; 18584 | 1129965 |
| Societe Generale SA | &nbsp;&nbsp; 590066 | 37663031 |
| Sodexo SA | &nbsp;&nbsp; 72588 | 4317059 |
| SOITEC<sup>(a)</sup> | &nbsp;&nbsp; 30090 | 1303323 |
| Sopra Steria Group | &nbsp;&nbsp; 12902 | 2779956 |
| SPIE SA | &nbsp;&nbsp; 134492 | 7915038 |
| STMicroelectronics NV | &nbsp;&nbsp; 567810 | 14430290 |
| Technip Energies NV | &nbsp;&nbsp; 119968 | 5180379 |
| Teleperformance SE | &nbsp;&nbsp; 50093 | 4883622 |
| Thales SA | &nbsp;&nbsp; 79009 | 21252920 |
| TotalEnergies SE | &nbsp;&nbsp; 1685596 | 100234747 |
| Trigano SA | &nbsp;&nbsp; 12721 | 2169374 |
| Ubisoft Entertainment SA<sup>(a)</sup> | &nbsp;&nbsp; 117528 | 1239508 |
| Unibail-Rodamco-Westfield, New | &nbsp;&nbsp; 97612 | 9462436 |
| Valeo SE | &nbsp;&nbsp; 258257 | 2809698 |
| Vallourec SACA | &nbsp;&nbsp; 159553 | 2981898 |
| Veolia Environnement SA | &nbsp;&nbsp; 542041 | 18369253 |
| Verallia SA<sup>(c)</sup> | &nbsp;&nbsp; 69042 | 2221355 |
| Vinci SA | &nbsp;&nbsp; 400198 | 55591009 |
| Virbac SACA | &nbsp;&nbsp; 5293 | 2096144 |
| Vivendi SE | &nbsp;&nbsp; 648450 | 2458144 |
| VusionGroup | &nbsp;&nbsp; 5650 | 1452354 |
| Wendel SE | &nbsp;&nbsp; 27179 | 2546827 |
| Worldline SA<sup>(a)(c)</sup> | &nbsp;&nbsp; 157595 | 574114 |
|  |  | 1768178400 |
| **Germany — 8.1%** | **Germany — 8.1%** | **Germany — 8.1%** |
| adidas AG | &nbsp;&nbsp; 138865 | 26541104 |
| Aixtron SE | &nbsp;&nbsp; 119266 | 2008337 |
| Allianz SE, Registered | &nbsp;&nbsp; 313975 | 124075896 |
| Aroundtown SA<sup>(a)</sup> | &nbsp;&nbsp; 669437 | 2414052 |
| Aurubis AG | &nbsp;&nbsp; 32041 | 3195915 |
| Auto1 Group SE<sup>(a)(c)</sup> | &nbsp;&nbsp; 114029 | 3418350 |
| BASF SE | &nbsp;&nbsp; 717781 | 35177998 |
| Bayer AG, Registered | &nbsp;&nbsp; 798777 | 24843339 |
| Bayerische Motoren Werke AG | &nbsp;&nbsp; 234140 | 22278745 |
| Bechtle AG<sup>(b)</sup> | &nbsp;&nbsp; 73512 | 3190703 |
| Befesa SA<sup>(c)</sup> | &nbsp;&nbsp; 43508 | 1304625 |
| Beiersdorf AG | &nbsp;&nbsp; 77911 | 9681386 |
| Bilfinger SE | &nbsp;&nbsp; 34109 | 3669626 |
| Brenntag SE | &nbsp;&nbsp; 110194 | 6836338 |
| CANCOM SE | &nbsp;&nbsp; 35024 | 1026021 |
| Carl Zeiss Meditec AG, Bearer<sup>(b)</sup> | &nbsp;&nbsp; 37764 | 2082377 |
| Ceconomy AG<sup>(a)</sup> | &nbsp;&nbsp; 146808 | 741781 |
| Commerzbank AG | &nbsp;&nbsp; 758087 | 27644264 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI International Developed Markets ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| Continental AG | &nbsp;&nbsp; 93883 | $8018600 |
| Covestro AG, NVS<sup>(a)</sup> | &nbsp;&nbsp; 141947 | 9622197 |
| CTS Eventim AG & Co. KGaA | &nbsp;&nbsp; 58241 | 6576828 |
| Daimler Truck Holding AG | &nbsp;&nbsp; 403068 | 19607347 |
| Delivery Hero SE, Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 158465 | 4729299 |
| Dermapharm Holding SE | &nbsp;&nbsp; 21386 | 819041 |
| Deutsche Bank AG, Registered | &nbsp;&nbsp; 1519749 | 50055250 |
| Deutsche Boerse AG | &nbsp;&nbsp; 153560 | 44438303 |
| Deutsche Lufthansa AG, Registered | &nbsp;&nbsp; 484834 | 4157370 |
| Deutsche Pfandbriefbank AG<sup>(c)</sup> | &nbsp;&nbsp; 137733 | 857491 |
| Deutsche Post AG, Registered | &nbsp;&nbsp; 778459 | 34879405 |
| Deutsche Telekom AG, Registered | &nbsp;&nbsp; 2841170 | 101901112 |
| Duerr AG | &nbsp;&nbsp; 47550 | 1222162 |
| E.ON SE | &nbsp;&nbsp; 1830783 | 33399401 |
| Eckert & Ziegler SE | &nbsp;&nbsp; 15477 | 1177383 |
| Evonik Industries AG | &nbsp;&nbsp; 169299 | 3361950 |
| Evotec SE<sup>(a)(b)</sup> | &nbsp;&nbsp; 171901 | 1373394 |
| Fielmann Group AG | &nbsp;&nbsp; 26626 | 1687085 |
| flatexDEGIRO AG | &nbsp;&nbsp; 83179 | 2513940 |
| Fraport AG Frankfurt Airport Services Worldwide<sup>(a)</sup> | &nbsp;&nbsp; 38618 | 2873794 |
| Freenet AG | &nbsp;&nbsp; 101173 | 3281328 |
| Fresenius Medical Care AG | &nbsp;&nbsp; 177912 | 9023948 |
| Fresenius SE & Co. KGaA | &nbsp;&nbsp; 352010 | 16801659 |
| GEA Group AG | &nbsp;&nbsp; 134398 | 9653840 |
| Gerresheimer AG | &nbsp;&nbsp; 28752 | 1417587 |
| Grand City Properties SA<sup>(a)</sup> | &nbsp;&nbsp; 58902 | 742638 |
| Grenke AG | &nbsp;&nbsp; 32464 | 661165 |
| Hamborner REIT AG | &nbsp;&nbsp; 176996 | 1147095 |
| Hannover Rueck SE | &nbsp;&nbsp; 47215 | 14322357 |
| Heidelberg Materials AG | &nbsp;&nbsp; 112580 | 25971585 |
| HelloFresh SE<sup>(a)</sup> | &nbsp;&nbsp; 142505 | 1499532 |
| Henkel AG & Co. KGaA | &nbsp;&nbsp; 95482 | 6789754 |
| Hensoldt AG | &nbsp;&nbsp; 58523 | 6418175 |
| Hugo Boss AG<sup>(b)</sup> | &nbsp;&nbsp; 53057 | 2471027 |
| Hypoport SE<sup>(a)</sup> | &nbsp;&nbsp; 3449 | 735995 |
| Infineon Technologies AG | &nbsp;&nbsp; 1063637 | 41782972 |
| IONOS Group SE<sup>(a)</sup> | &nbsp;&nbsp; 40229 | 1907921 |
| Jenoptik AG | &nbsp;&nbsp; 62323 | 1320752 |
| K+S AG, Registered | &nbsp;&nbsp; 192415 | 2910808 |
| KION Group AG | &nbsp;&nbsp; 79826 | 4907291 |
| Knorr-Bremse AG | &nbsp;&nbsp; 57441 | 5732924 |
| Kontron AG | &nbsp;&nbsp; 47681 | 1538194 |
| Krones AG | &nbsp;&nbsp; 17734 | 2625974 |
| Lanxess AG | &nbsp;&nbsp; 85341 | 2343628 |
| LEG Immobilien SE | &nbsp;&nbsp; 60986 | 4840671 |
| Mercedes-Benz Group AG | &nbsp;&nbsp; 577449 | 32695305 |
| Merck KGaA | &nbsp;&nbsp; 101490 | 12684664 |
| MTU Aero Engines AG | &nbsp;&nbsp; 44537 | 19211401 |
| Muenchener Rueckversicherungs-Gesellschaft AG <br> in Muenchen, Registered<br>| &nbsp;&nbsp; 108098 | 70768583 |
| Nagarro SE<sup>(b)</sup> | &nbsp;&nbsp; 10814 | 683909 |
| Nemetschek SE | &nbsp;&nbsp; 54444 | 8111778 |
| Nordex SE<sup>(a)</sup> | &nbsp;&nbsp; 146183 | 3588191 |
| Norma Group SE<sup>(b)</sup> | &nbsp;&nbsp; 28111 | 500371 |
| Patrizia SE | &nbsp;&nbsp; 29262 | 261112 |
| Pfeiffer Vacuum Technology AG | &nbsp;&nbsp; 7467 | 1324216 |
| ProSiebenSat.1 Media SE | &nbsp;&nbsp; 144959 | 1321313 |
| Puma SE | &nbsp;&nbsp; 85276 | 1802604 |
| QIAGEN NV | &nbsp;&nbsp; 175260 | 8690383 |
| Rational AG | &nbsp;&nbsp; 3993 | 3082384 |
| Redcare Pharmacy NV<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 17930 | 1984678 |
| RENK Group AG | &nbsp;&nbsp; 61326 | 4760579 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| Rheinmetall AG | &nbsp;&nbsp; 36725 | $72696992 |
| RWE AG | &nbsp;&nbsp; 514455 | 21105610 |
| SAP SE | &nbsp;&nbsp; 854442 | 244332407 |
| Scout24 SE<sup>(c)</sup> | &nbsp;&nbsp; 68556 | 9161934 |
| Siemens AG, Registered | &nbsp;&nbsp; 622118 | 158455397 |
| Siemens Energy AG<sup>(a)</sup> | &nbsp;&nbsp; 557120 | 64502608 |
| Siemens Healthineers AG<sup>(c)</sup> | &nbsp;&nbsp; 270749 | 14583252 |
| Siltronic AG | &nbsp;&nbsp; 21863 | 945273 |
| Sixt SE | &nbsp;&nbsp; 22168 | 2298631 |
| Stabilus SE | &nbsp;&nbsp; 22610 | 648156 |
| Stroeer SE & Co. KGaA | &nbsp;&nbsp; 42356 | 2275886 |
| Suedzucker AG | &nbsp;&nbsp; 88952 | 1018643 |
| Symrise AG, Class A | &nbsp;&nbsp; 107676 | 9760532 |
| TAG Immobilien AG | &nbsp;&nbsp; 168372 | 2707093 |
| Talanx AG<sup>(a)</sup> | &nbsp;&nbsp; 50583 | 6704627 |
| TeamViewer SE<sup>(a)(c)</sup> | &nbsp;&nbsp; 158288 | 1618802 |
| thyssenkrupp AG | &nbsp;&nbsp; 412340 | 4772899 |
| United Internet AG, Registered<sup>(d)</sup> | &nbsp;&nbsp; 96163 | 2756318 |
| Verbio SE<sup>(b)</sup> | &nbsp;&nbsp; 30392 | 393806 |
| Vonovia SE | &nbsp;&nbsp; 604327 | 18755632 |
| Wacker Chemie AG | &nbsp;&nbsp; 21908 | 1630634 |
| Zalando SE<sup>(a)(c)</sup> | &nbsp;&nbsp; 186343 | 5433398 |
|  |  | 1622281030 |
| **Hong Kong — 1.8%** | **Hong Kong — 1.8%** | **Hong Kong — 1.8%** |
| AIA Group Ltd. | &nbsp;&nbsp; 8842200 | 82446137 |
| ASMPT Ltd. | &nbsp;&nbsp; 288000 | 2436398 |
| Bank of East Asia Ltd. (The) | &nbsp;&nbsp; 1389200 | 2148393 |
| BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 3259500 | 14635984 |
| Cafe de Coral Holdings Ltd. | &nbsp;&nbsp; 678000 | 624651 |
| CITIC Telecom International Holdings Ltd. | &nbsp;&nbsp; 2931000 | 950253 |
| CK Asset Holdings Ltd. | &nbsp;&nbsp; 1600500 | 7333809 |
| CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 2164000 | 14085479 |
| CK Infrastructure Holdings Ltd. | &nbsp;&nbsp; 633000 | 4458211 |
| CLP Holdings Ltd. | &nbsp;&nbsp; 1328500 | 11531081 |
| Crystal International Group Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 339500 | 243920 |
| Dah Sing Financial Holdings Ltd. | &nbsp;&nbsp; 222400 | 825049 |
| First Pacific Co. Ltd. | &nbsp;&nbsp; 1954000 | 1537457 |
| Futu Holdings Ltd., ADR | &nbsp;&nbsp; 50939 | 7828306 |
| Galaxy Entertainment Group Ltd. | &nbsp;&nbsp; 1785000 | 8704843 |
| Hang Lung Properties Ltd. | &nbsp;&nbsp; 2036000 | 2096791 |
| Hang Seng Bank Ltd. | &nbsp;&nbsp; 615600 | 8967258 |
| Health and Happiness H&H International <br> Holdings Ltd.<br>| &nbsp;&nbsp; 279500 | 407449 |
| Henderson Land Development Co. Ltd. | &nbsp;&nbsp; 1434572 | 5019962 |
| HKBN Ltd. | &nbsp;&nbsp; 1014000 | 644126 |
| HKT Trust & HKT Ltd., Class SS | &nbsp;&nbsp; 3199000 | 5037073 |
| Hong Kong & China Gas Co. Ltd. | &nbsp;&nbsp; 9203482 | 8214689 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 978900 | 52976889 |
| Hongkong Land Holdings Ltd. | &nbsp;&nbsp; 934400 | 5653120 |
| Hysan Development Co. Ltd. | &nbsp;&nbsp; 536000 | 1066561 |
| Jardine Matheson Holdings Ltd. | &nbsp;&nbsp; 140200 | 7613050 |
| Johnson Electric Holdings Ltd. | &nbsp;&nbsp; 721500 | 2126523 |
| Kerry Logistics Network Ltd. | &nbsp;&nbsp; 282898 | 297496 |
| Kerry Properties Ltd. | &nbsp;&nbsp; 706000 | 1885093 |
| Link REIT | &nbsp;&nbsp; 2227300 | 12409969 |
| Luk Fook Holdings International Ltd. | &nbsp;&nbsp; 414000 | 1080277 |
| Man Wah Holdings Ltd. | &nbsp;&nbsp; 1659600 | 936191 |
| Melco International Development Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1625000 | 1123648 |
| Melco Resorts & Entertainment Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 230720 | 1995728 |
| MTR Corp. Ltd. | &nbsp;&nbsp; 1179500 | 4242978 |
| New World Development Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1400000 | 1146439 |
| NWS Holdings Ltd. | &nbsp;&nbsp; 1364000 | 1337207 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI International Developed Markets ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| Pacific Basin Shipping Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 6067000 | $1753094 |
| PCCW Ltd. | &nbsp;&nbsp; 4991000 | 3575788 |
| Power Assets Holdings Ltd. | &nbsp;&nbsp; 1133500 | 7463074 |
| Sands China Ltd. | &nbsp;&nbsp; 2000000 | 4841535 |
| Sino Land Co. Ltd. | &nbsp;&nbsp; 3016000 | 3476540 |
| SITC International Holdings Co. Ltd. | &nbsp;&nbsp; 1253000 | 4062274 |
| SJM Holdings Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2915000 | 1153035 |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 1142500 | 13570005 |
| Swire Pacific Ltd., Class A | &nbsp;&nbsp; 282000 | 2549092 |
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp; 1172000 | 14014364 |
| United Laboratories International Holdings Ltd. <br> (The)<sup>(b)</sup><br>| &nbsp;&nbsp; 900000 | 1687097 |
| Vitasoy International Holdings Ltd. | &nbsp;&nbsp; 628000 | 733160 |
| Vobile Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1522000 | 673639 |
| VTech Holdings Ltd. | &nbsp;&nbsp; 253800 | 1880648 |
| WH Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 6742500 | 6750173 |
| Wharf Holdings Ltd. (The) | &nbsp;&nbsp; 869045 | 2474287 |
| Wharf Real Estate Investment Co. Ltd. | &nbsp;&nbsp; 1483000 | 4708247 |
| Xinyi Glass Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1716000 | 1768835 |
| Yue Yuen Industrial Holdings Ltd. | &nbsp;&nbsp; 687000 | 1074516 |
|  |  | 364277891 |
| **Ireland — 0.4%** | **Ireland — 0.4%** | **Ireland — 0.4%** |
| AIB Group PLC | &nbsp;&nbsp; 1611873 | 12715501 |
| Bank of Ireland Group PLC | &nbsp;&nbsp; 827252 | 11093424 |
| Cairn Homes PLC | &nbsp;&nbsp; 668214 | 1662393 |
| Glanbia PLC | &nbsp;&nbsp; 211696 | 3075917 |
| Glenveagh Properties PLC<sup>(a)(c)</sup> | &nbsp;&nbsp; 640507 | 1366115 |
| Kerry Group PLC, Class A | &nbsp;&nbsp; 125882 | 11627716 |
| Kingspan Group PLC | &nbsp;&nbsp; 123667 | 10263357 |
| Ryanair Holdings PLC | &nbsp;&nbsp; 665187 | 19558285 |
|  |  | 71362708 |
| **Israel — 1.2%** | **Israel — 1.2%** | **Israel — 1.2%** |
| Airport City Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 102179 | 1821850 |
| Alony Hetz Properties & Investments Ltd. | &nbsp;&nbsp; 206776 | 2155456 |
| Amot Investments Ltd. | &nbsp;&nbsp; 342036 | 2332109 |
| Azrieli Group Ltd. | &nbsp;&nbsp; 44868 | 4408242 |
| Bank Hapoalim BM | &nbsp;&nbsp; 1028343 | 19284588 |
| Bank Leumi Le-Israel BM | &nbsp;&nbsp; 1228974 | 22734514 |
| Bet Shemesh Engines Holdings 1997 Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6768 | 1286506 |
| Bezeq The Israeli Telecommunication Corp. Ltd. | &nbsp;&nbsp; 2004392 | 3728571 |
| Big Shopping Centers Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 19753 | 3762322 |
| Camtek Ltd./Israel<sup>(a)</sup> | &nbsp;&nbsp; 34808 | 3368632 |
| Cellebrite DI Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 92653 | 1295289 |
| Check Point Software Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 75494 | 14056983 |
| Clal Insurance Enterprises Holdings Ltd. | &nbsp;&nbsp; 55830 | 2676719 |
| CyberArk Software Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 39346 | 16189699 |
| Delek Group Ltd. | &nbsp;&nbsp; 12101 | 2457550 |
| El Al Israel Airlines<sup>(a)</sup> | &nbsp;&nbsp; 286912 | 1158257 |
| Elbit Systems Ltd. | &nbsp;&nbsp; 24498 | 11301719 |
| Electra Ltd./Israel | &nbsp;&nbsp; 3225 | 1953949 |
| Energix-Renewable Energies Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 513515 | 2000308 |
| Enlight Renewable Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 152936 | 3755237 |
| First International Bank Of Israel Ltd. (The) | &nbsp;&nbsp; 62297 | 4327000 |
| Fiverr International Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 31711 | 700179 |
| G City Ltd. | &nbsp;&nbsp; 252352 | 904042 |
| Gav-Yam Lands Corp. Ltd. | &nbsp;&nbsp; 1 | 11 |
| Global-e Online Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 94451 | 3131051 |
| Harel Insurance Investments & Financial <br> Services Ltd.<br>| &nbsp;&nbsp; 132709 | 4000613 |
| ICL Group Ltd. | &nbsp;&nbsp; 652326 | 4063931 |
| Inmode Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 65364 | 892872 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Israel (continued)** | **Israel (continued)** | **Israel (continued)** |
| Isracard Ltd. | &nbsp;&nbsp; 347346 | $1422744 |
| Israel Discount Bank Ltd., Class A | &nbsp;&nbsp; 1126029 | 10768812 |
| Kornit Digital Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 46381 | 928548 |
| Melisron Ltd. | &nbsp;&nbsp; 31722 | 3652390 |
| Mivne Real Estate KD Ltd. | &nbsp;&nbsp; 769784 | 2901639 |
| Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp; 143002 | 8833780 |
| Monday.com Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 33439 | 8770715 |
| Next Vision Stabilized Systems Ltd. | &nbsp;&nbsp; 58831 | 2411279 |
| Nice Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 52324 | 8168358 |
| Nova Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 27401 | 7307038 |
| Oddity Tech Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 33520 | 2348746 |
| Paz Retail & Energy Ltd. | &nbsp;&nbsp; 12261 | 2267066 |
| Phoenix Financial Ltd. | &nbsp;&nbsp; 191206 | 6514978 |
| Radware Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 46038 | 1178573 |
| Reit 1 Ltd. | &nbsp;&nbsp; 309296 | 2027957 |
| Shapir Engineering and Industry Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 252076 | 2084483 |
| Shikun & Binui Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 420916 | 2003594 |
| Shufersal Ltd. | &nbsp;&nbsp; 250379 | 3027026 |
| Strauss Group Ltd. | &nbsp;&nbsp; 81771 | 2195730 |
| Tel Aviv Stock Exchange Ltd. | &nbsp;&nbsp; 94078 | 1776015 |
| Teva Pharmaceutical Industries Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 952115 | 14710177 |
| Tower Semiconductor Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 93180 | 4323721 |
| Wix.com Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 46235 | 6289347 |
| ZIM Integrated Shipping Services Ltd. | &nbsp;&nbsp; 101473 | 1608347 |
|  |  | 247269262 |
| **Italy — 2.8%** | **Italy — 2.8%** | **Italy — 2.8%** |
| A2A SpA | &nbsp;&nbsp; 1419752 | 3459582 |
| ACEA SpA | &nbsp;&nbsp; 40860 | 906777 |
| Amplifon SpA | &nbsp;&nbsp; 121181 | 2039949 |
| Ascopiave SpA | &nbsp;&nbsp; 48700 | 168215 |
| Azimut Holding SpA | &nbsp;&nbsp; 98488 | 3347852 |
| Banca Generali SpA | &nbsp;&nbsp; 46497 | 2596963 |
| Banca Mediolanum SpA | &nbsp;&nbsp; 125166 | 2207776 |
| Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp; 729523 | 6210736 |
| Banca Popolare di Sondrio SpA | &nbsp;&nbsp; 146034 | 1999662 |
| Banco BPM SpA | &nbsp;&nbsp; 1014099 | 12932955 |
| BFF Bank SpA<sup>(a)(c)</sup> | &nbsp;&nbsp; 185934 | 2207444 |
| BPER Banca SpA | &nbsp;&nbsp; 1197987 | 11788811 |
| Brembo NV | &nbsp;&nbsp; 149761 | 1435721 |
| Brunello Cucinelli SpA | &nbsp;&nbsp; 27912 | 3130127 |
| Buzzi SpA | &nbsp;&nbsp; 68245 | 3563725 |
| Carel Industries SpA<sup>(c)</sup> | &nbsp;&nbsp; 44560 | 1210455 |
| Davide Campari-Milano NV<sup>(b)</sup> | &nbsp;&nbsp; 565163 | 3892744 |
| De' Longhi SpA | &nbsp;&nbsp; 76236 | 2500424 |
| DiaSorin SpA | &nbsp;&nbsp; 23851 | 2331793 |
| Enav SpA<sup>(c)</sup> | &nbsp;&nbsp; 245057 | 1075073 |
| Enel SpA | &nbsp;&nbsp; 6558935 | 57838555 |
| Eni SpA | &nbsp;&nbsp; 1754023 | 29936495 |
| ERG SpA | &nbsp;&nbsp; 37936 | 821862 |
| Ferrari NV | &nbsp;&nbsp; 103064 | 45194314 |
| Fincantieri SpA<sup>(a)</sup> | &nbsp;&nbsp; 77668 | 1503059 |
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp; 489129 | 10415520 |
| Generali | &nbsp;&nbsp; 730886 | 27266264 |
| Hera SpA | &nbsp;&nbsp; 662104 | 2833116 |
| Infrastrutture Wireless Italiane SpA<sup>(c)</sup> | &nbsp;&nbsp; 219839 | 2599001 |
| Interpump Group SpA | &nbsp;&nbsp; 57859 | 2373852 |
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 12226161 | 73665790 |
| Iren SpA | &nbsp;&nbsp; 443428 | 1269830 |
| Italgas SpA | &nbsp;&nbsp; 628101 | 5211584 |
| Iveco Group NV | &nbsp;&nbsp; 188685 | 3900087 |
| Leonardo SpA | &nbsp;&nbsp; 331660 | 17877510 |
| Lottomatica Group SpA | &nbsp;&nbsp; 189991 | 5125569 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI International Developed Markets ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| Maire SpA | &nbsp;&nbsp; 128154 | $1780122 |
| Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp; 412805 | 9088459 |
| MFE-MediaForEurope NV, Class A | &nbsp;&nbsp; 179645 | 569331 |
| MFE-MediaForEurope NV, Class B | &nbsp;&nbsp; 74755 | 335940 |
| Moncler SpA | &nbsp;&nbsp; 187297 | 9989032 |
| Nexi SpA<sup>(c)</sup> | &nbsp;&nbsp; 475712 | 2716427 |
| Pirelli & C SpA<sup>(c)</sup> | &nbsp;&nbsp; 320235 | 2158822 |
| Poste Italiane SpA<sup>(c)</sup> | &nbsp;&nbsp; 414323 | 8951410 |
| Prysmian SpA | &nbsp;&nbsp; 229053 | 18292957 |
| Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp; 98218 | 5633164 |
| Reply SpA | &nbsp;&nbsp; 16822 | 2634894 |
| Saipem SpA<sup>(b)</sup> | &nbsp;&nbsp; 1176181 | 3143966 |
| Salvatore Ferragamo SpA<sup>(a)(b)</sup> | &nbsp;&nbsp; 147579 | 834603 |
| Snam SpA | &nbsp;&nbsp; 1590750 | 9218815 |
| SOL SpA | &nbsp;&nbsp; 37060 | 1979305 |
| Stellantis NV | &nbsp;&nbsp; 1650176 | 14562974 |
| Tamburi Investment Partners SpA | &nbsp;&nbsp; 111370 | 980731 |
| Technogym SpA<sup>(c)</sup> | &nbsp;&nbsp; 161518 | 2492102 |
| Technoprobe SpA<sup>(a)</sup> | &nbsp;&nbsp; 169061 | 1387105 |
| Telecom Italia SpA/Milano<sup>(a)</sup> | &nbsp;&nbsp; 10244599 | 4707726 |
| Tenaris SA | &nbsp;&nbsp; 371971 | 6496536 |
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp; 1144938 | 11078357 |
| UniCredit SpA | &nbsp;&nbsp; 1148585 | 84505723 |
| Unipol Gruppo SpA | &nbsp;&nbsp; 333975 | 6698771 |
| Webuild SpA | &nbsp;&nbsp; 448254 | 2017435 |
|  |  | 569093899 |
| **Japan — 20.9%** | **Japan — 20.9%** | **Japan — 20.9%** |
| 77 Bank Ltd. (The) | &nbsp;&nbsp; 46700 | 1613097 |
| ABC-Mart Inc. | &nbsp;&nbsp; 110500 | 2067827 |
| Activia Properties Inc. | &nbsp;&nbsp; 1270 | 1085022 |
| ADEKA Corp. | &nbsp;&nbsp; 45400 | 895982 |
| Advance Residence Investment Corp. | &nbsp;&nbsp; 2519 | 2597989 |
| Advantest Corp. | &nbsp;&nbsp; 628400 | 41788030 |
| Aeon Co. Ltd. | &nbsp;&nbsp; 617510 | 19725016 |
| AEON Financial Service Co. Ltd. | &nbsp;&nbsp; 125400 | 1127662 |
| AEON REIT Investment Corp. | &nbsp;&nbsp; 1050 | 895193 |
| AGC Inc. | &nbsp;&nbsp; 154800 | 4658655 |
| Ai Holdings Corp. | &nbsp;&nbsp; 93400 | 1494949 |
| Aica Kogyo Co. Ltd. | &nbsp;&nbsp; 35100 | 864260 |
| Aichi Steel Corp. | &nbsp;&nbsp; 31700 | 482472 |
| Aiful Corp. | &nbsp;&nbsp; 619800 | 1831400 |
| Ain Holdings Inc. | &nbsp;&nbsp; 21300 | 819832 |
| Air Water Inc. | &nbsp;&nbsp; 156200 | 2307496 |
| Aisin Corp. | &nbsp;&nbsp; 384000 | 5306883 |
| Ajinomoto Co. Inc. | &nbsp;&nbsp; 734300 | 19426953 |
| Alfresa Holdings Corp. | &nbsp;&nbsp; 166300 | 2414010 |
| Alps Alpine Co. Ltd. | &nbsp;&nbsp; 142800 | 1512865 |
| ALSOK Co Ltd. | &nbsp;&nbsp; 248600 | 1731648 |
| Amada Co. Ltd. | &nbsp;&nbsp; 262700 | 2962186 |
| Amano Corp. | &nbsp;&nbsp; 53700 | 1498430 |
| ANA Holdings Inc. | &nbsp;&nbsp; 155400 | 2881513 |
| Anritsu Corp. | &nbsp;&nbsp; 122400 | 1319313 |
| Anycolor Inc. | &nbsp;&nbsp; 28600 | 891257 |
| Aozora Bank Ltd. | &nbsp;&nbsp; 108200 | 1587443 |
| Appier Group Inc. | &nbsp;&nbsp; 51800 | 525262 |
| Arcs Co. Ltd. | &nbsp;&nbsp; 24100 | 484931 |
| ARE Holdings Inc. | &nbsp;&nbsp; 137700 | 1623135 |
| Ariake Japan Co. Ltd. | &nbsp;&nbsp; 19100 | 846040 |
| Artience Co. Ltd. | &nbsp;&nbsp; 33100 | 700928 |
| As One Corp. | &nbsp;&nbsp; 44200 | 694592 |
| Asahi Group Holdings Ltd. | &nbsp;&nbsp; 1180300 | 14973379 |
| Asahi Intecc Co. Ltd. | &nbsp;&nbsp; 166400 | 2589530 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Asahi Kasei Corp. | &nbsp;&nbsp; 1066100 | $7417661 |
| Asics Corp. | &nbsp;&nbsp; 567400 | 13339169 |
| Astellas Pharma Inc. | &nbsp;&nbsp; 1549500 | 16066177 |
| Atom Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 157700 | 705151 |
| Autobacs Seven Co. Ltd. | &nbsp;&nbsp; 109800 | 1071219 |
| Awa Bank Ltd. (The) | &nbsp;&nbsp; 25000 | 529965 |
| Azbil Corp. | &nbsp;&nbsp; 294200 | 2749123 |
| Bandai Namco Holdings Inc. | &nbsp;&nbsp; 517100 | 16721420 |
| BayCurrent Inc. | &nbsp;&nbsp; 125100 | 7183248 |
| Bic Camera Inc. | &nbsp;&nbsp; 95200 | 994014 |
| BIPROGY Inc. | &nbsp;&nbsp; 56700 | 2286434 |
| BML Inc. | &nbsp;&nbsp; 24900 | 578262 |
| Bridgestone Corp. | &nbsp;&nbsp; 487900 | 19735636 |
| Brother Industries Ltd. | &nbsp;&nbsp; 170700 | 2904604 |
| Calbee Inc. | &nbsp;&nbsp; 60400 | 1108501 |
| Canon Inc. | &nbsp;&nbsp; 787100 | 22355718 |
| Canon Marketing Japan Inc. | &nbsp;&nbsp; 41800 | 1510162 |
| Capcom Co. Ltd. | &nbsp;&nbsp; 279000 | 7102149 |
| Casio Computer Co. Ltd. | &nbsp;&nbsp; 142300 | 1127351 |
| Central Glass Co. Ltd. | &nbsp;&nbsp; 24900 | 537856 |
| Central Japan Railway Co. | &nbsp;&nbsp; 664900 | 15500268 |
| Change Holdings Inc. | &nbsp;&nbsp; 53100 | 406208 |
| Chiba Bank Ltd. (The) | &nbsp;&nbsp; 380500 | 3546528 |
| Chiyoda Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 218300 | 518660 |
| Chubu Electric Power Co. Inc. | &nbsp;&nbsp; 554900 | 6786841 |
| Chudenko Corp. | &nbsp;&nbsp; 16900 | 410149 |
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 560800 | 26883030 |
| Chugin Financial Group Inc., NVS | &nbsp;&nbsp; 134200 | 1742287 |
| Chugoku Electric Power Co. Inc. (The) | &nbsp;&nbsp; 222200 | 1209834 |
| Citizen Watch Co. Ltd. | &nbsp;&nbsp; 167300 | 1004203 |
| CKD Corp. | &nbsp;&nbsp; 44700 | 798040 |
| Coca-Cola Bottlers Japan Holdings Inc. | &nbsp;&nbsp; 152300 | 2328720 |
| Colowide Co. Ltd. | &nbsp;&nbsp; 76600 | 988918 |
| Comforia Residential REIT Inc. | &nbsp;&nbsp; 504 | 989981 |
| COMSYS Holdings Corp. | &nbsp;&nbsp; 71700 | 1643712 |
| Concordia Financial Group Ltd. | &nbsp;&nbsp; 849600 | 5633891 |
| Cosmo Energy Holdings Co. Ltd. | &nbsp;&nbsp; 46300 | 2054913 |
| Cosmos Pharmaceutical Corp. | &nbsp;&nbsp; 31700 | 1969250 |
| Cover Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 38400 | 542584 |
| CRE Logistics REIT Inc. | &nbsp;&nbsp; 1067 | 1056492 |
| Create Restaurants Holdings Inc. | &nbsp;&nbsp; 145100 | 1476314 |
| Create SD Holdings Co. Ltd. | &nbsp;&nbsp; 22100 | 503954 |
| Credit Saison Co. Ltd. | &nbsp;&nbsp; 114200 | 3012998 |
| CyberAgent Inc. | &nbsp;&nbsp; 336100 | 3366155 |
| Dai Nippon Printing Co. Ltd. | &nbsp;&nbsp; 332600 | 5121860 |
| Daicel Corp. | &nbsp;&nbsp; 196700 | 1692027 |
| Daido Steel Co. Ltd. | &nbsp;&nbsp; 99900 | 769273 |
| Daifuku Co. Ltd. | &nbsp;&nbsp; 255600 | 6470819 |
| Daihen Corp. | &nbsp;&nbsp; 20400 | 963249 |
| Dai-ichi Life Holdings Inc. | &nbsp;&nbsp; 2997600 | 23717558 |
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 1415100 | 34715120 |
| Daiichikosho Co. Ltd. | &nbsp;&nbsp; 46600 | 500304 |
| Daikin Industries Ltd. | &nbsp;&nbsp; 214700 | 26398600 |
| Daio Paper Corp. | &nbsp;&nbsp; 99200 | 552648 |
| Daiseki Co. Ltd. | &nbsp;&nbsp; 29460 | 685855 |
| Daishi Hokuetsu Financial Group Inc. | &nbsp;&nbsp; 57600 | 1409702 |
| Daito Trust Construction Co. Ltd. | &nbsp;&nbsp; 40100 | 4105344 |
| Daiwa House Industry Co. Ltd. | &nbsp;&nbsp; 485000 | 16034542 |
| Daiwa House REIT Investment Corp. | &nbsp;&nbsp; 1840 | 3077074 |
| Daiwa Office Investment Corp. | &nbsp;&nbsp; 376 | 873552 |
| Daiwa Securities Group Inc. | &nbsp;&nbsp; 1153200 | 8028408 |
| Daiwa Securities Living Investments Corp. | &nbsp;&nbsp; 1607 | 1088804 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI International Developed Markets ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Daiwabo Holdings Co. Ltd. | &nbsp;&nbsp; 118100 | $2171812 |
| DCM Holdings Co. Ltd. | &nbsp;&nbsp; 108500 | 1031526 |
| DeNA Co. Ltd. | &nbsp;&nbsp; 72000 | 1122079 |
| Denka Co. Ltd. | &nbsp;&nbsp; 52200 | 736037 |
| Denso Corp. | &nbsp;&nbsp; 1556200 | 21113617 |
| Dentsu Group Inc. | &nbsp;&nbsp; 159200 | 3139518 |
| Dentsu Soken Inc. | &nbsp;&nbsp; 24200 | 1062939 |
| Dexerials Corp. | &nbsp;&nbsp; 154800 | 2238043 |
| DIC Corp. | &nbsp;&nbsp; 49800 | 982981 |
| Digital Arts Inc. | &nbsp;&nbsp; 15000 | 792981 |
| Digital Garage Inc. | &nbsp;&nbsp; 29900 | 786745 |
| Dip Corp. | &nbsp;&nbsp; 21900 | 354485 |
| Disco Corp. | &nbsp;&nbsp; 75100 | 22194038 |
| DMG Mori Co. Ltd. | &nbsp;&nbsp; 132000 | 3050153 |
| Dowa Holdings Co. Ltd. | &nbsp;&nbsp; 41400 | 1352008 |
| DTS Corp. | &nbsp;&nbsp; 41700 | 1383520 |
| Duskin Co. Ltd. | &nbsp;&nbsp; 34400 | 908197 |
| Earth Corp. | &nbsp;&nbsp; 19000 | 613941 |
| East Japan Railway Co. | &nbsp;&nbsp; 754800 | 16178506 |
| Ebara Corp. | &nbsp;&nbsp; 375100 | 6849636 |
| EDION Corp. | &nbsp;&nbsp; 88100 | 1171453 |
| eGuarantee Inc. | &nbsp;&nbsp; 21900 | 216807 |
| Eiken Chemical Co. Ltd. | &nbsp;&nbsp; 38200 | 600397 |
| Eisai Co. Ltd. | &nbsp;&nbsp; 188900 | 5297768 |
| Elecom Co. Ltd. | &nbsp;&nbsp; 99000 | 1280472 |
| Electric Power Development Co. Ltd. | &nbsp;&nbsp; 142800 | 2471242 |
| en Japan Inc. | &nbsp;&nbsp; 18500 | 214783 |
| ENEOS Holdings Inc. | &nbsp;&nbsp; 2331400 | 12236662 |
| EXEO Group Inc. | &nbsp;&nbsp; 151200 | 1986025 |
| Ezaki Glico Co. Ltd. | &nbsp;&nbsp; 42200 | 1303062 |
| FANUC Corp. | &nbsp;&nbsp; 764200 | 21272998 |
| Fast Retailing Co. Ltd. | &nbsp;&nbsp; 157300 | 47981171 |
| FCC Co. Ltd. | &nbsp;&nbsp; 48500 | 973495 |
| Ferrotec Corp. | &nbsp;&nbsp; 49100 | 1177635 |
| Food & Life Companies Ltd. | &nbsp;&nbsp; 104300 | 5253216 |
| FP Corp. | &nbsp;&nbsp; 30500 | 543725 |
| Freee KK<sup>(a)(b)</sup> | &nbsp;&nbsp; 39200 | 1053634 |
| Frontier Real Estate Investment Corp. | &nbsp;&nbsp; 1668 | 951409 |
| Fuji Corp./Aichi | &nbsp;&nbsp; 50800 | 953312 |
| Fuji Electric Co. Ltd. | &nbsp;&nbsp; 123300 | 6130252 |
| Fuji Kyuko Co. Ltd. | &nbsp;&nbsp; 14900 | 209551 |
| Fuji Media Holdings Inc. | &nbsp;&nbsp; 39600 | 933511 |
| Fuji Oil Co. Ltd. | &nbsp;&nbsp; 32300 | 607794 |
| Fuji Seal International Inc. | &nbsp;&nbsp; 38600 | 709148 |
| FUJIFILM Holdings Corp. | &nbsp;&nbsp; 905700 | 18786232 |
| Fujikura Ltd. | &nbsp;&nbsp; 216900 | 14723699 |
| Fujimi Inc. | &nbsp;&nbsp; 40500 | 603922 |
| Fujitec Co. Ltd. | &nbsp;&nbsp; 57900 | 2143202 |
| Fujitsu Ltd. | &nbsp;&nbsp; 1423100 | 31000692 |
| Fukuoka Financial Group Inc. | &nbsp;&nbsp; 148400 | 4046428 |
| Fukuoka REIT Corp. | &nbsp;&nbsp; 544 | 651256 |
| Fukuyama Transporting Co. Ltd. | &nbsp;&nbsp; 16400 | 390467 |
| Funai Soken Holdings Inc. | &nbsp;&nbsp; 27500 | 432855 |
| Furukawa Electric Co. Ltd. | &nbsp;&nbsp; 60300 | 3642222 |
| Fuso Chemical Co. Ltd. | &nbsp;&nbsp; 18600 | 527023 |
| Future Corp. | &nbsp;&nbsp; 42800 | 668939 |
| Fuyo General Lease Co. Ltd. | &nbsp;&nbsp; 26400 | 713132 |
| GENDA Inc.<sup>(a)</sup> | &nbsp;&nbsp; 73600 | 453371 |
| Global One Real Estate Investment Corp. | &nbsp;&nbsp; 941 | 889714 |
| Glory Ltd. | &nbsp;&nbsp; 31200 | 802274 |
| GLP J-REIT | &nbsp;&nbsp; 3272 | 2867271 |
| GMO internet group Inc. | &nbsp;&nbsp; 53600 | 1373090 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| GMO Payment Gateway Inc. | &nbsp;&nbsp; 34400 | $1917209 |
| GNI Group Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 51500 | 937827 |
| Goldwin Inc. | &nbsp;&nbsp; 26900 | 1385100 |
| Gree Inc. | &nbsp;&nbsp; 88700 | 289995 |
| GS Yuasa Corp. | &nbsp;&nbsp; 66000 | 1184454 |
| GungHo Online Entertainment Inc. | &nbsp;&nbsp; 44500 | 851900 |
| Gunma Bank Ltd. (The) | &nbsp;&nbsp; 322500 | 3019867 |
| H.U. Group Holdings Inc. | &nbsp;&nbsp; 53900 | 1158160 |
| H2O Retailing Corp. | &nbsp;&nbsp; 71400 | 943482 |
| Hachijuni Bank Ltd. (The) | &nbsp;&nbsp; 347200 | 3123637 |
| Hakuhodo DY Holdings Inc. | &nbsp;&nbsp; 182000 | 1432237 |
| Hamakyorex Co. Ltd. | &nbsp;&nbsp; 59600 | 576701 |
| Hamamatsu Photonics KK | &nbsp;&nbsp; 235300 | 2871858 |
| Hankyu Hanshin Holdings Inc. | &nbsp;&nbsp; 180300 | 4698915 |
| Hankyu Hanshin REIT Inc. | &nbsp;&nbsp; 660 | 698511 |
| Hanwa Co. Ltd. | &nbsp;&nbsp; 25300 | 1019196 |
| Happinet Corp. | &nbsp;&nbsp; 14300 | 537366 |
| Harmonic Drive Systems Inc. | &nbsp;&nbsp; 62000 | 1175469 |
| Haseko Corp. | &nbsp;&nbsp; 190900 | 2839987 |
| Hazama Ando Corp. | &nbsp;&nbsp; 123200 | 1306447 |
| Heiwa Corp. | &nbsp;&nbsp; 56800 | 786938 |
| Heiwa Real Estate Co. Ltd. | &nbsp;&nbsp; 36800 | 538790 |
| Heiwa Real Estate REIT Inc. | &nbsp;&nbsp; 925 | 867257 |
| Heiwado Co. Ltd. | &nbsp;&nbsp; 26200 | 505526 |
| Hikari Tsushin Inc. | &nbsp;&nbsp; 12700 | 3414505 |
| Hino Motors Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 261900 | 636524 |
| Hioki EE Corp | &nbsp;&nbsp; 11900 | 439509 |
| Hirogin Holdings Inc. | &nbsp;&nbsp; 321600 | 2805253 |
| Hirose Electric Co. Ltd. | &nbsp;&nbsp; 16205 | 2034783 |
| HIS Co. Ltd. | &nbsp;&nbsp; 39900 | 375692 |
| Hisamitsu Pharmaceutical Co. Inc. | &nbsp;&nbsp; 42500 | 1144102 |
| Hitachi Construction Machinery Co. Ltd. | &nbsp;&nbsp; 75300 | 2180839 |
| Hitachi Ltd. | &nbsp;&nbsp; 3761000 | 115089020 |
| Hogy Medical Co. Ltd. | &nbsp;&nbsp; 22200 | 700980 |
| Hokkaido Electric Power Co. Inc. | &nbsp;&nbsp; 129000 | 772765 |
| Hokuetsu Corp.<sup>(b)</sup> | &nbsp;&nbsp; 152300 | 1024874 |
| Hokuhoku Financial Group Inc. | &nbsp;&nbsp; 86600 | 1829203 |
| Hokuriku Electric Power Co. | &nbsp;&nbsp; 127100 | 659135 |
| Honda Motor Co. Ltd. | &nbsp;&nbsp; 3516300 | 36403913 |
| Horiba Ltd. | &nbsp;&nbsp; 25900 | 1904769 |
| Hoshino Resorts REIT Inc. | &nbsp;&nbsp; 535 | 928214 |
| Hoshizaki Corp. | &nbsp;&nbsp; 82100 | 2811332 |
| Hosiden Corp. | &nbsp;&nbsp; 103800 | 1613670 |
| House Foods Group Inc. | &nbsp;&nbsp; 58200 | 1076265 |
| Hoya Corp. | &nbsp;&nbsp; 290800 | 36688108 |
| Hulic Co. Ltd. | &nbsp;&nbsp; 295100 | 2814576 |
| Hulic REIT Inc. | &nbsp;&nbsp; 733 | 799222 |
| Ibiden Co. Ltd. | &nbsp;&nbsp; 93400 | 3949990 |
| Ichibanya Co. Ltd. | &nbsp;&nbsp; 116600 | 753111 |
| Ichigo Inc. | &nbsp;&nbsp; 167300 | 442918 |
| Ichigo Office REIT Investment Corp. | &nbsp;&nbsp; 988 | 625755 |
| Idec Corp./Japan | &nbsp;&nbsp; 33200 | 500478 |
| Idemitsu Kosan Co. Ltd. | &nbsp;&nbsp; 747400 | 4804744 |
| IHI Corp. | &nbsp;&nbsp; 128000 | 14253661 |
| Iida Group Holdings Co. Ltd. | &nbsp;&nbsp; 73000 | 1023886 |
| Inaba Denki Sangyo Co. Ltd. | &nbsp;&nbsp; 33300 | 873275 |
| Inabata & Co. Ltd. | &nbsp;&nbsp; 28700 | 622690 |
| Industrial & Infrastructure Fund Investment Corp. | &nbsp;&nbsp; 2244 | 1836096 |
| Infomart Corp. | &nbsp;&nbsp; 208700 | 572679 |
| Infroneer Holdings Inc. | &nbsp;&nbsp; 192452 | 1626424 |
| Inpex Corp. | &nbsp;&nbsp; 677800 | 9651025 |
| Internet Initiative Japan Inc. | &nbsp;&nbsp; 131500 | 2421772 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI International Developed Markets ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Invincible Investment Corp. | &nbsp;&nbsp; 7744 | $3444292 |
| Isetan Mitsukoshi Holdings Ltd. | &nbsp;&nbsp; 291300 | 4116790 |
| Isuzu Motors Ltd. | &nbsp;&nbsp; 454900 | 5830003 |
| Ito En Ltd. | &nbsp;&nbsp; 45200 | 981687 |
| ITOCHU Corp. | &nbsp;&nbsp; 964400 | 50585284 |
| Itoham Yonekyu Holdings Inc. | &nbsp;&nbsp; 43880 | 1480206 |
| Iwatani Corp. | &nbsp;&nbsp; 160800 | 1691356 |
| Iyogin Holdings Inc., NVS | &nbsp;&nbsp; 216000 | 2510012 |
| Izumi Co. Ltd. | &nbsp;&nbsp; 19400 | 408401 |
| J Front Retailing Co. Ltd. | &nbsp;&nbsp; 255500 | 3444079 |
| JAFCO Group Co. Ltd. | &nbsp;&nbsp; 39300 | 645798 |
| Japan Airlines Co. Ltd. | &nbsp;&nbsp; 145200 | 2883307 |
| Japan Airport Terminal Co. Ltd. | &nbsp;&nbsp; 42700 | 1296783 |
| Japan Aviation Electronics Industry Ltd. | &nbsp;&nbsp; 39100 | 626664 |
| Japan Elevator Service Holdings Co. Ltd. | &nbsp;&nbsp; 60400 | 1612409 |
| Japan Excellent Inc. | &nbsp;&nbsp; 827 | 765105 |
| Japan Exchange Group Inc. | &nbsp;&nbsp; 799000 | 7808129 |
| Japan Hotel REIT Investment Corp. | &nbsp;&nbsp; 5850 | 3215006 |
| Japan Lifeline Co. Ltd. | &nbsp;&nbsp; 65700 | 627743 |
| Japan Logistics Fund Inc. | &nbsp;&nbsp; 2022 | 1255114 |
| Japan Material Co. Ltd. | &nbsp;&nbsp; 134200 | 1223136 |
| Japan Metropolitan Fund Invest | &nbsp;&nbsp; 6764 | 4919612 |
| Japan Petroleum Exploration Co. Ltd. | &nbsp;&nbsp; 177600 | 1289850 |
| Japan Post Bank Co. Ltd. | &nbsp;&nbsp; 1443800 | 16114676 |
| Japan Post Holdings Co. Ltd. | &nbsp;&nbsp; 1559400 | 14441083 |
| Japan Post Insurance Co. Ltd. | &nbsp;&nbsp; 150300 | 3848372 |
| Japan Prime Realty Investment Corp. | &nbsp;&nbsp; 2174 | 1428183 |
| Japan Real Estate Investment Corp. | &nbsp;&nbsp; 5699 | 4622487 |
| Japan Securities Finance Co. Ltd. | &nbsp;&nbsp; 94300 | 1141248 |
| Japan Steel Works Ltd. (The) | &nbsp;&nbsp; 53300 | 3287414 |
| Japan Tobacco Inc. | &nbsp;&nbsp; 1003500 | 28659577 |
| JCU Corp. | &nbsp;&nbsp; 21300 | 501003 |
| Jeol Ltd. | &nbsp;&nbsp; 33900 | 969854 |
| JFE Holdings Inc. | &nbsp;&nbsp; 399800 | 4626909 |
| JGC Holdings Corp. | &nbsp;&nbsp; 189100 | 1690639 |
| JINS Holdings Inc. | &nbsp;&nbsp; 15700 | 832438 |
| JMDC Inc. | &nbsp;&nbsp; 27700 | 715760 |
| Joyful Honda Co. Ltd. | &nbsp;&nbsp; 114700 | 1583038 |
| JTEKT Corp. | &nbsp;&nbsp; 188300 | 1627262 |
| Justsystems Corp. | &nbsp;&nbsp; 29100 | 732828 |
| JVCKenwood Corp. | &nbsp;&nbsp; 142600 | 1127669 |
| Kadokawa Corp. | &nbsp;&nbsp; 94300 | 2290310 |
| Kagome Co. Ltd. | &nbsp;&nbsp; 74700 | 1427444 |
| Kajima Corp. | &nbsp;&nbsp; 342700 | 8584859 |
| Kakaku.com Inc. | &nbsp;&nbsp; 140600 | 2389705 |
| Kaken Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 34500 | 899037 |
| Kamigumi Co. Ltd. | &nbsp;&nbsp; 100300 | 2818777 |
| Kanadevia Corp. | &nbsp;&nbsp; 144700 | 976600 |
| Kanamoto Co. Ltd. | &nbsp;&nbsp; 28700 | 643685 |
| Kandenko Co. Ltd. | &nbsp;&nbsp; 136600 | 3235918 |
| Kaneka Corp. | &nbsp;&nbsp; 19800 | 560472 |
| Kanematsu Corp. | &nbsp;&nbsp; 122100 | 2294032 |
| Kansai Electric Power Co. Inc. (The) | &nbsp;&nbsp; 766800 | 9206537 |
| Kansai Paint Co. Ltd. | &nbsp;&nbsp; 156000 | 2208944 |
| Kao Corp. | &nbsp;&nbsp; 369700 | 16635185 |
| Kasumigaseki Capital Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 6500 | 824794 |
| Katitas Co. Ltd. | &nbsp;&nbsp; 25100 | 420882 |
| Kato Sangyo Co. Ltd. | &nbsp;&nbsp; 12200 | 463079 |
| Kawasaki Heavy Industries Ltd. | &nbsp;&nbsp; 134500 | 9822943 |
| Kawasaki Kisen Kaisha Ltd. | &nbsp;&nbsp; 316700 | 4473986 |
| KDDI Corp. | &nbsp;&nbsp; 2505000 | 41111062 |
| KDX Realty Investment Corp. | &nbsp;&nbsp; 3245 | 3487281 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Keihan Holdings Co. Ltd. | &nbsp;&nbsp; 72000 | $1476884 |
| Keikyu Corp. | &nbsp;&nbsp; 163700 | 1682479 |
| Keio Corp. | &nbsp;&nbsp; 77700 | 1814165 |
| Keisei Electric Railway Co. Ltd. | &nbsp;&nbsp; 367100 | 3079726 |
| Kewpie Corp. | &nbsp;&nbsp; 77800 | 2126112 |
| Keyence Corp. | &nbsp;&nbsp; 158200 | 57225893 |
| KH Neochem Co. Ltd. | &nbsp;&nbsp; 26500 | 501559 |
| Kikkoman Corp. | &nbsp;&nbsp; 575500 | 5055744 |
| Kinden Corp. | &nbsp;&nbsp; 135000 | 4250704 |
| Kintetsu Group Holdings Co. Ltd. | &nbsp;&nbsp; 145600 | 2794134 |
| Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 682800 | 8997710 |
| Kissei Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 28900 | 851441 |
| Kitz Corp. | &nbsp;&nbsp; 141800 | 1189383 |
| Kiyo Bank Ltd. (The) | &nbsp;&nbsp; 102200 | 1859238 |
| Kobayashi Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 34700 | 1220313 |
| Kobe Bussan Co. Ltd. | &nbsp;&nbsp; 120000 | 3195517 |
| Kobe Steel Ltd. | &nbsp;&nbsp; 283300 | 3112645 |
| Koei Tecmo Holdings Co. Ltd. | &nbsp;&nbsp; 126580 | 1657439 |
| Kohnan Shoji Co. Ltd. | &nbsp;&nbsp; 21900 | 565505 |
| Koito Manufacturing Co. Ltd. | &nbsp;&nbsp; 125300 | 1602190 |
| Kokusai Electric Corp., NVS | &nbsp;&nbsp; 126900 | 2800849 |
| Kokuyo Co. Ltd. | &nbsp;&nbsp; 424800 | 2502819 |
| Komatsu Ltd. | &nbsp;&nbsp; 749200 | 24137637 |
| KOMEDA Holdings Co. Ltd. | &nbsp;&nbsp; 69500 | 1386139 |
| Komeri Co. Ltd. | &nbsp;&nbsp; 22800 | 469687 |
| Konami Group Corp. | &nbsp;&nbsp; 81600 | 11077911 |
| Konica Minolta Inc.<sup>(a)</sup> | &nbsp;&nbsp; 368000 | 1196402 |
| Kose Corp. | &nbsp;&nbsp; 26400 | 1013147 |
| Kotobuki Spirits Co. Ltd. | &nbsp;&nbsp; 86300 | 1151557 |
| K's Holdings Corp. | &nbsp;&nbsp; 97100 | 971320 |
| Kubota Corp. | &nbsp;&nbsp; 845900 | 9486131 |
| Kumagai Gumi Co. Ltd. | &nbsp;&nbsp; 28000 | 832972 |
| Kura Sushi Inc. | &nbsp;&nbsp; 19400 | 532867 |
| Kuraray Co. Ltd. | &nbsp;&nbsp; 216500 | 2676691 |
| Kureha Corp. | &nbsp;&nbsp; 31500 | 718365 |
| Kurita Water Industries Ltd. | &nbsp;&nbsp; 71600 | 2759984 |
| Kusuri no Aoki Holdings Co. Ltd. | &nbsp;&nbsp; 43200 | 1149898 |
| Kyocera Corp. | &nbsp;&nbsp; 1066700 | 12591718 |
| Kyorin Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 40600 | 407979 |
| Kyoritsu Maintenance Co. Ltd. | &nbsp;&nbsp; 57000 | 1372343 |
| Kyoto Financial Group Inc. | &nbsp;&nbsp; 165800 | 2999445 |
| Kyowa Kirin Co. Ltd. | &nbsp;&nbsp; 183800 | 3137394 |
| Kyudenko Corp. | &nbsp;&nbsp; 34100 | 1456930 |
| Kyushu Electric Power Co. Inc. | &nbsp;&nbsp; 317600 | 2815554 |
| Kyushu Financial Group Inc. | &nbsp;&nbsp; 346200 | 1767988 |
| Kyushu Railway Co. | &nbsp;&nbsp; 105500 | 2551277 |
| LaSalle Logiport REIT | &nbsp;&nbsp; 1301 | 1238277 |
| Lasertec Corp. | &nbsp;&nbsp; 64900 | 6538589 |
| Leopalace21 Corp. | &nbsp;&nbsp; 242100 | 1140806 |
| Lintec Corp. | &nbsp;&nbsp; 22600 | 453147 |
| Lion Corp. | &nbsp;&nbsp; 225300 | 2195044 |
| Lixil Corp. | &nbsp;&nbsp; 217600 | 2520922 |
| LY Corp. | &nbsp;&nbsp; 2398800 | 8768009 |
| M&A Capital Partners Co. Ltd. | &nbsp;&nbsp; 10900 | 212431 |
| M3 Inc. | &nbsp;&nbsp; 349400 | 4297199 |
| Mabuchi Motor Co. Ltd. | &nbsp;&nbsp; 127300 | 1840551 |
| Macnica Holdings Inc. | &nbsp;&nbsp; 150300 | 1962969 |
| Makino Milling Machine Co. Ltd. | &nbsp;&nbsp; 18100 | 1384258 |
| Makita Corp. | &nbsp;&nbsp; 176200 | 5454820 |
| Mani Inc. | &nbsp;&nbsp; 63400 | 533893 |
| Marubeni Corp. | &nbsp;&nbsp; 1197700 | 24521392 |
| Maruha Nichiro Corp. | &nbsp;&nbsp; 41500 | 861906 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI International Developed Markets ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Marui Group Co. Ltd. | &nbsp;&nbsp; 159000 | $3238191 |
| Maruichi Steel Tube Ltd. | &nbsp;&nbsp; 54700 | 1322394 |
| Maruwa Co. Ltd./Aichi | &nbsp;&nbsp; 8200 | 2471624 |
| Maruzen Showa Unyu Co. Ltd. | &nbsp;&nbsp; 17200 | 819793 |
| Matsui Securities Co. Ltd. | &nbsp;&nbsp; 108600 | 530822 |
| MatsukiyoCocokara & Co. | &nbsp;&nbsp; 289370 | 5942120 |
| Mazda Motor Corp. | &nbsp;&nbsp; 529900 | 3177545 |
| McDonald's Holdings Co. Japan Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 59700 | 2384015 |
| Mebuki Financial Group Inc. | &nbsp;&nbsp; 768900 | 4169022 |
| Medipal Holdings Corp. | &nbsp;&nbsp; 149000 | 2467079 |
| Megachips Corp. | &nbsp;&nbsp; 19300 | 696684 |
| Megmilk Snow Brand Co. Ltd. | &nbsp;&nbsp; 34700 | 655768 |
| Meidensha Corp. | &nbsp;&nbsp; 32800 | 1235298 |
| MEIJI Holdings Co. Ltd. | &nbsp;&nbsp; 165700 | 3350616 |
| Meiko Electronics Co. Ltd. | &nbsp;&nbsp; 21100 | 1033975 |
| MEITEC Group Holdings Inc. | &nbsp;&nbsp; 51800 | 1083532 |
| Menicon Co. Ltd. | &nbsp;&nbsp; 63500 | 491161 |
| Mercari Inc.<sup>(a)</sup> | &nbsp;&nbsp; 99400 | 1516534 |
| Metaplanet Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 250000 | 1849378 |
| Micronics Japan Co. Ltd. | &nbsp;&nbsp; 26400 | 961833 |
| Milbon Co. Ltd. | &nbsp;&nbsp; 28200 | 475568 |
| Minebea Mitsumi Inc. | &nbsp;&nbsp; 305100 | 4801777 |
| Mirai Corp. | &nbsp;&nbsp; 3061 | 930931 |
| Mirait One Corp. | &nbsp;&nbsp; 74700 | 1336594 |
| MISUMI Group Inc. | &nbsp;&nbsp; 210300 | 3028326 |
| Mitani Sekisan Co. Ltd. | &nbsp;&nbsp; 6700 | 383273 |
| Mitsubishi Chemical Group Corp. | &nbsp;&nbsp; 1081700 | 5891773 |
| Mitsubishi Corp. | &nbsp;&nbsp; 2760800 | 54452296 |
| Mitsubishi Electric Corp. | &nbsp;&nbsp; 1594900 | 35872868 |
| Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp; 899300 | 16837067 |
| Mitsubishi Estate Logistics REIT Investment Corp. | &nbsp;&nbsp; 1671 | 1331592 |
| Mitsubishi Gas Chemical Co. Inc. | &nbsp;&nbsp; 145200 | 2508350 |
| Mitsubishi HC Capital Inc. | &nbsp;&nbsp; 598630 | 4424851 |
| Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp; 2656600 | 63430037 |
| Mitsubishi Logistics Corp. | &nbsp;&nbsp; 289200 | 2472194 |
| Mitsubishi Materials Corp. | &nbsp;&nbsp; 143300 | 2188713 |
| Mitsubishi Motors Corp. | &nbsp;&nbsp; 680200 | 1787346 |
| Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp; 9361100 | 129021875 |
| Mitsui & Co. Ltd. | &nbsp;&nbsp; 2052800 | 41788109 |
| Mitsui Chemicals Inc. | &nbsp;&nbsp; 147400 | 3290436 |
| Mitsui E&S Co. Ltd. | &nbsp;&nbsp; 80300 | 1673004 |
| Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp; 2257700 | 20179999 |
| Mitsui Fudosan Logistics Park Inc. | &nbsp;&nbsp; 3744 | 2509932 |
| Mitsui High-Tec Inc. | &nbsp;&nbsp; 170300 | 855625 |
| Mitsui Mining & Smelting Co. Ltd. | &nbsp;&nbsp; 43700 | 1848320 |
| Mitsui OSK Lines Ltd. | &nbsp;&nbsp; 298100 | 10019823 |
| Miura Co. Ltd. | &nbsp;&nbsp; 70300 | 1401736 |
| Mixi Inc. | &nbsp;&nbsp; 36100 | 826139 |
| Mizuho Financial Group Inc. | &nbsp;&nbsp; 1965750 | 57658708 |
| Mizuho Leasing Co. Ltd. | &nbsp;&nbsp; 153000 | 1175202 |
| Mochida Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 24900 | 508558 |
| Modec Inc. | &nbsp;&nbsp; 39500 | 1682924 |
| Monex Group Inc. | &nbsp;&nbsp; 148700 | 772539 |
| Money Forward Inc.<sup>(a)</sup> | &nbsp;&nbsp; 42100 | 1664944 |
| Monogatari Corp. (The) | &nbsp;&nbsp; 29700 | 770858 |
| MonotaRO Co. Ltd. | &nbsp;&nbsp; 206800 | 3682470 |
| Mori Hills REIT Investment Corp. | &nbsp;&nbsp; 1132 | 1023030 |
| Mori Trust REIT Inc. | &nbsp;&nbsp; 2421 | 1178033 |
| Morinaga & Co. Ltd./Japan | &nbsp;&nbsp; 63700 | 1016838 |
| Morinaga Milk Industry Co. Ltd. | &nbsp;&nbsp; 52900 | 1150424 |
| MOS Food Services Inc. | &nbsp;&nbsp; 55300 | 1401145 |
| MS&AD Insurance Group Holdings Inc. | &nbsp;&nbsp; 1078400 | 23041163 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 1404500 | $20904687 |
| Musashi Seimitsu Industry Co. Ltd. | &nbsp;&nbsp; 39300 | 846103 |
| Nabtesco Corp. | &nbsp;&nbsp; 79400 | 1460679 |
| Nachi-Fujikoshi Corp. | &nbsp;&nbsp; 23300 | 498376 |
| Nagase & Co. Ltd. | &nbsp;&nbsp; 66800 | 1316472 |
| Nagawa Co. Ltd. | &nbsp;&nbsp; 9000 | 385163 |
| Nagoya Railroad Co. Ltd. | &nbsp;&nbsp; 146100 | 1593270 |
| Nakanishi Inc. | &nbsp;&nbsp; 48200 | 620447 |
| Namura Shipbuilding Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 44000 | 898362 |
| Nankai Electric Railway Co. Ltd. | &nbsp;&nbsp; 140000 | 2248781 |
| NEC Corp. | &nbsp;&nbsp; 1004000 | 28830736 |
| Nexon Co. Ltd. | &nbsp;&nbsp; 300100 | 5491243 |
| Nextage Co. Ltd. | &nbsp;&nbsp; 46200 | 573470 |
| NGK Insulators Ltd. | &nbsp;&nbsp; 170100 | 2153506 |
| NH Foods Ltd. | &nbsp;&nbsp; 64800 | 2177044 |
| NHK Spring Co. Ltd. | &nbsp;&nbsp; 197000 | 2218151 |
| Nichias Corp. | &nbsp;&nbsp; 55800 | 2134931 |
| Nichicon Corp. | &nbsp;&nbsp; 39900 | 341727 |
| Nichiha Corp. | &nbsp;&nbsp; 21600 | 449847 |
| Nichirei Corp. | &nbsp;&nbsp; 220200 | 2650120 |
| Nidec Corp. | &nbsp;&nbsp; 676200 | 12973761 |
| Nifco Inc./Japan | &nbsp;&nbsp; 56800 | 1385920 |
| Nihon Kohden Corp. | &nbsp;&nbsp; 136300 | 1499102 |
| Nihon M&A Center Holdings Inc. | &nbsp;&nbsp; 225800 | 1128823 |
| Nihon Parkerizing Co. Ltd. | &nbsp;&nbsp; 64800 | 591113 |
| Nikkon Holdings Co. Ltd. | &nbsp;&nbsp; 110900 | 2497879 |
| Nikon Corp. | &nbsp;&nbsp; 227700 | 2211353 |
| Nintendo Co. Ltd. | &nbsp;&nbsp; 900500 | 75262783 |
| Nippn Corp., New | &nbsp;&nbsp; 72800 | 1049789 |
| Nippon Accommodations Fund Inc. | &nbsp;&nbsp; 1792 | 1403944 |
| Nippon Building Fund Inc. | &nbsp;&nbsp; 7155 | 6563479 |
| Nippon Densetsu Kogyo Co. Ltd. | &nbsp;&nbsp; 25900 | 491771 |
| Nippon Electric Glass Co. Ltd. | &nbsp;&nbsp; 98100 | 2625777 |
| Nippon Express Holdings Inc. | &nbsp;&nbsp; 145600 | 3198386 |
| Nippon Gas Co. Ltd. | &nbsp;&nbsp; 112600 | 2048367 |
| Nippon Kayaku Co. Ltd. | &nbsp;&nbsp; 121600 | 1135495 |
| Nippon Light Metal Holdings Co. Ltd. | &nbsp;&nbsp; 135970 | 1577787 |
| Nippon Paint Holdings Co. Ltd. | &nbsp;&nbsp; 761600 | 6456492 |
| Nippon Paper Industries Co. Ltd. | &nbsp;&nbsp; 103000 | 757799 |
| Nippon Prologis REIT Inc. | &nbsp;&nbsp; 4466 | 2410131 |
| Nippon REIT Investment Corp. | &nbsp;&nbsp; 1424 | 891432 |
| Nippon Sanso Holdings Corp. | &nbsp;&nbsp; 135700 | 4802902 |
| Nippon Shinyaku Co. Ltd. | &nbsp;&nbsp; 54700 | 1177748 |
| Nippon Shokubai Co. Ltd. | &nbsp;&nbsp; 61500 | 699192 |
| Nippon Soda Co. Ltd. | &nbsp;&nbsp; 47600 | 1079152 |
| Nippon Steel Corp. | &nbsp;&nbsp; 753400 | 14508987 |
| Nippon Yusen KK | &nbsp;&nbsp; 366000 | 12835536 |
| Nipro Corp. | &nbsp;&nbsp; 143000 | 1316705 |
| Nishimatsu Construction Co. Ltd. | &nbsp;&nbsp; 22600 | 751557 |
| Nishimatsuya Chain Co. Ltd. | &nbsp;&nbsp; 46300 | 682087 |
| Nishi-Nippon Financial Holdings Inc. | &nbsp;&nbsp; 99300 | 1568510 |
| Nishi-Nippon Railroad Co. Ltd. | &nbsp;&nbsp; 36900 | 524904 |
| Nissan Chemical Corp. | &nbsp;&nbsp; 123600 | 4029205 |
| Nissan Motor Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1811200 | 3840286 |
| Nissha Co. Ltd. | &nbsp;&nbsp; 29700 | 263719 |
| Nisshin Oillio Group Ltd. (The) | &nbsp;&nbsp; 28300 | 962241 |
| Nisshin Seifun Group Inc. | &nbsp;&nbsp; 184900 | 2143327 |
| Nisshinbo Holdings Inc. | &nbsp;&nbsp; 95800 | 608716 |
| Nissin Foods Holdings Co. Ltd. | &nbsp;&nbsp; 142500 | 2702956 |
| Nissui Corp. | &nbsp;&nbsp; 302600 | 1766659 |
| Niterra Co. Ltd. | &nbsp;&nbsp; 147000 | 5067632 |
| Nitori Holdings Co. Ltd. | &nbsp;&nbsp; 64100 | 5428420 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI International Developed Markets ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Nitta Corp. | &nbsp;&nbsp; 20300 | $554744 |
| Nitto Boseki Co. Ltd. | &nbsp;&nbsp; 20400 | 892493 |
| Nitto Denko Corp. | &nbsp;&nbsp; 605400 | 12528087 |
| Noevir Holdings Co. Ltd. | &nbsp;&nbsp; 29900 | 911604 |
| NOF Corp. | &nbsp;&nbsp; 159200 | 3168862 |
| Nojima Corp. | &nbsp;&nbsp; 59400 | 1357889 |
| NOK Corp. | &nbsp;&nbsp; 72100 | 1093983 |
| Nomura Co. Ltd. | &nbsp;&nbsp; 58000 | 352874 |
| Nomura Holdings Inc. | &nbsp;&nbsp; 2511400 | 16591051 |
| Nomura Real Estate Holdings Inc. | &nbsp;&nbsp; 316600 | 1754475 |
| Nomura Real Estate Master Fund Inc. | &nbsp;&nbsp; 3343 | 3520800 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 301700 | 11938394 |
| NS Solutions Corp. | &nbsp;&nbsp; 50600 | 1186792 |
| NSD Co. Ltd. | &nbsp;&nbsp; 63300 | 1514016 |
| NSK Ltd. | &nbsp;&nbsp; 335300 | 1604593 |
| NTN Corp. | &nbsp;&nbsp; 538600 | 918930 |
| NTT Inc. | &nbsp;&nbsp; 24100100 | 24337761 |
| NTT UD REIT Investment Corp. | &nbsp;&nbsp; 1233 | 1062175 |
| Nxera Pharma Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 172800 | 1041145 |
| Obayashi Corp. | &nbsp;&nbsp; 562100 | 8277067 |
| OBIC Business Consultants Co. Ltd. | &nbsp;&nbsp; 30900 | 1782156 |
| Obic Co. Ltd. | &nbsp;&nbsp; 254600 | 9064415 |
| Odakyu Electric Railway Co. Ltd. | &nbsp;&nbsp; 228600 | 2463584 |
| Ogaki Kyoritsu Bank Ltd. (The) | &nbsp;&nbsp; 20200 | 380442 |
| Ohsho Food Service Corp. | &nbsp;&nbsp; 46800 | 1157876 |
| Oji Holdings Corp. | &nbsp;&nbsp; 613600 | 2990599 |
| Okamura Corp. | &nbsp;&nbsp; 57800 | 911068 |
| Oki Electric Industry Co. Ltd. | &nbsp;&nbsp; 90600 | 942740 |
| OKUMA Corp. | &nbsp;&nbsp; 29400 | 799864 |
| Okumura Corp. | &nbsp;&nbsp; 30900 | 912730 |
| Olympus Corp. | &nbsp;&nbsp; 941800 | 11251729 |
| Omron Corp. | &nbsp;&nbsp; 149900 | 3863636 |
| Ono Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 312200 | 3491261 |
| Open House Group Co. Ltd. | &nbsp;&nbsp; 53000 | 2343682 |
| Open Up Group Inc. | &nbsp;&nbsp; 89500 | 1096747 |
| Oracle Corp./Japan | &nbsp;&nbsp; 27500 | 2973971 |
| Organo Corp. | &nbsp;&nbsp; 28000 | 1725233 |
| Orient Corp. | &nbsp;&nbsp; 33820 | 223722 |
| Oriental Land Co. Ltd./Japan | &nbsp;&nbsp; 880700 | 18134073 |
| ORIX Corp. | &nbsp;&nbsp; 937100 | 21050117 |
| Orix JREIT Inc. | &nbsp;&nbsp; 1874 | 2449751 |
| Osaka Gas Co. Ltd. | &nbsp;&nbsp; 300000 | 7590399 |
| OSG Corp. | &nbsp;&nbsp; 50200 | 649554 |
| Otsuka Corp. | &nbsp;&nbsp; 181600 | 3440804 |
| Otsuka Holdings Co. Ltd. | &nbsp;&nbsp; 351400 | 16730049 |
| PAL GROUP Holdings Co. Ltd. | &nbsp;&nbsp; 38400 | 1256444 |
| PALTAC Corp. | &nbsp;&nbsp; 13500 | 386329 |
| Pan Pacific International Holdings Corp. | &nbsp;&nbsp; 307100 | 10274411 |
| Panasonic Holdings Corp. | &nbsp;&nbsp; 1949800 | 18443779 |
| Paramount Bed Holdings Co. Ltd. | &nbsp;&nbsp; 29500 | 484025 |
| Park24 Co. Ltd. | &nbsp;&nbsp; 107600 | 1358815 |
| Pasona Group Inc. | &nbsp;&nbsp; 21900 | 299963 |
| Penta-Ocean Construction Co. Ltd. | &nbsp;&nbsp; 234800 | 1519482 |
| PeptiDream Inc.<sup>(a)</sup> | &nbsp;&nbsp; 87500 | 969627 |
| Persol Holdings Co. Ltd. | &nbsp;&nbsp; 1713500 | 3275266 |
| Pigeon Corp. | &nbsp;&nbsp; 95400 | 1054628 |
| Pilot Corp. | &nbsp;&nbsp; 23600 | 687094 |
| PKSHA Technology Inc.<sup>(a)</sup> | &nbsp;&nbsp; 30300 | 705370 |
| Pola Orbis Holdings Inc. | &nbsp;&nbsp; 46500 | 392498 |
| Prestige International Inc. | &nbsp;&nbsp; 128900 | 560800 |
| Prima Meat Packers Ltd. | &nbsp;&nbsp; 19800 | 312595 |
| Raito Kogyo Co. Ltd. | &nbsp;&nbsp; 36500 | 754166 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Rakus Co. Ltd. | &nbsp;&nbsp; 83600 | $1282221 |
| Rakuten Bank Ltd., NVS<sup>(a)</sup> | &nbsp;&nbsp; 81400 | 3791755 |
| Rakuten Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1276300 | 6457711 |
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 1144900 | 67928197 |
| Relo Group Inc. | &nbsp;&nbsp; 58300 | 669471 |
| Renesas Electronics Corp. | &nbsp;&nbsp; 1364700 | 16598919 |
| Rengo Co. Ltd. | &nbsp;&nbsp; 124200 | 720356 |
| Resona Holdings Inc. | &nbsp;&nbsp; 1792800 | 16321654 |
| Resonac Holdings Corp. | &nbsp;&nbsp; 147600 | 3549505 |
| Resorttrust Inc. | &nbsp;&nbsp; 125500 | 1554627 |
| Ricoh Co. Ltd. | &nbsp;&nbsp; 398100 | 3490736 |
| Riken Keiki Co. Ltd. | &nbsp;&nbsp; 30600 | 644238 |
| Rinnai Corp. | &nbsp;&nbsp; 66900 | 1651222 |
| Rohm Co. Ltd. | &nbsp;&nbsp; 243800 | 3067947 |
| Rohto Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 147200 | 2101145 |
| Rorze Corp. | &nbsp;&nbsp; 116100 | 1561144 |
| Round One Corp. | &nbsp;&nbsp; 175200 | 1799154 |
| RS Technologies Co. Ltd. | &nbsp;&nbsp; 29700 | 611230 |
| Ryohin Keikaku Co. Ltd. | &nbsp;&nbsp; 214200 | 10028366 |
| Saizeriya Co. Ltd. | &nbsp;&nbsp; 26700 | 936689 |
| Sakai Moving Service Co. Ltd. | &nbsp;&nbsp; 12400 | 219462 |
| Sakata Seed Corp. | &nbsp;&nbsp; 32700 | 735271 |
| Sakura Internet Inc.<sup>(b)</sup> | &nbsp;&nbsp; 21900 | 427442 |
| San-A Co. Ltd. | &nbsp;&nbsp; 40800 | 812934 |
| San-Ai Obbli Co. Ltd. | &nbsp;&nbsp; 47800 | 644335 |
| SanBio Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 47200 | 709049 |
| Sangetsu Corp. | &nbsp;&nbsp; 65900 | 1311545 |
| San-In Godo Bank Ltd. (The) | &nbsp;&nbsp; 137900 | 1161204 |
| Sanken Electric Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 20000 | 1134501 |
| Sanki Engineering Co. Ltd. | &nbsp;&nbsp; 39200 | 1153370 |
| Sankyo Co. Ltd. | &nbsp;&nbsp; 202800 | 3784308 |
| Sankyu Inc. | &nbsp;&nbsp; 32800 | 1930851 |
| Sanrio Co. Ltd. | &nbsp;&nbsp; 156600 | 6425634 |
| Sansan Inc.<sup>(a)</sup> | &nbsp;&nbsp; 59900 | 757909 |
| Santen Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 214600 | 2371097 |
| Sanwa Holdings Corp. | &nbsp;&nbsp; 147000 | 4010428 |
| Sapporo Holdings Ltd. | &nbsp;&nbsp; 56200 | 2600497 |
| Sawai Group Holdings Co. Ltd. | &nbsp;&nbsp; 127800 | 1640502 |
| SBI Holdings Inc. | &nbsp;&nbsp; 220700 | 8198534 |
| SBI Sumishin Net Bank Ltd., NVS | &nbsp;&nbsp; 42800 | 1365631 |
| SCREEN Holdings Co. Ltd. | &nbsp;&nbsp; 60000 | 4680594 |
| SCSK Corp. | &nbsp;&nbsp; 130000 | 4044937 |
| Secom Co. Ltd. | &nbsp;&nbsp; 339600 | 12196128 |
| Sega Sammy Holdings Inc. | &nbsp;&nbsp; 165100 | 3375015 |
| Seibu Holdings Inc. | &nbsp;&nbsp; 176100 | 4921061 |
| Seiko Epson Corp. | &nbsp;&nbsp; 192500 | 2442499 |
| Seiko Group Corp. | &nbsp;&nbsp; 24100 | 669951 |
| Seino Holdings Co. Ltd. | &nbsp;&nbsp; 72600 | 1104230 |
| Seiren Co. Ltd. | &nbsp;&nbsp; 40500 | 661622 |
| Sekisui Chemical Co. Ltd. | &nbsp;&nbsp; 309300 | 5364846 |
| Sekisui House Ltd. | &nbsp;&nbsp; 533200 | 11184841 |
| Sekisui House REIT Inc. | &nbsp;&nbsp; 3489 | 1812515 |
| Senko Group Holdings Co. Ltd. | &nbsp;&nbsp; 129200 | 1738929 |
| Seria Co. Ltd. | &nbsp;&nbsp; 41900 | 771654 |
| Seven & i Holdings Co. Ltd. | &nbsp;&nbsp; 1841100 | 24271576 |
| Seven Bank Ltd. | &nbsp;&nbsp; 899800 | 1616224 |
| SG Holdings Co. Ltd. | &nbsp;&nbsp; 227900 | 2528416 |
| Sharp Corp./Japan<sup>(a)</sup> | &nbsp;&nbsp; 184700 | 873183 |
| Shibaura Machine Co. Ltd. | &nbsp;&nbsp; 22900 | 589396 |
| SHIFT Inc.<sup>(a)</sup> | &nbsp;&nbsp; 158900 | 1667568 |
| Shiga Bank Ltd. (The) | &nbsp;&nbsp; 31100 | 1248986 |
| Shikoku Electric Power Co. Inc. | &nbsp;&nbsp; 105600 | 878725 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI International Developed Markets ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Shimadzu Corp. | &nbsp;&nbsp; 191100 | $4230318 |
| Shimamura Co. Ltd. | &nbsp;&nbsp; 36200 | 2621117 |
| Shimano Inc. | &nbsp;&nbsp; 58300 | 6377780 |
| Shimizu Corp. | &nbsp;&nbsp; 381300 | 4224026 |
| Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp; 1452800 | 41807086 |
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 677500 | 11330724 |
| Ship Healthcare Holdings Inc. | &nbsp;&nbsp; 64000 | 893067 |
| Shiseido Co. Ltd. | &nbsp;&nbsp; 311000 | 5055468 |
| Shizuoka Financial Group Inc., NVS | &nbsp;&nbsp; 311400 | 3683296 |
| SHO-BOND Holdings Co. Ltd. | &nbsp;&nbsp; 33700 | 1076038 |
| Shochiku Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 7800 | 661007 |
| Shoei Co. Ltd. | &nbsp;&nbsp; 52200 | 625040 |
| Skylark Holdings Co. Ltd. | &nbsp;&nbsp; 177800 | 3379594 |
| SMC Corp. | &nbsp;&nbsp; 46600 | 16215561 |
| SMS Co. Ltd. | &nbsp;&nbsp; 101700 | 1018109 |
| Socionext Inc. | &nbsp;&nbsp; 142100 | 2677849 |
| SoftBank Corp. | &nbsp;&nbsp; 24001900 | 34678805 |
| SoftBank Group Corp. | &nbsp;&nbsp; 781900 | 59705050 |
| Sojitz Corp. | &nbsp;&nbsp; 176560 | 4202104 |
| Sompo Holdings Inc. | &nbsp;&nbsp; 753500 | 22218475 |
| Sony Group Corp. | &nbsp;&nbsp; 5014800 | 120622488 |
| SOSiLA Logistics REIT Inc. | &nbsp;&nbsp; 1113 | 865595 |
| Sotetsu Holdings Inc. | &nbsp;&nbsp; 127500 | 2013363 |
| Square Enix Holdings Co. Ltd. | &nbsp;&nbsp; 64300 | 4347076 |
| Stanley Electric Co. Ltd. | &nbsp;&nbsp; 132800 | 2504542 |
| Star Asia Investment Corp. | &nbsp;&nbsp; 3225 | 1252523 |
| Starts Corp. Inc. | &nbsp;&nbsp; 19400 | 586605 |
| Subaru Corp. | &nbsp;&nbsp; 518000 | 9529030 |
| Sugi Holdings Co. Ltd. | &nbsp;&nbsp; 75300 | 1825076 |
| SUMCO Corp. | &nbsp;&nbsp; 273600 | 2139771 |
| Sumitomo Bakelite Co. Ltd. | &nbsp;&nbsp; 55900 | 1621044 |
| Sumitomo Chemical Co. Ltd. | &nbsp;&nbsp; 1261400 | 3154875 |
| Sumitomo Corp. | &nbsp;&nbsp; 878800 | 22461911 |
| Sumitomo Electric Industries Ltd. | &nbsp;&nbsp; 599800 | 14883849 |
| Sumitomo Forestry Co. Ltd. | &nbsp;&nbsp; 394000 | 3957984 |
| Sumitomo Heavy Industries Ltd. | &nbsp;&nbsp; 69100 | 1530326 |
| Sumitomo Metal Mining Co. Ltd. | &nbsp;&nbsp; 186800 | 4108721 |
| Sumitomo Mitsui Financial Group Inc. | &nbsp;&nbsp; 3041800 | 76734283 |
| Sumitomo Mitsui Trust Group Inc. | &nbsp;&nbsp; 558600 | 14643565 |
| Sumitomo Osaka Cement Co. Ltd. | &nbsp;&nbsp; 26300 | 684542 |
| Sumitomo Pharma Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 215700 | 1855782 |
| Sumitomo Realty & Development Co. Ltd. | &nbsp;&nbsp; 237700 | 8682983 |
| Sumitomo Rubber Industries Ltd. | &nbsp;&nbsp; 172300 | 1969298 |
| Sumitomo Warehouse Co. Ltd. (The) | &nbsp;&nbsp; 36000 | 746683 |
| Sun Corp. | &nbsp;&nbsp; 12800 | 491129 |
| Sundrug Co. Ltd. | &nbsp;&nbsp; 88800 | 2631947 |
| Suntory Beverage & Food Ltd. | &nbsp;&nbsp; 125500 | 3789563 |
| Suruga Bank Ltd. | &nbsp;&nbsp; 205100 | 1888500 |
| Suzuken Co. Ltd. | &nbsp;&nbsp; 51300 | 1938995 |
| Suzuki Motor Corp. | &nbsp;&nbsp; 1300900 | 14293733 |
| SWCC Corp. | &nbsp;&nbsp; 26600 | 1592409 |
| Synspective Inc., NVS<sup>(a)</sup> | &nbsp;&nbsp; 41200 | 272270 |
| Sysmex Corp. | &nbsp;&nbsp; 394400 | 6407364 |
| Systena Corp. | &nbsp;&nbsp; 278200 | 736945 |
| T Hasegawa Co. Ltd. | &nbsp;&nbsp; 24300 | 501375 |
| T&D Holdings Inc. | &nbsp;&nbsp; 376500 | 9193647 |
| Tadano Ltd. | &nbsp;&nbsp; 129000 | 928133 |
| Taiheiyo Cement Corp. | &nbsp;&nbsp; 127000 | 3103479 |
| Taikisha Ltd. | &nbsp;&nbsp; 35800 | 641407 |
| Taisei Corp. | &nbsp;&nbsp; 144500 | 8640215 |
| Taiyo Holdings Co. Ltd. | &nbsp;&nbsp; 34200 | 1485209 |
| Taiyo Yuden Co. Ltd. | &nbsp;&nbsp; 111500 | 2083173 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Takara Bio Inc. | &nbsp;&nbsp; 43500 | $254236 |
| Takara Holdings Inc. | &nbsp;&nbsp; 153500 | 1292192 |
| Takasago Thermal Engineering Co. Ltd. | &nbsp;&nbsp; 39600 | 1921413 |
| Takashimaya Co. Ltd. | &nbsp;&nbsp; 338000 | 2612135 |
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 1270354 | 34896348 |
| Takeuchi Manufacturing Co. Ltd. | &nbsp;&nbsp; 32400 | 1158173 |
| Takuma Co. Ltd. | &nbsp;&nbsp; 116700 | 1688036 |
| TDK Corp. | &nbsp;&nbsp; 1647500 | 20071377 |
| TechnoPro Holdings Inc. | &nbsp;&nbsp; 81600 | 2584287 |
| Teijin Ltd. | &nbsp;&nbsp; 116700 | 991916 |
| Terumo Corp. | &nbsp;&nbsp; 1139200 | 19317719 |
| THK Co. Ltd. | &nbsp;&nbsp; 124400 | 3496756 |
| TIS Inc. | &nbsp;&nbsp; 169000 | 5391424 |
| TKC Corp. | &nbsp;&nbsp; 23300 | 699887 |
| Toagosei Co. Ltd. | &nbsp;&nbsp; 153600 | 1505684 |
| Tobu Railway Co. Ltd. | &nbsp;&nbsp; 145300 | 2473269 |
| Tocalo Co. Ltd. | &nbsp;&nbsp; 126300 | 1690047 |
| Toda Corp. | &nbsp;&nbsp; 152000 | 969328 |
| Toei Animation Co. Ltd. | &nbsp;&nbsp; 47900 | 1047943 |
| Toei Co. Ltd. | &nbsp;&nbsp; 25900 | 894557 |
| Toho Co. Ltd./Tokyo | &nbsp;&nbsp; 110100 | 6946561 |
| Toho Gas Co. Ltd. | &nbsp;&nbsp; 57300 | 1600056 |
| Toho Holdings Co. Ltd. | &nbsp;&nbsp; 47500 | 1603006 |
| Tohoku Electric Power Co. Inc. | &nbsp;&nbsp; 351200 | 2463911 |
| Tokai Carbon Co. Ltd. | &nbsp;&nbsp; 158500 | 1082336 |
| TOKAI Holdings Corp. | &nbsp;&nbsp; 105900 | 749851 |
| Tokai Rika Co. Ltd. | &nbsp;&nbsp; 42300 | 677259 |
| Tokai Tokyo Financial Holdings Inc. | &nbsp;&nbsp; 186800 | 673407 |
| Tokio Marine Holdings Inc. | &nbsp;&nbsp; 1489400 | 59803716 |
| Tokuyama Corp. | &nbsp;&nbsp; 48000 | 1027904 |
| Tokyo Century Corp. | &nbsp;&nbsp; 61600 | 704996 |
| Tokyo Electric Power Co. Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1211200 | 4586261 |
| Tokyo Electron Ltd. | &nbsp;&nbsp; 364200 | 57900036 |
| Tokyo Gas Co. Ltd. | &nbsp;&nbsp; 299700 | 10036533 |
| Tokyo Kiraboshi Financial Group Inc. | &nbsp;&nbsp; 32700 | 1409880 |
| Tokyo Metro Co. Ltd. | &nbsp;&nbsp; 217300 | 2341481 |
| Tokyo Ohka Kogyo Co. Ltd. | &nbsp;&nbsp; 105300 | 2884125 |
| Tokyo Seimitsu Co. Ltd. | &nbsp;&nbsp; 32300 | 2009373 |
| Tokyo Steel Manufacturing Co. Ltd. | &nbsp;&nbsp; 92500 | 962447 |
| Tokyo Tatemono Co. Ltd. | &nbsp;&nbsp; 148400 | 2483454 |
| Tokyu Construction Co. Ltd. | &nbsp;&nbsp; 113700 | 781132 |
| Tokyu Corp. | &nbsp;&nbsp; 383900 | 4321453 |
| Tokyu Fudosan Holdings Corp. | &nbsp;&nbsp; 375100 | 2645076 |
| Tokyu REIT Inc. | &nbsp;&nbsp; 610 | 793184 |
| Tomy Co. Ltd. | &nbsp;&nbsp; 72000 | 1521562 |
| Topcon Corp. | &nbsp;&nbsp; 106800 | 2325289 |
| Toppan Holdings Inc. | &nbsp;&nbsp; 181200 | 4883018 |
| Toray Industries Inc. | &nbsp;&nbsp; 1152900 | 7885669 |
| Toridoll Holdings Corp. | &nbsp;&nbsp; 40200 | 1182548 |
| Toshiba TEC Corp. | &nbsp;&nbsp; 28400 | 567763 |
| Tosoh Corp. | &nbsp;&nbsp; 169800 | 2556242 |
| Totetsu Kogyo Co. Ltd. | &nbsp;&nbsp; 20500 | 567300 |
| TOTO Ltd. | &nbsp;&nbsp; 138900 | 3535866 |
| Towa Corp. | &nbsp;&nbsp; 52200 | 648237 |
| Towa Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 23400 | 507666 |
| Toyo Seikan Group Holdings Ltd. | &nbsp;&nbsp; 136300 | 2822881 |
| Toyo Suisan Kaisha Ltd. | &nbsp;&nbsp; 67400 | 4306092 |
| Toyo Tire Corp. | &nbsp;&nbsp; 134000 | 2838261 |
| Toyobo Co. Ltd. | &nbsp;&nbsp; 30300 | 196203 |
| Toyoda Gosei Co. Ltd. | &nbsp;&nbsp; 39700 | 837830 |
| Toyota Boshoku Corp. | &nbsp;&nbsp; 54100 | 768788 |
| Toyota Industries Corp. | &nbsp;&nbsp; 137000 | 14649763 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI International Developed Markets ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Toyota Motor Corp. | &nbsp;&nbsp; 7720700 | $137332737 |
| Toyota Tsusho Corp. | &nbsp;&nbsp; 533200 | 12220057 |
| Transcosmos Inc. | &nbsp;&nbsp; 15800 | 376333 |
| TRE Holdings Corp. | &nbsp;&nbsp; 50500 | 452832 |
| Trend Micro Inc./Japan | &nbsp;&nbsp; 116100 | 7079594 |
| Tri Chemical Laboratories Inc. | &nbsp;&nbsp; 33500 | 760974 |
| Trusco Nakayama Corp. | &nbsp;&nbsp; 43400 | 632084 |
| TS Tech Co. Ltd. | &nbsp;&nbsp; 66600 | 799679 |
| Tsubakimoto Chain Co. | &nbsp;&nbsp; 117300 | 1646402 |
| Tsumura & Co. | &nbsp;&nbsp; 48300 | 1191457 |
| Tsuruha Holdings Inc. | &nbsp;&nbsp; 29600 | 2178696 |
| UACJ Corp. | &nbsp;&nbsp; 32600 | 1282872 |
| UBE Corp. | &nbsp;&nbsp; 134600 | 2060437 |
| Ulvac Inc. | &nbsp;&nbsp; 42600 | 1564781 |
| Unicharm Corp. | &nbsp;&nbsp; 933000 | 6453698 |
| United Urban Investment Corp. | &nbsp;&nbsp; 2216 | 2433118 |
| Ushio Inc. | &nbsp;&nbsp; 67300 | 825499 |
| USS Co. Ltd. | &nbsp;&nbsp; 336600 | 3658467 |
| UT Group Co. Ltd. | &nbsp;&nbsp; 21900 | 369717 |
| Valor Holdings Co. Ltd. | &nbsp;&nbsp; 23000 | 406200 |
| Visional Inc.<sup>(a)</sup> | &nbsp;&nbsp; 20300 | 1586759 |
| Wacoal Holdings Corp. | &nbsp;&nbsp; 44900 | 1622724 |
| Wacom Co. Ltd. | &nbsp;&nbsp; 214900 | 925313 |
| Welcia Holdings Co. Ltd. | &nbsp;&nbsp; 126700 | 2125984 |
| West Holdings Corp.<sup>(b)</sup> | &nbsp;&nbsp; 30800 | 306948 |
| West Japan Railway Co. | &nbsp;&nbsp; 333700 | 7306102 |
| Yakult Honsha Co. Ltd. | &nbsp;&nbsp; 213000 | 3426645 |
| Yamada Holdings Co. Ltd. | &nbsp;&nbsp; 392800 | 1197145 |
| Yamaguchi Financial Group Inc. | &nbsp;&nbsp; 203800 | 2306768 |
| Yamaha Corp. | &nbsp;&nbsp; 366000 | 2637802 |
| Yamaha Motor Co. Ltd. | &nbsp;&nbsp; 752500 | 5442698 |
| Yamato Holdings Co. Ltd. | &nbsp;&nbsp; 183700 | 2656152 |
| Yamato Kogyo Co. Ltd. | &nbsp;&nbsp; 31700 | 1778800 |
| Yamazaki Baking Co. Ltd. | &nbsp;&nbsp; 120100 | 2565615 |
| Yaoko Co. Ltd. | &nbsp;&nbsp; 14400 | 931930 |
| Yaskawa Electric Corp. | &nbsp;&nbsp; 192600 | 4028380 |
| Yokogawa Bridge Holdings Corp. | &nbsp;&nbsp; 33500 | 593809 |
| Yokogawa Electric Corp. | &nbsp;&nbsp; 166900 | 4448566 |
| Yokohama Rubber Co. Ltd. (The) | &nbsp;&nbsp; 136600 | 3905654 |
| Yoshinoya Holdings Co. Ltd. | &nbsp;&nbsp; 60200 | 1304749 |
| Zenkoku Hosho Co. Ltd. | &nbsp;&nbsp; 67800 | 1446523 |
| Zensho Holdings Co. Ltd. | &nbsp;&nbsp; 79100 | 4162514 |
| Zeon Corp. | &nbsp;&nbsp; 95700 | 1015712 |
| Zojirushi Corp. | &nbsp;&nbsp; 34000 | 405618 |
| ZOZO Inc. | &nbsp;&nbsp; 390500 | 3865703 |
|  |  | 4166205005 |
| **Netherlands — 3.6%** | **Netherlands — 3.6%** | **Netherlands — 3.6%** |
| Aalberts NV | &nbsp;&nbsp; 99617 | 3183984 |
| ABN AMRO Bank NV, CVA<sup>(c)</sup> | &nbsp;&nbsp; 372321 | 10763217 |
| Adyen NV<sup>(a)(c)</sup> | &nbsp;&nbsp; 20589 | 35313236 |
| Aegon Ltd. | &nbsp;&nbsp; 1121959 | 8018111 |
| AerCap Holdings NV | &nbsp;&nbsp; 159026 | 17055538 |
| Akzo Nobel NV | &nbsp;&nbsp; 134804 | 8465878 |
| Allfunds Group PLC | &nbsp;&nbsp; 411004 | 2845876 |
| Arcadis NV | &nbsp;&nbsp; 54819 | 2735889 |
| ASM International NV | &nbsp;&nbsp; 37678 | 18238298 |
| ASML Holding NV | &nbsp;&nbsp; 321660 | 222933833 |
| ASR Nederland NV | &nbsp;&nbsp; 129206 | 8582368 |
| Basic-Fit NV<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 48123 | 1358538 |
| BE Semiconductor Industries NV | &nbsp;&nbsp; 65800 | 8890349 |
| Coca-Cola Europacific Partners PLC | &nbsp;&nbsp; 185530 | 17981568 |
| Corbion NV | &nbsp;&nbsp; 50055 | 949934 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| CVC Capital Partners PLC<sup>(c)</sup> | &nbsp;&nbsp; 153073 | $2935300 |
| DSM-Firmenich AG | &nbsp;&nbsp; 150196 | 14430750 |
| Eurocommercial Properties NV | &nbsp;&nbsp; 54260 | 1656179 |
| EXOR NV | &nbsp;&nbsp; 78022 | 7519480 |
| Flow Traders Ltd. | &nbsp;&nbsp; 44205 | 1324022 |
| Fugro NV | &nbsp;&nbsp; 106391 | 1525104 |
| Heineken Holding NV | &nbsp;&nbsp; 112475 | 7591060 |
| Heineken NV | &nbsp;&nbsp; 231585 | 18177490 |
| IMCD NV | &nbsp;&nbsp; 47911 | 5251558 |
| ING Groep NV | &nbsp;&nbsp; 2567307 | 59832186 |
| InPost SA<sup>(a)</sup> | &nbsp;&nbsp; 164820 | 2367259 |
| JDE Peet's NV | &nbsp;&nbsp; 136019 | 4033653 |
| Just Eat Takeaway.com NV<sup>(a)(c)</sup> | &nbsp;&nbsp; 159455 | 3642335 |
| Koninklijke Ahold Delhaize NV | &nbsp;&nbsp; 749188 | 29590228 |
| Koninklijke BAM Groep NV | &nbsp;&nbsp; 248712 | 2171315 |
| Koninklijke Heijmans NV | &nbsp;&nbsp; 22486 | 1433184 |
| Koninklijke KPN NV | &nbsp;&nbsp; 3189234 | 14247897 |
| Koninklijke Philips NV | &nbsp;&nbsp; 672542 | 17563657 |
| Koninklijke Vopak NV | &nbsp;&nbsp; 70383 | 3362264 |
| NN Group NV | &nbsp;&nbsp; 211320 | 14229358 |
| OCI NV | &nbsp;&nbsp; 97918 | 815599 |
| Pharming Group NV<sup>(a)(b)</sup> | &nbsp;&nbsp; 1053555 | 1157886 |
| PostNL NV<sup>(b)</sup> | &nbsp;&nbsp; 544918 | 594185 |
| Prosus NV | &nbsp;&nbsp; 1087510 | 62124812 |
| Randstad NV | &nbsp;&nbsp; 81359 | 3866947 |
| SBM Offshore NV | &nbsp;&nbsp; 150309 | 3919944 |
| Signify NV<sup>(c)</sup> | &nbsp;&nbsp; 135779 | 3248183 |
| TKH Group NV | &nbsp;&nbsp; 40217 | 1654255 |
| Universal Music Group NV | &nbsp;&nbsp; 883280 | 25409220 |
| Van Lanschot Kempen NV | &nbsp;&nbsp; 21318 | 1388556 |
| Wolters Kluwer NV | &nbsp;&nbsp; 195174 | 30400091 |
|  |  | 714780574 |
| **New Zealand — 0.2%** | **New Zealand — 0.2%** | **New Zealand — 0.2%** |
| Auckland International Airport Ltd. | &nbsp;&nbsp; 1151336 | 5107237 |
| Contact Energy Ltd. | &nbsp;&nbsp; 734433 | 3936089 |
| EBOS Group Ltd. | &nbsp;&nbsp; 142110 | 3424025 |
| Fisher & Paykel Healthcare Corp. Ltd. | &nbsp;&nbsp; 475105 | 10299742 |
| Fletcher Building Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 891395 | 1590173 |
| Goodman Property Trust | &nbsp;&nbsp; 1457657 | 1725998 |
| Infratil Ltd. | &nbsp;&nbsp; 706061 | 4821057 |
| Mercury NZ Ltd. | &nbsp;&nbsp; 567555 | 2068054 |
| Meridian Energy Ltd. | &nbsp;&nbsp; 1186302 | 3983447 |
| Ryman Healthcare Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 868256 | 1276266 |
| Spark New Zealand Ltd. | &nbsp;&nbsp; 1652459 | 2365516 |
|  |  | 40597604 |
| **Norway — 0.7%** | **Norway — 0.7%** | **Norway — 0.7%** |
| Aker ASA, Class A | &nbsp;&nbsp; 27148 | 1872240 |
| Aker BP ASA | &nbsp;&nbsp; 281888 | 6781270 |
| Atea ASA | &nbsp;&nbsp; 96727 | 1336011 |
| Austevoll Seafood ASA | &nbsp;&nbsp; 143361 | 1319222 |
| Bakkafrost P/F | &nbsp;&nbsp; 46529 | 1858563 |
| BlueNord ASA | &nbsp;&nbsp; 13357 | 637721 |
| BW LPG Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 106930 | 1421496 |
| DNB Bank ASA | &nbsp;&nbsp; 748759 | 18943403 |
| DNO ASA | &nbsp;&nbsp; 946932 | 1293129 |
| Entra ASA<sup>(a)(c)</sup> | &nbsp;&nbsp; 64383 | 790877 |
| Equinor ASA | &nbsp;&nbsp; 675197 | 17344169 |
| Frontline PLC<sup>(b)</sup> | &nbsp;&nbsp; 159304 | 2933468 |
| Gjensidige Forsikring ASA | &nbsp;&nbsp; 169060 | 4446890 |
| Golden Ocean Group Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 187383 | 1551451 |
| Hoegh Autoliners ASA | &nbsp;&nbsp; 130477 | 1311178 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI International Developed Markets ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Norway (continued)** | **Norway (continued)** | **Norway (continued)** |
| Kongsberg Gruppen ASA | &nbsp;&nbsp; 379095 | $11328545 |
| Leroy Seafood Group ASA | &nbsp;&nbsp; 325800 | 1482086 |
| Mowi ASA | &nbsp;&nbsp; 397346 | 7401556 |
| NORBIT ASA | &nbsp;&nbsp; 37517 | 745550 |
| Nordic Semiconductor ASA<sup>(a)</sup> | &nbsp;&nbsp; 150812 | 2050299 |
| Norsk Hydro ASA | &nbsp;&nbsp; 1182546 | 7008939 |
| Orkla ASA | &nbsp;&nbsp; 631068 | 6636328 |
| Protector Forsikring ASA | &nbsp;&nbsp; 47993 | 2343188 |
| Salmar ASA | &nbsp;&nbsp; 58328 | 2369520 |
| Scatec ASA<sup>(a)(c)</sup> | &nbsp;&nbsp; 167037 | 1657303 |
| SpareBank 1 SMN | &nbsp;&nbsp; 156668 | 2911097 |
| SpareBank 1 Sor-Norge ASA | &nbsp;&nbsp; 223040 | 3906421 |
| Storebrand ASA | &nbsp;&nbsp; 372654 | 5291791 |
| Subsea 7 SA | &nbsp;&nbsp; 215223 | 4170799 |
| Telenor ASA | &nbsp;&nbsp; 526472 | 8076553 |
| TGS ASA | &nbsp;&nbsp; 183688 | 1349526 |
| TOMRA Systems ASA | &nbsp;&nbsp; 227892 | 3165439 |
| Vend Marketplaces ASA, Class A | &nbsp;&nbsp; 37665 | 1486713 |
| Vend Marketplaces ASA, Class B | &nbsp;&nbsp; 104497 | 3926342 |
| Yara International ASA | &nbsp;&nbsp; 143874 | 5318610 |
|  |  | 146467693 |
| **Portugal — 0.2%** | **Portugal — 0.2%** | **Portugal — 0.2%** |
| Banco Comercial Portugues SA, Class R | &nbsp;&nbsp; 6820251 | 5600411 |
| EDP Renovaveis SA | &nbsp;&nbsp; 253659 | 2978136 |
| EDP SA | &nbsp;&nbsp; 2471047 | 10680755 |
| Galp Energia SGPS SA | &nbsp;&nbsp; 363231 | 6935981 |
| Jeronimo Martins SGPS SA | &nbsp;&nbsp; 209357 | 5103634 |
| Navigator Co. SA (The) | &nbsp;&nbsp; 296767 | 1048140 |
| NOS SGPS SA | &nbsp;&nbsp; 223891 | 922906 |
| REN - Redes Energeticas Nacionais SGPS SA | &nbsp;&nbsp; 626115 | 2124725 |
| Sonae SGPS SA | &nbsp;&nbsp; 1337565 | 1929406 |
|  |  | 37324094 |
| **Singapore — 1.6%** | **Singapore — 1.6%** | **Singapore — 1.6%** |
| Bitdeer Technologies Group, Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 82039 | 1057483 |
| CapitaLand Ascendas REIT | &nbsp;&nbsp; 2791312 | 5976553 |
| CapitaLand Ascott Trust | &nbsp;&nbsp; 2952668 | 2032422 |
| CapitaLand China Trust<sup>(b)</sup> | &nbsp;&nbsp; 891580 | 520643 |
| CapitaLand Integrated Commercial Trust | &nbsp;&nbsp; 5345775 | 9026130 |
| CapitaLand Investment Ltd./Singapore | &nbsp;&nbsp; 2157500 | 4595048 |
| CDL Hospitality Trusts<sup>(b)</sup> | &nbsp;&nbsp; 715290 | 439225 |
| City Developments Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 589500 | 2790794 |
| ComfortDelGro Corp. Ltd. | &nbsp;&nbsp; 2651200 | 3116820 |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 1727040 | 63390087 |
| ESR-REIT | &nbsp;&nbsp; 456595 | 966943 |
| Frasers Centrepoint Trust | &nbsp;&nbsp; 1414599 | 2412317 |
| Frasers Logistics & Commercial Trust<sup>(b)</sup> | &nbsp;&nbsp; 2678887 | 1809216 |
| Genting Singapore Ltd. | &nbsp;&nbsp; 5879000 | 3316247 |
| Golden Agri-Resources Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 4873200 | 953948 |
| Grab Holdings Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1956974 | 9569603 |
| Hafnia Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 362959 | 1994672 |
| Keppel DC REIT | &nbsp;&nbsp; 1496912 | 2724112 |
| Keppel Infrastructure Trust<sup>(b)</sup> | &nbsp;&nbsp; 6276925 | 2122460 |
| Keppel Ltd. | &nbsp;&nbsp; 1259100 | 8180167 |
| Keppel REIT | &nbsp;&nbsp; 1925140 | 1405082 |
| Mapletree Industrial Trust<sup>(b)</sup> | &nbsp;&nbsp; 1753840 | 2734059 |
| Mapletree Logistics Trust<sup>(b)</sup> | &nbsp;&nbsp; 3405134 | 3028067 |
| Mapletree Pan Asia Commercial Trust<sup>(b)</sup> | &nbsp;&nbsp; 2001200 | 1982997 |
| NetLink NBN Trust<sup>(b)</sup> | &nbsp;&nbsp; 3269400 | 2253630 |
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 2705300 | 35058411 |
| Parkway Life REIT | &nbsp;&nbsp; 471100 | 1459310 |
| SATS Ltd. | &nbsp;&nbsp; 1078163 | 2630766 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Singapore (continued)** | **Singapore (continued)** | **Singapore (continued)** |
| Sea Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 314013 | $49190136 |
| Seatrium Ltd. | &nbsp;&nbsp; 2127759 | 3697961 |
| Sembcorp Industries Ltd. | &nbsp;&nbsp; 709900 | 4221128 |
| Singapore Airlines Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1209600 | 6317938 |
| Singapore Exchange Ltd. | &nbsp;&nbsp; 641400 | 7864592 |
| Singapore Post Ltd. | &nbsp;&nbsp; 1666900 | 626271 |
| Singapore Technologies Engineering Ltd. | &nbsp;&nbsp; 1351900 | 9094610 |
| Singapore Telecommunications Ltd. | &nbsp;&nbsp; 6325900 | 18852113 |
| Starhill Global REIT | &nbsp;&nbsp; 1300300 | 539406 |
| Suntec REIT<sup>(b)</sup> | &nbsp;&nbsp; 1263800 | 1124849 |
| United Overseas Bank Ltd. | &nbsp;&nbsp; 1007300 | 27985551 |
| UOL Group Ltd. | &nbsp;&nbsp; 311000 | 1644006 |
| Venture Corp. Ltd. | &nbsp;&nbsp; 256200 | 2541308 |
| Wilmar International Ltd. | &nbsp;&nbsp; 1641400 | 3715073 |
| Yangzijiang Financial Holding Ltd. | &nbsp;&nbsp; 2209900 | 1634000 |
| Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp; 2405100 | 4717430 |
|  |  | 321313584 |
| **Spain — 2.8%** | **Spain — 2.8%** | **Spain — 2.8%** |
| Acciona SA | &nbsp;&nbsp; 19223 | 3686872 |
| Acerinox SA | &nbsp;&nbsp; 169142 | 1951813 |
| ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp; 163987 | 11317521 |
| Aena SME SA<sup>(c)</sup> | &nbsp;&nbsp; 598560 | 16118089 |
| Almirall SA | &nbsp;&nbsp; 88467 | 1064889 |
| Amadeus IT Group SA | &nbsp;&nbsp; 358936 | 28820318 |
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 4690578 | 78230660 |
| Banco de Sabadell SA | &nbsp;&nbsp; 4705727 | 17368370 |
| Banco Santander SA | &nbsp;&nbsp; 12396562 | 106496160 |
| Bankinter SA | &nbsp;&nbsp; 623825 | 8904617 |
| CaixaBank SA | &nbsp;&nbsp; 3199954 | 30106144 |
| Cellnex Telecom SA<sup>(c)</sup> | &nbsp;&nbsp; 425210 | 15005456 |
| CIE Automotive SA | &nbsp;&nbsp; 33530 | 1006700 |
| Construcciones y Auxiliar de Ferrocarriles SA | &nbsp;&nbsp; 12973 | 785597 |
| Enagas SA | &nbsp;&nbsp; 195360 | 2926002 |
| Endesa SA | &nbsp;&nbsp; 287758 | 8324668 |
| Ferrovial SE | &nbsp;&nbsp; 407018 | 20864929 |
| Fluidra SA | &nbsp;&nbsp; 115523 | 2881216 |
| Gestamp Automocion SA<sup>(c)</sup> | &nbsp;&nbsp; 132928 | 499677 |
| Grifols SA<sup>(a)</sup> | &nbsp;&nbsp; 235546 | 3509666 |
| Iberdrola SA | &nbsp;&nbsp; 5142306 | 90382801 |
| Indra Sistemas SA | &nbsp;&nbsp; 90577 | 3752061 |
| Industria de Diseno Textil SA | &nbsp;&nbsp; 875050 | 41798534 |
| Inmobiliaria Colonial SOCIMI SA | &nbsp;&nbsp; 319421 | 2115346 |
| International Consolidated Airlines Group SA, <br> Class DI<br>| &nbsp;&nbsp; 880852 | 4415947 |
| Laboratorios Farmaceuticos Rovi SA | &nbsp;&nbsp; 23897 | 1475089 |
| Linea Directa Aseguradora SA Cia de Seguros <br> y Reaseguros<br>| &nbsp;&nbsp; 610501 | 940570 |
| Logista Integral SA | &nbsp;&nbsp; 76289 | 2414586 |
| Melia Hotels International SA | &nbsp;&nbsp; 109055 | 968324 |
| Merlin Properties SOCIMI SA | &nbsp;&nbsp; 390425 | 5405842 |
| Neinor Homes SA<sup>(c)</sup> | &nbsp;&nbsp; 25944 | 504267 |
| Pharma Mar SA | &nbsp;&nbsp; 16673 | 1519777 |
| Prosegur Cia. de Seguridad SA | &nbsp;&nbsp; 64555 | 191176 |
| Redeia Corp. SA | &nbsp;&nbsp; 57325 | 1111301 |
| Repsol SA | &nbsp;&nbsp; 985783 | 14946197 |
| Sacyr SA | &nbsp;&nbsp; 462577 | 1894141 |
| Solaria Energia y Medio Ambiente SA<sup>(a)</sup> | &nbsp;&nbsp; 70658 | 908528 |
| Tecnicas Reunidas SA<sup>(a)</sup> | &nbsp;&nbsp; 46927 | 1155664 |
| Telefonica SA | &nbsp;&nbsp; 3207429 | 16552876 |
| Unicaja Banco SA<sup>(c)</sup> | &nbsp;&nbsp; 830141 | 2181110 |
| Vidrala SA | &nbsp;&nbsp; 16253 | 1749579 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI International Developed Markets ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Spain (continued)** | **Spain (continued)** | **Spain (continued)** |
| Viscofan SA | &nbsp;&nbsp; 40639 | $2780832 |
|  |  | 559033912 |
| **Sweden — 3.2%** | **Sweden — 3.2%** | **Sweden — 3.2%** |
| AAK AB | &nbsp;&nbsp; 178247 | 4585300 |
| AddLife AB, Class B | &nbsp;&nbsp; 106505 | 1875569 |
| AddTech AB, Class B | &nbsp;&nbsp; 235205 | 7907165 |
| AFRY AB | &nbsp;&nbsp; 84896 | 1314068 |
| Alfa Laval AB | &nbsp;&nbsp; 235065 | 10213011 |
| Alleima AB | &nbsp;&nbsp; 173446 | 1225736 |
| Ambea AB<sup>(c)</sup> | &nbsp;&nbsp; 116671 | 1467781 |
| Arjo AB, Class B | &nbsp;&nbsp; 227742 | 793629 |
| Asmodee Group AB, Class B<sup>(a)</sup> | &nbsp;&nbsp; 127846 | 1610040 |
| Assa Abloy AB, Class B | &nbsp;&nbsp; 849634 | 28114586 |
| Atlas Copco AB, Class A | &nbsp;&nbsp; 2175530 | 33129806 |
| Atlas Copco AB, Class B | &nbsp;&nbsp; 1258838 | 17036046 |
| Avanza Bank Holding AB | &nbsp;&nbsp; 132668 | 4887432 |
| Axfood AB | &nbsp;&nbsp; 101960 | 3038235 |
| Beijer Ref AB, Class B | &nbsp;&nbsp; 315824 | 5301704 |
| Betsson AB, Class B | &nbsp;&nbsp; 107233 | 1815709 |
| Billerud Aktiebolag | &nbsp;&nbsp; 192023 | 1630414 |
| Boliden AB<sup>(a)</sup> | &nbsp;&nbsp; 237153 | 7259069 |
| BoneSupport Holding AB<sup>(a)(c)</sup> | &nbsp;&nbsp; 65502 | 2212116 |
| Bravida Holding AB<sup>(c)</sup> | &nbsp;&nbsp; 175621 | 1648018 |
| Bure Equity AB | &nbsp;&nbsp; 69876 | 2062831 |
| Camurus AB<sup>(a)</sup> | &nbsp;&nbsp; 35996 | 2497539 |
| Castellum AB | &nbsp;&nbsp; 329441 | 3750211 |
| Catena AB | &nbsp;&nbsp; 50247 | 2269869 |
| Corem Property Group AB, Class B | &nbsp;&nbsp; 844167 | 376525 |
| Dios Fastigheter AB | &nbsp;&nbsp; 113578 | 746184 |
| Dometic Group AB<sup>(c)</sup> | &nbsp;&nbsp; 325685 | 1645174 |
| Electrolux AB, Class B<sup>(a)</sup> | &nbsp;&nbsp; 233241 | 1420578 |
| Electrolux Professional AB, Class B | &nbsp;&nbsp; 324767 | 2206699 |
| Elekta AB, Class B | &nbsp;&nbsp; 395130 | 1948432 |
| Embracer Group AB<sup>(a)</sup> | &nbsp;&nbsp; 120279 | 1244237 |
| Epiroc AB, Class A | &nbsp;&nbsp; 552255 | 11240130 |
| Epiroc AB, Class B | &nbsp;&nbsp; 302334 | 5419636 |
| EQT AB | &nbsp;&nbsp; 303786 | 10153773 |
| Essity AB, Class B | &nbsp;&nbsp; 499721 | 12321875 |
| Evolution AB<sup>(c)</sup> | &nbsp;&nbsp; 131285 | 11679251 |
| Fabege AB | &nbsp;&nbsp; 248024 | 2078849 |
| Fastighets AB Balder, Class B<sup>(a)</sup> | &nbsp;&nbsp; 580761 | 3921352 |
| Getinge AB, Class B | &nbsp;&nbsp; 200948 | 3966365 |
| Granges AB | &nbsp;&nbsp; 110055 | 1475742 |
| H & M Hennes & Mauritz AB, Class B | &nbsp;&nbsp; 442325 | 5958843 |
| Hemnet Group AB | &nbsp;&nbsp; 96331 | 2774185 |
| Hexagon AB, Class B | &nbsp;&nbsp; 1688810 | 18556777 |
| Hexatronic Group AB<sup>(a)</sup> | &nbsp;&nbsp; 224919 | 477720 |
| Hexpol AB | &nbsp;&nbsp; 297453 | 2561364 |
| HMS Networks AB<sup>(a)</sup> | &nbsp;&nbsp; 27443 | 1153148 |
| Holmen AB, Class B | &nbsp;&nbsp; 80277 | 2983624 |
| Hufvudstaden AB, Class A | &nbsp;&nbsp; 98336 | 1189927 |
| Husqvarna AB, Class B | &nbsp;&nbsp; 359065 | 1944733 |
| Industrivarden AB, Class A | &nbsp;&nbsp; 107236 | 3967510 |
| Industrivarden AB, Class C | &nbsp;&nbsp; 134639 | 4972172 |
| Indutrade AB | &nbsp;&nbsp; 225696 | 5480891 |
| Instalco AB | &nbsp;&nbsp; 262202 | 686569 |
| Investment AB Latour, Class B | &nbsp;&nbsp; 122064 | 3116194 |
| Investor AB, Class B | &nbsp;&nbsp; 1408916 | 40829707 |
| JM AB | &nbsp;&nbsp; 63717 | 913064 |
| Kinnevik AB, Class B | &nbsp;&nbsp; 222299 | 1993128 |
| L E Lundbergforetagen AB, Class B | &nbsp;&nbsp; 46691 | 2277453 |
| Lifco AB, Class B | &nbsp;&nbsp; 214317 | 7634202 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| Lindab International AB | &nbsp;&nbsp; 100352 | $2109256 |
| Loomis AB, Class B | &nbsp;&nbsp; 81864 | 3236845 |
| Medicover AB, Class B | &nbsp;&nbsp; 58921 | 1650585 |
| Mildef Group AB | &nbsp;&nbsp; 38388 | 675668 |
| Millicom International Cellular SA | &nbsp;&nbsp; 88500 | 3553275 |
| MIPS AB | &nbsp;&nbsp; 31189 | 1321832 |
| Modern Times Group MTG AB, Class B<sup>(a)</sup> | &nbsp;&nbsp; 97866 | 1006120 |
| Munters Group AB<sup>(c)</sup> | &nbsp;&nbsp; 137295 | 1932190 |
| Mycronic AB | &nbsp;&nbsp; 164960 | 3579447 |
| NCAB Group AB<sup>(a)</sup> | &nbsp;&nbsp; 160305 | 866288 |
| NCC AB, Class B | &nbsp;&nbsp; 84834 | 1606356 |
| Nibe Industrier AB, Class B | &nbsp;&nbsp; 1280504 | 5908771 |
| Nolato AB, Class B | &nbsp;&nbsp; 259962 | 1537788 |
| Nordea Bank Abp | &nbsp;&nbsp; 2549282 | 37198566 |
| Nordnet AB publ | &nbsp;&nbsp; 150543 | 4065577 |
| Nyfosa AB | &nbsp;&nbsp; 151048 | 1309482 |
| Pandox AB, Class B | &nbsp;&nbsp; 94015 | 1678762 |
| Peab AB, Class B | &nbsp;&nbsp; 168299 | 1265704 |
| Saab AB, Class B | &nbsp;&nbsp; 280348 | 15249242 |
| Sagax AB, Class B | &nbsp;&nbsp; 177416 | 3755120 |
| Samhallsbyggnadsbolaget i Norden AB<sup>(b)</sup> | &nbsp;&nbsp; 1220215 | 611797 |
| Sandvik AB | &nbsp;&nbsp; 859109 | 20961966 |
| Sectra AB, Class B | &nbsp;&nbsp; 133808 | 4961061 |
| Securitas AB, Class B | &nbsp;&nbsp; 401262 | 5955263 |
| Sinch AB<sup>(a)(c)</sup> | &nbsp;&nbsp; 570529 | 1958600 |
| Skandinaviska Enskilda Banken AB, Class A | &nbsp;&nbsp; 1274542 | 22294959 |
| Skanska AB, Class B | &nbsp;&nbsp; 276527 | 6450405 |
| SKF AB, Class B | &nbsp;&nbsp; 294911 | 6869196 |
| SSAB AB, Class B | &nbsp;&nbsp; 684705 | 3869727 |
| Storskogen Group AB, Class B | &nbsp;&nbsp; 1187651 | 1378421 |
| Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp; 502726 | 6304761 |
| Svenska Handelsbanken AB, Class A | &nbsp;&nbsp; 1182970 | 14413751 |
| Sweco AB, Class B | &nbsp;&nbsp; 182066 | 2872006 |
| Swedbank AB, Class A | &nbsp;&nbsp; 687657 | 18310948 |
| Swedish Orphan Biovitrum AB<sup>(a)</sup> | &nbsp;&nbsp; 169313 | 4655513 |
| Tele2 AB, Class B | &nbsp;&nbsp; 491749 | 7600035 |
| Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp; 2276456 | 16535222 |
| Telia Co. AB | &nbsp;&nbsp; 1988282 | 7022036 |
| Thule Group AB<sup>(c)</sup> | &nbsp;&nbsp; 95243 | 2693639 |
| Trelleborg AB, Class B | &nbsp;&nbsp; 191769 | 6967885 |
| Troax Group AB | &nbsp;&nbsp; 40753 | 569377 |
| Truecaller AB, Class B | &nbsp;&nbsp; 236484 | 1181304 |
| Vitec Software Group AB, Class B | &nbsp;&nbsp; 43474 | 1685379 |
| Vitrolife AB | &nbsp;&nbsp; 63836 | 938066 |
| Volvo AB, Class B | &nbsp;&nbsp; 1269448 | 36458275 |
| Wallenstam AB, Class B | &nbsp;&nbsp; 339122 | 1536979 |
| Wihlborgs Fastigheter AB | &nbsp;&nbsp; 315026 | 3095780 |
|  |  | 630621122 |
| **Switzerland — 7.8%** | **Switzerland — 7.8%** | **Switzerland — 7.8%** |
| ABB Ltd., Registered | &nbsp;&nbsp; 1289737 | 84217362 |
| Accelleron Industries AG | &nbsp;&nbsp; 92340 | 8410497 |
| Adecco Group AG, Registered | &nbsp;&nbsp; 126089 | 3970308 |
| Alcon AG | &nbsp;&nbsp; 406793 | 35662717 |
| Allreal Holding AG, Registered | &nbsp;&nbsp; 14412 | 3259770 |
| ALSO Holding AG, Registered | &nbsp;&nbsp; 7358 | 2222331 |
| Amrize Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 429890 | 21731343 |
| ams-OSRAM AG<sup>(a)</sup> | &nbsp;&nbsp; 91823 | 1210302 |
| Aryzta AG<sup>(a)</sup> | &nbsp;&nbsp; 22075 | 2071804 |
| Avolta AG, Registered | &nbsp;&nbsp; 89770 | 4666563 |
| Bachem Holding AG<sup>(b)</sup> | &nbsp;&nbsp; 33548 | 2826303 |
| Baloise Holding AG, Registered | &nbsp;&nbsp; 37807 | 9061011 |
| Banque Cantonale Vaudoise, Registered | &nbsp;&nbsp; 28754 | 3327535 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI International Developed Markets ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| Barry Callebaut AG, Registered<sup>(b)</sup> | &nbsp;&nbsp; 3115 | $3793442 |
| Belimo Holding AG, Registered | &nbsp;&nbsp; 8388 | 9761349 |
| BKW AG | &nbsp;&nbsp; 18293 | 4084325 |
| Bossard Holding AG, Class A, Registered | &nbsp;&nbsp; 4845 | 1026828 |
| Bucher Industries AG, Registered | &nbsp;&nbsp; 5363 | 2532670 |
| Burckhardt Compression Holding AG | &nbsp;&nbsp; 3617 | 3221272 |
| Bystronic AG, Registered | &nbsp;&nbsp; 926 | 458867 |
| Cembra Money Bank AG | &nbsp;&nbsp; 32219 | 3615945 |
| Chocoladefabriken Lindt & Spruengli AG, <br> Participation Certificates, NVS<br>| &nbsp;&nbsp; 777 | 11430113 |
| Chocoladefabriken Lindt & Spruengli <br> AG, Registered<br>| &nbsp;&nbsp; 87 | 12721336 |
| Cie Financiere Richemont SA, Class A, Registered | &nbsp;&nbsp; 438737 | 71635301 |
| Clariant AG, Registered | &nbsp;&nbsp; 211650 | 2172154 |
| Comet Holding AG, Registered | &nbsp;&nbsp; 8584 | 2161283 |
| Daetwyler Holding AG, Bearer<sup>(b)</sup> | &nbsp;&nbsp; 5399 | 961530 |
| DKSH Holding AG | &nbsp;&nbsp; 30616 | 2117104 |
| dormakaba Holding AG | &nbsp;&nbsp; 3328 | 3212600 |
| EFG International AG | &nbsp;&nbsp; 49706 | 985206 |
| Emmi AG, Registered | &nbsp;&nbsp; 2009 | 1828698 |
| EMS-Chemie Holding AG, Registered | &nbsp;&nbsp; 6046 | 4756938 |
| Flughafen Zurich AG, Registered | &nbsp;&nbsp; 19856 | 5596147 |
| Forbo Holding AG, Registered | &nbsp;&nbsp; 1026 | 973176 |
| Galderma Group AG | &nbsp;&nbsp; 97521 | 15029752 |
| Galenica AG<sup>(c)</sup> | &nbsp;&nbsp; 36558 | 3879887 |
| Geberit AG, Registered | &nbsp;&nbsp; 28108 | 21533493 |
| Georg Fischer AG | &nbsp;&nbsp; 74732 | 5846184 |
| Givaudan SA, Registered | &nbsp;&nbsp; 7395 | 30913665 |
| Helvetia Holding AG, Registered | &nbsp;&nbsp; 30022 | 7219734 |
| Holcim AG | &nbsp;&nbsp; 429970 | 34290073 |
| Huber + Suhner AG, Registered | &nbsp;&nbsp; 18365 | 2452203 |
| Inficon Holding AG | &nbsp;&nbsp; 18688 | 2248653 |
| Interroll Holding AG, Registered | &nbsp;&nbsp; 547 | 1540335 |
| Intershop Holding AG | &nbsp;&nbsp; 8358 | 1547166 |
| Julius Baer Group Ltd. | &nbsp;&nbsp; 177176 | 11988484 |
| Kardex Holding AG, Registered | &nbsp;&nbsp; 8356 | 3217620 |
| Kuehne + Nagel International AG, Registered | &nbsp;&nbsp; 38839 | 7918452 |
| Landis+Gyr Group AG | &nbsp;&nbsp; 22814 | 1862862 |
| Logitech International SA, Registered | &nbsp;&nbsp; 133746 | 12401845 |
| Lonza Group AG, Registered | &nbsp;&nbsp; 58912 | 41059831 |
| Medmix AG<sup>(c)</sup> | &nbsp;&nbsp; 25263 | 369241 |
| Mobilezone Holding AG, Registered | &nbsp;&nbsp; 51332 | 716045 |
| Mobimo Holding AG, Registered | &nbsp;&nbsp; 8543 | 3345894 |
| Nestle SA, Registered | &nbsp;&nbsp; 2136668 | 186695776 |
| Novartis AG, Registered | &nbsp;&nbsp; 1561625 | 177848856 |
| OC Oerlikon Corp. AG Pfaffikon, Registered | &nbsp;&nbsp; 165345 | 807804 |
| Partners Group Holding AG | &nbsp;&nbsp; 18654 | 25076507 |
| PSP Swiss Property AG, Registered | &nbsp;&nbsp; 39109 | 6635402 |
| Roche Holding AG, Bearer | &nbsp;&nbsp; 27668 | 9195046 |
| Roche Holding AG, NVS | &nbsp;&nbsp; 572625 | 178700818 |
| Sandoz Group AG | &nbsp;&nbsp; 342647 | 19595602 |
| Schindler Holding AG, Participation <br> Certificates, NVS<br>| &nbsp;&nbsp; 32216 | 11650462 |
| Schindler Holding AG, Registered | &nbsp;&nbsp; 19854 | 6963379 |
| Schweiter Technologies AG | &nbsp;&nbsp; 562 | 259407 |
| SFS Group AG | &nbsp;&nbsp; 19794 | 2557898 |
| SGS SA | &nbsp;&nbsp; 126669 | 12871263 |
| Siegfried Holding AG | &nbsp;&nbsp; 30164 | 3372522 |
| SIG Group AG | &nbsp;&nbsp; 239147 | 3869105 |
| Sika AG, Registered | &nbsp;&nbsp; 122992 | 29023593 |
| Softwareone Holding AG | &nbsp;&nbsp; 131247 | 1071162 |
| Sonova Holding AG, Registered | &nbsp;&nbsp; 43556 | 11856290 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| Stadler Rail AG<sup>(b)</sup> | &nbsp;&nbsp; 41113 | $1086480 |
| Straumann Holding AG | &nbsp;&nbsp; 94010 | 11454165 |
| Sulzer AG, Registered | &nbsp;&nbsp; 21111 | 4061986 |
| Sunrise Communications AG, Class A | &nbsp;&nbsp; 50334 | 2681692 |
| Swatch Group AG (The), Bearer | &nbsp;&nbsp; 21258 | 3759630 |
| Swiss Life Holding AG, Registered | &nbsp;&nbsp; 24306 | 25176095 |
| Swiss Prime Site AG, Registered | &nbsp;&nbsp; 68047 | 9411492 |
| Swiss Re AG | &nbsp;&nbsp; 243687 | 43620304 |
| Swisscom AG, Registered | &nbsp;&nbsp; 21780 | 15133492 |
| Swissquote Group Holding SA, Registered | &nbsp;&nbsp; 10492 | 6971362 |
| Tecan Group AG, Registered | &nbsp;&nbsp; 10929 | 2163850 |
| Temenos AG, Registered | &nbsp;&nbsp; 52141 | 4663733 |
| UBS Group AG, Registered | &nbsp;&nbsp; 2672591 | 99324192 |
| Valiant Holding AG, Registered | &nbsp;&nbsp; 15244 | 2399371 |
| VAT Group AG<sup>(c)</sup> | &nbsp;&nbsp; 22845 | 8000059 |
| Vontobel Holding AG, Registered | &nbsp;&nbsp; 24274 | 1769913 |
| Ypsomed Holding AG, Registered<sup>(b)</sup> | &nbsp;&nbsp; 4097 | 1960239 |
| Zurich Insurance Group AG | &nbsp;&nbsp; 118487 | 80820716 |
|  |  | 1553575212 |
| **United Kingdom — 13.0%** | **United Kingdom — 13.0%** | **United Kingdom — 13.0%** |
| 3i Group PLC | &nbsp;&nbsp; 783208 | 42796143 |
| 4imprint Group PLC | &nbsp;&nbsp; 26118 | 1237122 |
| Aberdeen Group PLC | &nbsp;&nbsp; 1616518 | 4265563 |
| Admiral Group PLC | &nbsp;&nbsp; 204241 | 9206465 |
| Airtel Africa PLC<sup>(c)</sup> | &nbsp;&nbsp; 1060801 | 2855643 |
| AJ Bell PLC | &nbsp;&nbsp; 400090 | 2833662 |
| Anglo American PLC, NVS | &nbsp;&nbsp; 903369 | 25419080 |
| Antofagasta PLC | &nbsp;&nbsp; 324180 | 7994799 |
| AO World PLC<sup>(a)</sup> | &nbsp;&nbsp; 412620 | 507327 |
| Ashmore Group PLC | &nbsp;&nbsp; 748418 | 1727720 |
| Ashtead Group PLC | &nbsp;&nbsp; 350885 | 23443088 |
| ASOS PLC<sup>(a)(b)</sup> | &nbsp;&nbsp; 96144 | 393615 |
| Associated British Foods PLC | &nbsp;&nbsp; 269399 | 7800579 |
| Assura PLC | &nbsp;&nbsp; 2629129 | 1731302 |
| Aston Martin Lagonda Global Holdings PLC<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 479509 | 441059 |
| AstraZeneca PLC | &nbsp;&nbsp; 1263594 | 184347793 |
| Auto Trader Group PLC<sup>(c)</sup> | &nbsp;&nbsp; 716508 | 7910098 |
| Aviva PLC | &nbsp;&nbsp; 2478163 | 21173433 |
| B&M European Value Retail SA | &nbsp;&nbsp; 784976 | 2320287 |
| Babcock International Group PLC | &nbsp;&nbsp; 202846 | 2781085 |
| BAE Systems PLC | &nbsp;&nbsp; 2448053 | 58412053 |
| Bakkavor Group PLC<sup>(c)</sup> | &nbsp;&nbsp; 163900 | 508668 |
| Balfour Beatty PLC | &nbsp;&nbsp; 483670 | 3456545 |
| Baltic Classifieds Group PLC | &nbsp;&nbsp; 372410 | 1760727 |
| Barclays PLC | &nbsp;&nbsp; 11896676 | 58151168 |
| Barratt Redrow PLC | &nbsp;&nbsp; 1161275 | 5718640 |
| Beazley PLC | &nbsp;&nbsp; 476226 | 5611238 |
| Bellway PLC | &nbsp;&nbsp; 99157 | 3245208 |
| Berkeley Group Holdings PLC | &nbsp;&nbsp; 85258 | 4100210 |
| Big Yellow Group PLC | &nbsp;&nbsp; 149935 | 1848642 |
| Bodycote PLC | &nbsp;&nbsp; 172195 | 1447460 |
| boohoo Group PLC<sup>(a)(b)</sup> | &nbsp;&nbsp; 1383515 | 318288 |
| BP PLC | &nbsp;&nbsp; 13106356 | 70253736 |
| Breedon Group PLC | &nbsp;&nbsp; 284134 | 1360626 |
| British American Tobacco PLC | &nbsp;&nbsp; 1608477 | 86177897 |
| British Land Co. PLC (The) | &nbsp;&nbsp; 654002 | 3005749 |
| BT Group PLC | &nbsp;&nbsp; 5146401 | 14055009 |
| Bunzl PLC | &nbsp;&nbsp; 261153 | 7750357 |
| Burberry Group PLC<sup>(a)</sup> | &nbsp;&nbsp; 289159 | 4904970 |
| Carnival PLC<sup>(a)</sup> | &nbsp;&nbsp; 133393 | 3629750 |
| Centrica PLC | &nbsp;&nbsp; 4561407 | 9915370 |
| Chemring Group PLC | &nbsp;&nbsp; 195652 | 1416930 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI International Developed Markets ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Clarkson PLC | &nbsp;&nbsp; 20278 | $923344 |
| Coats Group PLC | &nbsp;&nbsp; 1556879 | 1521508 |
| Coca-Cola HBC AG, Class DI | &nbsp;&nbsp; 173069 | 8994775 |
| Compass Group PLC | &nbsp;&nbsp; 1364874 | 47960938 |
| Computacenter PLC | &nbsp;&nbsp; 80498 | 2432908 |
| ConvaTec Group PLC<sup>(c)</sup> | &nbsp;&nbsp; 1174425 | 3618432 |
| Cranswick PLC | &nbsp;&nbsp; 52569 | 3681566 |
| Crest Nicholson Holdings PLC | &nbsp;&nbsp; 352826 | 849223 |
| Croda International PLC | &nbsp;&nbsp; 121504 | 4181883 |
| Currys PLC<sup>(a)</sup> | &nbsp;&nbsp; 1228770 | 1832113 |
| CVS Group PLC | &nbsp;&nbsp; 82522 | 1335904 |
| DCC PLC | &nbsp;&nbsp; 78523 | 4917976 |
| Deliveroo PLC<sup>(a)(c)</sup> | &nbsp;&nbsp; 1033891 | 2416629 |
| Derwent London PLC | &nbsp;&nbsp; 93276 | 2377469 |
| Diageo PLC | &nbsp;&nbsp; 1792998 | 43457870 |
| Diploma PLC | &nbsp;&nbsp; 110632 | 7831630 |
| Domino's Pizza Group PLC | &nbsp;&nbsp; 500478 | 1584213 |
| Dowlais Group PLC | &nbsp;&nbsp; 1120058 | 1034884 |
| Dr. Martens PLC | &nbsp;&nbsp; 700760 | 748233 |
| Drax Group PLC | &nbsp;&nbsp; 339883 | 3174351 |
| Dunelm Group PLC | &nbsp;&nbsp; 136702 | 2192890 |
| easyJet PLC | &nbsp;&nbsp; 272425 | 1766474 |
| Elementis PLC | &nbsp;&nbsp; 750809 | 1718041 |
| Endeavour Mining PLC | &nbsp;&nbsp; 140926 | 4274969 |
| Energean PLC | &nbsp;&nbsp; 195242 | 2360583 |
| Entain PLC | &nbsp;&nbsp; 507013 | 6808535 |
| Experian PLC | &nbsp;&nbsp; 734118 | 38681212 |
| Fevertree Drinks PLC | &nbsp;&nbsp; 91105 | 1142803 |
| Firstgroup PLC | &nbsp;&nbsp; 864109 | 2560820 |
| Frasers Group PLC<sup>(a)</sup> | &nbsp;&nbsp; 125322 | 1134666 |
| Future PLC<sup>(b)</sup> | &nbsp;&nbsp; 107368 | 1004170 |
| Games Workshop Group PLC | &nbsp;&nbsp; 26996 | 5784221 |
| Gamma Communications PLC | &nbsp;&nbsp; 86088 | 1236970 |
| GB Group PLC | &nbsp;&nbsp; 242324 | 746575 |
| Genuit Group PLC | &nbsp;&nbsp; 269262 | 1383067 |
| Genus PLC | &nbsp;&nbsp; 59719 | 1955851 |
| Glencore PLC | &nbsp;&nbsp; 8284460 | 33248201 |
| Grafton Group PLC | &nbsp;&nbsp; 192701 | 2259100 |
| Grainger PLC | &nbsp;&nbsp; 567381 | 1533956 |
| Great Portland Estates PLC | &nbsp;&nbsp; 273318 | 1225450 |
| Greencore Group PLC | &nbsp;&nbsp; 591149 | 2006401 |
| Greggs PLC | &nbsp;&nbsp; 84657 | 1760399 |
| GSK PLC | &nbsp;&nbsp; 3331782 | 61284737 |
| Haleon PLC | &nbsp;&nbsp; 7315678 | 34315418 |
| Halma PLC | &nbsp;&nbsp; 302381 | 12938428 |
| Hammerson PLC | &nbsp;&nbsp; 377453 | 1474974 |
| Harbour Energy PLC | &nbsp;&nbsp; 525120 | 1381032 |
| Hays PLC | &nbsp;&nbsp; 1402025 | 1178539 |
| Helios Towers PLC<sup>(a)</sup> | &nbsp;&nbsp; 787624 | 1234587 |
| Hikma Pharmaceuticals PLC | &nbsp;&nbsp; 118265 | 3056825 |
| Hill & Smith PLC | &nbsp;&nbsp; 80329 | 2162034 |
| Hiscox Ltd. | &nbsp;&nbsp; 290083 | 4938742 |
| Howden Joinery Group PLC | &nbsp;&nbsp; 466295 | 5398096 |
| HSBC Holdings PLC | &nbsp;&nbsp; 14519283 | 176888000 |
| Ibstock PLC<sup>(c)</sup> | &nbsp;&nbsp; 658475 | 1306162 |
| ICG PLC | &nbsp;&nbsp; 246868 | 7068463 |
| IG Group Holdings PLC | &nbsp;&nbsp; 313247 | 4664502 |
| IMI PLC | &nbsp;&nbsp; 226756 | 6624661 |
| Imperial Brands PLC | &nbsp;&nbsp; 667279 | 26010122 |
| Inchcape PLC | &nbsp;&nbsp; 311400 | 2881963 |
| Informa PLC | &nbsp;&nbsp; 1107625 | 12665734 |
| IntegraFin Holdings PLC | &nbsp;&nbsp; 304695 | 1442579 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| InterContinental Hotels Group PLC | &nbsp;&nbsp; 129480 | $14895395 |
| International Workplace Group PLC | &nbsp;&nbsp; 702118 | 2048585 |
| Intertek Group PLC | &nbsp;&nbsp; 120483 | 7833802 |
| Investec PLC | &nbsp;&nbsp; 594575 | 4409040 |
| IP Group PLC<sup>(a)</sup> | &nbsp;&nbsp; 736112 | 543430 |
| ITV PLC | &nbsp;&nbsp; 3108218 | 3371455 |
| J D Wetherspoon PLC | &nbsp;&nbsp; 167536 | 1660502 |
| J Sainsbury PLC | &nbsp;&nbsp; 1348349 | 5391498 |
| JD Sports Fashion PLC | &nbsp;&nbsp; 2229712 | 2502821 |
| JET2 PLC | &nbsp;&nbsp; 126688 | 2713572 |
| John Wood Group PLC<sup>(a)(e)</sup> | &nbsp;&nbsp; 853913 | 187156 |
| Johnson Matthey PLC | &nbsp;&nbsp; 139261 | 3244893 |
| JTC PLC<sup>(c)</sup> | &nbsp;&nbsp; 163698 | 2023633 |
| Jupiter Fund Management PLC | &nbsp;&nbsp; 501340 | 852778 |
| Just Group PLC | &nbsp;&nbsp; 827113 | 2304809 |
| Kainos Group PLC | &nbsp;&nbsp; 97499 | 951332 |
| Kingfisher PLC | &nbsp;&nbsp; 1572702 | 5592219 |
| Lancashire Holdings Ltd. | &nbsp;&nbsp; 306417 | 2533231 |
| Land Securities Group PLC | &nbsp;&nbsp; 519332 | 3949488 |
| Legal & General Group PLC | &nbsp;&nbsp; 4780782 | 16173696 |
| Lion Finance Group PLC | &nbsp;&nbsp; 31156 | 3123520 |
| Lloyds Banking Group PLC | &nbsp;&nbsp; 50067754 | 51341858 |
| London Stock Exchange Group PLC | &nbsp;&nbsp; 384123 | 46822661 |
| LondonMetric Property PLC | &nbsp;&nbsp; 1909018 | 4804363 |
| M&G PLC | &nbsp;&nbsp; 1891847 | 6511538 |
| Man Group PLC/Jersey | &nbsp;&nbsp; 1202596 | 2611729 |
| Marks & Spencer Group PLC | &nbsp;&nbsp; 1631846 | 7494398 |
| Marshalls PLC | &nbsp;&nbsp; 222573 | 608458 |
| Melrose Industries PLC | &nbsp;&nbsp; 1120058 | 7562218 |
| Mitie Group PLC | &nbsp;&nbsp; 1346957 | 2497631 |
| Mobico Group PLC<sup>(a)</sup> | &nbsp;&nbsp; 727010 | 347843 |
| Mondi PLC | &nbsp;&nbsp; 353724 | 4781724 |
| MONY Group PLC | &nbsp;&nbsp; 409833 | 1084330 |
| Morgan Sindall Group PLC | &nbsp;&nbsp; 42295 | 2566003 |
| National Grid PLC | &nbsp;&nbsp; 3940708 | 55375102 |
| NatWest Group PLC | &nbsp;&nbsp; 6474900 | 44946009 |
| Next PLC | &nbsp;&nbsp; 100957 | 16387439 |
| Ninety One PLC | &nbsp;&nbsp; 600819 | 1494107 |
| NMC Health PLC, NVS<sup>(a)(e)</sup> | &nbsp;&nbsp; 12146 |  |
| Ocado Group PLC<sup>(a)</sup> | &nbsp;&nbsp; 513157 | 2126815 |
| OSB Group PLC | &nbsp;&nbsp; 455837 | 3334330 |
| Oxford Instruments PLC | &nbsp;&nbsp; 58726 | 1408426 |
| Oxford Nanopore Technologies PLC<sup>(a)(b)</sup> | &nbsp;&nbsp; 558645 | 1497444 |
| Pagegroup PLC | &nbsp;&nbsp; 380839 | 1332080 |
| Paragon Banking Group PLC | &nbsp;&nbsp; 244982 | 2921528 |
| Pearson PLC | &nbsp;&nbsp; 508969 | 7197306 |
| Penno Group PLC | &nbsp;&nbsp; 481063 | 3178104 |
| Persimmon PLC | &nbsp;&nbsp; 269675 | 4066358 |
| Pets at Home Group PLC | &nbsp;&nbsp; 422858 | 1273746 |
| Phoenix Group Holdings PLC | &nbsp;&nbsp; 507266 | 4436077 |
| Playtech PLC | &nbsp;&nbsp; 247700 | 1301957 |
| Plus500 Ltd. | &nbsp;&nbsp; 80577 | 3576135 |
| Premier Foods PLC | &nbsp;&nbsp; 664138 | 1691037 |
| Primary Health Properties PLC | &nbsp;&nbsp; 1472969 | 1865588 |
| Prudential PLC | &nbsp;&nbsp; 2216604 | 28120230 |
| QinetiQ Group PLC | &nbsp;&nbsp; 505949 | 3317049 |
| Quilter PLC<sup>(c)</sup> | &nbsp;&nbsp; 1392707 | 3112059 |
| Rathbones Group PLC | &nbsp;&nbsp; 54294 | 1368757 |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp; 557665 | 41794627 |
| RELX PLC | &nbsp;&nbsp; 1495747 | 77720622 |
| Renishaw PLC | &nbsp;&nbsp; 41950 | 1648187 |
| Rentokil Initial PLC | &nbsp;&nbsp; 2004488 | 9999277 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI International Developed Markets ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| RHI Magnesita NV | &nbsp;&nbsp; 32216 | $1014307 |
| Rightmove PLC | &nbsp;&nbsp; 649641 | 7010593 |
| Rio Tinto PLC | &nbsp;&nbsp; 908136 | 54088020 |
| Rolls-Royce Holdings PLC | &nbsp;&nbsp; 6942044 | 98528227 |
| Rotork PLC | &nbsp;&nbsp; 626555 | 2687425 |
| RS Group PLC | &nbsp;&nbsp; 396635 | 2918819 |
| RWS Holdings PLC | &nbsp;&nbsp; 343375 | 406770 |
| Safestore Holdings PLC | &nbsp;&nbsp; 199228 | 1766635 |
| Sage Group PLC (The) | &nbsp;&nbsp; 805153 | 12928057 |
| Savills PLC | &nbsp;&nbsp; 138057 | 1784961 |
| Schroders PLC | &nbsp;&nbsp; 589690 | 3031094 |
| Segro PLC | &nbsp;&nbsp; 969991 | 8266973 |
| Serco Group PLC | &nbsp;&nbsp; 1022055 | 2816234 |
| Severn Trent PLC | &nbsp;&nbsp; 208834 | 7323247 |
| Shaftesbury Capital PLC | &nbsp;&nbsp; 1507419 | 3141282 |
| Shell PLC | &nbsp;&nbsp; 4919595 | 176776311 |
| Sirius Real Estate Ltd. | &nbsp;&nbsp; 1508025 | 2073227 |
| Smith & Nephew PLC | &nbsp;&nbsp; 701618 | 10722790 |
| Smiths Group PLC | &nbsp;&nbsp; 288477 | 8935913 |
| Softcat PLC | &nbsp;&nbsp; 126495 | 2720641 |
| Spectris PLC | &nbsp;&nbsp; 87669 | 4603474 |
| Spirax Group PLC | &nbsp;&nbsp; 65511 | 5474666 |
| Spirent Communications PLC | &nbsp;&nbsp; 684957 | 1761181 |
| SSE PLC | &nbsp;&nbsp; 866102 | 21230090 |
| SSP Group PLC | &nbsp;&nbsp; 776489 | 1745017 |
| St. James's Place PLC | &nbsp;&nbsp; 427555 | 7358594 |
| Standard Chartered PLC | &nbsp;&nbsp; 1711185 | 30676343 |
| Tate & Lyle PLC | &nbsp;&nbsp; 310270 | 2190737 |
| Taylor Wimpey PLC | &nbsp;&nbsp; 3019140 | 4062206 |
| TBC Bank Group PLC | &nbsp;&nbsp; 39868 | 2548317 |
| Telecom Plus PLC | &nbsp;&nbsp; 74651 | 1818727 |
| Tesco PLC | &nbsp;&nbsp; 5656823 | 31782411 |
| TP ICAP Group PLC | &nbsp;&nbsp; 863334 | 3485097 |
| Trainline PLC<sup>(a)(c)</sup> | &nbsp;&nbsp; 399381 | 1434133 |
| Travis Perkins PLC | &nbsp;&nbsp; 174174 | 1247871 |
| Tritax Big Box REIT PLC | &nbsp;&nbsp; 1403711 | 2611072 |
| Trustpilot Group PLC<sup>(a)(c)</sup> | &nbsp;&nbsp; 284237 | 937383 |
| TUI AG<sup>(a)</sup> | &nbsp;&nbsp; 372165 | 3357691 |
| Unilever PLC | &nbsp;&nbsp; 2033358 | 117976341 |
| UNITE Group PLC (The) | &nbsp;&nbsp; 250586 | 2470626 |
| United Utilities Group PLC | &nbsp;&nbsp; 532493 | 7948976 |
| Vesuvius PLC | &nbsp;&nbsp; 241766 | 1137943 |
| Victrex PLC | &nbsp;&nbsp; 97935 | 886610 |
| Vistry Group PLC<sup>(a)</sup> | &nbsp;&nbsp; 304640 | 2334770 |
| Vodafone Group PLC | &nbsp;&nbsp; 17211654 | 18660819 |
| Volution Group PLC | &nbsp;&nbsp; 112895 | 998935 |
| Watches of Switzerland Group PLC<sup>(a)(c)</sup> | &nbsp;&nbsp; 225450 | 1036867 |
| Weir Group PLC (The) | &nbsp;&nbsp; 203612 | 7153070 |
| WH Smith PLC | &nbsp;&nbsp; 131645 | 1776990 |
| Whitbread PLC | &nbsp;&nbsp; 142911 | 5740846 |
| Wise PLC, Class A<sup>(a)</sup> | &nbsp;&nbsp; 543118 | 7255502 |
| Workspace Group PLC | &nbsp;&nbsp; 135102 | 709229 |
| WPP PLC | &nbsp;&nbsp; 844666 | 4573349 |
| Yellow Cake PLC<sup>(a)(c)</sup> | &nbsp;&nbsp; 240530 | 1550945 |
| YouGov PLC | &nbsp;&nbsp; 125433 | 517197 |
|  |  | 2600639461 |
| **United States — 0.4%** | **United States — 0.4%** | **United States — 0.4%** |
| Spotify Technology SA<sup>(a)</sup> | &nbsp;&nbsp; 126507 | 79261696 |
| **Total Common Stocks — 99.3%** <br>**(Cost: $15,796,936,853)** | **Total Common Stocks — 99.3%** <br>**(Cost: $15,796,936,853)** | 19809678688 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **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; 46811 | $4092470 |
| Dr Ing hc F Porsche AG, Preference Shares, <br> NVS<sup>(c)</sup><br>| &nbsp;&nbsp; 78154 | 3962913 |
| FUCHS SE, Preference Shares, NVS | &nbsp;&nbsp; 72394 | 3312769 |
| Henkel AG & Co. KGaA, Preference Shares, NVS | &nbsp;&nbsp; 134122 | 10335320 |
| Jungheinrich AG, Preference Shares, NVS | &nbsp;&nbsp; 43640 | 1673074 |
| Porsche Automobil Holding SE, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 112163 | 4501559 |
| Sartorius AG, Preference Shares, NVS | &nbsp;&nbsp; 21374 | 4551630 |
| Volkswagen AG, Preference Shares, NVS | &nbsp;&nbsp; 168010 | 17568084 |
|  |  | 49997819 |
| **Total Preferred Stocks — 0.2%** <br>**(Cost: $61,242,660)** | **Total Preferred Stocks — 0.2%** <br>**(Cost: $61,242,660)** | 49997819 |
| **Warrants** | **Warrants** | **Warrants** |
| **Canada — 0.0%** | **Canada — 0.0%** | **Canada — 0.0%** |
| Constellation Software Inc., (Issued 08/29/23, <br> 1 Share for 1 Warrant, Expires 03/31/40, Strike <br> Price CAD 11.50)<sup>(a)(e)</sup><br>| &nbsp;&nbsp; 11415 |  |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** |  |
| **Total Long-Term Investments — 99.5%** <br>**(Cost: $15,858,179,513)** | **Total Long-Term Investments — 99.5%** <br>**(Cost: $15,858,179,513)** | 19859676507 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.7%** | **Money Market Funds — 0.7%** | **Money Market Funds — 0.7%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(f)(g)(h)</sup><br>| &nbsp;&nbsp; 138388006 | 138443361 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.30%<sup>(f)(g)</sup><br>| &nbsp;&nbsp; 740000 | 740000 |
| **Total Short-Term Securities — 0.7%** <br>**(Cost: $139,183,361)** | **Total Short-Term Securities — 0.7%** <br>**(Cost: $139,183,361)** | 139183361 |
| **Total Investments — 100.2%** <br>**(Cost: $15,997,362,874)** | **Total Investments — 100.2%** <br>**(Cost: $15,997,362,874)** | 19998859868 |
| **Liabilities in Excess of Other Assets — (0.2)%** | **Liabilities in Excess of Other Assets — (0.2)%** | (41743768)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $19957116100 |

---

&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.

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

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

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI International Developed Markets ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 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>*07/31/24*<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>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<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>| $82446525 | $55997385 <br><sup>(a)</sup><br>| $— | $38258 | $(38807)<br>| $138443361 | 138388006 | $1237477 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| 1250000 |  | &nbsp;&nbsp; (510000 )<sup>(a)</sup><br>|  |  | 740000 | 740000 | 246007 |  |
|  |  |  |  | $38258 | $(38807) | $139183361 |  | $1483484 | $— |

---

&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 | 77 | 09/11/25 | &nbsp;&nbsp; $15088 | $539681 |
| SPI 200 Index | 76 | 09/18/25 | &nbsp;&nbsp; 10647 | 186124 |
| Euro STOXX 50 Index | 374 | 09/19/25 | &nbsp;&nbsp; 22859 | 112192 |
| FTSE 100 Index | 115 | 09/19/25 | &nbsp;&nbsp; 13885 | 329548 |
|  |  |  |  | $1167545 |

---

**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; $1167545 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1167545 |

---

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

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts 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 July 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; $5623855 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5623855 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $520480 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $520480 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI International Developed Markets ETF**

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $83697373 |

---

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; $2690172815 | &nbsp;&nbsp; $17119318717 | &nbsp;&nbsp; $187156 | &nbsp;&nbsp; $19809678688 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 49997819 | &nbsp;&nbsp; — | &nbsp;&nbsp; 49997819 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 139183361 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 139183361 |
|  | &nbsp;&nbsp; $2829356176 | &nbsp;&nbsp; $17169316536 | &nbsp;&nbsp; $187156 | &nbsp;&nbsp; $19998859868 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $298316 | &nbsp;&nbsp; $869229 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1167545 |

---

&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

July 31, 2025

**iShares® Core MSCI Pacific ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 21.1%** | **Australia — 21.1%** | **Australia — 21.1%** |
| Abacus Group | &nbsp;&nbsp; 90496 | $69902 |
| Abacus Storage King | &nbsp;&nbsp; 88984 | 91228 |
| Accent Group Ltd. | &nbsp;&nbsp; 82112 | 78218 |
| AGL Energy Ltd. | &nbsp;&nbsp; 136035 | 847783 |
| Alpha HPA Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 218737 | 122340 |
| ALS Ltd. | &nbsp;&nbsp; 110224 | 1281406 |
| Amotiv Ltd. | &nbsp;&nbsp; 28870 | 162488 |
| AMP Ltd. | &nbsp;&nbsp; 553610 | 566406 |
| Ampol Ltd. | &nbsp;&nbsp; 53881 | 942047 |
| Ansell Ltd. | &nbsp;&nbsp; 35297 | 675749 |
| ANZ Group Holdings Ltd. | &nbsp;&nbsp; 683585 | 13414328 |
| APA Group | &nbsp;&nbsp; 298309 | 1604421 |
| ARB Corp. Ltd. | &nbsp;&nbsp; 16912 | 362674 |
| Arena REIT | &nbsp;&nbsp; 79175 | 186300 |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp; 129712 | 5808098 |
| ASX Ltd. | &nbsp;&nbsp; 45089 | 2021074 |
| Atlas Arteria Ltd. | &nbsp;&nbsp; 257210 | 849611 |
| AUB Group Ltd. | &nbsp;&nbsp; 28581 | 620816 |
| Aurizon Holdings Ltd. | &nbsp;&nbsp; 400308 | 830970 |
| Aussie Broadband Ltd. | &nbsp;&nbsp; 43404 | 125144 |
| Austal Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 82791 | 347437 |
| Bank of Queensland Ltd. | &nbsp;&nbsp; 153814 | 749356 |
| Bapcor Ltd. | &nbsp;&nbsp; 67775 | 167245 |
| Beach Energy Ltd. | &nbsp;&nbsp; 388576 | 291265 |
| Bega Cheese Ltd. | &nbsp;&nbsp; 50524 | 168228 |
| Bellevue Gold Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 339837 | 175181 |
| Bendigo & Adelaide Bank Ltd. | &nbsp;&nbsp; 128461 | 1006396 |
| BHP Group Ltd. | &nbsp;&nbsp; 1165557 | 29436391 |
| BlueScope Steel Ltd. | &nbsp;&nbsp; 102664 | 1556416 |
| Boss Energy Ltd. <sup>(a)(b)</sup> | &nbsp;&nbsp; 96722 | 106482 |
| Brambles Ltd. | &nbsp;&nbsp; 318123 | 4867104 |
| Breville Group Ltd. | &nbsp;&nbsp; 22716 | 475072 |
| Brickworks Ltd. | &nbsp;&nbsp; 18869 | 395998 |
| BWP Trust<sup>(a)</sup> | &nbsp;&nbsp; 131215 | 301885 |
| Capricorn Metals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 92357 | 529007 |
| CAR Group Ltd. | &nbsp;&nbsp; 86448 | 2104103 |
| Catalyst Metals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 59694 | 193478 |
| Centuria Capital Group | &nbsp;&nbsp; 156916 | 185655 |
| Centuria Industrial REIT | &nbsp;&nbsp; 128525 | 261579 |
| Centuria Office REIT | &nbsp;&nbsp; 87640 | 71345 |
| Challenger Ltd. | &nbsp;&nbsp; 115318 | 606066 |
| Champion Iron Ltd. | &nbsp;&nbsp; 85623 | 226238 |
| Charter Hall Group | &nbsp;&nbsp; 110360 | 1421808 |
| Charter Hall Long Wale REIT | &nbsp;&nbsp; 160973 | 427094 |
| Charter Hall Retail REIT | &nbsp;&nbsp; 112084 | 278579 |
| Charter Hall Social Infrastructure REIT | &nbsp;&nbsp; 64324 | 122211 |
| Cleanaway Waste Management Ltd. | &nbsp;&nbsp; 504511 | 929773 |
| Cochlear Ltd. | &nbsp;&nbsp; 15134 | 3089651 |
| Codan Ltd. | &nbsp;&nbsp; 25841 | 345499 |
| Coles Group Ltd. | &nbsp;&nbsp; 307371 | 4092327 |
| Collins Foods Ltd. | &nbsp;&nbsp; 26839 | 159409 |
| Commonwealth Bank of Australia | &nbsp;&nbsp; 384836 | 43690246 |
| Computershare Ltd. | &nbsp;&nbsp; 120398 | 3241042 |
| Corporate Travel Management Ltd. | &nbsp;&nbsp; 26152 | 261397 |
| Credit Corp. Group Ltd. | &nbsp;&nbsp; 14188 | 139822 |
| Cromwell Property Group | &nbsp;&nbsp; 322300 | 85698 |
| CSL Ltd. | &nbsp;&nbsp; 111359 | 19263348 |
| Data#3 Ltd. | &nbsp;&nbsp; 27332 | 131504 |
| Deep Yellow Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 205154 | 195468 |
| Deterra Royalties Ltd. | &nbsp;&nbsp; 93586 | 247813 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Australia (continued)** | **Australia (continued)** | **Australia (continued)** |
| Dexus | &nbsp;&nbsp; 252403 | $1139500 |
| Dexus Industria REIT | &nbsp;&nbsp; 34213 | 61620 |
| Dicker Data Ltd. | &nbsp;&nbsp; 18734 | 104472 |
| DigiCo Infrastructure REIT | &nbsp;&nbsp; 87171 | 183414 |
| Domain Holdings Australia Ltd. | &nbsp;&nbsp; 33147 | 93741 |
| Domino's Pizza Enterprises Ltd. | &nbsp;&nbsp; 18434 | 215150 |
| Downer EDI Ltd. | &nbsp;&nbsp; 151306 | 667202 |
| Dyno Nobel Ltd. | &nbsp;&nbsp; 436421 | 820674 |
| Eagers Automotive Ltd. | &nbsp;&nbsp; 35204 | 440884 |
| Elders Ltd. | &nbsp;&nbsp; 42783 | 198211 |
| Emerald Resources NL<sup>(a)</sup> | &nbsp;&nbsp; 114666 | 251679 |
| Endeavour Group Ltd./Australia | &nbsp;&nbsp; 339359 | 888674 |
| Evolution Mining Ltd. | &nbsp;&nbsp; 460609 | 2084587 |
| EVT Ltd. | &nbsp;&nbsp; 16812 | 182359 |
| Firefinch Ltd., NVS<sup>(c)</sup> | &nbsp;&nbsp; 298353 | 13422 |
| Flight Centre Travel Group Ltd. | &nbsp;&nbsp; 42629 | 325122 |
| Fortescue Ltd. | &nbsp;&nbsp; 389646 | 4408555 |
| G8 Education Ltd. | &nbsp;&nbsp; 154560 | 89104 |
| Genesis Minerals Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 244913 | 575242 |
| Gold Road Resources Ltd. | &nbsp;&nbsp; 267638 | 536159 |
| Goodman Group | &nbsp;&nbsp; 466910 | 10439392 |
| GPT Group (The) | &nbsp;&nbsp; 450395 | 1467210 |
| GrainCorp Ltd., Class A | &nbsp;&nbsp; 49896 | 242132 |
| Growthpoint Properties Australia Ltd. | &nbsp;&nbsp; 56015 | 87917 |
| Guzman y Gomez Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3242 | 57034 |
| Hansen Technologies Ltd. | &nbsp;&nbsp; 43259 | 166174 |
| Harvey Norman Holdings Ltd. | &nbsp;&nbsp; 125808 | 466476 |
| Healius Ltd. | &nbsp;&nbsp; 127720 | 62654 |
| Helia Group Ltd. | &nbsp;&nbsp; 66034 | 213785 |
| HMC Capital Ltd. | &nbsp;&nbsp; 79647 | 181373 |
| HomeCo Daily Needs REIT | &nbsp;&nbsp; 373458 | 306993 |
| HUB24 Ltd. | &nbsp;&nbsp; 19011 | 1290375 |
| IDP Education Ltd. | &nbsp;&nbsp; 56274 | 127318 |
| IGO Ltd. | &nbsp;&nbsp; 150624 | 423731 |
| Iluka Resources Ltd. | &nbsp;&nbsp; 88290 | 289240 |
| Imdex Ltd. | &nbsp;&nbsp; 92061 | 178764 |
| Ingenia Communities Group | &nbsp;&nbsp; 82053 | 275793 |
| Inghams Group Ltd. | &nbsp;&nbsp; 81980 | 181584 |
| Insignia Financial Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 130559 | 376112 |
| Insurance Australia Group Ltd. | &nbsp;&nbsp; 543578 | 3051330 |
| IperionX Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 59585 | 224325 |
| IPH Ltd. | &nbsp;&nbsp; 49897 | 167436 |
| IRESS Ltd. | &nbsp;&nbsp; 38635 | 196018 |
| James Hardie Industries PLC<sup>(a)</sup> | &nbsp;&nbsp; 132511 | 3478073 |
| JB Hi-Fi Ltd. | &nbsp;&nbsp; 25554 | 1820007 |
| Judo Capital Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 178903 | 172540 |
| Karoon Energy Ltd. | &nbsp;&nbsp; 172775 | 206638 |
| Kelsian Group Ltd. | &nbsp;&nbsp; 35252 | 84162 |
| Lendlease Corp. Ltd. | &nbsp;&nbsp; 144430 | 485430 |
| Leo Lithium Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 292832 | 37600 |
| Lifestyle Communities Ltd. | &nbsp;&nbsp; 24157 | 68332 |
| Liontown Resources Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 332503 | 164177 |
| Lottery Corp. Ltd. (The) | &nbsp;&nbsp; 520001 | 1803561 |
| Lovisa Holdings Ltd. | &nbsp;&nbsp; 15766 | 342466 |
| Lynas Rare Earths Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 199621 | 1341334 |
| MA Financial Group Ltd. | &nbsp;&nbsp; 28866 | 150974 |
| Maas Group Holdings Ltd. | &nbsp;&nbsp; 22425 | 59199 |
| MAC Copper Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 14115 | 166311 |
| Macquarie Group Ltd. | &nbsp;&nbsp; 83398 | 11549406 |
| Macquarie Technology Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2960 | 131838 |
| Mader Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 11224 | 53161 |
| Magellan Financial Group Ltd. | &nbsp;&nbsp; 33727 | 229346 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Pacific ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Australia (continued)** | **Australia (continued)** | **Australia (continued)** |
| McMillan Shakespeare Ltd. | &nbsp;&nbsp; 10573 | $120937 |
| Medibank Pvt Ltd. | &nbsp;&nbsp; 634406 | 2073495 |
| Megaport Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 37303 | 356305 |
| Mesoblast Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 193215 | 292066 |
| Metcash Ltd. | &nbsp;&nbsp; 231726 | 578505 |
| Mineral Resources Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 42189 | 762026 |
| Mirvac Group | &nbsp;&nbsp; 910407 | 1306242 |
| Monadelphous Group Ltd. | &nbsp;&nbsp; 22060 | 275037 |
| Myer Holdings Ltd. | &nbsp;&nbsp; 271807 | 104921 |
| Nanosonics Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 59974 | 155336 |
| National Australia Bank Ltd. | &nbsp;&nbsp; 703179 | 17450543 |
| National Storage REIT | &nbsp;&nbsp; 275002 | 421677 |
| Netwealth Group Ltd. | &nbsp;&nbsp; 27245 | 650186 |
| Neuren Pharmaceuticals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 23245 | 254894 |
| New Hope Corp. Ltd. | &nbsp;&nbsp; 110827 | 295991 |
| NEXTDC Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 145844 | 1342945 |
| nib holdings Ltd. | &nbsp;&nbsp; 108829 | 516694 |
| Nick Scali Ltd. | &nbsp;&nbsp; 17281 | 212274 |
| Nickel Industries Ltd. | &nbsp;&nbsp; 385258 | 180990 |
| Nine Entertainment Co. Holdings Ltd. | &nbsp;&nbsp; 281277 | 305557 |
| Northern Star Resources Ltd. | &nbsp;&nbsp; 314338 | 3123051 |
| NRW Holdings Ltd. | &nbsp;&nbsp; 91036 | 187975 |
| Nufarm Ltd./Australia<sup>(a)</sup> | &nbsp;&nbsp; 74195 | 122521 |
| Nuix Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 44012 | 66219 |
| Objective Corp. Ltd. | &nbsp;&nbsp; 6984 | 85502 |
| Ora Banda Mining Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 307333 | 127387 |
| Orica Ltd. | &nbsp;&nbsp; 114369 | 1561830 |
| Origin Energy Ltd. | &nbsp;&nbsp; 395978 | 2961049 |
| Orora Ltd. | &nbsp;&nbsp; 293171 | 389101 |
| Paladin Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 87338 | 342047 |
| Pantoro Gold Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 69072 | 161158 |
| Perenti Ltd. | &nbsp;&nbsp; 205730 | 230812 |
| Perpetual Ltd. | &nbsp;&nbsp; 24332 | 326759 |
| Perseus Mining Ltd. | &nbsp;&nbsp; 319205 | 666406 |
| PEXA Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 28384 | 288228 |
| Pilbara Minerals Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 729335 | 740062 |
| Pinnacle Investment Management Group Ltd. | &nbsp;&nbsp; 37445 | 531352 |
| PolyNovo Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 126039 | 102954 |
| Premier Investments Ltd. | &nbsp;&nbsp; 21119 | 285577 |
| Pro Medicus Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 13410 | 2753805 |
| PWR Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 18375 | 92082 |
| Qantas Airways Ltd. | &nbsp;&nbsp; 175622 | 1217998 |
| QBE Insurance Group Ltd. | &nbsp;&nbsp; 349302 | 5181621 |
| Qube Holdings Ltd. | &nbsp;&nbsp; 384458 | 1072100 |
| Ramelius Resources Ltd. | &nbsp;&nbsp; 427649 | 688036 |
| Ramsay Health Care Ltd. | &nbsp;&nbsp; 46790 | 1158272 |
| REA Group Ltd. | &nbsp;&nbsp; 11976 | 1824315 |
| Redox Ltd./Australia | &nbsp;&nbsp; 39675 | 57536 |
| Reece Ltd. | &nbsp;&nbsp; 53655 | 464575 |
| Region Group | &nbsp;&nbsp; 268046 | 401149 |
| Regis Healthcare Ltd. | &nbsp;&nbsp; 31938 | 170634 |
| Regis Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 171154 | 446305 |
| Reliance Worldwide Corp. Ltd. | &nbsp;&nbsp; 180451 | 496059 |
| Resolute Mining Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 453812 | 178902 |
| Rio Tinto Ltd. | &nbsp;&nbsp; 84976 | 6043316 |
| Sandfire Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 109515 | 736770 |
| Santos Ltd. | &nbsp;&nbsp; 747491 | 3761290 |
| Scentre Group | &nbsp;&nbsp; 1202376 | 2877573 |
| SEEK Ltd. | &nbsp;&nbsp; 84579 | 1304688 |
| Service Stream Ltd. | &nbsp;&nbsp; 122771 | 156082 |
| SGH Ltd. | &nbsp;&nbsp; 46150 | 1509443 |
| Sigma Healthcare Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1084305 | 2002837 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Australia (continued)** | **Australia (continued)** | **Australia (continued)** |
| Silex Systems Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 33393 | $89820 |
| Sims Ltd. | &nbsp;&nbsp; 37255 | 361500 |
| SiteMinder Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 51677 | 171371 |
| SmartGroup Corp. Ltd. | &nbsp;&nbsp; 30932 | 156524 |
| Sonic Healthcare Ltd. | &nbsp;&nbsp; 106683 | 1883898 |
| South32 Ltd. | &nbsp;&nbsp; 1027660 | 1921765 |
| Stanmore Resources Ltd. | &nbsp;&nbsp; 86006 | 116486 |
| Steadfast Group Ltd. | &nbsp;&nbsp; 252186 | 959789 |
| Stockland | &nbsp;&nbsp; 557745 | 1977365 |
| Suncorp Group Ltd. | &nbsp;&nbsp; 247370 | 3315936 |
| Super Retail Group Ltd. | &nbsp;&nbsp; 31394 | 307082 |
| Superloop Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 102464 | 219551 |
| Tabcorp Holdings Ltd. | &nbsp;&nbsp; 497382 | 245710 |
| Technology One Ltd. | &nbsp;&nbsp; 68723 | 1797692 |
| Telix Pharmaceuticals Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 60734 | 813665 |
| Telstra Group Ltd. | &nbsp;&nbsp; 934454 | 2978180 |
| Temple & Webster Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 20632 | 321564 |
| Transurban Group | &nbsp;&nbsp; 717039 | 6345668 |
| Treasury Wine Estates Ltd. | &nbsp;&nbsp; 191751 | 927236 |
| Tuas Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 39086 | 133979 |
| Vault Minerals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1495885 | 346296 |
| Ventia Services Group Pty. Ltd. | &nbsp;&nbsp; 189868 | 632220 |
| Vicinity Ltd. | &nbsp;&nbsp; 904177 | 1423626 |
| Viva Energy Group Ltd.<sup>(d)</sup> | &nbsp;&nbsp; 262631 | 351459 |
| Vulcan Energy Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 29472 | 68494 |
| Vulcan Steel Ltd. | &nbsp;&nbsp; 12750 | 49202 |
| WA1 Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 8514 | 85326 |
| Washington H Soul Pattinson & Co. Ltd. | &nbsp;&nbsp; 55684 | 1446673 |
| Waypoint REIT Ltd. | &nbsp;&nbsp; 128546 | 207296 |
| WEB Travel Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 99217 | 283284 |
| Wesfarmers Ltd. | &nbsp;&nbsp; 260579 | 14253540 |
| West African Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 241179 | 361093 |
| Westgold Resources Ltd. | &nbsp;&nbsp; 206185 | 336656 |
| Westpac Banking Corp. | &nbsp;&nbsp; 788139 | 17016021 |
| Whitehaven Coal Ltd. | &nbsp;&nbsp; 191254 | 784390 |
| WiseTech Global Ltd. | &nbsp;&nbsp; 46323 | 3508511 |
| Woodside Energy Group Ltd. | &nbsp;&nbsp; 437982 | 7411696 |
| Woolworths Group Ltd. | &nbsp;&nbsp; 281908 | 5691186 |
| Worley Ltd. | &nbsp;&nbsp; 113521 | 966073 |
| Xero Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 37571 | 4326697 |
| Yancoal Australia Ltd. | &nbsp;&nbsp; 87816 | 354667 |
| Zip Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 265661 | 538752 |
|  |  | 369143049 |
| **Canada — 0.0%** | **Canada — 0.0%** | **Canada — 0.0%** |
| Southern Cross Gold Consolidated Ltd., NVS<sup>(a)</sup> | &nbsp;&nbsp; 40041 | 139469 |
| **China — 0.0%** | **China — 0.0%** | **China — 0.0%** |
| CARsgen Therapeutics Holdings Ltd.<sup>(a)(d)</sup> | &nbsp;&nbsp; 73000 | 201192 |
| Mobvista Inc.<sup>(a)(d)</sup> | &nbsp;&nbsp; 126000 | 143422 |
| United Energy Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1886000 | 136637 |
|  |  | 481251 |
| **Hong Kong — 5.8%** | **Hong Kong — 5.8%** | **Hong Kong — 5.8%** |
| AIA Group Ltd. | &nbsp;&nbsp; 2457200 | 22911340 |
| ASMPT Ltd. | &nbsp;&nbsp; 74800 | 632787 |
| Bank of East Asia Ltd. (The) | &nbsp;&nbsp; 221400 | 342394 |
| BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 849000 | 3812226 |
| Brightoil Petroleum Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 763800 | 1 |
| Cafe de Coral Holdings Ltd. | &nbsp;&nbsp; 92000 | 84761 |
| CITIC Telecom International Holdings Ltd. | &nbsp;&nbsp; 363000 | 117687 |
| CK Asset Holdings Ltd. | &nbsp;&nbsp; 447072 | 2048573 |
| CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 610572 | 3974214 |
| CK Infrastructure Holdings Ltd. | &nbsp;&nbsp; 142500 | 1003626 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Pacific ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| CLP Holdings Ltd. | &nbsp;&nbsp; 377500 | $3276615 |
| Cowell e Holdings Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 65000 | 218686 |
| Crystal International Group Ltd.<sup>(b)(d)</sup> | &nbsp;&nbsp; 130500 | 93760 |
| Dah Sing Banking Group Ltd. | &nbsp;&nbsp; 97200 | 113633 |
| Dah Sing Financial Holdings Ltd. | &nbsp;&nbsp; 48000 | 178068 |
| DFI Retail Group Holdings Ltd. | &nbsp;&nbsp; 70800 | 244079 |
| Envision Greenwise Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 126000 | 116369 |
| First Pacific Co. Ltd. | &nbsp;&nbsp; 504000 | 396560 |
| Fortune REIT | &nbsp;&nbsp; 311000 | 199881 |
| Futu Holdings Ltd., ADR | &nbsp;&nbsp; 13850 | 2128468 |
| Galaxy Entertainment Group Ltd. | &nbsp;&nbsp; 496000 | 2418825 |
| Guotai Junan International Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 636000 | 518392 |
| Hang Lung Group Ltd. | &nbsp;&nbsp; 168000 | 303515 |
| Hang Lung Properties Ltd. | &nbsp;&nbsp; 395000 | 406794 |
| Hang Seng Bank Ltd. | &nbsp;&nbsp; 169500 | 2469055 |
| Health and Happiness H&H International <br> Holdings Ltd.<br>| &nbsp;&nbsp; 43500 | 63413 |
| Henderson Land Development Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 342970 | 1200146 |
| HKBN Ltd. | &nbsp;&nbsp; 224500 | 142610 |
| HKT Trust & HKT Ltd., Class SS | &nbsp;&nbsp; 863720 | 1359994 |
| Hong Kong & China Gas Co. Ltd. | &nbsp;&nbsp; 2602525 | 2322918 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 278800 | 15088320 |
| Hongkong Land Holdings Ltd. | &nbsp;&nbsp; 253500 | 1533675 |
| Hsin Chong Group Holdings Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 1002000 | 1 |
| Hutchison Telecommunications Hong Kong <br> Holdings Ltd.<br>| &nbsp;&nbsp; 564000 | 77595 |
| Hysan Development Co. Ltd. | &nbsp;&nbsp; 131000 | 260671 |
| Jardine Matheson Holdings Ltd. | &nbsp;&nbsp; 37500 | 2036301 |
| Johnson Electric Holdings Ltd. | &nbsp;&nbsp; 102000 | 300631 |
| JS Global Lifestyle Co. Ltd.<sup>(a)(d)</sup> | &nbsp;&nbsp; 324500 | 72754 |
| Kerry Logistics Network Ltd. | &nbsp;&nbsp; 76651 | 80606 |
| Kerry Properties Ltd. | &nbsp;&nbsp; 129000 | 344443 |
| Link REIT | &nbsp;&nbsp; 599800 | 3341938 |
| Luk Fook Holdings International Ltd. | &nbsp;&nbsp; 84000 | 219187 |
| Man Wah Holdings Ltd. | &nbsp;&nbsp; 322000 | 181642 |
| Melco International Development Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 258500 | 178747 |
| Melco Resorts & Entertainment Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 44472 | 384683 |
| MTR Corp. Ltd. | &nbsp;&nbsp; 358000 | 1287822 |
| New World Development Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 359000 | 293980 |
| NWS Holdings Ltd. | &nbsp;&nbsp; 214000 | 209796 |
| OSL Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 84000 | 175974 |
| Pacific Basin Shipping Ltd. | &nbsp;&nbsp; 1119000 | 323341 |
| PAX Global Technology Ltd. | &nbsp;&nbsp; 138000 | 119717 |
| PCCW Ltd. | &nbsp;&nbsp; 966000 | 692088 |
| Power Assets Holdings Ltd. | &nbsp;&nbsp; 319500 | 2103619 |
| Realord Group Holdings Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 108000 | 116117 |
| Sands China Ltd. | &nbsp;&nbsp; 569200 | 1377901 |
| Sino Land Co. Ltd. | &nbsp;&nbsp; 818000 | 942908 |
| SITC International Holdings Co. Ltd. | &nbsp;&nbsp; 321000 | 1040694 |
| SJM Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 564000 | 223092 |
| SmarTone Telecommunications Holdings Ltd. | &nbsp;&nbsp; 134500 | 78644 |
| Stella International Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 115500 | 229529 |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 335500 | 3984890 |
| SUNeVision Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 189000 | 186551 |
| Swire Pacific Ltd., Class A | &nbsp;&nbsp; 86000 | 777383 |
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp; 333000 | 3981897 |
| Theme International Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1170000 | 125211 |
| Time Interconnect Technology Ltd. | &nbsp;&nbsp; 136000 | 161860 |
| United Laboratories International Holdings Ltd. <br> (The)<sup>(b)</sup><br>| &nbsp;&nbsp; 254000 | 476136 |
| Vitasoy International Holdings Ltd. | &nbsp;&nbsp; 194000 | 226486 |
| Viva Goods Co. Ltd. | &nbsp;&nbsp; 1112000 | 74832 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| Vobile Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 389000 | $172172 |
| VSTECS Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 152000 | 175912 |
| VTech Holdings Ltd. | &nbsp;&nbsp; 37300 | 276391 |
| WH Group Ltd.<sup>(d)</sup> | &nbsp;&nbsp; 1883000 | 1885143 |
| Wharf Holdings Ltd. (The)<sup>(b)</sup> | &nbsp;&nbsp; 242898 | 691563 |
| Wharf Real Estate Investment Co. Ltd. | &nbsp;&nbsp; 392000 | 1244527 |
| Wynn Macau Ltd. | &nbsp;&nbsp; 338000 | 280138 |
| Xinyi Glass Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 388000 | 399946 |
| Yue Yuen Industrial Holdings Ltd. | &nbsp;&nbsp; 190500 | 297955 |
|  |  | 101834799 |
| **Japan — 66.8%** | **Japan — 66.8%** | **Japan — 66.8%** |
| 77 Bank Ltd. (The) | &nbsp;&nbsp; 13000 | 449042 |
| ABC-Mart Inc. | &nbsp;&nbsp; 21400 | 400466 |
| Acom Co. Ltd. | &nbsp;&nbsp; 77700 | 224703 |
| Activia Properties Inc. | &nbsp;&nbsp; 445 | 380185 |
| Adastria Co. Ltd. | &nbsp;&nbsp; 6800 | 135044 |
| ADEKA Corp. | &nbsp;&nbsp; 16300 | 321685 |
| Advance Residence Investment Corp. | &nbsp;&nbsp; 641 | 661100 |
| Advantest Corp. | &nbsp;&nbsp; 175500 | 11670591 |
| Aeon Co. Ltd. | &nbsp;&nbsp; 169905 | 5427246 |
| AEON Financial Service Co. Ltd. | &nbsp;&nbsp; 24300 | 218518 |
| Aeon Hokkaido Corp. | &nbsp;&nbsp; 10100 | 60024 |
| AEON REIT Investment Corp. | &nbsp;&nbsp; 366 | 312039 |
| AGC Inc. | &nbsp;&nbsp; 45300 | 1363289 |
| Ai Holdings Corp. | &nbsp;&nbsp; 9800 | 156858 |
| Aica Kogyo Co. Ltd. | &nbsp;&nbsp; 11800 | 290549 |
| Aichi Corp. | &nbsp;&nbsp; 5000 | 42654 |
| Aichi Financial Group Inc., NVS | &nbsp;&nbsp; 8900 | 159440 |
| Aichi Steel Corp. | &nbsp;&nbsp; 8800 | 133936 |
| Aiful Corp. | &nbsp;&nbsp; 65000 | 192064 |
| Ain Holdings Inc. | &nbsp;&nbsp; 7300 | 280975 |
| Air Water Inc. | &nbsp;&nbsp; 41500 | 613067 |
| Aisan Industry Co. Ltd. | &nbsp;&nbsp; 8700 | 96182 |
| Aisin Corp. | &nbsp;&nbsp; 116700 | 1612795 |
| Ajinomoto Co. Inc. | &nbsp;&nbsp; 206800 | 5471189 |
| Alfresa Holdings Corp. | &nbsp;&nbsp; 37400 | 542898 |
| Alpen Co. Ltd. | &nbsp;&nbsp; 1700 | 27146 |
| Alps Alpine Co. Ltd. | &nbsp;&nbsp; 40524 | 429323 |
| ALSOK Co Ltd. | &nbsp;&nbsp; 79300 | 552372 |
| Amada Co. Ltd. | &nbsp;&nbsp; 70500 | 794953 |
| Amano Corp. | &nbsp;&nbsp; 13300 | 371120 |
| ANA Holdings Inc. | &nbsp;&nbsp; 37800 | 700909 |
| Anritsu Corp. | &nbsp;&nbsp; 26700 | 287791 |
| Anycolor Inc. | &nbsp;&nbsp; 7300 | 227489 |
| AOKI Holdings Inc. | &nbsp;&nbsp; 7500 | 85248 |
| Aoyama Trading Co. Ltd. | &nbsp;&nbsp; 8900 | 135008 |
| Aozora Bank Ltd. | &nbsp;&nbsp; 25600 | 375587 |
| Appier Group Inc. | &nbsp;&nbsp; 13200 | 133851 |
| Arata Corp. | &nbsp;&nbsp; 6900 | 147131 |
| Arclands Corp. | &nbsp;&nbsp; 13223 | 152676 |
| Arcs Co. Ltd. | &nbsp;&nbsp; 9200 | 185119 |
| ARE Holdings Inc. | &nbsp;&nbsp; 14700 | 173276 |
| Argo Graphics Inc. | &nbsp;&nbsp; 4700 | 164336 |
| Ariake Japan Co. Ltd. | &nbsp;&nbsp; 4300 | 190470 |
| Artience Co. Ltd. | &nbsp;&nbsp; 9300 | 196938 |
| As One Corp. | &nbsp;&nbsp; 11700 | 183863 |
| Asahi Group Holdings Ltd. | &nbsp;&nbsp; 330500 | 4192749 |
| Asahi Intecc Co. Ltd. | &nbsp;&nbsp; 47600 | 740755 |
| Asahi Kasei Corp. | &nbsp;&nbsp; 281900 | 1961391 |
| Asahi Yukizai Corp. | &nbsp;&nbsp; 3400 | 97345 |
| Asics Corp. | &nbsp;&nbsp; 151600 | 3564008 |
| ASKUL Corp. | &nbsp;&nbsp; 9500 | 94884 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Pacific ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Astellas Pharma Inc. | &nbsp;&nbsp; 411700 | $4268761 |
| Atom Corp.<sup>(a)</sup> | &nbsp;&nbsp; 25200 | 112681 |
| Autobacs Seven Co. Ltd. | &nbsp;&nbsp; 12300 | 120000 |
| Awa Bank Ltd. (The) | &nbsp;&nbsp; 6900 | 146270 |
| Axial Retailing Inc. | &nbsp;&nbsp; 15000 | 113512 |
| Azbil Corp. | &nbsp;&nbsp; 99300 | 927899 |
| AZ-COM MARUWA Holdings Inc. | &nbsp;&nbsp; 13500 | 104140 |
| Bandai Namco Holdings Inc. | &nbsp;&nbsp; 135900 | 4394587 |
| Bank of Nagoya Ltd. (The) | &nbsp;&nbsp; 2800 | 162955 |
| BayCurrent Inc. | &nbsp;&nbsp; 30600 | 1757053 |
| Belc Co. Ltd. | &nbsp;&nbsp; 2400 | 114817 |
| Bell System24 Holdings Inc. | &nbsp;&nbsp; 11300 | 101562 |
| Belluna Co. Ltd. | &nbsp;&nbsp; 7600 | 48234 |
| Bic Camera Inc. | &nbsp;&nbsp; 21400 | 223444 |
| BIPROGY Inc. | &nbsp;&nbsp; 14900 | 600844 |
| BML Inc. | &nbsp;&nbsp; 5200 | 120762 |
| Bridgestone Corp. | &nbsp;&nbsp; 130900 | 5294927 |
| Brother Industries Ltd. | &nbsp;&nbsp; 52200 | 888227 |
| Bunka Shutter Co. Ltd. | &nbsp;&nbsp; 13700 | 231886 |
| C Uyemura & Co. Ltd. | &nbsp;&nbsp; 2300 | 147312 |
| Calbee Inc. | &nbsp;&nbsp; 17600 | 323007 |
| Canon Electronics Inc. | &nbsp;&nbsp; 4100 | 69273 |
| Canon Inc. | &nbsp;&nbsp; 213800 | 6072485 |
| Canon Marketing Japan Inc. | &nbsp;&nbsp; 12500 | 451603 |
| Capcom Co. Ltd. | &nbsp;&nbsp; 79600 | 2026276 |
| Casio Computer Co. Ltd. | &nbsp;&nbsp; 38900 | 308180 |
| Central Automotive Products Ltd. | &nbsp;&nbsp; 9000 | 114918 |
| Central Glass Co. Ltd. | &nbsp;&nbsp; 5000 | 108003 |
| Central Japan Railway Co. | &nbsp;&nbsp; 176800 | 4121593 |
| Change Holdings Inc. | &nbsp;&nbsp; 12400 | 94858 |
| Chiba Bank Ltd. (The) | &nbsp;&nbsp; 125200 | 1166952 |
| Chiyoda Corp.<sup>(a)</sup> | &nbsp;&nbsp; 26300 | 62486 |
| Chubu Electric Power Co. Inc. | &nbsp;&nbsp; 149500 | 1828496 |
| Chudenko Corp. | &nbsp;&nbsp; 6200 | 150469 |
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 153200 | 7343938 |
| Chugin Financial Group Inc., NVS | &nbsp;&nbsp; 34100 | 442712 |
| Chugoku Electric Power Co. Inc. (The) | &nbsp;&nbsp; 64400 | 350645 |
| Chugoku Marine Paints Ltd. | &nbsp;&nbsp; 9000 | 184863 |
| Citizen Watch Co. Ltd. | &nbsp;&nbsp; 39700 | 238296 |
| CKD Corp. | &nbsp;&nbsp; 12200 | 217809 |
| Coca-Cola Bottlers Japan Holdings Inc. | &nbsp;&nbsp; 29325 | 448389 |
| Colowide Co. Ltd. | &nbsp;&nbsp; 22400 | 289188 |
| Comforia Residential REIT Inc. | &nbsp;&nbsp; 138 | 271066 |
| COMSYS Holdings Corp. | &nbsp;&nbsp; 25700 | 589169 |
| Concordia Financial Group Ltd. | &nbsp;&nbsp; 233500 | 1548392 |
| Cosmo Energy Holdings Co. Ltd. | &nbsp;&nbsp; 12000 | 532591 |
| Cosmos Pharmaceutical Corp. | &nbsp;&nbsp; 10000 | 621214 |
| Cover Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 7500 | 105973 |
| CRE Logistics REIT Inc. | &nbsp;&nbsp; 133 | 131690 |
| Create Restaurants Holdings Inc. | &nbsp;&nbsp; 26200 | 266571 |
| Create SD Holdings Co. Ltd. | &nbsp;&nbsp; 7100 | 161904 |
| Credit Saison Co. Ltd. | &nbsp;&nbsp; 30400 | 802059 |
| CyberAgent Inc. | &nbsp;&nbsp; 100000 | 1001534 |
| Cybozu Inc. | &nbsp;&nbsp; 5600 | 147679 |
| Dai Nippon Printing Co. Ltd. | &nbsp;&nbsp; 88600 | 1364392 |
| Daicel Corp. | &nbsp;&nbsp; 52000 | 447308 |
| Dai-Dan Co. Ltd. | &nbsp;&nbsp; 7700 | 234162 |
| Daido Steel Co. Ltd. | &nbsp;&nbsp; 30700 | 236403 |
| Daiei Kankyo Co. Ltd. | &nbsp;&nbsp; 10400 | 214296 |
| Daifuku Co. Ltd. | &nbsp;&nbsp; 74200 | 1878461 |
| Daihen Corp. | &nbsp;&nbsp; 4400 | 207760 |
| Dai-ichi Life Holdings Inc. | &nbsp;&nbsp; 809200 | 6402538 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 394200 | $9670483 |
| Daiichikosho Co. Ltd. | &nbsp;&nbsp; 14300 | 153527 |
| Daikin Industries Ltd. | &nbsp;&nbsp; 60700 | 7463414 |
| Daikokutenbussan Co. Ltd. | &nbsp;&nbsp; 1000 | 47499 |
| Daio Paper Corp. | &nbsp;&nbsp; 23600 | 131477 |
| Daiseki Co. Ltd. | &nbsp;&nbsp; 11340 | 264005 |
| Daishi Hokuetsu Financial Group Inc. | &nbsp;&nbsp; 14000 | 342636 |
| Daito Trust Construction Co. Ltd. | &nbsp;&nbsp; 13500 | 1382098 |
| Daiwa House Industry Co. Ltd. | &nbsp;&nbsp; 128500 | 4248327 |
| Daiwa House REIT Investment Corp. | &nbsp;&nbsp; 535 | 894693 |
| Daiwa Industries Ltd. | &nbsp;&nbsp; 5300 | 58914 |
| Daiwa Office Investment Corp. | &nbsp;&nbsp; 117 | 271823 |
| Daiwa Securities Group Inc. | &nbsp;&nbsp; 308100 | 2144947 |
| Daiwa Securities Living Investments Corp. | &nbsp;&nbsp; 445 | 301505 |
| Daiwabo Holdings Co. Ltd. | &nbsp;&nbsp; 16600 | 305267 |
| DCM Holdings Co. Ltd. | &nbsp;&nbsp; 25300 | 240531 |
| DeNA Co. Ltd. | &nbsp;&nbsp; 18200 | 283637 |
| Denka Co. Ltd. | &nbsp;&nbsp; 17200 | 242526 |
| Denso Corp. | &nbsp;&nbsp; 431400 | 5852984 |
| Dentsu Group Inc. | &nbsp;&nbsp; 45100 | 889399 |
| Dentsu Soken Inc. | &nbsp;&nbsp; 7100 | 311854 |
| Dexerials Corp. | &nbsp;&nbsp; 39300 | 568185 |
| DIC Corp. | &nbsp;&nbsp; 15200 | 300026 |
| Digital Arts Inc. | &nbsp;&nbsp; 2800 | 148023 |
| Digital Garage Inc. | &nbsp;&nbsp; 6300 | 165769 |
| Dip Corp. | &nbsp;&nbsp; 8400 | 135967 |
| Disco Corp. | &nbsp;&nbsp; 21200 | 6265161 |
| DMG Mori Co. Ltd. | &nbsp;&nbsp; 32000 | 739431 |
| Doshisha Co. Ltd. | &nbsp;&nbsp; 4000 | 66723 |
| Doutor Nichires Holdings Co. Ltd. | &nbsp;&nbsp; 7500 | 124577 |
| Dowa Holdings Co. Ltd. | &nbsp;&nbsp; 11700 | 382089 |
| DTS Corp. | &nbsp;&nbsp; 9000 | 298601 |
| Duskin Co. Ltd. | &nbsp;&nbsp; 10100 | 266651 |
| DyDo Group Holdings Inc.<sup>(b)</sup> | &nbsp;&nbsp; 2900 | 51215 |
| Eagle Industry Co. Ltd. | &nbsp;&nbsp; 5800 | 92749 |
| Earth Corp. | &nbsp;&nbsp; 3900 | 126019 |
| East Japan Railway Co. | &nbsp;&nbsp; 206500 | 4426155 |
| Ebara Corp. | &nbsp;&nbsp; 106600 | 1946604 |
| EDION Corp. | &nbsp;&nbsp; 15600 | 207431 |
| eGuarantee Inc. | &nbsp;&nbsp; 6900 | 68309 |
| Eiken Chemical Co. Ltd. | &nbsp;&nbsp; 7700 | 121022 |
| Eisai Co. Ltd. | &nbsp;&nbsp; 61600 | 1727594 |
| Eizo Corp. | &nbsp;&nbsp; 8800 | 125208 |
| Elecom Co. Ltd. | &nbsp;&nbsp; 10700 | 138394 |
| Electric Power Development Co. Ltd. | &nbsp;&nbsp; 35100 | 607427 |
| en Japan Inc. | &nbsp;&nbsp; 6900 | 80108 |
| ENEOS Holdings Inc. | &nbsp;&nbsp; 625200 | 3281445 |
| ES-Con Japan Ltd. | &nbsp;&nbsp; 8200 | 52776 |
| Exedy Corp. | &nbsp;&nbsp; 6500 | 204048 |
| EXEO Group Inc. | &nbsp;&nbsp; 39600 | 520149 |
| Ezaki Glico Co. Ltd. | &nbsp;&nbsp; 12500 | 385978 |
| FANUC Corp. | &nbsp;&nbsp; 217800 | 6062888 |
| Fast Retailing Co. Ltd. | &nbsp;&nbsp; 43900 | 13390804 |
| FCC Co. Ltd. | &nbsp;&nbsp; 10100 | 202728 |
| Ferrotec Corp. | &nbsp;&nbsp; 10300 | 247040 |
| Financial Products Group Co. Ltd. | &nbsp;&nbsp; 12600 | 202301 |
| Food & Life Companies Ltd. | &nbsp;&nbsp; 25200 | 1269233 |
| FP Corp. | &nbsp;&nbsp; 11400 | 203228 |
| Freee KK<sup>(a)(b)</sup> | &nbsp;&nbsp; 10800 | 290287 |
| Frontier Real Estate Investment Corp. | &nbsp;&nbsp; 624 | 355923 |
| Fuji Co. Ltd./Ehime | &nbsp;&nbsp; 6100 | 82075 |
| Fuji Corp./Aichi | &nbsp;&nbsp; 17500 | 328405 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Pacific ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Fuji Electric Co. Ltd. | &nbsp;&nbsp; 30700 | $1526348 |
| Fuji Kyuko Co. Ltd. | &nbsp;&nbsp; 6100 | 85789 |
| Fuji Media Holdings Inc. | &nbsp;&nbsp; 10600 | 249879 |
| Fuji Oil Co. Ltd. | &nbsp;&nbsp; 11700 | 220160 |
| Fuji Seal International Inc. | &nbsp;&nbsp; 9000 | 165345 |
| FUJIFILM Holdings Corp. | &nbsp;&nbsp; 257900 | 5349420 |
| Fujikura Ltd. | &nbsp;&nbsp; 57800 | 3923604 |
| Fujimi Inc. | &nbsp;&nbsp; 13200 | 196834 |
| Fujita Kanko Inc. | &nbsp;&nbsp; 1300 | 90456 |
| Fujitec Co. Ltd. | &nbsp;&nbsp; 14100 | 521920 |
| Fujitsu Ltd. | &nbsp;&nbsp; 402000 | 8757135 |
| Fukuda Denshi Co. Ltd. | &nbsp;&nbsp; 4300 | 200133 |
| Fukuoka Financial Group Inc. | &nbsp;&nbsp; 40232 | 1097007 |
| Fukuoka REIT Corp. | &nbsp;&nbsp; 142 | 169997 |
| Fukuyama Transporting Co. Ltd. | &nbsp;&nbsp; 6300 | 149996 |
| Funai Soken Holdings Inc. | &nbsp;&nbsp; 10200 | 160550 |
| Furukawa Electric Co. Ltd. | &nbsp;&nbsp; 15000 | 906025 |
| Furuya Metal Co. Ltd. | &nbsp;&nbsp; 4500 | 76641 |
| Fuso Chemical Co. Ltd. | &nbsp;&nbsp; 5700 | 161507 |
| Future Corp. | &nbsp;&nbsp; 11800 | 184427 |
| Fuyo General Lease Co. Ltd. | &nbsp;&nbsp; 11900 | 321450 |
| Galilei Co. Ltd. | &nbsp;&nbsp; 5900 | 129420 |
| GENDA Inc.<sup>(a)</sup> | &nbsp;&nbsp; 19800 | 121967 |
| Genky DrugStores Co. Ltd. | &nbsp;&nbsp; 4100 | 121055 |
| Global One Real Estate Investment Corp. | &nbsp;&nbsp; 259 | 244884 |
| Glory Ltd. | &nbsp;&nbsp; 9200 | 236568 |
| GLP J-REIT | &nbsp;&nbsp; 1066 | 934142 |
| GMO Financial Holdings Inc. | &nbsp;&nbsp; 9500 | 52581 |
| GMO internet group Inc. | &nbsp;&nbsp; 13200 | 338149 |
| GMO Payment Gateway Inc. | &nbsp;&nbsp; 10400 | 579621 |
| GNI Group Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 11600 | 211239 |
| Goldcrest Co. Ltd. | &nbsp;&nbsp; 3600 | 78776 |
| Goldwin Inc. | &nbsp;&nbsp; 4900 | 252305 |
| Gree Inc. | &nbsp;&nbsp; 8800 | 28771 |
| GS Yuasa Corp. | &nbsp;&nbsp; 18000 | 323033 |
| GungHo Online Entertainment Inc. | &nbsp;&nbsp; 10300 | 197181 |
| Gunma Bank Ltd. (The) | &nbsp;&nbsp; 66700 | 624574 |
| Gunze Ltd. | &nbsp;&nbsp; 7800 | 197632 |
| H.U. Group Holdings Inc. | &nbsp;&nbsp; 14000 | 300821 |
| H2O Retailing Corp. | &nbsp;&nbsp; 21600 | 285423 |
| Hachijuni Bank Ltd. (The) | &nbsp;&nbsp; 82600 | 743123 |
| Hakuhodo DY Holdings Inc. | &nbsp;&nbsp; 50200 | 395046 |
| Hakuto Co. Ltd. | &nbsp;&nbsp; 3000 | 75535 |
| Halows Co. Ltd. | &nbsp;&nbsp; 2200 | 72232 |
| Hamakyorex Co. Ltd. | &nbsp;&nbsp; 12900 | 124823 |
| Hamamatsu Photonics KK | &nbsp;&nbsp; 64500 | 787228 |
| Hankyu Hanshin Holdings Inc. | &nbsp;&nbsp; 52700 | 1373449 |
| Hankyu Hanshin REIT Inc. | &nbsp;&nbsp; 146 | 154519 |
| Hanwa Co. Ltd. | &nbsp;&nbsp; 9700 | 390759 |
| Happinet Corp. | &nbsp;&nbsp; 4100 | 154070 |
| Harmonic Drive Systems Inc. | &nbsp;&nbsp; 13800 | 261637 |
| Haseko Corp. | &nbsp;&nbsp; 54400 | 809300 |
| Hazama Ando Corp. | &nbsp;&nbsp; 34100 | 361606 |
| Heiwa Corp. | &nbsp;&nbsp; 13900 | 192578 |
| Heiwa Real Estate Co. Ltd. | &nbsp;&nbsp; 11000 | 161051 |
| Heiwa Real Estate REIT Inc. | &nbsp;&nbsp; 240 | 225018 |
| Heiwado Co. Ltd. | &nbsp;&nbsp; 6100 | 117699 |
| Hiday Hidaka Corp. | &nbsp;&nbsp; 7800 | 175432 |
| Hikari Tsushin Inc. | &nbsp;&nbsp; 4200 | 1129206 |
| Hino Motors Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 57900 | 140721 |
| Hioki EE Corp | &nbsp;&nbsp; 2000 | 73867 |
| Hirogin Holdings Inc. | &nbsp;&nbsp; 57600 | 502433 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Hirose Electric Co. Ltd. | &nbsp;&nbsp; 6900 | $866399 |
| HIS Co. Ltd. | &nbsp;&nbsp; 12400 | 116756 |
| Hisamitsu Pharmaceutical Co. Inc. | &nbsp;&nbsp; 12000 | 323040 |
| Hitachi Construction Machinery Co. Ltd. | &nbsp;&nbsp; 22600 | 654541 |
| Hitachi Ltd. | &nbsp;&nbsp; 1051700 | 32182697 |
| Hogy Medical Co. Ltd. | &nbsp;&nbsp; 6200 | 195769 |
| Hokkaido Electric Power Co. Inc. | &nbsp;&nbsp; 39400 | 236023 |
| Hokkoku Financial Holdings Inc. | &nbsp;&nbsp; 5100 | 188701 |
| Hokuetsu Corp.<sup>(b)</sup> | &nbsp;&nbsp; 17100 | 115071 |
| Hokuhoku Financial Group Inc. | &nbsp;&nbsp; 22800 | 481591 |
| Hokuriku Electric Power Co. | &nbsp;&nbsp; 39200 | 203290 |
| Honda Motor Co. Ltd. | &nbsp;&nbsp; 969900 | 10041281 |
| Horiba Ltd. | &nbsp;&nbsp; 8500 | 625117 |
| Hoshino Resorts REIT Inc. | &nbsp;&nbsp; 135 | 234222 |
| Hoshizaki Corp. | &nbsp;&nbsp; 24900 | 852645 |
| Hosiden Corp. | &nbsp;&nbsp; 10600 | 164787 |
| House Foods Group Inc. | &nbsp;&nbsp; 12100 | 223760 |
| Hoya Corp. | &nbsp;&nbsp; 79300 | 10004701 |
| Hulic Co. Ltd. | &nbsp;&nbsp; 103800 | 990013 |
| Hulic REIT Inc. | &nbsp;&nbsp; 325 | 354362 |
| Hyakugo Bank Ltd. (The) | &nbsp;&nbsp; 51200 | 253240 |
| Ibiden Co. Ltd. | &nbsp;&nbsp; 26800 | 1133402 |
| Ichibanya Co. Ltd. | &nbsp;&nbsp; 11900 | 76861 |
| Ichigo Inc. | &nbsp;&nbsp; 58400 | 154611 |
| Ichigo Office REIT Investment Corp. | &nbsp;&nbsp; 250 | 158339 |
| Idec Corp./Japan | &nbsp;&nbsp; 7800 | 117582 |
| Idemitsu Kosan Co. Ltd. | &nbsp;&nbsp; 182635 | 1174089 |
| IDOM Inc. | &nbsp;&nbsp; 14300 | 92368 |
| IHI Corp. | &nbsp;&nbsp; 33700 | 3752722 |
| Iida Group Holdings Co. Ltd. | &nbsp;&nbsp; 37700 | 528774 |
| Iino Kaiun Kaisha Ltd. | &nbsp;&nbsp; 14000 | 95986 |
| Imperial Hotel Ltd. | &nbsp;&nbsp; 12900 | 84144 |
| Inaba Denki Sangyo Co. Ltd. | &nbsp;&nbsp; 12300 | 322561 |
| Inabata & Co. Ltd. | &nbsp;&nbsp; 12000 | 260358 |
| Industrial & Infrastructure Fund Investment Corp. | &nbsp;&nbsp; 554 | 453296 |
| Infomart Corp. | &nbsp;&nbsp; 44100 | 121012 |
| Infroneer Holdings Inc. | &nbsp;&nbsp; 39100 | 330437 |
| Inpex Corp. | &nbsp;&nbsp; 201600 | 2870532 |
| Insource Co. Ltd. | &nbsp;&nbsp; 9500 | 57340 |
| Integral Corp.<sup>(b)</sup> | &nbsp;&nbsp; 2800 | 63909 |
| Internet Initiative Japan Inc. | &nbsp;&nbsp; 23500 | 432788 |
| Invincible Investment Corp. | &nbsp;&nbsp; 1710 | 760555 |
| Ise Chemicals Corp.<sup>(b)</sup> | &nbsp;&nbsp; 600 | 108541 |
| Isetan Mitsukoshi Holdings Ltd. | &nbsp;&nbsp; 75400 | 1065589 |
| Isuzu Motors Ltd. | &nbsp;&nbsp; 125100 | 1603283 |
| Ito En Ltd. | &nbsp;&nbsp; 11500 | 249766 |
| ITOCHU Corp. | &nbsp;&nbsp; 272100 | 14272351 |
| Itochu Enex Co. Ltd. | &nbsp;&nbsp; 11700 | 157083 |
| Itochu-Shokuhin Co. Ltd. | &nbsp;&nbsp; 1300 | 87295 |
| Itoham Yonekyu Holdings Inc. | &nbsp;&nbsp; 6980 | 235457 |
| Itoki Corp. | &nbsp;&nbsp; 10300 | 157636 |
| Iwatani Corp. | &nbsp;&nbsp; 40900 | 430202 |
| Iyogin Holdings Inc., NVS | &nbsp;&nbsp; 53500 | 621693 |
| Izumi Co. Ltd. | &nbsp;&nbsp; 9100 | 191570 |
| J Front Retailing Co. Ltd. | &nbsp;&nbsp; 54400 | 733299 |
| JAC Recruitment Co. Ltd. | &nbsp;&nbsp; 11900 | 83284 |
| Jaccs Co. Ltd. | &nbsp;&nbsp; 5800 | 157255 |
| JAFCO Group Co. Ltd. | &nbsp;&nbsp; 12800 | 210336 |
| Japan Airlines Co. Ltd. | &nbsp;&nbsp; 34400 | 683097 |
| Japan Airport Terminal Co. Ltd. | &nbsp;&nbsp; 13100 | 397842 |
| Japan Aviation Electronics Industry Ltd. | &nbsp;&nbsp; 11200 | 179505 |
| Japan Elevator Service Holdings Co. Ltd. | &nbsp;&nbsp; 14500 | 387085 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Pacific ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Japan Excellent Inc. | &nbsp;&nbsp; 302 | $279397 |
| Japan Exchange Group Inc. | &nbsp;&nbsp; 227800 | 2226148 |
| Japan Hotel REIT Investment Corp. | &nbsp;&nbsp; 1135 | 623766 |
| Japan Lifeline Co. Ltd. | &nbsp;&nbsp; 13400 | 128033 |
| Japan Logistics Fund Inc. | &nbsp;&nbsp; 580 | 360023 |
| Japan Material Co. Ltd. | &nbsp;&nbsp; 13600 | 123954 |
| Japan Metropolitan Fund Invest | &nbsp;&nbsp; 1598 | 1162262 |
| Japan Petroleum Exploration Co. Ltd. | &nbsp;&nbsp; 27800 | 201902 |
| Japan Post Bank Co. Ltd. | &nbsp;&nbsp; 413200 | 4611847 |
| Japan Post Holdings Co. Ltd. | &nbsp;&nbsp; 410100 | 3797799 |
| Japan Post Insurance Co. Ltd. | &nbsp;&nbsp; 44600 | 1141965 |
| Japan Prime Realty Investment Corp. | &nbsp;&nbsp; 720 | 472995 |
| Japan Pulp & Paper Co. Ltd. | &nbsp;&nbsp; 12800 | 55515 |
| Japan Real Estate Investment Corp. | &nbsp;&nbsp; 1493 | 1210980 |
| Japan Securities Finance Co. Ltd. | &nbsp;&nbsp; 17700 | 214211 |
| Japan Steel Works Ltd. (The) | &nbsp;&nbsp; 13900 | 857318 |
| Japan Tobacco Inc. | &nbsp;&nbsp; 275900 | 7879599 |
| Japan Wool Textile Co. Ltd. (The) | &nbsp;&nbsp; 14100 | 130226 |
| JCU Corp. | &nbsp;&nbsp; 4400 | 103494 |
| Jeol Ltd. | &nbsp;&nbsp; 10300 | 294675 |
| JFE Holdings Inc. | &nbsp;&nbsp; 127400 | 1474408 |
| JGC Holdings Corp. | &nbsp;&nbsp; 50800 | 454175 |
| JINS Holdings Inc. | &nbsp;&nbsp; 3400 | 180273 |
| JMDC Inc. | &nbsp;&nbsp; 6000 | 155038 |
| Joyful Honda Co. Ltd. | &nbsp;&nbsp; 13000 | 179420 |
| JTEKT Corp. | &nbsp;&nbsp; 39400 | 340489 |
| Juroku Financial Group Inc. | &nbsp;&nbsp; 7400 | 255209 |
| Justsystems Corp. | &nbsp;&nbsp; 8700 | 219093 |
| JVCKenwood Corp. | &nbsp;&nbsp; 30700 | 242773 |
| K&O Energy Group Inc. | &nbsp;&nbsp; 3500 | 66947 |
| Kadokawa Corp. | &nbsp;&nbsp; 18700 | 454176 |
| Kaga Electronics Co. Ltd. | &nbsp;&nbsp; 10200 | 195783 |
| Kagome Co. Ltd. | &nbsp;&nbsp; 18200 | 347784 |
| Kajima Corp. | &nbsp;&nbsp; 97200 | 2434923 |
| Kakaku.com Inc. | &nbsp;&nbsp; 29600 | 503096 |
| Kaken Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 5600 | 145931 |
| Kameda Seika Co. Ltd. | &nbsp;&nbsp; 4300 | 114999 |
| Kamigumi Co. Ltd. | &nbsp;&nbsp; 18000 | 505862 |
| Kanadevia Corp. | &nbsp;&nbsp; 39200 | 264566 |
| Kanamoto Co. Ltd. | &nbsp;&nbsp; 7300 | 163725 |
| Kandenko Co. Ltd. | &nbsp;&nbsp; 22600 | 535372 |
| Kaneka Corp. | &nbsp;&nbsp; 11500 | 325527 |
| Kanematsu Corp. | &nbsp;&nbsp; 17100 | 321277 |
| Kansai Electric Power Co. Inc. (The) | &nbsp;&nbsp; 214200 | 2571779 |
| Kansai Paint Co. Ltd. | &nbsp;&nbsp; 33300 | 471525 |
| Kao Corp. | &nbsp;&nbsp; 106500 | 4792121 |
| Kasumigaseki Capital Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1600 | 203026 |
| Katitas Co. Ltd. | &nbsp;&nbsp; 12400 | 207926 |
| Kato Sangyo Co. Ltd. | &nbsp;&nbsp; 5600 | 212561 |
| Kawasaki Heavy Industries Ltd. | &nbsp;&nbsp; 34900 | 2548853 |
| Kawasaki Kisen Kaisha Ltd. | &nbsp;&nbsp; 77300 | 1092009 |
| KDDI Corp. | &nbsp;&nbsp; 702300 | 11525868 |
| KDX Realty Investment Corp. | &nbsp;&nbsp; 931 | 1000511 |
| KeePer Technical Laboratory Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3600 | 77740 |
| Keihan Holdings Co. Ltd. | &nbsp;&nbsp; 18800 | 385631 |
| Keihanshin Building Co. Ltd. | &nbsp;&nbsp; 4300 | 44386 |
| Keikyu Corp. | &nbsp;&nbsp; 50800 | 522113 |
| Keio Corp. | &nbsp;&nbsp; 22400 | 523003 |
| Keisei Electric Railway Co. Ltd. | &nbsp;&nbsp; 89300 | 749168 |
| Keiyo Bank Ltd. (The) | &nbsp;&nbsp; 22000 | 165308 |
| Kewpie Corp. | &nbsp;&nbsp; 22800 | 623077 |
| Keyence Corp. | &nbsp;&nbsp; 44700 | 16169390 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| KH Neochem Co. Ltd. | &nbsp;&nbsp; 9100 | $172234 |
| Kikkoman Corp. | &nbsp;&nbsp; 157900 | 1387145 |
| Kinden Corp. | &nbsp;&nbsp; 27600 | 869033 |
| Kintetsu Group Holdings Co. Ltd. | &nbsp;&nbsp; 39900 | 765700 |
| Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 179100 | 2360120 |
| Kissei Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 6900 | 203285 |
| Kitz Corp. | &nbsp;&nbsp; 12300 | 103169 |
| Kiyo Bank Ltd. (The) | &nbsp;&nbsp; 12900 | 234679 |
| Kobayashi Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 12100 | 425527 |
| Kobe Bussan Co. Ltd. | &nbsp;&nbsp; 35400 | 942677 |
| Kobe Steel Ltd. | &nbsp;&nbsp; 80200 | 881165 |
| Koei Tecmo Holdings Co. Ltd. | &nbsp;&nbsp; 16272 | 213066 |
| Kohnan Shoji Co. Ltd. | &nbsp;&nbsp; 5300 | 136857 |
| Koito Manufacturing Co. Ltd. | &nbsp;&nbsp; 44100 | 563899 |
| Kokusai Electric Corp., NVS | &nbsp;&nbsp; 41000 | 904924 |
| Kokuyo Co. Ltd. | &nbsp;&nbsp; 64800 | 381786 |
| Komatsu Ltd. | &nbsp;&nbsp; 207200 | 6675545 |
| KOMEDA Holdings Co. Ltd. | &nbsp;&nbsp; 11200 | 223378 |
| Komeri Co. Ltd. | &nbsp;&nbsp; 8400 | 173043 |
| Konami Group Corp. | &nbsp;&nbsp; 22900 | 3108875 |
| Konica Minolta Inc.<sup>(a)</sup> | &nbsp;&nbsp; 109100 | 354694 |
| Konishi Co. Ltd. | &nbsp;&nbsp; 12700 | 102233 |
| Konoike Transport Co. Ltd. | &nbsp;&nbsp; 7100 | 151947 |
| Kose Corp. | &nbsp;&nbsp; 7900 | 303176 |
| Koshidaka Holdings Co. Ltd. | &nbsp;&nbsp; 12400 | 112034 |
| Kotobuki Spirits Co. Ltd. | &nbsp;&nbsp; 24600 | 328254 |
| Krosaki Harima Corp. | &nbsp;&nbsp; 4800 | 109930 |
| K's Holdings Corp. | &nbsp;&nbsp; 32800 | 328108 |
| Kubota Corp. | &nbsp;&nbsp; 224200 | 2514234 |
| Kumagai Gumi Co. Ltd. | &nbsp;&nbsp; 8200 | 243942 |
| Kumiai Chemical Industry Co. Ltd. | &nbsp;&nbsp; 20500 | 110493 |
| Kura Sushi Inc. | &nbsp;&nbsp; 4700 | 129097 |
| Kuraray Co. Ltd. | &nbsp;&nbsp; 65400 | 808571 |
| Kureha Corp. | &nbsp;&nbsp; 7700 | 175600 |
| Kurita Water Industries Ltd. | &nbsp;&nbsp; 23000 | 886587 |
| Kusuri no Aoki Holdings Co. Ltd. | &nbsp;&nbsp; 11600 | 308769 |
| KYB Corp. | &nbsp;&nbsp; 9600 | 206345 |
| Kyocera Corp. | &nbsp;&nbsp; 290800 | 3432710 |
| Kyoei Steel Ltd. | &nbsp;&nbsp; 4800 | 68975 |
| Kyokuto Kaihatsu Kogyo Co. Ltd. | &nbsp;&nbsp; 7100 | 123025 |
| Kyorin Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 10900 | 109531 |
| Kyoritsu Maintenance Co. Ltd. | &nbsp;&nbsp; 12500 | 300952 |
| Kyoto Financial Group Inc. | &nbsp;&nbsp; 53200 | 962427 |
| Kyowa Kirin Co. Ltd. | &nbsp;&nbsp; 53300 | 909810 |
| Kyudenko Corp. | &nbsp;&nbsp; 10800 | 461432 |
| Kyushu Electric Power Co. Inc. | &nbsp;&nbsp; 98000 | 868779 |
| Kyushu Financial Group Inc. | &nbsp;&nbsp; 74300 | 379438 |
| Kyushu Railway Co. | &nbsp;&nbsp; 32200 | 778684 |
| LaSalle Logiport REIT | &nbsp;&nbsp; 394 | 375005 |
| Lasertec Corp. | &nbsp;&nbsp; 18100 | 1823551 |
| Leopalace21 Corp. | &nbsp;&nbsp; 34300 | 161626 |
| Life Corp. | &nbsp;&nbsp; 9700 | 155029 |
| Lifedrink Co. Inc. | &nbsp;&nbsp; 6100 | 91110 |
| Lifenet Insurance Co.<sup>(a)(b)</sup> | &nbsp;&nbsp; 12900 | 195398 |
| Lintec Corp. | &nbsp;&nbsp; 11400 | 228578 |
| Lion Corp. | &nbsp;&nbsp; 58600 | 570926 |
| Lixil Corp. | &nbsp;&nbsp; 65500 | 758825 |
| LY Corp. | &nbsp;&nbsp; 655500 | 2395960 |
| M&A Capital Partners Co. Ltd. | &nbsp;&nbsp; 5300 | 103292 |
| M&A Research Institute Holdings Inc., NVS<sup>(a)(b)</sup> | &nbsp;&nbsp; 8200 | 73721 |
| M3 Inc. | &nbsp;&nbsp; 99400 | 1222500 |
| Mabuchi Motor Co. Ltd. | &nbsp;&nbsp; 22200 | 320976 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Pacific ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Macnica Holdings Inc. | &nbsp;&nbsp; 31700 | $414013 |
| Maeda Kosen Co. Ltd. | &nbsp;&nbsp; 11400 | 143801 |
| Makino Milling Machine Co. Ltd. | &nbsp;&nbsp; 5000 | 382392 |
| Makita Corp. | &nbsp;&nbsp; 55000 | 1702696 |
| Mani Inc. | &nbsp;&nbsp; 15300 | 128842 |
| Marubeni Corp. | &nbsp;&nbsp; 322500 | 6602779 |
| Maruha Nichiro Corp. | &nbsp;&nbsp; 9500 | 197304 |
| Marui Group Co. Ltd. | &nbsp;&nbsp; 39800 | 810566 |
| Maruichi Steel Tube Ltd. | &nbsp;&nbsp; 12200 | 294940 |
| Maruwa Co. Ltd./Aichi<sup>(b)</sup> | &nbsp;&nbsp; 2100 | 632977 |
| Maruzen Showa Unyu Co. Ltd. | &nbsp;&nbsp; 3200 | 152520 |
| Matsuda Sangyo Co. Ltd. | &nbsp;&nbsp; 3600 | 85732 |
| Matsui Securities Co. Ltd. | &nbsp;&nbsp; 26400 | 129040 |
| MatsukiyoCocokara & Co. | &nbsp;&nbsp; 76490 | 1570698 |
| Matsuyafoods Holdings Co. Ltd. | &nbsp;&nbsp; 1700 | 70761 |
| Max Co. Ltd. | &nbsp;&nbsp; 5800 | 194314 |
| Maxell Ltd. | &nbsp;&nbsp; 10400 | 138210 |
| Maxvalu Tokai Co. Ltd. | &nbsp;&nbsp; 2400 | 50419 |
| Mazda Motor Corp. | &nbsp;&nbsp; 142200 | 852702 |
| McDonald's Holdings Co. Japan Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 19600 | 782692 |
| MCJ Co. Ltd. | &nbsp;&nbsp; 13500 | 125506 |
| Mebuki Financial Group Inc. | &nbsp;&nbsp; 197290 | 1069718 |
| Medipal Holdings Corp. | &nbsp;&nbsp; 40700 | 673893 |
| Medley Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5300 | 108425 |
| Megachips Corp. | &nbsp;&nbsp; 3000 | 108293 |
| Megmilk Snow Brand Co. Ltd. | &nbsp;&nbsp; 12000 | 226779 |
| Meidensha Corp. | &nbsp;&nbsp; 8400 | 316357 |
| MEIJI Holdings Co. Ltd. | &nbsp;&nbsp; 53800 | 1087889 |
| Meiko Electronics Co. Ltd. | &nbsp;&nbsp; 4000 | 196014 |
| MEITEC Group Holdings Inc. | &nbsp;&nbsp; 14100 | 294938 |
| Menicon Co. Ltd. | &nbsp;&nbsp; 13200 | 102100 |
| Mercari Inc.<sup>(a)</sup> | &nbsp;&nbsp; 24400 | 372268 |
| Metaplanet Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 64500 | 477139 |
| METAWATER Co. Ltd. | &nbsp;&nbsp; 5100 | 92711 |
| Micronics Japan Co. Ltd. | &nbsp;&nbsp; 6300 | 229528 |
| Milbon Co. Ltd. | &nbsp;&nbsp; 6400 | 107930 |
| Minebea Mitsumi Inc. | &nbsp;&nbsp; 84500 | 1329892 |
| Mirai Corp. | &nbsp;&nbsp; 455 | 138378 |
| Mirai Industry Co. Ltd. | &nbsp;&nbsp; 3200 | 80438 |
| Mirait One Corp. | &nbsp;&nbsp; 16500 | 295232 |
| MISUMI Group Inc. | &nbsp;&nbsp; 64400 | 927362 |
| Mitani Sekisan Co. Ltd. | &nbsp;&nbsp; 1800 | 102969 |
| Mitsubishi Chemical Group Corp. | &nbsp;&nbsp; 313500 | 1707563 |
| Mitsubishi Corp. | &nbsp;&nbsp; 782900 | 15441431 |
| Mitsubishi Electric Corp. | &nbsp;&nbsp; 434200 | 9766129 |
| Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp; 243200 | 4553291 |
| Mitsubishi Estate Logistics REIT Investment Corp. | &nbsp;&nbsp; 381 | 303613 |
| Mitsubishi Gas Chemical Co. Inc. | &nbsp;&nbsp; 34400 | 594265 |
| Mitsubishi HC Capital Inc. | &nbsp;&nbsp; 195400 | 1444324 |
| Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp; 733900 | 17522888 |
| Mitsubishi Logisnext Co. Ltd. | &nbsp;&nbsp; 8400 | 108059 |
| Mitsubishi Logistics Corp. | &nbsp;&nbsp; 56100 | 479565 |
| Mitsubishi Materials Corp. | &nbsp;&nbsp; 29300 | 447518 |
| Mitsubishi Motors Corp. | &nbsp;&nbsp; 137200 | 360517 |
| Mitsubishi Pencil Co. Ltd. | &nbsp;&nbsp; 6600 | 90484 |
| Mitsubishi Research Institute Inc. | &nbsp;&nbsp; 1600 | 50096 |
| Mitsubishi Shokuhin Co. Ltd. | &nbsp;&nbsp; 4200 | 175674 |
| Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp; 2631800 | 36273490 |
| Mitsuboshi Belting Ltd. | &nbsp;&nbsp; 7400 | 176270 |
| Mitsui & Co. Ltd. | &nbsp;&nbsp; 567700 | 11556464 |
| Mitsui Chemicals Inc. | &nbsp;&nbsp; 39600 | 883998 |
| Mitsui DM Sugar Co. Ltd. | &nbsp;&nbsp; 3200 | 65567 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Mitsui E&S Co. Ltd. | &nbsp;&nbsp; 23100 | $481275 |
| Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp; 609700 | 5449681 |
| Mitsui Fudosan Logistics Park Inc. | &nbsp;&nbsp; 696 | 466590 |
| Mitsui High-Tec Inc. | &nbsp;&nbsp; 24600 | 123596 |
| Mitsui Mining & Smelting Co. Ltd. | &nbsp;&nbsp; 13200 | 558303 |
| Mitsui OSK Lines Ltd. | &nbsp;&nbsp; 79300 | 2665454 |
| Mitsui-Soko Holdings Co. Ltd. | &nbsp;&nbsp; 13800 | 358581 |
| Mitsuuroko Group Holdings Co. Ltd. | &nbsp;&nbsp; 7600 | 107499 |
| Miura Co. Ltd. | &nbsp;&nbsp; 18700 | 372866 |
| Mixi Inc. | &nbsp;&nbsp; 9200 | 210540 |
| Mizuho Financial Group Inc. | &nbsp;&nbsp; 546720 | 16036204 |
| Mizuho Leasing Co. Ltd. | &nbsp;&nbsp; 27100 | 208157 |
| Mizuno Corp. | &nbsp;&nbsp; 12500 | 227702 |
| Mochida Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 5000 | 102120 |
| Modec Inc. | &nbsp;&nbsp; 11100 | 472923 |
| Monex Group Inc. | &nbsp;&nbsp; 39100 | 203136 |
| Money Forward Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10200 | 403383 |
| Monogatari Corp. (The) | &nbsp;&nbsp; 8100 | 210234 |
| MonotaRO Co. Ltd. | &nbsp;&nbsp; 57500 | 1023898 |
| Mori Hills REIT Investment Corp. | &nbsp;&nbsp; 358 | 323538 |
| Mori Trust REIT Inc. | &nbsp;&nbsp; 554 | 269571 |
| Morinaga & Co. Ltd./Japan | &nbsp;&nbsp; 14000 | 223481 |
| Morinaga Milk Industry Co. Ltd. | &nbsp;&nbsp; 13400 | 291412 |
| Morita Holdings Corp. | &nbsp;&nbsp; 7500 | 113954 |
| MOS Food Services Inc. | &nbsp;&nbsp; 6300 | 159624 |
| MS&AD Insurance Group Holdings Inc. | &nbsp;&nbsp; 296100 | 6326492 |
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 382000 | 5685718 |
| Musashi Seimitsu Industry Co. Ltd. | &nbsp;&nbsp; 11800 | 254046 |
| Musashino Bank Ltd. (The) | &nbsp;&nbsp; 5800 | 143020 |
| Nabtesco Corp. | &nbsp;&nbsp; 25400 | 467270 |
| Nachi-Fujikoshi Corp. | &nbsp;&nbsp; 2200 | 47057 |
| Nagase & Co. Ltd. | &nbsp;&nbsp; 17700 | 348826 |
| Nagawa Co. Ltd. | &nbsp;&nbsp; 2500 | 106990 |
| Nagoya Railroad Co. Ltd. | &nbsp;&nbsp; 39100 | 426399 |
| Nakanishi Inc. | &nbsp;&nbsp; 14500 | 186649 |
| Namura Shipbuilding Co. Ltd. | &nbsp;&nbsp; 10900 | 222549 |
| Nankai Electric Railway Co. Ltd. | &nbsp;&nbsp; 23500 | 377474 |
| Nanto Bank Ltd. (The) | &nbsp;&nbsp; 6600 | 197944 |
| NEC Corp. | &nbsp;&nbsp; 285100 | 8186895 |
| Nexon Co. Ltd. | &nbsp;&nbsp; 76500 | 1399800 |
| Nextage Co. Ltd. | &nbsp;&nbsp; 12300 | 152677 |
| NGK Insulators Ltd. | &nbsp;&nbsp; 52600 | 665928 |
| NH Foods Ltd. | &nbsp;&nbsp; 19100 | 641690 |
| NHK Spring Co. Ltd. | &nbsp;&nbsp; 38900 | 438000 |
| Nichias Corp. | &nbsp;&nbsp; 12100 | 462951 |
| Nichicon Corp. | &nbsp;&nbsp; 10700 | 91641 |
| Nichiden Corp. | &nbsp;&nbsp; 2900 | 54786 |
| Nichiha Corp. | &nbsp;&nbsp; 4900 | 102049 |
| Nichirei Corp. | &nbsp;&nbsp; 45000 | 541578 |
| Nidec Corp. | &nbsp;&nbsp; 192400 | 3691440 |
| Nifco Inc./Japan | &nbsp;&nbsp; 17200 | 419680 |
| Nihon Kohden Corp. | &nbsp;&nbsp; 39300 | 432243 |
| Nihon M&A Center Holdings Inc. | &nbsp;&nbsp; 66900 | 334448 |
| Nihon Parkerizing Co. Ltd. | &nbsp;&nbsp; 20600 | 187915 |
| Nikkon Holdings Co. Ltd. | &nbsp;&nbsp; 20900 | 470745 |
| Nikon Corp. | &nbsp;&nbsp; 59800 | 580759 |
| Nintendo Co. Ltd. | &nbsp;&nbsp; 253600 | 21195604 |
| Nippn Corp., New | &nbsp;&nbsp; 11000 | 158622 |
| Nippon Accommodations Fund Inc. | &nbsp;&nbsp; 554 | 434032 |
| Nippon Building Fund Inc. | &nbsp;&nbsp; 1763 | 1617249 |
| Nippon Densetsu Kogyo Co. Ltd. | &nbsp;&nbsp; 10100 | 191772 |
| Nippon Electric Glass Co. Ltd. | &nbsp;&nbsp; 13200 | 353316 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Pacific ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Nippon Express Holdings Inc. | &nbsp;&nbsp; 50500 | $1109330 |
| Nippon Gas Co. Ltd. | &nbsp;&nbsp; 24600 | 447512 |
| Nippon Kanzai Holdings Co. Ltd. | &nbsp;&nbsp; 4400 | 80873 |
| Nippon Kayaku Co. Ltd. | &nbsp;&nbsp; 32700 | 305351 |
| Nippon Light Metal Holdings Co. Ltd. | &nbsp;&nbsp; 12910 | 149807 |
| Nippon Paint Holdings Co. Ltd. | &nbsp;&nbsp; 211500 | 1792999 |
| Nippon Paper Industries Co. Ltd. | &nbsp;&nbsp; 25700 | 189082 |
| Nippon Prologis REIT Inc. | &nbsp;&nbsp; 1614 | 871015 |
| Nippon REIT Investment Corp. | &nbsp;&nbsp; 373 | 233500 |
| Nippon Sanso Holdings Corp. | &nbsp;&nbsp; 40000 | 1415741 |
| Nippon Shinyaku Co. Ltd. | &nbsp;&nbsp; 14000 | 301435 |
| Nippon Shokubai Co. Ltd. | &nbsp;&nbsp; 25400 | 288772 |
| Nippon Soda Co. Ltd. | &nbsp;&nbsp; 10600 | 240315 |
| Nippon Steel Corp. | &nbsp;&nbsp; 222928 | 4293150 |
| Nippon Television Holdings Inc. | &nbsp;&nbsp; 13000 | 281164 |
| Nippon Yusen KK | &nbsp;&nbsp; 100000 | 3506977 |
| Nipro Corp. | &nbsp;&nbsp; 32500 | 299251 |
| Nishimatsu Construction Co. Ltd. | &nbsp;&nbsp; 7700 | 256061 |
| Nishimatsuya Chain Co. Ltd. | &nbsp;&nbsp; 8700 | 128168 |
| Nishi-Nippon Financial Holdings Inc. | &nbsp;&nbsp; 26100 | 412267 |
| Nishi-Nippon Railroad Co. Ltd. | &nbsp;&nbsp; 11500 | 163588 |
| Nishio Holdings Co. Ltd. | &nbsp;&nbsp; 5900 | 164676 |
| Nissan Chemical Corp. | &nbsp;&nbsp; 28800 | 938844 |
| Nissan Motor Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 506400 | 1073720 |
| Nissan Shatai Co. Ltd. | &nbsp;&nbsp; 18100 | 124880 |
| Nissha Co. Ltd. | &nbsp;&nbsp; 9100 | 80803 |
| Nisshin Oillio Group Ltd. (The) | &nbsp;&nbsp; 6500 | 221009 |
| Nisshin Seifun Group Inc. | &nbsp;&nbsp; 45600 | 528587 |
| Nisshinbo Holdings Inc. | &nbsp;&nbsp; 27600 | 175371 |
| Nissin Foods Holdings Co. Ltd. | &nbsp;&nbsp; 45000 | 853565 |
| Nissui Corp. | &nbsp;&nbsp; 62700 | 366059 |
| Niterra Co. Ltd. | &nbsp;&nbsp; 35500 | 1223816 |
| Nitori Holdings Co. Ltd. | &nbsp;&nbsp; 18000 | 1524361 |
| Nitta Corp. | &nbsp;&nbsp; 5800 | 158498 |
| Nittetsu Mining Co. Ltd. | &nbsp;&nbsp; 2400 | 117893 |
| Nitto Boseki Co. Ltd. | &nbsp;&nbsp; 5900 | 258123 |
| Nitto Denko Corp. | &nbsp;&nbsp; 160600 | 3323440 |
| Nitto Kogyo Corp. | &nbsp;&nbsp; 6000 | 132580 |
| Noevir Holdings Co. Ltd. | &nbsp;&nbsp; 3900 | 118905 |
| NOF Corp. | &nbsp;&nbsp; 45500 | 905673 |
| Nohmi Bosai Ltd. | &nbsp;&nbsp; 6100 | 158383 |
| Nojima Corp. | &nbsp;&nbsp; 12600 | 288037 |
| NOK Corp. | &nbsp;&nbsp; 16200 | 245805 |
| Nomura Co. Ltd. | &nbsp;&nbsp; 19600 | 119247 |
| Nomura Holdings Inc. | &nbsp;&nbsp; 682200 | 4506815 |
| Nomura Micro Science Co. Ltd. | &nbsp;&nbsp; 7200 | 129865 |
| Nomura Real Estate Holdings Inc. | &nbsp;&nbsp; 122300 | 677739 |
| Nomura Real Estate Master Fund Inc. | &nbsp;&nbsp; 917 | 965771 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 86210 | 3411365 |
| Noritake Co. Ltd. | &nbsp;&nbsp; 6200 | 176404 |
| Noritsu Koki Co. Ltd. | &nbsp;&nbsp; 11700 | 122331 |
| Noritz Corp. | &nbsp;&nbsp; 8300 | 105313 |
| North Pacific Bank Ltd. | &nbsp;&nbsp; 52600 | 226329 |
| NS Solutions Corp. | &nbsp;&nbsp; 13500 | 316634 |
| NS United Kaiun Kaisha Ltd. | &nbsp;&nbsp; 3600 | 99907 |
| NSD Co. Ltd. | &nbsp;&nbsp; 14200 | 339637 |
| NSK Ltd. | &nbsp;&nbsp; 73900 | 353652 |
| NTN Corp. | &nbsp;&nbsp; 103000 | 175733 |
| NTT Inc. | &nbsp;&nbsp; 6835400 | 6902807 |
| NTT UD REIT Investment Corp. | &nbsp;&nbsp; 340 | 292895 |
| Nxera Pharma Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 16900 | 101825 |
| Obara Group Inc. | &nbsp;&nbsp; 1900 | 48636 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Obayashi Corp. | &nbsp;&nbsp; 149200 | $2197008 |
| OBIC Business Consultants Co. Ltd. | &nbsp;&nbsp; 7700 | 444097 |
| Obic Co. Ltd. | &nbsp;&nbsp; 73700 | 2623909 |
| Odakyu Electric Railway Co. Ltd. | &nbsp;&nbsp; 68300 | 736058 |
| Ogaki Kyoritsu Bank Ltd. (The) | &nbsp;&nbsp; 10800 | 203405 |
| Ohsho Food Service Corp. | &nbsp;&nbsp; 8700 | 215246 |
| Oiles Corp. | &nbsp;&nbsp; 3800 | 54025 |
| Oji Holdings Corp. | &nbsp;&nbsp; 172000 | 838303 |
| Okamoto Industries Inc. | &nbsp;&nbsp; 1600 | 54186 |
| Okamura Corp. | &nbsp;&nbsp; 13900 | 219098 |
| Okasan Securities Group Inc. | &nbsp;&nbsp; 35400 | 153150 |
| Oki Electric Industry Co. Ltd. | &nbsp;&nbsp; 18700 | 194583 |
| Okinawa Cellular Telephone Co. | &nbsp;&nbsp; 5500 | 186737 |
| OKUMA Corp. | &nbsp;&nbsp; 11100 | 301989 |
| Okumura Corp. | &nbsp;&nbsp; 7200 | 212675 |
| Olympus Corp. | &nbsp;&nbsp; 263700 | 3150436 |
| Omron Corp. | &nbsp;&nbsp; 40600 | 1046455 |
| Ono Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 88400 | 988557 |
| Onward Holdings Co. Ltd. | &nbsp;&nbsp; 22900 | 93188 |
| Open House Group Co. Ltd. | &nbsp;&nbsp; 16900 | 747325 |
| Open Up Group Inc. | &nbsp;&nbsp; 12200 | 149501 |
| Optorun Co. Ltd. | &nbsp;&nbsp; 6100 | 65750 |
| Oracle Corp./Japan | &nbsp;&nbsp; 9300 | 1005743 |
| Organo Corp. | &nbsp;&nbsp; 6700 | 412824 |
| Orient Corp. | &nbsp;&nbsp; 11950 | 79050 |
| Oriental Land Co. Ltd./Japan | &nbsp;&nbsp; 248100 | 5108508 |
| ORIX Corp. | &nbsp;&nbsp; 266600 | 5988647 |
| Orix JREIT Inc. | &nbsp;&nbsp; 584 | 763423 |
| Osaka Gas Co. Ltd. | &nbsp;&nbsp; 83500 | 2112661 |
| Osaka Soda Co. Ltd. | &nbsp;&nbsp; 18100 | 220419 |
| Osaka Steel Co. Ltd. | &nbsp;&nbsp; 5400 | 91402 |
| OSG Corp. | &nbsp;&nbsp; 13700 | 177269 |
| Otsuka Corp. | &nbsp;&nbsp; 50700 | 960621 |
| Otsuka Holdings Co. Ltd. | &nbsp;&nbsp; 101700 | 4841906 |
| Pacific Industrial Co. Ltd. | &nbsp;&nbsp; 12200 | 166439 |
| PAL GROUP Holdings Co. Ltd. | &nbsp;&nbsp; 10100 | 330471 |
| PALTAC Corp. | &nbsp;&nbsp; 7200 | 206042 |
| Pan Pacific International Holdings Corp. | &nbsp;&nbsp; 87700 | 2934112 |
| Panasonic Holdings Corp. | &nbsp;&nbsp; 535700 | 5067357 |
| Paramount Bed Holdings Co. Ltd. | &nbsp;&nbsp; 9100 | 149309 |
| Park24 Co. Ltd. | &nbsp;&nbsp; 30900 | 390217 |
| Pasona Group Inc. | &nbsp;&nbsp; 3700 | 50679 |
| Penta-Ocean Construction Co. Ltd. | &nbsp;&nbsp; 61400 | 397343 |
| PeptiDream Inc.<sup>(a)</sup> | &nbsp;&nbsp; 20500 | 227170 |
| Persol Holdings Co. Ltd. | &nbsp;&nbsp; 372600 | 712206 |
| PHC Holdings Corp. | &nbsp;&nbsp; 3900 | 23901 |
| Pigeon Corp. | &nbsp;&nbsp; 25400 | 280792 |
| PILLAR Corp. | &nbsp;&nbsp; 4200 | 107573 |
| Pilot Corp. | &nbsp;&nbsp; 6900 | 200888 |
| Piolax Inc. | &nbsp;&nbsp; 8300 | 96205 |
| PKSHA Technology Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 5600 | 130365 |
| Plus Alpha Consulting Co. Ltd. | &nbsp;&nbsp; 5300 | 79720 |
| Pola Orbis Holdings Inc. | &nbsp;&nbsp; 22400 | 189074 |
| Prestige International Inc. | &nbsp;&nbsp; 22800 | 99195 |
| Prima Meat Packers Ltd. | &nbsp;&nbsp; 9000 | 142089 |
| Raito Kogyo Co. Ltd. | &nbsp;&nbsp; 9400 | 194223 |
| Raiznext Corp. | &nbsp;&nbsp; 8600 | 106531 |
| Rakus Co. Ltd. | &nbsp;&nbsp; 19600 | 300616 |
| Rakuten Bank Ltd., NVS<sup>(a)</sup> | &nbsp;&nbsp; 22100 | 1029457 |
| Rakuten Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 341400 | 1727386 |
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 323000 | 19163951 |
| Relo Group Inc. | &nbsp;&nbsp; 18200 | 208994 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Pacific ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Renesas Electronics Corp. | &nbsp;&nbsp; 387500 | $4713183 |
| Rengo Co. Ltd. | &nbsp;&nbsp; 43700 | 253459 |
| Resona Holdings Inc. | &nbsp;&nbsp; 478800 | 4358996 |
| Resonac Holdings Corp. | &nbsp;&nbsp; 39600 | 952306 |
| Resorttrust Inc. | &nbsp;&nbsp; 37800 | 468246 |
| Restar Corp. | &nbsp;&nbsp; 4500 | 80814 |
| Ricoh Co. Ltd. | &nbsp;&nbsp; 119600 | 1048711 |
| Ricoh Leasing Co. Ltd. | &nbsp;&nbsp; 4700 | 171026 |
| Rigaku Holdings Corp. | &nbsp;&nbsp; 25500 | 130142 |
| Riken Keiki Co. Ltd. | &nbsp;&nbsp; 8600 | 181060 |
| Riken Vitamin Co. Ltd. | &nbsp;&nbsp; 3700 | 70607 |
| Rinnai Corp. | &nbsp;&nbsp; 22300 | 550407 |
| Riso Kagaku Corp. | &nbsp;&nbsp; 13000 | 100294 |
| Rohm Co. Ltd. | &nbsp;&nbsp; 74800 | 941273 |
| Rohto Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 40700 | 580955 |
| Roland Corp. | &nbsp;&nbsp; 2600 | 54344 |
| Rorze Corp. | &nbsp;&nbsp; 24600 | 330785 |
| Round One Corp. | &nbsp;&nbsp; 40200 | 412819 |
| Royal Holdings Co. Ltd. | &nbsp;&nbsp; 6900 | 121806 |
| RS Technologies Co. Ltd. | &nbsp;&nbsp; 3500 | 72030 |
| Ryohin Keikaku Co. Ltd. | &nbsp;&nbsp; 57600 | 2696704 |
| Ryoyo Ryosan Holdings Inc. | &nbsp;&nbsp; 7596 | 139525 |
| S Foods Inc. | &nbsp;&nbsp; 5800 | 102116 |
| Saizeriya Co. Ltd. | &nbsp;&nbsp; 8000 | 280656 |
| Sakai Moving Service Co. Ltd. | &nbsp;&nbsp; 6800 | 120350 |
| Sakata INX Corp. | &nbsp;&nbsp; 10000 | 142242 |
| Sakata Seed Corp. | &nbsp;&nbsp; 7400 | 166392 |
| Sakura Internet Inc.<sup>(b)</sup> | &nbsp;&nbsp; 5500 | 107348 |
| Samty Residential Investment Corp. | &nbsp;&nbsp; 52 | 34051 |
| San-A Co. Ltd. | &nbsp;&nbsp; 10000 | 199248 |
| San-Ai Obbli Co. Ltd. | &nbsp;&nbsp; 11900 | 160410 |
| SanBio Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 12400 | 186275 |
| Sangetsu Corp. | &nbsp;&nbsp; 11600 | 230864 |
| San-In Godo Bank Ltd. (The) | &nbsp;&nbsp; 35600 | 299774 |
| Sanken Electric Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5700 | 323333 |
| Sanki Engineering Co. Ltd. | &nbsp;&nbsp; 10000 | 294227 |
| Sankyo Co. Ltd. | &nbsp;&nbsp; 40500 | 755742 |
| Sankyu Inc. | &nbsp;&nbsp; 11200 | 659315 |
| Sanrio Co. Ltd. | &nbsp;&nbsp; 40200 | 1649492 |
| Sansan Inc.<sup>(a)</sup> | &nbsp;&nbsp; 15800 | 199916 |
| Santen Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 76600 | 846347 |
| Sanwa Holdings Corp. | &nbsp;&nbsp; 39900 | 1088545 |
| Sanyo Chemical Industries Ltd. | &nbsp;&nbsp; 3700 | 96965 |
| Sanyo Denki Co. Ltd. | &nbsp;&nbsp; 1800 | 111611 |
| Sapporo Holdings Ltd. | &nbsp;&nbsp; 14700 | 680201 |
| Sawai Group Holdings Co. Ltd. | &nbsp;&nbsp; 22400 | 287537 |
| SBI Holdings Inc. | &nbsp;&nbsp; 64600 | 2399752 |
| SBI Sumishin Net Bank Ltd., NVS | &nbsp;&nbsp; 12200 | 389269 |
| SBS Holdings Inc. | &nbsp;&nbsp; 5400 | 114974 |
| SCREEN Holdings Co. Ltd. | &nbsp;&nbsp; 17900 | 1396377 |
| SCSK Corp. | &nbsp;&nbsp; 37000 | 1151251 |
| Secom Co. Ltd. | &nbsp;&nbsp; 96400 | 3462034 |
| Sega Sammy Holdings Inc. | &nbsp;&nbsp; 37800 | 772717 |
| Seibu Holdings Inc. | &nbsp;&nbsp; 47000 | 1313401 |
| Seiko Epson Corp. | &nbsp;&nbsp; 67700 | 858998 |
| Seiko Group Corp. | &nbsp;&nbsp; 6500 | 180692 |
| Seino Holdings Co. Ltd. | &nbsp;&nbsp; 22800 | 346783 |
| Seiren Co. Ltd. | &nbsp;&nbsp; 13400 | 218907 |
| Sekisui Chemical Co. Ltd. | &nbsp;&nbsp; 84500 | 1465663 |
| Sekisui House Ltd. | &nbsp;&nbsp; 137100 | 2875922 |
| Sekisui House REIT Inc. | &nbsp;&nbsp; 873 | 453518 |
| Senko Group Holdings Co. Ltd. | &nbsp;&nbsp; 30200 | 406468 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Senshu Electric Co. Ltd. | &nbsp;&nbsp; 3200 | $90386 |
| Senshu Ikeda Holdings Inc. | &nbsp;&nbsp; 51600 | 219636 |
| Septeni Holdings Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 21900 | 64233 |
| Seria Co. Ltd. | &nbsp;&nbsp; 9300 | 171274 |
| Seven & i Holdings Co. Ltd. | &nbsp;&nbsp; 508000 | 6697062 |
| Seven Bank Ltd. | &nbsp;&nbsp; 129800 | 233147 |
| SG Holdings Co. Ltd. | &nbsp;&nbsp; 72400 | 803235 |
| Sharp Corp./Japan<sup>(a)</sup> | &nbsp;&nbsp; 61000 | 288382 |
| Shibaura Machine Co. Ltd. | &nbsp;&nbsp; 6500 | 167296 |
| Shibaura Mechatronics Corp. | &nbsp;&nbsp; 3200 | 225199 |
| Shibuya Corp. | &nbsp;&nbsp; 3400 | 81759 |
| SHIFT Inc.<sup>(a)</sup> | &nbsp;&nbsp; 40000 | 419778 |
| Shiga Bank Ltd. (The) | &nbsp;&nbsp; 9100 | 365459 |
| Shikoku Electric Power Co. Inc. | &nbsp;&nbsp; 37300 | 310383 |
| Shikoku Kasei Holdings Corp. | &nbsp;&nbsp; 5100 | 70582 |
| Shimadzu Corp. | &nbsp;&nbsp; 54500 | 1206449 |
| Shimamura Co. Ltd. | &nbsp;&nbsp; 10900 | 789231 |
| Shimano Inc. | &nbsp;&nbsp; 17400 | 1903488 |
| Shimizu Corp. | &nbsp;&nbsp; 113600 | 1258456 |
| Shin Nippon Air Technologies Co. Ltd. | &nbsp;&nbsp; 6200 | 108764 |
| Shinagawa Refractories Co. Ltd. | &nbsp;&nbsp; 7600 | 86826 |
| Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp; 412600 | 11873350 |
| Shin-Etsu Polymer Co. Ltd. | &nbsp;&nbsp; 8500 | 100363 |
| Shinmaywa Industries Ltd. | &nbsp;&nbsp; 13300 | 160524 |
| Shinnihon Corp. | &nbsp;&nbsp; 7200 | 83619 |
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 171200 | 2863203 |
| Ship Healthcare Holdings Inc. | &nbsp;&nbsp; 16300 | 227453 |
| Shiseido Co. Ltd. | &nbsp;&nbsp; 89800 | 1459746 |
| Shizuoka Financial Group Inc., NVS | &nbsp;&nbsp; 97500 | 1153248 |
| Shizuoka Gas Co. Ltd. | &nbsp;&nbsp; 4800 | 36077 |
| SHO-BOND Holdings Co. Ltd. | &nbsp;&nbsp; 9700 | 309720 |
| Shochiku Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2200 | 186438 |
| Shoei Co. Ltd. | &nbsp;&nbsp; 12700 | 152069 |
| Showa Sangyo Co. Ltd. | &nbsp;&nbsp; 6200 | 124518 |
| Simplex Holdings Inc. | &nbsp;&nbsp; 10000 | 271468 |
| Sinfonia Technology Co. Ltd. | &nbsp;&nbsp; 5500 | 345426 |
| Sinko Industries Ltd. | &nbsp;&nbsp; 11600 | 98133 |
| SKY Perfect JSAT Holdings Inc. | &nbsp;&nbsp; 38700 | 366499 |
| Skylark Holdings Co. Ltd. | &nbsp;&nbsp; 51200 | 973201 |
| SMC Corp. | &nbsp;&nbsp; 13000 | 4523654 |
| SMS Co. Ltd. | &nbsp;&nbsp; 15600 | 156170 |
| Socionext Inc. | &nbsp;&nbsp; 41200 | 776407 |
| SoftBank Corp. | &nbsp;&nbsp; 6550800 | 9464831 |
| SoftBank Group Corp. | &nbsp;&nbsp; 219800 | 16783694 |
| Sojitz Corp. | &nbsp;&nbsp; 50820 | 1209509 |
| Sompo Holdings Inc. | &nbsp;&nbsp; 204500 | 6030097 |
| Sony Group Corp. | &nbsp;&nbsp; 1411700 | 33956043 |
| SOSiLA Logistics REIT Inc. | &nbsp;&nbsp; 153 | 118990 |
| Sotetsu Holdings Inc. | &nbsp;&nbsp; 16000 | 252657 |
| Square Enix Holdings Co. Ltd. | &nbsp;&nbsp; 18100 | 1223671 |
| Stanley Electric Co. Ltd. | &nbsp;&nbsp; 22900 | 431883 |
| Star Asia Investment Corp. | &nbsp;&nbsp; 616 | 239242 |
| Star Micronics Co. Ltd. | &nbsp;&nbsp; 6900 | 79349 |
| Starts Corp. Inc. | &nbsp;&nbsp; 8300 | 250970 |
| Subaru Corp. | &nbsp;&nbsp; 135000 | 2483434 |
| Sugi Holdings Co. Ltd. | &nbsp;&nbsp; 22000 | 533223 |
| SUMCO Corp. | &nbsp;&nbsp; 83400 | 652255 |
| Sumitomo Bakelite Co. Ltd. | &nbsp;&nbsp; 15800 | 458184 |
| Sumitomo Chemical Co. Ltd. | &nbsp;&nbsp; 349900 | 875131 |
| Sumitomo Corp. | &nbsp;&nbsp; 249600 | 6379714 |
| Sumitomo Densetsu Co. Ltd. | &nbsp;&nbsp; 4500 | 195556 |
| Sumitomo Electric Industries Ltd. | &nbsp;&nbsp; 162000 | 4019979 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Pacific ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Sumitomo Forestry Co. Ltd. | &nbsp;&nbsp; 109500 | $1099998 |
| Sumitomo Heavy Industries Ltd. | &nbsp;&nbsp; 25400 | 562522 |
| Sumitomo Metal Mining Co. Ltd. | &nbsp;&nbsp; 56800 | 1249333 |
| Sumitomo Mitsui Financial Group Inc. | &nbsp;&nbsp; 848400 | 21402250 |
| Sumitomo Mitsui Trust Group Inc. | &nbsp;&nbsp; 147100 | 3856191 |
| Sumitomo Osaka Cement Co. Ltd. | &nbsp;&nbsp; 7500 | 195212 |
| Sumitomo Pharma Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 36400 | 313169 |
| Sumitomo Realty & Development Co. Ltd. | &nbsp;&nbsp; 71000 | 2593571 |
| Sumitomo Riko Co. Ltd. | &nbsp;&nbsp; 12000 | 151962 |
| Sumitomo Rubber Industries Ltd. | &nbsp;&nbsp; 38500 | 440035 |
| Sumitomo Warehouse Co. Ltd. (The) | &nbsp;&nbsp; 12600 | 261339 |
| Sun Corp. | &nbsp;&nbsp; 2500 | 95924 |
| Sun Frontier Fudousan Co. Ltd. | &nbsp;&nbsp; 6000 | 84002 |
| Sundrug Co. Ltd. | &nbsp;&nbsp; 14600 | 432730 |
| Suntory Beverage & Food Ltd. | &nbsp;&nbsp; 32200 | 972302 |
| Suruga Bank Ltd. | &nbsp;&nbsp; 33500 | 308458 |
| Suzuken Co. Ltd. | &nbsp;&nbsp; 12900 | 487584 |
| Suzuki Motor Corp. | &nbsp;&nbsp; 360600 | 3962119 |
| SWCC Corp. | &nbsp;&nbsp; 7900 | 472933 |
| Synspective Inc., NVS<sup>(a)</sup> | &nbsp;&nbsp; 2300 | 15200 |
| Sysmex Corp. | &nbsp;&nbsp; 113300 | 1840655 |
| Systena Corp. | &nbsp;&nbsp; 63100 | 167150 |
| T Hasegawa Co. Ltd. | &nbsp;&nbsp; 8700 | 179505 |
| T&D Holdings Inc. | &nbsp;&nbsp; 112600 | 2749548 |
| Tadano Ltd. | &nbsp;&nbsp; 23500 | 169078 |
| Taihei Dengyo Kaisha Ltd. | &nbsp;&nbsp; 3600 | 154778 |
| Taiheiyo Cement Corp. | &nbsp;&nbsp; 27000 | 659795 |
| Taikisha Ltd. | &nbsp;&nbsp; 13100 | 234705 |
| Taisei Corp. | &nbsp;&nbsp; 36500 | 2182477 |
| Taiyo Holdings Co. Ltd. | &nbsp;&nbsp; 8500 | 369131 |
| Taiyo Yuden Co. Ltd. | &nbsp;&nbsp; 29400 | 549285 |
| Takamatsu Construction Group Co. Ltd. | &nbsp;&nbsp; 2900 | 59125 |
| Takara Bio Inc. | &nbsp;&nbsp; 10500 | 61367 |
| Takara Holdings Inc. | &nbsp;&nbsp; 33000 | 277800 |
| Takara Leben Real Estate Investment Corp. | &nbsp;&nbsp; 143 | 89341 |
| Takara Standard Co. Ltd. | &nbsp;&nbsp; 10100 | 172689 |
| Takasago International Corp. | &nbsp;&nbsp; 2300 | 110266 |
| Takasago Thermal Engineering Co. Ltd. | &nbsp;&nbsp; 10800 | 524022 |
| Takashimaya Co. Ltd. | &nbsp;&nbsp; 64800 | 500788 |
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 364400 | 10009989 |
| Takeuchi Manufacturing Co. Ltd. | &nbsp;&nbsp; 9500 | 339588 |
| Takuma Co. Ltd. | &nbsp;&nbsp; 12500 | 180809 |
| Tama Home Co. Ltd. | &nbsp;&nbsp; 5200 | 122636 |
| Tamron Co. Ltd. | &nbsp;&nbsp; 35700 | 214533 |
| TBS Holdings Inc. | &nbsp;&nbsp; 7800 | 256574 |
| TDK Corp. | &nbsp;&nbsp; 445700 | 5429932 |
| TechMatrix Corp. | &nbsp;&nbsp; 9200 | 130883 |
| TechnoPro Holdings Inc. | &nbsp;&nbsp; 25000 | 791755 |
| Teijin Ltd. | &nbsp;&nbsp; 40300 | 342538 |
| Terumo Corp. | &nbsp;&nbsp; 304900 | 5170271 |
| THK Co. Ltd. | &nbsp;&nbsp; 23200 | 652128 |
| Timee Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12500 | 166584 |
| TIS Inc. | &nbsp;&nbsp; 49200 | 1569574 |
| TKC Corp. | &nbsp;&nbsp; 7400 | 222282 |
| Toa Corp./Tokyo | &nbsp;&nbsp; 14100 | 176144 |
| Toagosei Co. Ltd. | &nbsp;&nbsp; 17400 | 170566 |
| Tobu Railway Co. Ltd. | &nbsp;&nbsp; 40800 | 694490 |
| Tocalo Co. Ltd. | &nbsp;&nbsp; 13200 | 176632 |
| Toda Corp. | &nbsp;&nbsp; 50800 | 323960 |
| Toei Animation Co. Ltd. | &nbsp;&nbsp; 12500 | 273472 |
| Toei Co. Ltd. | &nbsp;&nbsp; 7200 | 248680 |
| Toenec Corp. | &nbsp;&nbsp; 9000 | 79337 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Toho Bank Ltd. (The) | &nbsp;&nbsp; 45100 | $109807 |
| Toho Co. Ltd./Tokyo | &nbsp;&nbsp; 25600 | 1615186 |
| Toho Gas Co. Ltd. | &nbsp;&nbsp; 14600 | 407693 |
| Toho Holdings Co. Ltd. | &nbsp;&nbsp; 12600 | 425218 |
| Tohoku Electric Power Co. Inc. | &nbsp;&nbsp; 108800 | 763307 |
| Tokai Carbon Co. Ltd. | &nbsp;&nbsp; 47200 | 322311 |
| Tokai Corp./Gifu | &nbsp;&nbsp; 3000 | 41862 |
| TOKAI Holdings Corp. | &nbsp;&nbsp; 24200 | 171354 |
| Tokai Rika Co. Ltd. | &nbsp;&nbsp; 13100 | 209742 |
| Tokai Tokyo Financial Holdings Inc. | &nbsp;&nbsp; 43000 | 155013 |
| Token Corp. | &nbsp;&nbsp; 1400 | 129334 |
| Tokio Marine Holdings Inc. | &nbsp;&nbsp; 422000 | 16944520 |
| Tokuyama Corp. | &nbsp;&nbsp; 13300 | 284815 |
| Tokyo Century Corp. | &nbsp;&nbsp; 35600 | 407433 |
| Tokyo Electric Power Co. Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 346400 | 1311658 |
| Tokyo Electron Device Ltd. | &nbsp;&nbsp; 6300 | 109593 |
| Tokyo Electron Ltd. | &nbsp;&nbsp; 103000 | 16374804 |
| Tokyo Gas Co. Ltd. | &nbsp;&nbsp; 76400 | 2558529 |
| Tokyo Kiraboshi Financial Group Inc. | &nbsp;&nbsp; 6300 | 271628 |
| Tokyo Metro Co. Ltd. | &nbsp;&nbsp; 67600 | 728413 |
| Tokyo Ohka Kogyo Co. Ltd. | &nbsp;&nbsp; 21900 | 599832 |
| Tokyo Seimitsu Co. Ltd. | &nbsp;&nbsp; 10000 | 622097 |
| Tokyo Steel Manufacturing Co. Ltd. | &nbsp;&nbsp; 12300 | 127979 |
| Tokyo Tatemono Co. Ltd. | &nbsp;&nbsp; 42600 | 712905 |
| Tokyotokeiba Co. Ltd. | &nbsp;&nbsp; 4200 | 144740 |
| Tokyu Construction Co. Ltd. | &nbsp;&nbsp; 22000 | 151142 |
| Tokyu Corp. | &nbsp;&nbsp; 115900 | 1304653 |
| Tokyu Fudosan Holdings Corp. | &nbsp;&nbsp; 132400 | 933639 |
| Tokyu REIT Inc. | &nbsp;&nbsp; 211 | 274364 |
| TOMONY Holdings Inc. | &nbsp;&nbsp; 29400 | 118845 |
| Tomy Co. Ltd. | &nbsp;&nbsp; 17100 | 361371 |
| Topcon Corp. | &nbsp;&nbsp; 25400 | 553018 |
| Toppan Holdings Inc. | &nbsp;&nbsp; 55300 | 1490237 |
| Topre Corp. | &nbsp;&nbsp; 10400 | 142478 |
| Toray Industries Inc. | &nbsp;&nbsp; 311800 | 2132667 |
| Toridoll Holdings Corp. | &nbsp;&nbsp; 12900 | 379474 |
| Tosei Corp. | &nbsp;&nbsp; 6100 | 117623 |
| Toshiba TEC Corp. | &nbsp;&nbsp; 6600 | 131945 |
| Tosoh Corp. | &nbsp;&nbsp; 61298 | 922806 |
| Totech Corp. | &nbsp;&nbsp; 6400 | 120274 |
| Totetsu Kogyo Co. Ltd. | &nbsp;&nbsp; 5700 | 157737 |
| TOTO Ltd. | &nbsp;&nbsp; 31100 | 791688 |
| Towa Corp. | &nbsp;&nbsp; 17100 | 212354 |
| Towa Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 5900 | 128001 |
| Toyo Construction Co. Ltd. | &nbsp;&nbsp; 12200 | 133333 |
| Toyo Seikan Group Holdings Ltd. | &nbsp;&nbsp; 23000 | 476348 |
| Toyo Suisan Kaisha Ltd. | &nbsp;&nbsp; 20200 | 1290550 |
| Toyo Tanso Co. Ltd. | &nbsp;&nbsp; 2500 | 80252 |
| Toyo Tire Corp. | &nbsp;&nbsp; 25700 | 544353 |
| Toyobo Co. Ltd. | &nbsp;&nbsp; 20700 | 134040 |
| Toyoda Gosei Co. Ltd. | &nbsp;&nbsp; 12600 | 265911 |
| Toyota Boshoku Corp. | &nbsp;&nbsp; 19200 | 272842 |
| Toyota Industries Corp. | &nbsp;&nbsp; 37600 | 4020665 |
| Toyota Motor Corp. | &nbsp;&nbsp; 2175900 | 38704043 |
| Toyota Tsusho Corp. | &nbsp;&nbsp; 146600 | 3359828 |
| Transcosmos Inc. | &nbsp;&nbsp; 6700 | 159584 |
| TRE Holdings Corp. | &nbsp;&nbsp; 9700 | 86980 |
| Trend Micro Inc./Japan | &nbsp;&nbsp; 28700 | 1750081 |
| Tri Chemical Laboratories Inc. | &nbsp;&nbsp; 6000 | 136294 |
| Trial Holdings Inc. | &nbsp;&nbsp; 6900 | 107271 |
| Trusco Nakayama Corp. | &nbsp;&nbsp; 12800 | 186421 |
| TS Tech Co. Ltd. | &nbsp;&nbsp; 14900 | 178907 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Pacific ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Tsubakimoto Chain Co. | &nbsp;&nbsp; 14300 | $200712 |
| Tsuburaya Fields Holdings Inc. | &nbsp;&nbsp; 8400 | 127858 |
| Tsugami Corp. | &nbsp;&nbsp; 9700 | 133591 |
| Tsumura & Co. | &nbsp;&nbsp; 13600 | 335483 |
| Tsuruha Holdings Inc. | &nbsp;&nbsp; 9200 | 677162 |
| Tsurumi Manufacturing Co. Ltd. | &nbsp;&nbsp; 4100 | 106446 |
| TV Asahi Holdings Corp. | &nbsp;&nbsp; 5100 | 95827 |
| UACJ Corp. | &nbsp;&nbsp; 8600 | 338426 |
| UBE Corp. | &nbsp;&nbsp; 21700 | 332180 |
| Ulvac Inc. | &nbsp;&nbsp; 12300 | 451803 |
| U-Next Holdings Co. Ltd. | &nbsp;&nbsp; 12900 | 173480 |
| Unicharm Corp. | &nbsp;&nbsp; 256900 | 1777015 |
| Union Tool Co. | &nbsp;&nbsp; 1600 | 66821 |
| United Super Markets Holdings Inc. | &nbsp;&nbsp; 20100 | 125307 |
| United Urban Investment Corp. | &nbsp;&nbsp; 659 | 723567 |
| Ushio Inc. | &nbsp;&nbsp; 13800 | 169270 |
| USS Co. Ltd. | &nbsp;&nbsp; 95800 | 1041239 |
| UT Group Co. Ltd. | &nbsp;&nbsp; 6300 | 106357 |
| Valor Holdings Co. Ltd. | &nbsp;&nbsp; 11000 | 194269 |
| Visional Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6100 | 476809 |
| Wacoal Holdings Corp. | &nbsp;&nbsp; 9100 | 328882 |
| Wacom Co. Ltd. | &nbsp;&nbsp; 29300 | 126160 |
| Wakita & Co. Ltd. | &nbsp;&nbsp; 7500 | 87443 |
| Welcia Holdings Co. Ltd. | &nbsp;&nbsp; 20400 | 342305 |
| West Holdings Corp.<sup>(b)</sup> | &nbsp;&nbsp; 5000 | 49829 |
| West Japan Railway Co. | &nbsp;&nbsp; 101000 | 2211316 |
| WingArc1st Inc. | &nbsp;&nbsp; 5100 | 121982 |
| Workman Co. Ltd. | &nbsp;&nbsp; 3800 | 162652 |
| Yakult Honsha Co. Ltd. | &nbsp;&nbsp; 59400 | 955600 |
| Yamabiko Corp. | &nbsp;&nbsp; 7500 | 108947 |
| Yamada Holdings Co. Ltd. | &nbsp;&nbsp; 108200 | 329763 |
| Yamaguchi Financial Group Inc. | &nbsp;&nbsp; 38800 | 439169 |
| Yamaha Corp. | &nbsp;&nbsp; 84500 | 609001 |
| Yamaha Motor Co. Ltd. | &nbsp;&nbsp; 207700 | 1502257 |
| Yamato Holdings Co. Ltd. | &nbsp;&nbsp; 57800 | 835741 |
| Yamato Kogyo Co. Ltd. | &nbsp;&nbsp; 9800 | 549913 |
| Yamazaki Baking Co. Ltd. | &nbsp;&nbsp; 28500 | 608826 |
| Yamazen Corp. | &nbsp;&nbsp; 10700 | 94842 |
| Yaoko Co. Ltd. | &nbsp;&nbsp; 4500 | 291228 |
| Yaskawa Electric Corp. | &nbsp;&nbsp; 51300 | 1072980 |
| Yellow Hat Ltd. | &nbsp;&nbsp; 13700 | 145024 |
| Yodogawa Steel Works Ltd. | &nbsp;&nbsp; 22700 | 174731 |
| Yokogawa Bridge Holdings Corp. | &nbsp;&nbsp; 7500 | 132942 |
| Yokogawa Electric Corp. | &nbsp;&nbsp; 51200 | 1364689 |
| Yokohama Rubber Co. Ltd. (The) | &nbsp;&nbsp; 28400 | 812010 |
| Yonex Co. Ltd. | &nbsp;&nbsp; 12000 | 235625 |
| Yoshinoya Holdings Co. Ltd. | &nbsp;&nbsp; 13900 | 301263 |
| Yuasa Trading Co. Ltd. | &nbsp;&nbsp; 3600 | 111848 |
| Yurtec Corp. | &nbsp;&nbsp; 9900 | 162062 |
| Zacros Corp. | &nbsp;&nbsp; 4300 | 112056 |
| Zenkoku Hosho Co. Ltd. | &nbsp;&nbsp; 22500 | 480041 |
| Zensho Holdings Co. Ltd. | &nbsp;&nbsp; 21700 | 1141929 |
| Zeon Corp. | &nbsp;&nbsp; 31300 | 332203 |
| ZERIA Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 8100 | 111762 |
| Zojirushi Corp. | &nbsp;&nbsp; 8300 | 99019 |
| ZOZO Inc. | &nbsp;&nbsp; 94500 | 935490 |
| Zuken Inc. | &nbsp;&nbsp; 3300 | 126920 |
|  |  | 1167783859 |
| **New Zealand — 0.7%** | **New Zealand — 0.7%** | **New Zealand — 0.7%** |
| Air New Zealand Ltd. | &nbsp;&nbsp; 361095 | 123378 |
| Auckland International Airport Ltd. | &nbsp;&nbsp; 400741 | 1777656 |
| Contact Energy Ltd. | &nbsp;&nbsp; 188541 | 1010459 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **New Zealand (continued)** | **New Zealand (continued)** | **New Zealand (continued)** |
| EBOS Group Ltd. | &nbsp;&nbsp; 43196 | $1040772 |
| Fisher & Paykel Healthcare Corp. Ltd. | &nbsp;&nbsp; 134084 | 2906790 |
| Fletcher Building Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 238729 | 425872 |
| Goodman Property Trust | &nbsp;&nbsp; 238696 | 282638 |
| Infratil Ltd. | &nbsp;&nbsp; 209202 | 1428453 |
| Kiwi Property Group Ltd. | &nbsp;&nbsp; 338987 | 194358 |
| Mercury NZ Ltd. | &nbsp;&nbsp; 158692 | 578241 |
| Meridian Energy Ltd. | &nbsp;&nbsp; 292151 | 981005 |
| Ryman Healthcare Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 207627 | 305195 |
| Spark New Zealand Ltd. | &nbsp;&nbsp; 443621 | 635049 |
|  |  | 11689866 |
| **Singapore — 5.2%** | **Singapore — 5.2%** | **Singapore — 5.2%** |
| AIMS APAC REIT | &nbsp;&nbsp; 121065 | 129412 |
| Bitdeer Technologies Group, Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 18118 | 233541 |
| CapitaLand Ascendas REIT | &nbsp;&nbsp; 852315 | 1824915 |
| CapitaLand Ascott Trust | &nbsp;&nbsp; 575266 | 395975 |
| CapitaLand China Trust<sup>(b)</sup> | &nbsp;&nbsp; 279335 | 163119 |
| Capitaland India Trust<sup>(b)</sup> | &nbsp;&nbsp; 207080 | 189792 |
| CapitaLand Integrated Commercial Trust | &nbsp;&nbsp; 1346131 | 2272889 |
| CapitaLand Investment Ltd./Singapore | &nbsp;&nbsp; 559700 | 1192050 |
| CDL Hospitality Trusts | &nbsp;&nbsp; 212555 | 130520 |
| City Developments Ltd. | &nbsp;&nbsp; 110300 | 522179 |
| ComfortDelGro Corp. Ltd. | &nbsp;&nbsp; 524100 | 616146 |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 492940 | 18093101 |
| Digital Core REIT Management Pte. Ltd. | &nbsp;&nbsp; 243900 | 127554 |
| ESR-REIT | &nbsp;&nbsp; 140535 | 297615 |
| Far East Hospitality Trust<sup>(b)</sup> | &nbsp;&nbsp; 221600 | 102198 |
| First Resources Ltd. | &nbsp;&nbsp; 136200 | 158906 |
| Frasers Centrepoint Trust | &nbsp;&nbsp; 298589 | 509184 |
| Frasers Hospitality Trust | &nbsp;&nbsp; 243700 | 131052 |
| Frasers Logistics & Commercial Trust<sup>(b)</sup> | &nbsp;&nbsp; 624083 | 421482 |
| Genting Singapore Ltd. | &nbsp;&nbsp; 1443600 | 814311 |
| Golden Agri-Resources Ltd. | &nbsp;&nbsp; 1419700 | 277912 |
| Grab Holdings Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 551519 | 2696928 |
| Hafnia Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 69342 | 381075 |
| Hong Fok Corp. Ltd. | &nbsp;&nbsp; 88000 | 54765 |
| Hutchison Port Holdings Trust, Class U | &nbsp;&nbsp; 939300 | 187239 |
| iFAST Corp. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 34600 | 240738 |
| Keppel DC REIT | &nbsp;&nbsp; 424215 | 771996 |
| Keppel Infrastructure Trust | &nbsp;&nbsp; 974449 | 329497 |
| Keppel Ltd. | &nbsp;&nbsp; 340400 | 2211523 |
| Keppel REIT<sup>(b)</sup> | &nbsp;&nbsp; 558820 | 407860 |
| Lendlease Global Commercial REIT | &nbsp;&nbsp; 313711 | 132446 |
| Mapletree Industrial Trust | &nbsp;&nbsp; 505620 | 788210 |
| Mapletree Logistics Trust | &nbsp;&nbsp; 852387 | 757998 |
| Mapletree Pan Asia Commercial Trust | &nbsp;&nbsp; 523295 | 518535 |
| NetLink NBN Trust | &nbsp;&nbsp; 610200 | 420617 |
| Olam Group Ltd. | &nbsp;&nbsp; 230600 | 184707 |
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 778375 | 10087085 |
| Parkway Life REIT | &nbsp;&nbsp; 98300 | 304501 |
| Raffles Medical Group Ltd. | &nbsp;&nbsp; 187700 | 142690 |
| Riverstone Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 99100 | 53750 |
| Sasseur REIT | &nbsp;&nbsp; 136400 | 70769 |
| SATS Ltd. | &nbsp;&nbsp; 194778 | 475267 |
| Sea Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 87926 | 13773608 |
| Seatrium Ltd. | &nbsp;&nbsp; 530795 | 922501 |
| Sembcorp Industries Ltd. | &nbsp;&nbsp; 204500 | 1215975 |
| Sheng Siong Group Ltd. | &nbsp;&nbsp; 169200 | 273137 |
| SIA Engineering Co. Ltd. | &nbsp;&nbsp; 80700 | 190693 |
| Singapore Airlines Ltd. | &nbsp;&nbsp; 339000 | 1770652 |
| Singapore Exchange Ltd. | &nbsp;&nbsp; 202500 | 2482975 |
| Singapore Post Ltd. | &nbsp;&nbsp; 247800 | 93101 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Pacific ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Singapore (continued)** | **Singapore (continued)** | **Singapore (continued)** |
| Singapore Technologies Engineering Ltd. | &nbsp;&nbsp; 360000 | $2421821 |
| Singapore Telecommunications Ltd. | &nbsp;&nbsp; 1722500 | 5133303 |
| Starhill Global REIT | &nbsp;&nbsp; 340900 | 141416 |
| StarHub Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 141700 | 134235 |
| Stoneweg Europe Stapled Trust, NVS | &nbsp;&nbsp; 74600 | 134511 |
| Suntec REIT | &nbsp;&nbsp; 435300 | 387440 |
| Super Hi International Holding Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 58000 | 119111 |
| UMS Integration Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 126900 | 147770 |
| United Overseas Bank Ltd. | &nbsp;&nbsp; 290000 | 8056994 |
| UOL Group Ltd. | &nbsp;&nbsp; 106500 | 562979 |
| Venture Corp. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 63700 | 631855 |
| Wilmar International Ltd. | &nbsp;&nbsp; 441800 | 999951 |
| Yangzijiang Financial Holding Ltd. | &nbsp;&nbsp; 464800 | 343673 |
| Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp; 586400 | 1150181 |
| Yanlord Land Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 133600 | 59255 |
|  |  | 90969186 |
| **Total Common Stocks — 99.6%** <br>**(Cost: $1,546,046,304)** | **Total Common Stocks — 99.6%** <br>**(Cost: $1,546,046,304)** | 1742041479 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Japan — 0.0%** | **Japan — 0.0%** | **Japan — 0.0%** |
| Ito En Ltd., Preference Shares, NVS | &nbsp;&nbsp; 6800 | 80351 |
| **Total Preferred Stocks — 0.0%** <br>**(Cost: $86,789)** | **Total Preferred Stocks — 0.0%** <br>**(Cost: $86,789)** | 80351 |
| **Total Long-Term Investments — 99.6%** <br>**(Cost: $1,546,133,093)** | **Total Long-Term Investments — 99.6%** <br>**(Cost: $1,546,133,093)** | 1742121830 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.0%** | **Money Market Funds — 1.0%** | **Money Market Funds — 1.0%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp; 16592185 | $16598822 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(e)(f)</sup><br>| &nbsp;&nbsp; 140000 | 140000 |
| **Total Short-Term Securities — 1.0%** <br>**(Cost: $16,738,822)** | **Total Short-Term Securities — 1.0%** <br>**(Cost: $16,738,822)** | 16738822 |
| **Total Investments — 100.6%** <br>**(Cost: $1,562,871,915)** | **Total Investments — 100.6%** <br>**(Cost: $1,562,871,915)** | 1758860652 |
| **Liabilities in Excess of Other Assets — (0.6)%** | **Liabilities in Excess of Other Assets — (0.6)%** | (10618938)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1748241714 |

---

&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 July 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>*07/31/24*<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>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<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>| $21473847 | $—<br> $(4876382 )<sup>(a)</sup><br>| $1833 | $(476)<br>| $16598822 | 16592185 | $279047 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 150000 | —<br> (10000 )<sup>(a)</sup><br>|  |  | 140000 | 140000 | 21725 |  |
|  |  |  | $1833 | $(476) | $16738822 |  | $300772 | $— |

---

&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 | 17 | 09/11/25 | &nbsp;&nbsp; $3331 | $151055 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Pacific ETF**

**Futures Contracts (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of*<br> *Contracts*<br>| &nbsp;&nbsp; *Expiration*<br> *Date*<br>| *Notional*<br> *Amount*<br> *(000)*<br>| &nbsp;&nbsp; *Value/*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| SPI 200 Index | 8 | 09/18/25 | &nbsp;&nbsp; $1121 | $21298 |
|  |  |  |  | $172353 |

---

**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; $172353 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $172353 |

---

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

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts 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 July 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; $1269048 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1269048 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $152284 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $152284 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $12477938 |

---

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; $33258784 | &nbsp;&nbsp; $1708731671 | &nbsp;&nbsp; $51024 | &nbsp;&nbsp; $1742041479 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 80351 | &nbsp;&nbsp; — | &nbsp;&nbsp; 80351 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 16738822 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16738822 |
|  | &nbsp;&nbsp; $49997606 | &nbsp;&nbsp; $1708812022 | &nbsp;&nbsp; $51024 | &nbsp;&nbsp; $1758860652 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Pacific 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; $21298 | &nbsp;&nbsp; $151055 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $172353 |

---

&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

July 31, 2025

**iShares® Core MSCI Total International Stock 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 — 4.7%** | **Australia — 4.7%** | **Australia — 4.7%** |
| Abacus Group | &nbsp;&nbsp; 961289 | $742532 |
| Abacus Storage King | &nbsp;&nbsp; 961295 | 985532 |
| AGL Energy Ltd. | &nbsp;&nbsp; 762669 | 4753027 |
| ALS Ltd. | &nbsp;&nbsp; 682100 | 7929737 |
| Amotiv Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 298864 | 1682090 |
| AMP Ltd. | &nbsp;&nbsp; 3296809 | 3373012 |
| Ampol Ltd. | &nbsp;&nbsp; 303960 | 5314391 |
| Ansell Ltd. | &nbsp;&nbsp; 194957 | 3732386 |
| ANZ Group Holdings Ltd. | &nbsp;&nbsp; 3855275 | 75653978 |
| APA Group | &nbsp;&nbsp; 1632129 | 8778220 |
| ARB Corp. Ltd. | &nbsp;&nbsp; 135629 | 2908531 |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp; 758920 | 33982067 |
| ASX Ltd. | &nbsp;&nbsp; 250404 | 11224134 |
| Atlas Arteria Ltd. | &nbsp;&nbsp; 1501597 | 4960046 |
| AUB Group Ltd. | &nbsp;&nbsp; 173905 | 3777438 |
| Aurizon Holdings Ltd. | &nbsp;&nbsp; 1889326 | 3921914 |
| Austal Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 762816 | 3201203 |
| Bank of Queensland Ltd. | &nbsp;&nbsp; 715915 | 3487820 |
| Bapcor Ltd. | &nbsp;&nbsp; 555110 | 1369819 |
| Beach Energy Ltd. | &nbsp;&nbsp; 2514993 | 1885167 |
| Bega Cheese Ltd. | &nbsp;&nbsp; 688559 | 2292670 |
| Bellevue Gold Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2438617 | 1257072 |
| Bendigo & Adelaide Bank Ltd. | &nbsp;&nbsp; 708135 | 5547711 |
| BHP Group Ltd. | &nbsp;&nbsp; 6628237 | 167397542 |
| BlueScope Steel Ltd. | &nbsp;&nbsp; 581899 | 8821757 |
| Boss Energy Ltd. <sup>(a)(b)</sup> | &nbsp;&nbsp; 778367 | 856914 |
| Brambles Ltd. | &nbsp;&nbsp; 1858149 | 28428643 |
| Breville Group Ltd. | &nbsp;&nbsp; 223367 | 4671393 |
| Brickworks Ltd. | &nbsp;&nbsp; 166281 | 3489689 |
| BWP Trust<sup>(b)</sup> | &nbsp;&nbsp; 1232176 | 2834851 |
| Capricorn Metals Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 507541 | 2907119 |
| CAR Group Ltd. | &nbsp;&nbsp; 517658 | 12599547 |
| Centuria Capital Group | &nbsp;&nbsp; 1305095 | 1544119 |
| Challenger Ltd. | &nbsp;&nbsp; 738851 | 3883112 |
| Champion Iron Ltd. | &nbsp;&nbsp; 550340 | 1454138 |
| Charter Hall Group | &nbsp;&nbsp; 697958 | 8992046 |
| Charter Hall Long Wale REIT | &nbsp;&nbsp; 1289758 | 3421987 |
| Charter Hall Retail REIT | &nbsp;&nbsp; 1060640 | 2636165 |
| Cleanaway Waste Management Ltd. | &nbsp;&nbsp; 2753376 | 5074251 |
| Cochlear Ltd. | &nbsp;&nbsp; 87953 | 17955868 |
| Codan Ltd. | &nbsp;&nbsp; 271210 | 3626132 |
| Coles Group Ltd. | &nbsp;&nbsp; 1714080 | 22821202 |
| Collins Foods Ltd. | &nbsp;&nbsp; 164945 | 979681 |
| Commonwealth Bank of Australia | &nbsp;&nbsp; 2204185 | 250240063 |
| Computershare Ltd. | &nbsp;&nbsp; 711176 | 19144432 |
| Corporate Travel Management Ltd. | &nbsp;&nbsp; 213481 | 2133803 |
| Credit Corp. Group Ltd. | &nbsp;&nbsp; 119470 | 1177370 |
| Cromwell Property Group | &nbsp;&nbsp; 2317956 | 616336 |
| CSL Ltd. | &nbsp;&nbsp; 626950 | 108452447 |
| Deep Yellow Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1500826 | 1429965 |
| Deterra Royalties Ltd. | &nbsp;&nbsp; 1085387 | 2874070 |
| Dexus | &nbsp;&nbsp; 1416186 | 6393522 |
| Domain Holdings Australia Ltd. | &nbsp;&nbsp; 359894 | 1017799 |
| Domino's Pizza Enterprises Ltd. | &nbsp;&nbsp; 105808 | 1234925 |
| Downer EDI Ltd. | &nbsp;&nbsp; 794110 | 3501725 |
| Dyno Nobel Ltd. | &nbsp;&nbsp; 2468766 | 4642424 |
| Eagers Automotive Ltd. | &nbsp;&nbsp; 274984 | 3443816 |
| Elders Ltd. | &nbsp;&nbsp; 301906 | 1398711 |
| Emerald Resources NL<sup>(b)</sup> | &nbsp;&nbsp; 1056291 | 2318436 |
| Endeavour Group Ltd./Australia | &nbsp;&nbsp; 1877117 | 4915577 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Australia (continued)** | **Australia (continued)** | **Australia (continued)** |
| Evolution Mining Ltd. | &nbsp;&nbsp; 2934454 | $13280515 |
| Flight Centre Travel Group Ltd. | &nbsp;&nbsp; 265565 | 2025406 |
| Fortescue Ltd. | &nbsp;&nbsp; 2169659 | 24548077 |
| G8 Education Ltd. | &nbsp;&nbsp; 1423725 | 820775 |
| Genesis Minerals Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2041407 | 4794775 |
| Gold Road Resources Ltd. | &nbsp;&nbsp; 2060577 | 4127951 |
| Goodman Group | &nbsp;&nbsp; 2697685 | 60316101 |
| GPT Group (The) | &nbsp;&nbsp; 2501441 | 8148711 |
| GrainCorp Ltd., Class A | &nbsp;&nbsp; 338679 | 1643520 |
| Greatland Resources Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 641624 | 2050613 |
| Growthpoint Properties Australia Ltd. | &nbsp;&nbsp; 461802 | 724810 |
| Harvey Norman Holdings Ltd. | &nbsp;&nbsp; 1105326 | 4098370 |
| Healius Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 967143 | 474438 |
| HUB24 Ltd. | &nbsp;&nbsp; 130592 | 8863954 |
| IDP Education Ltd. | &nbsp;&nbsp; 525441 | 1188789 |
| IGO Ltd. | &nbsp;&nbsp; 915948 | 2576716 |
| Iluka Resources Ltd. | &nbsp;&nbsp; 591772 | 1938662 |
| Inghams Group Ltd. | &nbsp;&nbsp; 419762 | 929762 |
| Insignia Financial Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1065386 | 3069143 |
| Insurance Australia Group Ltd. | &nbsp;&nbsp; 3058533 | 17168821 |
| IPH Ltd. | &nbsp;&nbsp; 568980 | 1909292 |
| IRESS Ltd. | &nbsp;&nbsp; 301380 | 1529076 |
| James Hardie Industries PLC<sup>(b)</sup> | &nbsp;&nbsp; 759213 | 19927389 |
| JB Hi-Fi Ltd. | &nbsp;&nbsp; 171140 | 12188934 |
| Lendlease Corp. Ltd. | &nbsp;&nbsp; 940365 | 3160572 |
| Liontown Resources Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3510108 | 1733149 |
| Lottery Corp. Ltd. (The) | &nbsp;&nbsp; 2849743 | 9883992 |
| Lovisa Holdings Ltd. | &nbsp;&nbsp; 140653 | 3055235 |
| Lynas Rare Earths Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1277222 | 8582167 |
| Macquarie Group Ltd. | &nbsp;&nbsp; 470043 | 65094096 |
| Magellan Financial Group Ltd. | &nbsp;&nbsp; 303176 | 2061615 |
| McMillan Shakespeare Ltd. | &nbsp;&nbsp; 145918 | 1669055 |
| Medibank Pvt Ltd. | &nbsp;&nbsp; 3589480 | 11731869 |
| Megaport Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 262535 | 2507644 |
| Metcash Ltd. | &nbsp;&nbsp; 1185816 | 2960396 |
| Mineral Resources Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 238161 | 4301710 |
| Mirvac Group | &nbsp;&nbsp; 5214848 | 7482208 |
| Monadelphous Group Ltd. | &nbsp;&nbsp; 124071 | 1546878 |
| Nanosonics Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 409020 | 1059386 |
| National Australia Bank Ltd. | &nbsp;&nbsp; 4007806 | 99460293 |
| National Storage REIT | &nbsp;&nbsp; 2257341 | 3461317 |
| Netwealth Group Ltd. | &nbsp;&nbsp; 212036 | 5060116 |
| Neuren Pharmaceuticals Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 190131 | 2084886 |
| New Hope Corp. Ltd. | &nbsp;&nbsp; 836607 | 2234370 |
| NEXTDC Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 901352 | 8299734 |
| nib holdings Ltd. | &nbsp;&nbsp; 785533 | 3729522 |
| Nickel Industries Ltd. | &nbsp;&nbsp; 3410264 | 1602101 |
| Nine Entertainment Co. Holdings Ltd. | &nbsp;&nbsp; 2686749 | 2918675 |
| Northern Star Resources Ltd. | &nbsp;&nbsp; 1880221 | 18680610 |
| NRW Holdings Ltd. | &nbsp;&nbsp; 733321 | 1514193 |
| Nufarm Ltd./Australia<sup>(b)</sup> | &nbsp;&nbsp; 529265 | 873996 |
| Orica Ltd. | &nbsp;&nbsp; 602089 | 8222162 |
| Origin Energy Ltd. | &nbsp;&nbsp; 2279952 | 17049050 |
| Orora Ltd. | &nbsp;&nbsp; 1806039 | 2397003 |
| Paladin Energy Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 635237 | 2487813 |
| Perpetual Ltd. | &nbsp;&nbsp; 154056 | 2068848 |
| Perseus Mining Ltd. | &nbsp;&nbsp; 2472579 | 5162020 |
| PEXA Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 211623 | 2148945 |
| Pilbara Minerals Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3920093 | 3977751 |
| Pinnacle Investment Management Group Ltd. | &nbsp;&nbsp; 389755 | 5530701 |
| PolyNovo Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1558313 | 1272894 |
| Premier Investments Ltd. | &nbsp;&nbsp; 164054 | 2218386 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Total International Stock ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Australia (continued)** | **Australia (continued)** | **Australia (continued)** |
| Pro Medicus Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 81111 | $16656515 |
| Qantas Airways Ltd. | &nbsp;&nbsp; 1074544 | 7452324 |
| QBE Insurance Group Ltd. | &nbsp;&nbsp; 1977847 | 29339810 |
| Qube Holdings Ltd. | &nbsp;&nbsp; 2024737 | 5646183 |
| Ramelius Resources Ltd. | &nbsp;&nbsp; 2282546 | 3672343 |
| Ramsay Health Care Ltd. | &nbsp;&nbsp; 233768 | 5786853 |
| REA Group Ltd. | &nbsp;&nbsp; 72395 | 11027998 |
| Reece Ltd. | &nbsp;&nbsp; 293640 | 2542501 |
| Region Group | &nbsp;&nbsp; 1818557 | 2721595 |
| Regis Resources Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1667602 | 4348474 |
| Reliance Worldwide Corp. Ltd. | &nbsp;&nbsp; 1358570 | 3734706 |
| Rio Tinto Ltd. | &nbsp;&nbsp; 491420 | 34948768 |
| Sandfire Resources Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 683971 | 4601463 |
| Santos Ltd. | &nbsp;&nbsp; 4184174 | 21054288 |
| Scentre Group | &nbsp;&nbsp; 6979306 | 16703146 |
| SEEK Ltd. | &nbsp;&nbsp; 477939 | 7372530 |
| SGH Ltd. | &nbsp;&nbsp; 258087 | 8441336 |
| Sigma Healthcare Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6182489 | 11419771 |
| Sims Ltd. | &nbsp;&nbsp; 282041 | 2736757 |
| SmartGroup Corp. Ltd. | &nbsp;&nbsp; 237345 | 1201027 |
| Sonic Healthcare Ltd. | &nbsp;&nbsp; 558300 | 9858930 |
| South32 Ltd. | &nbsp;&nbsp; 6001559 | 11223152 |
| Steadfast Group Ltd. | &nbsp;&nbsp; 1449112 | 5515145 |
| Stockland | &nbsp;&nbsp; 3194968 | 11327073 |
| Suncorp Group Ltd. | &nbsp;&nbsp; 1402214 | 18796345 |
| Super Retail Group Ltd. | &nbsp;&nbsp; 281217 | 2750735 |
| Tabcorp Holdings Ltd. | &nbsp;&nbsp; 2892239 | 1428788 |
| Technology One Ltd. | &nbsp;&nbsp; 439729 | 11502663 |
| Telix Pharmaceuticals Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 395934 | 5304401 |
| Telstra Group Ltd. | &nbsp;&nbsp; 5262536 | 16772126 |
| Transurban Group | &nbsp;&nbsp; 4225523 | 37395128 |
| Treasury Wine Estates Ltd. | &nbsp;&nbsp; 1067289 | 5161011 |
| Vault Minerals Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 12219933 | 2828905 |
| Ventia Services Group Pty. Ltd. | &nbsp;&nbsp; 1098228 | 3656866 |
| Vicinity Ltd. | &nbsp;&nbsp; 4712878 | 7420421 |
| Viva Energy Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1588403 | 2125639 |
| Washington H Soul Pattinson & Co. Ltd. | &nbsp;&nbsp; 355136 | 9226452 |
| Waypoint REIT Ltd. | &nbsp;&nbsp; 1531275 | 2469366 |
| WEB Travel Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 746434 | 2131217 |
| Wesfarmers Ltd. | &nbsp;&nbsp; 1508754 | 82528085 |
| Westpac Banking Corp. | &nbsp;&nbsp; 4503332 | 97227512 |
| Whitehaven Coal Ltd. | &nbsp;&nbsp; 1104126 | 4528349 |
| WiseTech Global Ltd. | &nbsp;&nbsp; 264868 | 20061143 |
| Woodside Energy Group Ltd. | &nbsp;&nbsp; 2501134 | 42325132 |
| Woolworths Group Ltd. | &nbsp;&nbsp; 1589497 | 32088921 |
| Worley Ltd. | &nbsp;&nbsp; 550214 | 4682366 |
| Xero Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 224996 | 25910664 |
| Yancoal Australia Ltd. | &nbsp;&nbsp; 607826 | 2454855 |
| Zip Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2021008 | 4098537 |
|  |  | 2123930347 |
| **Austria — 0.2%** | **Austria — 0.2%** | **Austria — 0.2%** |
| ANDRITZ AG | &nbsp;&nbsp; 79207 | 5512088 |
| BAWAG Group AG<sup>(c)</sup> | &nbsp;&nbsp; 116676 | 14725379 |
| CA Immobilien Anlagen AG | &nbsp;&nbsp; 80502 | 2143962 |
| CPI Europe AG<sup>(a)(b)</sup> | &nbsp;&nbsp; 91624 | 1903228 |
| DO & CO AG | &nbsp;&nbsp; 13873 | 3129754 |
| Erste Group Bank AG | &nbsp;&nbsp; 416239 | 38062504 |
| EVN AG | &nbsp;&nbsp; 64527 | 1743729 |
| Lenzing AG<sup>(a)(b)</sup> | &nbsp;&nbsp; 32951 | 921725 |
| Oesterreichische Post AG | &nbsp;&nbsp; 62082 | 2165464 |
| OMV AG | &nbsp;&nbsp; 159824 | 8139576 |
| Raiffeisen Bank International AG | &nbsp;&nbsp; 158059 | 4563860 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Austria (continued)** | **Austria (continued)** | **Austria (continued)** |
| UNIQA Insurance Group AG | &nbsp;&nbsp; 260161 | $3748061 |
| Verbund AG | &nbsp;&nbsp; 77737 | 5788256 |
| Vienna Insurance Group AG Wiener <br> Versicherung Gruppe<br>| &nbsp;&nbsp; 57108 | 3013283 |
| voestalpine AG | &nbsp;&nbsp; 123298 | 3394456 |
| Wienerberger AG | &nbsp;&nbsp; 131373 | 4403937 |
|  |  | 103359262 |
| **Belgium — 0.7%** | **Belgium — 0.7%** | **Belgium — 0.7%** |
| Ackermans & van Haaren NV | &nbsp;&nbsp; 28462 | 6981620 |
| Aedifica SA | &nbsp;&nbsp; 56551 | 4161473 |
| Ageas SA | &nbsp;&nbsp; 190820 | 12974284 |
| Anheuser-Busch InBev SA | &nbsp;&nbsp; 1306514 | 75114955 |
| Argenx SE<sup>(b)</sup> | &nbsp;&nbsp; 81783 | 54927843 |
| Azelis Group NV | &nbsp;&nbsp; 208273 | 3235853 |
| Barco NV | &nbsp;&nbsp; 150220 | 2341310 |
| Bekaert SA | &nbsp;&nbsp; 76475 | 3149801 |
| Cofinimmo SA | &nbsp;&nbsp; 50857 | 4414508 |
| Colruyt Group NV | &nbsp;&nbsp; 64502 | 2755322 |
| Deme Group NV | &nbsp;&nbsp; 18069 | 2704369 |
| D'ieteren Group | &nbsp;&nbsp; 32000 | 6321057 |
| Elia Group SA, Class B | &nbsp;&nbsp; 61577 | 7104336 |
| Fagron | &nbsp;&nbsp; 99888 | 2469917 |
| Galapagos NV<sup>(a)(b)</sup> | &nbsp;&nbsp; 60965 | 1995021 |
| Groupe Bruxelles Lambert NV | &nbsp;&nbsp; 87826 | 7342257 |
| KBC Ancora | &nbsp;&nbsp; 77100 | 5604867 |
| KBC Group NV | &nbsp;&nbsp; 305474 | 31862123 |
| Kinepolis Group NV | &nbsp;&nbsp; 30551 | 1264223 |
| Lotus Bakeries NV | &nbsp;&nbsp; 497 | 4201844 |
| Melexis NV | &nbsp;&nbsp; 36178 | 2767065 |
| Montea NV | &nbsp;&nbsp; 38984 | 2902339 |
| Ontex Group NV<sup>(a)(b)</sup> | &nbsp;&nbsp; 92832 | 719755 |
| Proximus SADP | &nbsp;&nbsp; 236866 | 1968055 |
| Sofina SA | &nbsp;&nbsp; 19549 | 5986333 |
| Solvay SA | &nbsp;&nbsp; 86470 | 2709331 |
| Syensqo SA | &nbsp;&nbsp; 93266 | 7391873 |
| Tessenderlo Group SA<sup>(a)</sup> | &nbsp;&nbsp; 52619 | 1565342 |
| UCB SA | &nbsp;&nbsp; 168205 | 36139657 |
| Umicore SA | &nbsp;&nbsp; 222743 | 3520180 |
| Vastned NV | &nbsp;&nbsp; 33099 | 1119061 |
| VGP NV | &nbsp;&nbsp; 31182 | 3279090 |
| Warehouses De Pauw CVA | &nbsp;&nbsp; 232428 | 5423976 |
| Xior Student Housing NV | &nbsp;&nbsp; 81047 | 2860158 |
|  |  | 319279198 |
| **Brazil — 0.9%** | **Brazil — 0.9%** | **Brazil — 0.9%** |
| Allos SA | &nbsp;&nbsp; 844264 | 3212984 |
| Ambev SA | &nbsp;&nbsp; 5759827 | 12816645 |
| Auren Energia SA | &nbsp;&nbsp; 812472 | 1345039 |
| Azzas 2154 SA | &nbsp;&nbsp; 251620 | 1603308 |
| B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp; 7025314 | 15783134 |
| Banco Bradesco SA | &nbsp;&nbsp; 1722325 | 4121609 |
| Banco BTG Pactual SA | &nbsp;&nbsp; 1619511 | 11317243 |
| Banco do Brasil SA | &nbsp;&nbsp; 2090366 | 7354200 |
| BB Seguridade Participacoes SA | &nbsp;&nbsp; 787647 | 4740328 |
| Brava Energia<sup>(b)</sup> | &nbsp;&nbsp; 601571 | 2120708 |
| BRF SA | &nbsp;&nbsp; 796140 | 2850695 |
| Caixa Seguridade Participacoes S/A | &nbsp;&nbsp; 787787 | 1938675 |
| Centrais Eletricas Brasileiras SA | &nbsp;&nbsp; 1481643 | 10004540 |
| Cia de Saneamento Basico do Estado de Sao <br> Paulo SABESP<br>| &nbsp;&nbsp; 586700 | 11348319 |
| Cia de Saneamento de Minas Gerais <br> Copasa MG<br>| &nbsp;&nbsp; 250749 | 1158016 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Total International Stock ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Brazil (continued)** | **Brazil (continued)** | **Brazil (continued)** |
| Cia De Sanena Do Parana | &nbsp;&nbsp; 447435 | $2724779 |
| Cia. Siderurgica Nacional SA | &nbsp;&nbsp; 859069 | 1230408 |
| Cosan SA<sup>(b)</sup> | &nbsp;&nbsp; 1538582 | 1629379 |
| CPFL Energia SA | &nbsp;&nbsp; 296313 | 2006094 |
| Cyrela Brazil Realty SA Empreendimentos <br> e Participacoes<br>| &nbsp;&nbsp; 515581 | 2257690 |
| Dexco SA | &nbsp;&nbsp; 616883 | 622441 |
| EcoRodovias Infraestrutura e Logistica SA<sup>(b)</sup> | &nbsp;&nbsp; 484504 | 583182 |
| Embraer SA | &nbsp;&nbsp; 918203 | 13226465 |
| Energisa SA | &nbsp;&nbsp; 539480 | 4399042 |
| Eneva SA<sup>(b)</sup> | &nbsp;&nbsp; 1011371 | 2429292 |
| Engie Brasil Energia SA | &nbsp;&nbsp; 284618 | 2029591 |
| Equatorial Energia SA | &nbsp;&nbsp; 1528658 | 9300993 |
| Fleury SA | &nbsp;&nbsp; 474986 | 1217249 |
| GPS Participacoes e Empreendimentos SA<sup>(c)</sup> | &nbsp;&nbsp; 702925 | 1777539 |
| Grendene SA | &nbsp;&nbsp; 430110 | 387130 |
| Hapvida Participacoes e Investimentos SA<sup>(b)(c)</sup> | &nbsp;&nbsp; 451749 | 2667954 |
| Hypera SA | &nbsp;&nbsp; 551298 | 2531252 |
| Iguatemi SA | &nbsp;&nbsp; 677767 | 2509150 |
| IRB-Brasil Resseguros SA<sup>(b)</sup> | &nbsp;&nbsp; 138707 | 1127085 |
| Klabin SA | &nbsp;&nbsp; 1033635 | 3433421 |
| Localiza Rent a Car SA | &nbsp;&nbsp; 1172892 | 7253663 |
| Lojas Renner SA | &nbsp;&nbsp; 1411826 | 4102188 |
| M Dias Branco SA | &nbsp;&nbsp; 224633 | 975226 |
| Magazine Luiza SA | &nbsp;&nbsp; 447423 | 564118 |
| Marfrig Global Foods SA | &nbsp;&nbsp; 642430 | 2443725 |
| Minerva SA<sup>(b)</sup> | &nbsp;&nbsp; 1323781 | 1167858 |
| Motiva Infraestrutura de Mobilidade SA | &nbsp;&nbsp; 1857366 | 4083217 |
| MRV Engenharia e Participacoes SA<sup>(b)</sup> | &nbsp;&nbsp; 505866 | 537526 |
| Multiplan Empreendimentos Imobiliarios SA | &nbsp;&nbsp; 490400 | 2215735 |
| Natura Cosmeticos SA<sup>(b)</sup> | &nbsp;&nbsp; 1224184 | 1974155 |
| NU Holdings Ltd./Cayman Islands, Class A<sup>(b)</sup> | &nbsp;&nbsp; 4208877 | 51432477 |
| Odontoprev SA | &nbsp;&nbsp; 406978 | 872893 |
| Pagseguro Digital Ltd., Class A | &nbsp;&nbsp; 289452 | 2266409 |
| Petroleo Brasileiro SA - Petrobras | &nbsp;&nbsp; 4998937 | 31951131 |
| PRIO SA<sup>(b)</sup> | &nbsp;&nbsp; 1023428 | 7711053 |
| Raia Drogasil SA | &nbsp;&nbsp; 1516777 | 3648684 |
| Rede D'Or Sao Luiz SA<sup>(c)</sup> | &nbsp;&nbsp; 985627 | 5720616 |
| Rumo SA | &nbsp;&nbsp; 1654517 | 4887127 |
| Santos Brasil Participacoes SA | &nbsp;&nbsp; 1219631 | 3038432 |
| Sao Martinho SA | &nbsp;&nbsp; 324357 | 1004429 |
| Sendas Distribuidora SA | &nbsp;&nbsp; 1927790 | 3239636 |
| SLC Agricola SA | &nbsp;&nbsp; 492217 | 1611261 |
| Smartfit Escola de Ginastica e Danca SA | &nbsp;&nbsp; 691639 | 2559270 |
| StoneCo Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 358115 | 4576710 |
| Suzano SA | &nbsp;&nbsp; 954998 | 8894134 |
| Telefonica Brasil SA | &nbsp;&nbsp; 1015361 | 5708238 |
| TIM SA/Brazil | &nbsp;&nbsp; 1392339 | 5149582 |
| TOTVS SA | &nbsp;&nbsp; 639972 | 4984182 |
| Transmissora Alianca de Energia Eletrica SA | &nbsp;&nbsp; 466516 | 2779326 |
| Ultrapar Participacoes SA | &nbsp;&nbsp; 1320325 | 4048536 |
| Vale SA | &nbsp;&nbsp; 4671919 | 44603725 |
| Vamos Locacao de Caminhoes Maquinas e <br> Equipamentos SA<br>| &nbsp;&nbsp; 641407 | 439857 |
| Vibra Energia SA | &nbsp;&nbsp; 1368613 | 5184038 |
| WEG SA | &nbsp;&nbsp; 2196085 | 14554154 |
| XP Inc., Class A | &nbsp;&nbsp; 499263 | 8058105 |
|  |  | 404046995 |
| **Canada — 7.9%** | **Canada — 7.9%** | **Canada — 7.9%** |
| Advantage Energy Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 267147 | 2130466 |
| Aecon Group Inc. | &nbsp;&nbsp; 128160 | 1734267 |
| Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 670459 | 83231562 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Air Canada<sup>(b)</sup> | &nbsp;&nbsp; 231390 | $3223028 |
| Alamos Gold Inc., Class A | &nbsp;&nbsp; 550966 | 13388442 |
| Algonquin Power & Utilities Corp. | &nbsp;&nbsp; 871523 | 5138816 |
| Alimentation Couche-Tard Inc. | &nbsp;&nbsp; 989785 | 51432246 |
| Allied Properties REIT<sup>(a)</sup> | &nbsp;&nbsp; 192781 | 2406980 |
| AltaGas Ltd. | &nbsp;&nbsp; 366815 | 10830255 |
| Altus Group Ltd. | &nbsp;&nbsp; 71954 | 3004661 |
| ARC Resources Ltd. | &nbsp;&nbsp; 808054 | 15775015 |
| Aritzia Inc.<sup>(b)</sup> | &nbsp;&nbsp; 129275 | 6938642 |
| Atco Ltd., Class I, NVS | &nbsp;&nbsp; 88540 | 3206508 |
| Athabasca Oil Corp.<sup>(b)</sup> | &nbsp;&nbsp; 977535 | 4134205 |
| AtkinsRealis Group Inc. | &nbsp;&nbsp; 244681 | 17325096 |
| ATS Corp.<sup>(b)</sup> | &nbsp;&nbsp; 114301 | 3468791 |
| Aya Gold & Silver Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 237703 | 2026034 |
| B2Gold Corp. | &nbsp;&nbsp; 1469325 | 4941581 |
| Badger Infrastructure Solutions Ltd. | &nbsp;&nbsp; 76741 | 2896064 |
| Bank of Montreal | &nbsp;&nbsp; 943177 | 104106156 |
| Bank of Nova Scotia (The) | &nbsp;&nbsp; 1605321 | 89314518 |
| Barrick Mining Corp. | &nbsp;&nbsp; 2171046 | 45830756 |
| Bausch Health Companies Inc.<sup>(b)</sup> | &nbsp;&nbsp; 372175 | 2194479 |
| Baytex Energy Corp. | &nbsp;&nbsp; 1036613 | 2199511 |
| BCE Inc. | &nbsp;&nbsp; 80242 | 1871696 |
| Birchcliff Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 344693 | 1679184 |
| Bitfarms Ltd./Canada<sup>(a)(b)</sup> | &nbsp;&nbsp; 722750 | 912827 |
| BlackBerry Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 816882 | 3006711 |
| Boardwalk Real Estate Investment Trust | &nbsp;&nbsp; 66296 | 3418627 |
| Bombardier Inc., Class B<sup>(b)</sup> | &nbsp;&nbsp; 120858 | 14092831 |
| Boralex Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 142554 | 3226395 |
| Boyd Group Services Inc. | &nbsp;&nbsp; 26314 | 3647231 |
| Brookfield Asset Management Ltd., Class A | &nbsp;&nbsp; 560717 | 34575390 |
| Brookfield Corp., Class A | &nbsp;&nbsp; 1802919 | 120762783 |
| Brookfield Infrastructure Corp., Class A | &nbsp;&nbsp; 140420 | 5481609 |
| Brookfield Renewable Corp. | &nbsp;&nbsp; 183514 | 6710923 |
| Brookfield Wealth Solutions Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 62302 | 4167256 |
| BRP Inc. | &nbsp;&nbsp; 55418 | 2802097 |
| CAE Inc.<sup>(b)</sup> | &nbsp;&nbsp; 421290 | 12012968 |
| Cameco Corp. | &nbsp;&nbsp; 579829 | 43533206 |
| Canada Goose Holdings Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 94516 | 1033428 |
| Canadian Apartment Properties REIT | &nbsp;&nbsp; 101928 | 3255134 |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 1233666 | 88171149 |
| Canadian National Railway Co. | &nbsp;&nbsp; 686253 | 64078676 |
| Canadian Natural Resources Ltd. | &nbsp;&nbsp; 2755021 | 87207867 |
| Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp; 1229114 | 90391683 |
| Canadian Tire Corp. Ltd., Class A, NVS | &nbsp;&nbsp; 67498 | 9040328 |
| Canadian Utilities Ltd., Class A, NVS | &nbsp;&nbsp; 109665 | 3053461 |
| Canfor Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 142825 | 1399800 |
| Capital Power Corp. | &nbsp;&nbsp; 207156 | 8683329 |
| Capstone Copper Corp.<sup>(b)</sup> | &nbsp;&nbsp; 839135 | 4705600 |
| Cardinal Energy Ltd. | &nbsp;&nbsp; 292432 | 1517455 |
| Cascades Inc. | &nbsp;&nbsp; 81816 | 533198 |
| CCL Industries Inc., Class B, NVS | &nbsp;&nbsp; 194367 | 10864408 |
| Celestica Inc.<sup>(b)</sup> | &nbsp;&nbsp; 155119 | 31011485 |
| Cenovus Energy Inc. | &nbsp;&nbsp; 1787463 | 27206694 |
| Centerra Gold Inc. | &nbsp;&nbsp; 381095 | 2593624 |
| CES Energy Solutions Corp. | &nbsp;&nbsp; 385029 | 2014622 |
| CGI Inc. | &nbsp;&nbsp; 261439 | 25204259 |
| Choice Properties REIT | &nbsp;&nbsp; 372971 | 3819615 |
| CI Financial Corp.<sup>(a)</sup> | &nbsp;&nbsp; 151262 | 3485707 |
| Cogeco Communications Inc. | &nbsp;&nbsp; 36231 | 1631389 |
| Colliers International Group Inc. | &nbsp;&nbsp; 55896 | 8429178 |
| Constellation Software Inc./Canada | &nbsp;&nbsp; 26679 | 92041780 |
| Cronos Group Inc.<sup>(b)</sup> | &nbsp;&nbsp; 386122 | 763550 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Total International Stock ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Definity Financial Corp. | &nbsp;&nbsp; 96541 | $5201202 |
| Denison Mines Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1688875 | 3473797 |
| Descartes Systems Group Inc. (The)<sup>(b)</sup> | &nbsp;&nbsp; 115166 | 12167401 |
| Dollarama Inc. | &nbsp;&nbsp; 364732 | 49850567 |
| Dream Industrial REIT<sup>(a)</sup> | &nbsp;&nbsp; 351161 | 2919583 |
| Dundee Precious Metals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 262192 | 4238670 |
| Eldorado Gold Corp.<sup>(b)</sup> | &nbsp;&nbsp; 290655 | 5955323 |
| Element Fleet Management Corp. | &nbsp;&nbsp; 547020 | 14228205 |
| Emera Inc. | &nbsp;&nbsp; 391774 | 18395508 |
| Empire Co. Ltd., NVS | &nbsp;&nbsp; 173997 | 6929240 |
| Enbridge Inc. | &nbsp;&nbsp; 2864513 | 129725888 |
| Endeavour Silver Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 419632 | 2126022 |
| Enerflex Ltd. | &nbsp;&nbsp; 188272 | 1501447 |
| Energy Fuels Inc./Canada<sup>(a)(b)</sup> | &nbsp;&nbsp; 305981 | 2775824 |
| Enghouse Systems Ltd. | &nbsp;&nbsp; 69385 | 1149239 |
| EQB Inc.<sup>(a)</sup> | &nbsp;&nbsp; 39938 | 2968832 |
| Equinox Gold Corp.<sup>(b)</sup> | &nbsp;&nbsp; 1018188 | 6202011 |
| ERO Copper Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 163155 | 2207821 |
| Extendicare Inc. | &nbsp;&nbsp; 238229 | 2119922 |
| Fairfax Financial Holdings Ltd. | &nbsp;&nbsp; 25870 | 45757189 |
| Finning International Inc. | &nbsp;&nbsp; 183402 | 7992070 |
| First Capital Real Estate Investment Trust | &nbsp;&nbsp; 243745 | 3270222 |
| First Majestic Silver Corp. | &nbsp;&nbsp; 486707 | 3870894 |
| First Quantum Minerals Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 925615 | 15558295 |
| FirstService Corp. | &nbsp;&nbsp; 53244 | 10495093 |
| Fortis Inc./Canada | &nbsp;&nbsp; 633949 | 31020310 |
| Fortuna Mining Corp.<sup>(b)</sup> | &nbsp;&nbsp; 476695 | 3075674 |
| Franco-Nevada Corp. | &nbsp;&nbsp; 250453 | 39896064 |
| Freehold Royalties Ltd. | &nbsp;&nbsp; 336222 | 3237010 |
| G Mining Ventures Corp.<sup>(b)</sup> | &nbsp;&nbsp; 228200 | 2674630 |
| George Weston Ltd. | &nbsp;&nbsp; 80547 | 15305441 |
| GFL Environmental Inc. | &nbsp;&nbsp; 292438 | 14727428 |
| Gibson Energy Inc. | &nbsp;&nbsp; 193020 | 3479821 |
| Gildan Activewear Inc. | &nbsp;&nbsp; 214961 | 10858199 |
| goeasy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 26498 | 3499664 |
| Granite Real Estate Investment Trust | &nbsp;&nbsp; 66464 | 3505957 |
| Great-West Lifeco Inc. | &nbsp;&nbsp; 352358 | 13231226 |
| H&R Real Estate Investment Trust | &nbsp;&nbsp; 305113 | 2552150 |
| Hammond Power Solutions Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 15814 | 1414540 |
| Headwater Exploration Inc. | &nbsp;&nbsp; 387308 | 2026547 |
| Hudbay Minerals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 613267 | 5691840 |
| Hydro One Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 427957 | 15134161 |
| iA Financial Corp. Inc. | &nbsp;&nbsp; 121511 | 11894152 |
| IAMGOLD Corp.<sup>(b)</sup> | &nbsp;&nbsp; 726550 | 4907988 |
| IGM Financial Inc. | &nbsp;&nbsp; 61571 | 2038740 |
| Imperial Oil Ltd. | &nbsp;&nbsp; 240543 | 20056245 |
| Intact Financial Corp. | &nbsp;&nbsp; 234523 | 48475308 |
| Interfor Corp.<sup>(b)</sup> | &nbsp;&nbsp; 122134 | 1098289 |
| InterRent REIT | &nbsp;&nbsp; 233088 | 2228938 |
| Ivanhoe Mines Ltd., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 1045956 | 8160208 |
| Jamieson Wellness Inc.<sup>(c)</sup> | &nbsp;&nbsp; 83665 | 2031243 |
| K92 Mining Inc.<sup>(b)</sup> | &nbsp;&nbsp; 488887 | 5077283 |
| Keyera Corp. | &nbsp;&nbsp; 312751 | 9818612 |
| Killam Apartment REIT | &nbsp;&nbsp; 104098 | 1376353 |
| Kinaxis Inc.<sup>(b)</sup> | &nbsp;&nbsp; 39150 | 5810339 |
| Kinross Gold Corp. | &nbsp;&nbsp; 1645867 | 26334347 |
| Labrador Iron Ore Royalty Corp. | &nbsp;&nbsp; 129175 | 2484493 |
| Laurentian Bank of Canada<sup>(a)</sup> | &nbsp;&nbsp; 52503 | 1167449 |
| Lightspeed Commerce Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 216072 | 2693103 |
| Linamar Corp. | &nbsp;&nbsp; 67203 | 3249568 |
| Lithium Americas Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 316129 | 814507 |
| Loblaw Companies Ltd. | &nbsp;&nbsp; 200973 | 32500015 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Lundin Gold Inc. | &nbsp;&nbsp; 153020 | $7082255 |
| Lundin Mining Corp. | &nbsp;&nbsp; 953051 | 9732731 |
| MAG Silver Corp. | &nbsp;&nbsp; 163460 | 3333848 |
| Magna International Inc. | &nbsp;&nbsp; 301729 | 12373154 |
| Manulife Financial Corp. | &nbsp;&nbsp; 2267002 | 70140283 |
| Maple Leaf Foods Inc. | &nbsp;&nbsp; 125734 | 2653336 |
| MDA Space Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 182299 | 5104793 |
| MEG Energy Corp. | &nbsp;&nbsp; 359898 | 7093544 |
| Methanex Corp. | &nbsp;&nbsp; 116789 | 3904205 |
| Metro Inc./CN | &nbsp;&nbsp; 275687 | 21080426 |
| MTY Food Group Inc. | &nbsp;&nbsp; 39192 | 1092092 |
| Mullen Group Ltd. | &nbsp;&nbsp; 107538 | 1022139 |
| National Bank of Canada | &nbsp;&nbsp; 512355 | 53295126 |
| New Gold Inc.<sup>(b)</sup> | &nbsp;&nbsp; 1134006 | 4746850 |
| NexGen Energy Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 732677 | 4917650 |
| NFI Group Inc.<sup>(b)</sup> | &nbsp;&nbsp; 128109 | 1765937 |
| NGEx Minerals Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 284932 | 4024335 |
| North West Co. Inc. (The) | &nbsp;&nbsp; 98944 | 3396201 |
| Northland Power Inc. | &nbsp;&nbsp; 304434 | 4974297 |
| Novagold Resources Inc.<sup>(b)</sup> | &nbsp;&nbsp; 399844 | 2069054 |
| Nutrien Ltd. | &nbsp;&nbsp; 644804 | 38257316 |
| NuVista Energy Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 309309 | 3268103 |
| OceanaGold Corp. | &nbsp;&nbsp; 291197 | 3961507 |
| Onex Corp. | &nbsp;&nbsp; 67794 | 5515112 |
| Open Text Corp. | &nbsp;&nbsp; 332615 | 9789290 |
| OR Royalties Inc. | &nbsp;&nbsp; 184247 | 5103493 |
| Orla Mining Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 490176 | 4563561 |
| Pan American Silver Corp. | &nbsp;&nbsp; 479752 | 12959813 |
| Paramount Resources Ltd., Class A | &nbsp;&nbsp; 141129 | 2170510 |
| Parex Resources Inc. | &nbsp;&nbsp; 153240 | 1818177 |
| Parkland Corp. | &nbsp;&nbsp; 164976 | 4656619 |
| Pason Systems Inc. | &nbsp;&nbsp; 192013 | 1619971 |
| Pembina Pipeline Corp. | &nbsp;&nbsp; 766016 | 28471293 |
| Peyto Exploration & Development Corp. | &nbsp;&nbsp; 317129 | 4449327 |
| Poseidon Concepts Corp.<sup>(b)(d)</sup> | &nbsp;&nbsp; 293 |  |
| Power Corp. of Canada | &nbsp;&nbsp; 750614 | 30249918 |
| PrairieSky Royalty Ltd. | &nbsp;&nbsp; 323778 | 5568439 |
| Precision Drilling Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 25066 | 1411591 |
| Premium Brands Holdings Corp., Class A | &nbsp;&nbsp; 45618 | 2891949 |
| Prinmaris REIT | &nbsp;&nbsp; 176844 | 1882541 |
| Quebecor Inc., Class B | &nbsp;&nbsp; 159264 | 4480449 |
| RB Global Inc.<sup>(a)</sup> | &nbsp;&nbsp; 248504 | 26907517 |
| Restaurant Brands International Inc. | &nbsp;&nbsp; 408601 | 27725654 |
| Richelieu Hardware Ltd. | &nbsp;&nbsp; 91059 | 2278447 |
| RioCan REIT | &nbsp;&nbsp; 260457 | 3317744 |
| Rogers Communications Inc., Class B, NVS | &nbsp;&nbsp; 420184 | 14034437 |
| Royal Bank of Canada | &nbsp;&nbsp; 1850993 | 237505806 |
| Russel Metals Inc. | &nbsp;&nbsp; 92033 | 2947766 |
| Sandstorm Gold Ltd. | &nbsp;&nbsp; 526564 | 4928937 |
| Saputo Inc. | &nbsp;&nbsp; 312157 | 6546826 |
| Seabridge Gold Inc.<sup>(b)</sup> | &nbsp;&nbsp; 154074 | 2357368 |
| Secure Waste Infrastructure Corp. | &nbsp;&nbsp; 379477 | 4146422 |
| Shopify Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 1606229 | 196338774 |
| Silvercorp Metals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 385717 | 1678604 |
| SmartCentres Real Estate Investment Trust | &nbsp;&nbsp; 168160 | 3082610 |
| South Bow Corp. | &nbsp;&nbsp; 271491 | 7130166 |
| Spin Master Corp.<sup>(c)</sup> | &nbsp;&nbsp; 55048 | 905813 |
| Sprott Inc. | &nbsp;&nbsp; 39731 | 2675305 |
| SSR Mining Inc.<sup>(b)</sup> | &nbsp;&nbsp; 276565 | 3303371 |
| Stantec Inc. | &nbsp;&nbsp; 154809 | 16922179 |
| Stella-Jones Inc. | &nbsp;&nbsp; 77773 | 4433667 |
| StorageVault Canada Inc. | &nbsp;&nbsp; 372197 | 1246387 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Total International Stock ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Sun Life Financial Inc. | &nbsp;&nbsp; 745368 | $45445070 |
| Suncor Energy Inc. | &nbsp;&nbsp; 1628810 | 64242542 |
| SunOpta Inc.<sup>(b)</sup> | &nbsp;&nbsp; 107699 | 626482 |
| Superior Plus Corp. | &nbsp;&nbsp; 291403 | 1455333 |
| Tamarack Valley Energy Ltd. | &nbsp;&nbsp; 879427 | 3452716 |
| TC Energy Corp. | &nbsp;&nbsp; 1391207 | 66427725 |
| Teck Resources Ltd., Class B | &nbsp;&nbsp; 607239 | 19690566 |
| TELUS Corp. | &nbsp;&nbsp; 553157 | 8910554 |
| TFI International Inc. | &nbsp;&nbsp; 108068 | 9398235 |
| Thomson Reuters Corp. | &nbsp;&nbsp; 205537 | 41249804 |
| TMX Group Ltd. | &nbsp;&nbsp; 380015 | 15451822 |
| Topaz Energy Corp. | &nbsp;&nbsp; 209983 | 3902326 |
| Torex Gold Resources Inc.<sup>(b)</sup> | &nbsp;&nbsp; 120294 | 3388478 |
| Toromont Industries Ltd. | &nbsp;&nbsp; 106790 | 10827748 |
| Toronto-Dominion Bank (The) | &nbsp;&nbsp; 2289012 | 166719898 |
| Tourmaline Oil Corp. | &nbsp;&nbsp; 506116 | 21539882 |
| TransAlta Corp. | &nbsp;&nbsp; 413255 | 4971825 |
| Transcontinental Inc., Class A | &nbsp;&nbsp; 193288 | 2688120 |
| Trisura Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 86527 | 2640897 |
| Vermilion Energy Inc. | &nbsp;&nbsp; 232029 | 1903991 |
| Wesdome Gold Mines Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 360893 | 4297586 |
| West Fraser Timber Co. Ltd. | &nbsp;&nbsp; 75338 | 5222985 |
| Westshore Terminals Investment Corp.<sup>(a)</sup> | &nbsp;&nbsp; 74517 | 1517122 |
| Wheaton Precious Metals Corp. | &nbsp;&nbsp; 597067 | 54604742 |
| Whitecap Resources Inc. | &nbsp;&nbsp; 1697928 | 12817788 |
| Winpak Ltd. | &nbsp;&nbsp; 66758 | 1972483 |
| WSP Global Inc. | &nbsp;&nbsp; 176051 | 36249531 |
|  |  | 3618466625 |
| **Cayman Islands — 0.0%** | **Cayman Islands — 0.0%** | **Cayman Islands — 0.0%** |
| FIH Mobile Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 957400 | 1712343 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| Aguas Andinas SA, Class A | &nbsp;&nbsp; 4922794 | 1620163 |
| Banco de Chile | &nbsp;&nbsp; 55392952 | 7630548 |
| Banco de Credito e Inversiones SA | &nbsp;&nbsp; 104460 | 4145707 |
| Banco Itau Chile SA | &nbsp;&nbsp; 80150 | 1059096 |
| Banco Santander Chile | &nbsp;&nbsp; 72513379 | 4188525 |
| CAP SA<sup>(b)</sup> | &nbsp;&nbsp; 122273 | 582067 |
| Cencosud SA | &nbsp;&nbsp; 1631279 | 4914249 |
| Cia Cervecerias Unidas SA | &nbsp;&nbsp; 256652 | 1517889 |
| Colbun SA | &nbsp;&nbsp; 12749553 | 1887376 |
| Empresa Nacional de Telecomunicaciones SA | &nbsp;&nbsp; 287176 | 943602 |
| Empresas CMPC SA | &nbsp;&nbsp; 1276852 | 1798681 |
| Empresas Copec SA | &nbsp;&nbsp; 459184 | 3039950 |
| Enel Americas SA | &nbsp;&nbsp; 34659238 | 3456623 |
| Enel Chile SA | &nbsp;&nbsp; 55084903 | 3528433 |
| Engie Energia Chile SA | &nbsp;&nbsp; 1203763 | 1471581 |
| Falabella SA | &nbsp;&nbsp; 892775 | 4451896 |
| Inversiones Aguas Metropolitanas SA | &nbsp;&nbsp; 1023015 | 867944 |
| Latam Airlines Group SA | &nbsp;&nbsp; 299275837 | 6544861 |
| Parque Arauco SA | &nbsp;&nbsp; 1200908 | 2449699 |
| Vina Concha y Toro SA | &nbsp;&nbsp; 1043671 | 1115877 |
|  |  | 57214767 |
| **China — 8.0%** | **China — 8.0%** | **China — 8.0%** |
| 37 Interactive Entertainment Network Technology <br> Group Co. Ltd., Class A<br>| &nbsp;&nbsp; 1222500 | 2807309 |
| 3SBio Inc.<sup>(c)</sup> | &nbsp;&nbsp; 2466000 | 9969234 |
| AAC Technologies Holdings Inc. | &nbsp;&nbsp; 1014500 | 5129488 |
| Advanced Micro-Fabrication <br> Equipment Inc./China, Class A<br>| &nbsp;&nbsp; 82000 | 2241540 |
| AECC Aviation Power Co. Ltd., Class A | &nbsp;&nbsp; 252600 | 1482875 |
| Agricultural Bank of China Ltd., Class A | &nbsp;&nbsp; 6612100 | 5774155 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Agricultural Bank of China Ltd., Class H | &nbsp;&nbsp; 37149000 | $24336906 |
| Aier Eye Hospital Group Co. Ltd., Class A | &nbsp;&nbsp; 988975 | 1757082 |
| Air China Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 1259100 | 1267481 |
| AK Medical Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1234000 | 1075980 |
| Akeso Inc.<sup>(b)(c)</sup> | &nbsp;&nbsp; 848000 | 16535201 |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 22649772 | 340534007 |
| Alibaba Health Information Technology Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 7232000 | 4484838 |
| A-Living Smart City Services Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 844500 | 317398 |
| Aluminum Corp. of China Ltd., Class A | &nbsp;&nbsp; 671000 | 688216 |
| Aluminum Corp. of China Ltd., Class H | &nbsp;&nbsp; 5012000 | 3961316 |
| Anhui Conch Cement Co. Ltd., Class A | &nbsp;&nbsp; 172887 | 564127 |
| Anhui Conch Cement Co. Ltd., Class H | &nbsp;&nbsp; 1558000 | 4510611 |
| Anhui Gujing Distillery Co. Ltd., Class A | &nbsp;&nbsp; 49400 | 942802 |
| Anhui Gujing Distillery Co. Ltd., Class B | &nbsp;&nbsp; 141563 | 1918624 |
| ANTA Sports Products Ltd. | &nbsp;&nbsp; 1663400 | 19092645 |
| Anxin-China Holdings Ltd.<sup>(d)</sup> | &nbsp;&nbsp; 1004000 | 1 |
| Ascentage Pharma Group International<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 647300 | 5882666 |
| Autohome Inc., ADR | &nbsp;&nbsp; 110861 | 3003224 |
| AviChina Industry & Technology Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 3293000 | 1946468 |
| Baidu Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 2983756 | 32646271 |
| Bank of Beijing Co. Ltd., Class A | &nbsp;&nbsp; 2283293 | 2041751 |
| Bank of China Ltd., Class A | &nbsp;&nbsp; 2230100 | 1716662 |
| Bank of China Ltd., Class H | &nbsp;&nbsp; 96477000 | 55687803 |
| Bank of Communications Co. Ltd., Class A | &nbsp;&nbsp; 3853163 | 4085635 |
| Bank of Communications Co. Ltd., Class H | &nbsp;&nbsp; 11884000 | 10705908 |
| Bank of Jiangsu Co. Ltd., Class A | &nbsp;&nbsp; 1831700 | 2868589 |
| Bank of Nanjing Co. Ltd., Class A | &nbsp;&nbsp; 1224900 | 1948883 |
| Bank of Ningbo Co. Ltd., Class A | &nbsp;&nbsp; 618971 | 2388860 |
| Bank of Shanghai Co. Ltd., Class A | &nbsp;&nbsp; 1949751 | 2764875 |
| Baoshan Iron & Steel Co. Ltd., Class A | &nbsp;&nbsp; 3024276 | 3075558 |
| Beijing Capital International Airport Co. Ltd., <br> Class H<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3570000 | 1386048 |
| Beijing Enterprises Holdings Ltd. | &nbsp;&nbsp; 775500 | 3244742 |
| Beijing Enterprises Water Group Ltd. | &nbsp;&nbsp; 7510000 | 2570113 |
| Beijing Kingsoft Office Software Inc., Class A | &nbsp;&nbsp; 41600 | 1801696 |
| Beijing New Building Materials PLC, Class A | &nbsp;&nbsp; 470300 | 1699221 |
| Beijing Tong Ren Tang Co. Ltd., Class A | &nbsp;&nbsp; 244113 | 1217778 |
| Beijing Wantai Biological Pharmacy Enterprise <br> Co. Ltd., Class A<sup>(b)</sup><br>| &nbsp;&nbsp; 156180 | 1265765 |
| Beijing-Shanghai High Speed Railway Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 4018300 | 3004574 |
| Bilibili Inc., Class Z<sup>(b)</sup> | &nbsp;&nbsp; 319584 | 7311785 |
| BOC Aviation Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 288000 | 2616469 |
| BOE Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 5979200 | 3344728 |
| BOE Varitronix Ltd. | &nbsp;&nbsp; 1083000 | 816360 |
| Bosideng International Holdings Ltd. | &nbsp;&nbsp; 5420000 | 3093173 |
| Brilliance China Automotive Holdings Ltd. | &nbsp;&nbsp; 4344000 | 1732801 |
| BYD Co. Ltd., Class A | &nbsp;&nbsp; 475200 | 6893028 |
| BYD Co. Ltd., Class H | &nbsp;&nbsp; 4860000 | 70960126 |
| BYD Electronic International Co. Ltd. | &nbsp;&nbsp; 972500 | 4046568 |
| C&D International Investment Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1355000 | 2733649 |
| Cambricon Technologies Corp. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 36000 | 3526131 |
| Canggang Railway Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3718000 | 629929 |
| CGN Mining Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5625000 | 1443350 |
| CGN New Energy Holdings Co. Ltd. | &nbsp;&nbsp; 2778000 | 863693 |
| CGN Power Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 15381000 | 5778213 |
| Changchun High-Tech Industry Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 51400 | 749886 |
| China BlueChemical Ltd., Class H | &nbsp;&nbsp; 4530000 | 1249483 |
| China CITIC Bank Corp. Ltd., Class H | &nbsp;&nbsp; 10986000 | 10207328 |
| China Coal Energy Co. Ltd., Class H | &nbsp;&nbsp; 2502000 | 3074227 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Total International Stock ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| China Communications Services Corp. Ltd., <br> Class H<br>| &nbsp;&nbsp; 3108000 | $1810220 |
| China Conch Venture Holdings Ltd. | &nbsp;&nbsp; 2363000 | 2887376 |
| China Construction Bank Corp., Class A | &nbsp;&nbsp; 1215600 | 1585836 |
| China Construction Bank Corp., Class H | &nbsp;&nbsp; 126547000 | 129432675 |
| China CSSC Holdings Ltd., Class A | &nbsp;&nbsp; 612200 | 2910298 |
| China Datang Corp. Renewable Power Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 2644000 | 774519 |
| China East Education Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 954000 | 987787 |
| China Eastern Airlines Corp. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 3352393 | 1759840 |
| China Education Group Holdings Ltd. | &nbsp;&nbsp; 1390000 | 490231 |
| China Energy Engineering Corp. Ltd., Class A | &nbsp;&nbsp; 8710500 | 3125183 |
| China Everbright Bank Co. Ltd., Class A | &nbsp;&nbsp; 3926500 | 2204098 |
| China Everbright Bank Co. Ltd., Class H | &nbsp;&nbsp; 3268000 | 1535681 |
| China Everbright Environment Group Ltd. | &nbsp;&nbsp; 4548629 | 2434384 |
| China Everbright Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1604000 | 1637709 |
| China Feihe Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 5338000 | 3173446 |
| China Galaxy Securities Co. Ltd., Class A | &nbsp;&nbsp; 850600 | 2023001 |
| China Galaxy Securities Co. Ltd., Class H | &nbsp;&nbsp; 4343000 | 5869176 |
| China Gas Holdings Ltd. | &nbsp;&nbsp; 3937600 | 4136049 |
| China Hongqiao Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3772500 | 9951461 |
| China International Capital Corp. Ltd., Class A | &nbsp;&nbsp; 503300 | 2519860 |
| China International Capital Corp. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 1871600 | 4752437 |
| China Jinmao Holdings Group Ltd. | &nbsp;&nbsp; 6712000 | 1221286 |
| China Lesso Group Holdings Ltd. | &nbsp;&nbsp; 1515000 | 901413 |
| China Life Insurance Co. Ltd., Class A | &nbsp;&nbsp; 306300 | 1735260 |
| China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 9793000 | 28288152 |
| China Literature Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 540200 | 2122920 |
| China Longyuan Power Group Corp. Ltd., <br> Class H<br>| &nbsp;&nbsp; 3659000 | 3299472 |
| China Medical System Holdings Ltd. | &nbsp;&nbsp; 1854000 | 3147916 |
| China Mengniu Dairy Co. Ltd. | &nbsp;&nbsp; 3930000 | 8178390 |
| China Merchants Bank Co. Ltd., Class A | &nbsp;&nbsp; 1809731 | 11149128 |
| China Merchants Bank Co. Ltd., Class H | &nbsp;&nbsp; 5135177 | 33322896 |
| China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp; 1576000 | 3103817 |
| China Merchants Securities Co. Ltd., Class A | &nbsp;&nbsp; 1253472 | 3099443 |
| China Merchants Shekou Industrial Zone <br> Holdings Co. Ltd., Class A<br>| &nbsp;&nbsp; 885882 | 1067557 |
| China Metal Recycling Holdings Ltd.<sup>(d)</sup> | &nbsp;&nbsp; 3000 |  |
| China Minsheng Banking Corp. Ltd., Class A | &nbsp;&nbsp; 2708599 | 1834928 |
| China Minsheng Banking Corp. Ltd., Class H | &nbsp;&nbsp; 9647500 | 5806720 |
| China National Building Material Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 4922000 | 2928315 |
| China National Nuclear Power Co. Ltd., Class A | &nbsp;&nbsp; 2116900 | 2696735 |
| China Nonferrous Mining Corp Ltd. | &nbsp;&nbsp; 3865000 | 3755199 |
| China Northern Rare Earth Group High-Tech Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 692600 | 3599177 |
| China Oilfield Services Ltd., Class H | &nbsp;&nbsp; 2112000 | 1875728 |
| China Overseas Grand Oceans Group Ltd. | &nbsp;&nbsp; 2132000 | 526182 |
| China Overseas Land & Investment Ltd. | &nbsp;&nbsp; 4666000 | 8069842 |
| China Overseas Property Holdings Ltd. | &nbsp;&nbsp; 2010000 | 1379568 |
| China Pacific Insurance Group Co. Ltd., Class A | &nbsp;&nbsp; 448388 | 2325065 |
| China Pacific Insurance Group Co. Ltd., Class H | &nbsp;&nbsp; 3600600 | 14501114 |
| China Petroleum & Chemical Corp., Class A | &nbsp;&nbsp; 3376148 | 2810591 |
| China Petroleum & Chemical Corp., Class H | &nbsp;&nbsp; 30126200 | 17678726 |
| China Power International Development Ltd. | &nbsp;&nbsp; 7042000 | 2760431 |
| China Railway Group Ltd., Class A | &nbsp;&nbsp; 1425086 | 1123537 |
| China Railway Group Ltd., Class H | &nbsp;&nbsp; 6042000 | 3039920 |
| China Resources Beer Holdings Co. Ltd. | &nbsp;&nbsp; 1920500 | 6385453 |
| China Resources Building Materials Technology <br> Holdings Ltd.<br>| &nbsp;&nbsp; 2872000 | 700485 |
| China Resources Gas Group Ltd. | &nbsp;&nbsp; 1137900 | 2880371 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| China Resources Land Ltd. | &nbsp;&nbsp; 3995666 | $14651976 |
| China Resources Medical Holdings Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2359500 | 1334644 |
| China Resources Mixc Lifestyle Services Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 777400 | 3610140 |
| China Resources Pharmaceutical Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1673500 | 1168645 |
| China Resources Power Holdings Co. Ltd. | &nbsp;&nbsp; 2590000 | 6418249 |
| China Ruyi Holdings Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 19443600 | 7777440 |
| China Shenhua Energy Co. Ltd., Class A | &nbsp;&nbsp; 357200 | 1887300 |
| China Shenhua Energy Co. Ltd., Class H | &nbsp;&nbsp; 4624000 | 20041103 |
| China Shineway Pharmaceutical Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 859000 | 914964 |
| China Southern Airlines Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 2201000 | 1727547 |
| China State Construction Engineering Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 3268480 | 2562241 |
| China State Construction International <br> Holdings Ltd.<br>| &nbsp;&nbsp; 3210000 | 4917691 |
| China Taiping Insurance Holdings Co. Ltd. | &nbsp;&nbsp; 1720568 | 3823107 |
| China Three Gorges Renewables Group Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 4087800 | 2454030 |
| China Tourism Group Duty Free Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 168192 | 1512082 |
| China Tower Corp. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 5326400 | 7453311 |
| China Traditional Chinese Medicine Holdings <br> Co. Ltd.<br>| &nbsp;&nbsp; 4054000 | 1156810 |
| China Travel International Investment Hong Kong <br> Ltd.<sup>(a)</sup><br>| &nbsp;&nbsp; 4846000 | 1139492 |
| China United Network Communications Ltd., <br> Class A<br>| &nbsp;&nbsp; 2579300 | 1913684 |
| China Vanke Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 697592 | 621845 |
| China Vanke Co. Ltd., Class H<sup>(a)(b)</sup> | &nbsp;&nbsp; 2804000 | 1779098 |
| China Water Affairs Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1792000 | 1406111 |
| China Yangtze Power Co. Ltd., Class A | &nbsp;&nbsp; 1897638 | 7328999 |
| Chinasoft International Ltd. | &nbsp;&nbsp; 3644000 | 2632337 |
| Chongqing Changan Automobile Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 866200 | 1541684 |
| Chongqing Rural Commercial Bank Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 2953000 | 2342145 |
| Chongqing Zhifei Biological Products Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 246900 | 819808 |
| Chow Tai Fook Jewellery Group Ltd. | &nbsp;&nbsp; 3193000 | 5332601 |
| CIMC Enric Holdings Ltd. | &nbsp;&nbsp; 952000 | 812230 |
| CITIC Ltd. | &nbsp;&nbsp; 6406000 | 9610109 |
| CITIC Securities Co. Ltd., Class A | &nbsp;&nbsp; 1205525 | 4838933 |
| CITIC Securities Co. Ltd., Class H | &nbsp;&nbsp; 2073425 | 7285170 |
| CMOC Group Ltd., Class A | &nbsp;&nbsp; 1300200 | 1607962 |
| CMOC Group Ltd., Class H | &nbsp;&nbsp; 4962000 | 5632529 |
| COFCO Joycome Foods Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 6307000 | 1400789 |
| Contemporary Amperex Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 346498 | 12654238 |
| Contemporary Amperex Technology Co. Ltd., <br> Class H<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 112174 | 5804469 |
| Cosco Shipping Holdings Co. Ltd., Class A | &nbsp;&nbsp; 1030699 | 2228877 |
| Cosco Shipping Holdings Co. Ltd., Class H | &nbsp;&nbsp; 3939800 | 7201718 |
| COSCO Shipping Ports Ltd. | &nbsp;&nbsp; 2922000 | 2046174 |
| Country Garden Services Holdings Co. Ltd. | &nbsp;&nbsp; 2701000 | 2233256 |
| CRRC Corp. Ltd., Class A | &nbsp;&nbsp; 2350300 | 2400394 |
| CRRC Corp. Ltd., Class H | &nbsp;&nbsp; 4924000 | 3412123 |
| CSC Financial Co. Ltd., Class A | &nbsp;&nbsp; 672500 | 2379560 |
| CSPC Pharmaceutical Group Ltd. | &nbsp;&nbsp; 10349440 | 13007118 |
| Damai Entertainment Holdings Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 19990000 | 2815926 |
| Daqin Railway Co. Ltd., Class A | &nbsp;&nbsp; 1610200 | 1458927 |
| Daqo New Energy Corp., ADR<sup>(a)(b)</sup> | &nbsp;&nbsp; 75239 | 1637201 |
| Dongyue Group Ltd. | &nbsp;&nbsp; 2149000 | 2840426 |
| East Buy Holding Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 609000 | 1703104 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Total International Stock ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| East Money Information Co. Ltd., Class A | &nbsp;&nbsp; 1257916 | $4037815 |
| ENN Energy Holdings Ltd. | &nbsp;&nbsp; 981900 | 8002500 |
| Eoptolink Technology Inc. Ltd., Class A | &nbsp;&nbsp; 213080 | 5533658 |
| Eve Energy Co. Ltd., Class A | &nbsp;&nbsp; 289043 | 1767995 |
| Far East Horizon Ltd. | &nbsp;&nbsp; 2176000 | 2217580 |
| Focus Media Information Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 2514400 | 2609728 |
| Foshan Haitian Flavouring & Food Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 734202 | 3897307 |
| Fosun International Ltd. | &nbsp;&nbsp; 3179500 | 2194223 |
| Founder Securities Co. Ltd., Class A | &nbsp;&nbsp; 2713400 | 3046179 |
| Foxconn Industrial Internet Co. Ltd., Class A | &nbsp;&nbsp; 1081900 | 5154833 |
| Fu Shou Yuan International Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2319000 | 1065743 |
| Fufeng Group Ltd. | &nbsp;&nbsp; 1925000 | 2125330 |
| Fuyao Glass Industry Group Co. Ltd., Class A | &nbsp;&nbsp; 224800 | 1701529 |
| Fuyao Glass Industry Group Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 728000 | 5248567 |
| Ganfeng Lithium Group Co. Ltd., Class A | &nbsp;&nbsp; 500380 | 2492130 |
| GCL Technology Holdings Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 27883000 | 4131330 |
| GD Power Development Co. Ltd., Class A | &nbsp;&nbsp; 2579900 | 1637775 |
| GDS Holdings Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 1445588 | 6514890 |
| Geely Automobile Holdings Ltd. | &nbsp;&nbsp; 8190000 | 18370314 |
| Genertec Universal Medical Group Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2245000 | 1837817 |
| Genscript Biotech Corp.<sup>(b)</sup> | &nbsp;&nbsp; 1694000 | 3674123 |
| GF Securities Co. Ltd., Class A | &nbsp;&nbsp; 1268300 | 3367239 |
| Giant Biogene Holding Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 548400 | 3910498 |
| GigaDevice Semiconductor Inc., Class A | &nbsp;&nbsp; 105580 | 1766204 |
| GoerTek Inc., Class A | &nbsp;&nbsp; 416900 | 1321516 |
| Goldwind Science & Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 614400 | 820418 |
| Great Wall Motor Co. Ltd., Class H | &nbsp;&nbsp; 3452000 | 5633415 |
| Gree Electric Appliances Inc. of Zhuhai, Class A | &nbsp;&nbsp; 332800 | 2103268 |
| Greentown China Holdings Ltd. | &nbsp;&nbsp; 1272500 | 1600592 |
| Greentown Service Group Co. Ltd. | &nbsp;&nbsp; 1724000 | 1049705 |
| Guangdong Haid Group Co. Ltd., Class A | &nbsp;&nbsp; 315900 | 2471767 |
| Guangdong Investment Ltd. | &nbsp;&nbsp; 4368000 | 3887912 |
| Guangzhou Tinci Materials Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 321000 | 838245 |
| Guotai Haitong Securities Co. Ltd. | &nbsp;&nbsp; 786189 | 2207945 |
| Guotai Haitong Securities Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 2704912 | 5839172 |
| Gushengtang Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 402300 | 1832982 |
| H World Group Ltd., ADR | &nbsp;&nbsp; 283371 | 8846843 |
| Haichang Ocean Park Holdings Ltd.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 19006000 | 1893603 |
| Haidilao International Holding Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 1887000 | 3345079 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 192200 | 660321 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 3465200 | 10916684 |
| Haitian International Holdings Ltd. | &nbsp;&nbsp; 809000 | 2193000 |
| Hanergy Thin Film Power Group Ltd.<sup>(b)(d)</sup> | &nbsp;&nbsp; 4386 |  |
| Hangzhou First Applied Material Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 284984 | 576839 |
| Hangzhou Tigermed Consulting Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 235300 | 2213918 |
| Hansoh Pharmaceutical Group Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1362000 | 6119016 |
| Harbin Electric Co. Ltd., Class H | &nbsp;&nbsp; 1504000 | 1433770 |
| Hello Group Inc., ADR | &nbsp;&nbsp; 231150 | 1902364 |
| Henan Shuanghui Investment & Development <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 612341 | 2095083 |
| Hengan International Group Co. Ltd. | &nbsp;&nbsp; 727000 | 2171843 |
| Hengli Petrochemical Co. Ltd., Class A | &nbsp;&nbsp; 1125900 | 2408856 |
| Hisense Home Appliances Group Co. Ltd., <br> Class H<sup>(a)</sup><br>| &nbsp;&nbsp; 478136 | 1371157 |
| Hithink RoyalFlush Information Network Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 57000 | 2231331 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Hopson Development Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1327952 | $639447 |
| Hua Hong Semiconductor Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 1035000 | 5328852 |
| Huabao International Holdings Ltd. | &nbsp;&nbsp; 1022000 | 445253 |
| Huadong Medicine Co. Ltd., Class A | &nbsp;&nbsp; 222700 | 1369035 |
| Hualan Biological Engineering Inc., Class A | &nbsp;&nbsp; 325600 | 748016 |
| Huaneng Power International Inc., Class H | &nbsp;&nbsp; 5746000 | 3900530 |
| Huatai Securities Co. Ltd., Class A | &nbsp;&nbsp; 404900 | 1123074 |
| Huatai Securities Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 1775000 | 4085288 |
| Huaxia Bank Co. Ltd., Class A | &nbsp;&nbsp; 1595731 | 1757995 |
| Hundsun Technologies Inc., Class A | &nbsp;&nbsp; 320648 | 1601845 |
| HUTCHMED China Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1165345 | 4165026 |
| Hygeia Healthcare Holdings Co. Ltd.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 868800 | 1887952 |
| Hygon Information Technology Co. Ltd., Class A | &nbsp;&nbsp; 183979 | 3534596 |
| IEIT Systems Co. Ltd., Class A | &nbsp;&nbsp; 214800 | 1653920 |
| Iflytek Co. Ltd., Class A | &nbsp;&nbsp; 292800 | 1975189 |
| Imeik Technology Development Co. Ltd., Class A | &nbsp;&nbsp; 48720 | 1249494 |
| Industrial & Commercial Bank of China Ltd., <br> Class A<br>| &nbsp;&nbsp; 4971541 | 5210278 |
| Industrial & Commercial Bank of China Ltd., <br> Class H<br>| &nbsp;&nbsp; 85880000 | 65803378 |
| Industrial Bank Co. Ltd., Class A | &nbsp;&nbsp; 1394198 | 4370947 |
| INESA Intelligent Tech Inc., Class B | &nbsp;&nbsp; 779814 | 598971 |
| Inner Mongolia BaoTou Steel Union Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 9292800 | 3462405 |
| Inner Mongolia Yili Industrial Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 709800 | 2695281 |
| Inner Mongolia Yitai Coal Co. Ltd., Class B | &nbsp;&nbsp; 1400284 | 2873367 |
| Innovent Biologics Inc.<sup>(b)(c)</sup> | &nbsp;&nbsp; 1656500 | 20504321 |
| iQIYI Inc., ADR<sup>(a)(b)</sup> | &nbsp;&nbsp; 663726 | 1221256 |
| J&T Global Express Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3114200 | 4096587 |
| JA Solar Technology Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 358876 | 549039 |
| JD Health International Inc.<sup>(b)(c)</sup> | &nbsp;&nbsp; 1615750 | 10331812 |
| JD Logistics Inc.<sup>(b)(c)</sup> | &nbsp;&nbsp; 2974000 | 5153993 |
| JD.com Inc., Class A | &nbsp;&nbsp; 3216140 | 50692582 |
| Jiangsu Eastern Shenghong Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 2252007 | 2784639 |
| Jiangsu Expressway Co. Ltd., Class H | &nbsp;&nbsp; 1860000 | 2280727 |
| Jiangsu Hengli Hydraulic Co. Ltd., Class A | &nbsp;&nbsp; 191996 | 1956808 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 468559 | 4085124 |
| Jiangsu King's Luck Brewery JSC Ltd., Class A | &nbsp;&nbsp; 171200 | 932368 |
| Jiangsu Yanghe Distillery Co. Ltd., Class A | &nbsp;&nbsp; 145500 | 1359512 |
| Jiangxi Copper Co. Ltd., Class A | &nbsp;&nbsp; 232700 | 723136 |
| Jiangxi Copper Co. Ltd., Class H | &nbsp;&nbsp; 1142000 | 2282548 |
| JinkoSolar Holding Co. Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 63761 | 1398916 |
| Jinxin Fertility Group Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 3566000 | 1514774 |
| Jiumaojiu International Holdings Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 1043000 | 376082 |
| JOYY Inc., ADR | &nbsp;&nbsp; 54102 | 2715920 |
| Kanzhun Ltd., ADR<sup>(b)</sup> | &nbsp;&nbsp; 377997 | 7166823 |
| KE Holdings Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2743906 | 16781786 |
| Keymed Biosciences Inc.<sup>(b)(c)</sup> | &nbsp;&nbsp; 389500 | 3046535 |
| Kingboard Holdings Ltd. | &nbsp;&nbsp; 977500 | 3501529 |
| Kingboard Laminates Holdings Ltd. | &nbsp;&nbsp; 1595000 | 2047891 |
| Kingdee International Software Group Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 4097000 | 9509182 |
| Kingsoft Cloud Holdings Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 4136730 | 4036914 |
| Kingsoft Corp. Ltd. | &nbsp;&nbsp; 1180400 | 5367579 |
| Kuaishou Technology<sup>(b)(c)</sup> | &nbsp;&nbsp; 3528200 | 34449525 |
| Kunlun Energy Co. Ltd. | &nbsp;&nbsp; 4538000 | 4371684 |
| Kweichow Moutai Co. Ltd., Class A | &nbsp;&nbsp; 92030 | 18111234 |
| Lee & Man Paper Manufacturing Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1583000 | 524518 |
| Legend Biotech Corp., ADR<sup>(a)(b)</sup> | &nbsp;&nbsp; 95899 | 3746774 |
| Lenovo Group Ltd. | &nbsp;&nbsp; 10822000 | 13876499 |
| Li Auto Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 1692318 | 22155329 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Total International Stock ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Li Ning Co. Ltd. | &nbsp;&nbsp; 3012500 | $6382552 |
| Lifetech Scientific Corp. <sup>(a)(b)</sup> | &nbsp;&nbsp; 6158000 | 1595208 |
| Lingyi iTech Guangdong Co., Class A | &nbsp;&nbsp; 1229500 | 1524988 |
| LK Technology Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 810000 | 326151 |
| Longfor Group Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2743000 | 3414097 |
| LONGi Green Energy Technology Co. Ltd., <br> Class A<sup>(b)</sup><br>| &nbsp;&nbsp; 1003560 | 2188932 |
| Lonking Holdings Ltd. | &nbsp;&nbsp; 3625000 | 1223437 |
| Lufax Holding Ltd., ADR<sup>(b)</sup> | &nbsp;&nbsp; 246984 | 713784 |
| Luxshare Precision Industry Co. Ltd., Class A | &nbsp;&nbsp; 599131 | 3024322 |
| Luye Pharma Group Ltd. <sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 3030500 | 1658181 |
| Luzhou Laojiao Co. Ltd., Class A | &nbsp;&nbsp; 240100 | 4086445 |
| Mango Excellent Media Co. Ltd., Class A | &nbsp;&nbsp; 241897 | 737196 |
| Maoyan Entertainment<sup>(a)(c)</sup> | &nbsp;&nbsp; 1036600 | 1027778 |
| Meitu Inc.<sup>(c)</sup> | &nbsp;&nbsp; 4677500 | 7153028 |
| Meituan, Class B<sup>(b)(c)</sup> | &nbsp;&nbsp; 6563890 | 101264670 |
| MH Development Ltd.<sup>(d)</sup> | &nbsp;&nbsp; 264000 |  |
| Microport Scientific Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1753000 | 3168614 |
| Midea Group Co. Ltd., Class A | &nbsp;&nbsp; 336600 | 3269070 |
| Midea Group Co. Ltd., Class H | &nbsp;&nbsp; 406100 | 3934792 |
| Ming Yuan Cloud Group Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2219000 | 907605 |
| MINISO Group Holding Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 596592 | 2839819 |
| Minth Group Ltd. | &nbsp;&nbsp; 1060000 | 3499101 |
| MMG Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 6549200 | 3184357 |
| Montage Technology Co. Ltd., Class A | &nbsp;&nbsp; 264217 | 3102960 |
| Muyuan Foods Co. Ltd., Class A | &nbsp;&nbsp; 490410 | 3147376 |
| NARI Technology Co. Ltd., Class A | &nbsp;&nbsp; 801333 | 2429930 |
| NAURA Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 81135 | 3758907 |
| NetDragon Websoft Holdings Ltd. | &nbsp;&nbsp; 629000 | 868748 |
| NetEase Cloud Music Inc.<sup>(b)(c)</sup> | &nbsp;&nbsp; 131350 | 4255835 |
| NetEase Inc. | &nbsp;&nbsp; 2313825 | 60488567 |
| New China Life Insurance Co. Ltd., Class A | &nbsp;&nbsp; 299501 | 2764300 |
| New China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 1206900 | 7722844 |
| New Hope Liuhe Co. Ltd., Class A | &nbsp;&nbsp; 820000 | 1091682 |
| New Horizon Health Ltd.<sup>(a)(b)(c)(d)</sup> | &nbsp;&nbsp; 605000 | 762840 |
| New Oriental Education & Technology <br> Group Inc.<br>| &nbsp;&nbsp; 1733550 | 7687744 |
| Nexteer Automotive Group Ltd. | &nbsp;&nbsp; 1630000 | 1216384 |
| Nine Dragons Paper Holdings Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1749000 | 959134 |
| Ningbo Tuopu Group Co. Ltd., Class A | &nbsp;&nbsp; 290870 | 1845097 |
| Ningxia Baofeng Energy Group Co. Ltd., Class A | &nbsp;&nbsp; 1298900 | 2795042 |
| NIO Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 2149769 | 10289494 |
| Noah Holdings Ltd., ADR | &nbsp;&nbsp; 60142 | 730725 |
| Nongfu Spring Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 2610000 | 15079652 |
| OmniVision Integrated Circuits Group Inc. | &nbsp;&nbsp; 145830 | 2439730 |
| Orient Overseas International Ltd. | &nbsp;&nbsp; 238500 | 4291158 |
| PDD Holdings Inc., ADR<sup>(b)</sup> | &nbsp;&nbsp; 914475 | 103747189 |
| People's Insurance Co. Group of China Ltd. <br> (The), Class H<br>| &nbsp;&nbsp; 14088000 | 10823358 |
| PetroChina Co. Ltd., Class A | &nbsp;&nbsp; 1735200 | 2133403 |
| PetroChina Co. Ltd., Class H | &nbsp;&nbsp; 27082000 | 26465376 |
| PICC Property & Casualty Co. Ltd., Class H | &nbsp;&nbsp; 9396520 | 19503245 |
| Ping An Bank Co. Ltd., Class A | &nbsp;&nbsp; 1572300 | 2664622 |
| Ping An Healthcare and Technology Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2457400 | 3853279 |
| Ping An Insurance Group Co. of China Ltd., <br> Class A<br>| &nbsp;&nbsp; 820463 | 6665536 |
| Ping An Insurance Group Co. of China Ltd., <br> Class H<br>| &nbsp;&nbsp; 8820500 | 60555915 |
| Poly Developments and Holdings Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 973736 | 1075989 |
| Poly Property Group Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3035000 | 598330 |
| Pop Mart International Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 748200 | 23339250 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Postal Savings Bank of China Co. Ltd., Class A | &nbsp;&nbsp; 2180500 | $1734754 |
| Postal Savings Bank of China Co. Ltd., <br> Class H<sup>(c)</sup><br>| &nbsp;&nbsp; 11759000 | 8306679 |
| Power Construction Corp. of China Ltd., Class A | &nbsp;&nbsp; 1419000 | 1341874 |
| Q Technology Group Co. Ltd. | &nbsp;&nbsp; 1219000 | 1837391 |
| Qifu Technology Inc. | &nbsp;&nbsp; 168882 | 5797719 |
| Qinghai Salt Lake Industry Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 1042600 | 2603331 |
| RLX Technology Inc., ADR | &nbsp;&nbsp; 763742 | 1748969 |
| Rongsheng Petrochemical Co. Ltd., Class A | &nbsp;&nbsp; 1200000 | 1518544 |
| SAIC Motor Corp. Ltd., Class A | &nbsp;&nbsp; 1071852 | 2546756 |
| Sailun Group Co. Ltd., Class A | &nbsp;&nbsp; 591100 | 1054130 |
| Sany Heavy Equipment International Holdings <br> Co. Ltd.<br>| &nbsp;&nbsp; 2174000 | 2038977 |
| Sany Heavy Industry Co. Ltd., Class A | &nbsp;&nbsp; 1010500 | 2790197 |
| SDIC Power Holdings Co. Ltd., Class A | &nbsp;&nbsp; 921600 | 2012383 |
| Seazen Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3074000 | 979887 |
| Seres Group Co. Ltd., Class A | &nbsp;&nbsp; 172800 | 3029843 |
| SF Holding Co. Ltd., Class A | &nbsp;&nbsp; 453200 | 2885783 |
| Shaanxi Coal Industry Co. Ltd., Class A | &nbsp;&nbsp; 906300 | 2527323 |
| Shandong Gold Mining Co. Ltd., Class A | &nbsp;&nbsp; 350828 | 1427725 |
| Shandong Gold Mining Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 854000 | 2640920 |
| Shandong Weigao Group Medical Polymer Co. <br> Ltd., Class H<br>| &nbsp;&nbsp; 3618800 | 3185466 |
| Shanghai Baosight Software Co. Ltd., Class A | &nbsp;&nbsp; 287224 | 982606 |
| Shanghai Baosight Software Co. Ltd., Class B | &nbsp;&nbsp; 900744 | 1238126 |
| Shanghai Industrial Holdings Ltd. | &nbsp;&nbsp; 668000 | 1245285 |
| Shanghai Pudong Development Bank Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 2141799 | 3799504 |
| Shanghai United Imaging Healthcare Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 83967 | 1552144 |
| Shanxi Coking Coal Energy Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 787000 | 768566 |
| Shanxi Lu'an Environmental Energy <br> Development Co. Ltd., Class A<br>| &nbsp;&nbsp; 391900 | 744685 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 172440 | 4274517 |
| Shengyi Technology Co. Ltd., Class A | &nbsp;&nbsp; 439800 | 2601959 |
| Shennan Circuits Co. Ltd., Class A | &nbsp;&nbsp; 118690 | 2328081 |
| Shenwan Hongyuan Group Co. Ltd., Class A | &nbsp;&nbsp; 3928633 | 2880669 |
| Shenzhen Inovance Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 238250 | 2084272 |
| Shenzhen International Holdings Ltd. | &nbsp;&nbsp; 2273500 | 2273380 |
| Shenzhen Investment Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 7978000 | 912063 |
| Shenzhen Mindray Bio-Medical Electronics Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 120100 | 3842782 |
| Shenzhen Transsion Holdings Co. Ltd., Class A | &nbsp;&nbsp; 139329 | 1468228 |
| Shenzhou International Group Holdings Ltd. | &nbsp;&nbsp; 1083300 | 7796251 |
| Shougang Fushan Resources Group Ltd. | &nbsp;&nbsp; 5848000 | 2147028 |
| Shui On Land Ltd. | &nbsp;&nbsp; 11937500 | 1166306 |
| Sichuan Chuantou Energy Co. Ltd., Class A | &nbsp;&nbsp; 671259 | 1450991 |
| Sichuan Road & Bridge Group Co. Ltd., Class A | &nbsp;&nbsp; 1396800 | 1608089 |
| Sihuan Pharmaceutical Holdings Group Ltd. | &nbsp;&nbsp; 7525000 | 1244901 |
| Sino Biopharmaceutical Ltd. | &nbsp;&nbsp; 12601000 | 12067992 |
| Sinofert Holdings Ltd. | &nbsp;&nbsp; 6252000 | 1129078 |
| Sinopec Engineering Group Co. Ltd., Class H | &nbsp;&nbsp; 2518000 | 1955132 |
| Sinopec Kantons Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2400000 | 1378853 |
| Sinopharm Group Co. Ltd., Class H | &nbsp;&nbsp; 1775600 | 4267879 |
| Sinotruk Hong Kong Ltd. | &nbsp;&nbsp; 906000 | 2761083 |
| Skyworth Group Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2624000 | 1031495 |
| Smoore International Holdings Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 2539000 | 6846165 |
| SooChow Securities Co. Ltd., Class A | &nbsp;&nbsp; 1928964 | 2551567 |
| SSY Group Ltd. | &nbsp;&nbsp; 2424000 | 962041 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Total International Stock ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Sunac China Holdings Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 10140000 | $2009978 |
| Sunac Services Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1560000 | 355442 |
| Sungrow Power Supply Co. Ltd., Class A | &nbsp;&nbsp; 209160 | 2082589 |
| Sunny Optical Technology Group Co. Ltd. | &nbsp;&nbsp; 953800 | 8837270 |
| Suzhou TFC Optical Communication Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 128800 | 1869746 |
| TAL Education Group, ADR<sup>(b)</sup> | &nbsp;&nbsp; 580772 | 6353646 |
| TCL Technology Group Corp., Class A | &nbsp;&nbsp; 3577960 | 2179431 |
| TCL Zhonghuan Renewable Energy Technology <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 537875 | 606773 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 8467000 | 592793276 |
| Tencent Music Entertainment Group, ADR | &nbsp;&nbsp; 1004782 | 21090374 |
| Tianneng Power International Ltd. | &nbsp;&nbsp; 1432000 | 1237048 |
| Tianqi Lithium Corp., Class A<sup>(b)</sup> | &nbsp;&nbsp; 195000 | 1030499 |
| Tingyi Cayman Islands Holding Corp. | &nbsp;&nbsp; 3274000 | 4839833 |
| Tong Ren Tang Technologies Co. Ltd., Class H | &nbsp;&nbsp; 1590000 | 1066282 |
| Tongcheng Travel Holdings Ltd. | &nbsp;&nbsp; 1569200 | 3931833 |
| Tongwei Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 420400 | 1188760 |
| Topsports International Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 3646000 | 1470971 |
| Towngas Smart Energy Co. Ltd. | &nbsp;&nbsp; 2091000 | 1061898 |
| TravelSky Technology Ltd., Class H | &nbsp;&nbsp; 1265000 | 2011200 |
| Trina Solar Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 182178 | 390744 |
| Trip.com Group Ltd. | &nbsp;&nbsp; 831888 | 51645637 |
| Tsingtao Brewery Co. Ltd., Class H | &nbsp;&nbsp; 784000 | 4980713 |
| Unigroup Guoxin Microelectronics Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 135517 | 1302253 |
| Unisplendour Corp. Ltd., Class A | &nbsp;&nbsp; 867140 | 2957940 |
| United Energy Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 19212000 | 1391869 |
| Untradelumena Newmat, NVS<sup>(b)(d)</sup> | &nbsp;&nbsp; 3800 |  |
| Vipshop Holdings Ltd., ADR | &nbsp;&nbsp; 467057 | 7047890 |
| Vnet Group Inc., ADR<sup>(a)(b)</sup> | &nbsp;&nbsp; 121075 | 1006133 |
| Wanhua Chemical Group Co. Ltd., Class A | &nbsp;&nbsp; 271687 | 2342198 |
| Want Want China Holdings Ltd. | &nbsp;&nbsp; 6106000 | 4413258 |
| Weibo Corp., ADR | &nbsp;&nbsp; 117468 | 1132392 |
| Weichai Power Co. Ltd., Class A | &nbsp;&nbsp; 858700 | 1798103 |
| Weichai Power Co. Ltd., Class H | &nbsp;&nbsp; 2213000 | 4691263 |
| Weimob Inc.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 6811000 | 1898031 |
| Wens Foodstuff Group Co. Ltd., Class A | &nbsp;&nbsp; 895757 | 2146638 |
| West China Cement Ltd. | &nbsp;&nbsp; 5004000 | 1276329 |
| Wingtech Technology Co. Ltd., Class A | &nbsp;&nbsp; 201600 | 1031131 |
| Wuliangye Yibin Co. Ltd., Class A | &nbsp;&nbsp; 283374 | 4754483 |
| WuXi AppTec Co. Ltd., Class A | &nbsp;&nbsp; 197761 | 2621009 |
| WuXi AppTec Co. Ltd., Class H<sup>(a)(c)</sup> | &nbsp;&nbsp; 415250 | 5539111 |
| Wuxi Biologics Cayman Inc.<sup>(b)(c)</sup> | &nbsp;&nbsp; 4660500 | 18949739 |
| XCMG Construction Machinery Co. Ltd., Class A | &nbsp;&nbsp; 1706300 | 1982107 |
| XD Inc. | &nbsp;&nbsp; 598800 | 3985254 |
| Xiaomi Corp., Class B<sup>(b)(c)</sup> | &nbsp;&nbsp; 22567400 | 151832346 |
| Xinyi Solar Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6173600 | 2389948 |
| XPeng Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 1666806 | 15167927 |
| Xtep International Holdings Ltd. | &nbsp;&nbsp; 2428500 | 1738709 |
| Yadea Group Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1728000 | 2719153 |
| Yankuang Energy Group Co. Ltd., Class A | &nbsp;&nbsp; 614625 | 1073788 |
| Yankuang Energy Group Co. Ltd., Class H | &nbsp;&nbsp; 3966100 | 4521882 |
| Yihai International Holding Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 881000 | 1516897 |
| Yonyou Network Technology Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 1136700 | 2486944 |
| Yuexiu Property Co. Ltd. | &nbsp;&nbsp; 2055616 | 1208806 |
| Yuexiu REIT | &nbsp;&nbsp; 3430448 | 388678 |
| Yuexiu Transport Infrastructure Ltd. | &nbsp;&nbsp; 1722000 | 836160 |
| Yum China Holdings Inc. | &nbsp;&nbsp; 509484 | 23782713 |
| Yunnan Baiyao Group Co. Ltd., Class A | &nbsp;&nbsp; 285332 | 2216898 |
| Yunnan Energy New Material Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 187400 | 766560 |
| Zai Lab Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1414320 | 5343390 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Zangge Mining Co. Ltd., Class A | &nbsp;&nbsp; 498400 | $3169487 |
| Zhangzhou Pientzehuang Pharmaceutical Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 81100 | 2238322 |
| Zhaojin Mining Industry Co. Ltd., Class H | &nbsp;&nbsp; 2779500 | 6902132 |
| Zhejiang Expressway Co. Ltd., Class H | &nbsp;&nbsp; 3400320 | 3239857 |
| Zhejiang Huayou Cobalt Co. Ltd., Class A | &nbsp;&nbsp; 578440 | 3531975 |
| Zhejiang Jingsheng Mechanical & Electrical Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 278200 | 1072738 |
| Zhejiang Juhua Co. Ltd., Class A | &nbsp;&nbsp; 681200 | 2520780 |
| Zhejiang Leapmotor Technology Co. Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 811200 | 6237691 |
| ZhongAn Online P&C Insurance Co. Ltd., <br> Class H<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 1315800 | 3367286 |
| Zhongji Innolight Co. Ltd., Class A | &nbsp;&nbsp; 94640 | 2831054 |
| Zhongsheng Group Holdings Ltd. | &nbsp;&nbsp; 1181500 | 1987414 |
| Zhuzhou CRRC Times Electric Co. Ltd., Class H | &nbsp;&nbsp; 724600 | 2939256 |
| Zijin Mining Group Co. Ltd., Class A | &nbsp;&nbsp; 1670200 | 4419656 |
| Zijin Mining Group Co. Ltd., Class H | &nbsp;&nbsp; 7488000 | 19855621 |
| Zoomlion Heavy Industry Science and <br> Technology Co. Ltd., Class A<br>| &nbsp;&nbsp; 1313900 | 1336934 |
| ZTE Corp., Class A | &nbsp;&nbsp; 269000 | 1275101 |
| ZTE Corp., Class H<sup>(a)</sup> | &nbsp;&nbsp; 838040 | 2644195 |
| ZTO Express Cayman Inc. | &nbsp;&nbsp; 551546 | 10752176 |
|  |  | 3641700895 |
| **Colombia — 0.0%** | **Colombia — 0.0%** | **Colombia — 0.0%** |
| Grupo Cibest SA | &nbsp;&nbsp; 296166 | 3856199 |
| Interconexion Electrica SA ESP | &nbsp;&nbsp; 619831 | 3109713 |
|  |  | 6965912 |
| **Czech Republic — 0.0%** | **Czech Republic — 0.0%** | **Czech Republic — 0.0%** |
| CEZ AS | &nbsp;&nbsp; 225136 | 13044240 |
| Komercni Banka AS | &nbsp;&nbsp; 117404 | 5592610 |
|  |  | 18636850 |
| **Denmark — 1.2%** | **Denmark — 1.2%** | **Denmark — 1.2%** |
| ALK-Abello A/S<sup>(b)</sup> | &nbsp;&nbsp; 204221 | 5925230 |
| Alm Brand A/S | &nbsp;&nbsp; 1704041 | 4705115 |
| Ambu A/S, Class B | &nbsp;&nbsp; 234250 | 3419556 |
| AP Moller - Maersk A/S, Class A | &nbsp;&nbsp; 3416 | 6702769 |
| AP Moller - Maersk A/S, Class B, NVS<sup>(a)</sup> | &nbsp;&nbsp; 6202 | 12247469 |
| Bavarian Nordic A/S<sup>(b)</sup> | &nbsp;&nbsp; 117518 | 4253695 |
| Carlsberg A/S, Class B | &nbsp;&nbsp; 121112 | 15098693 |
| Chemometec A/S | &nbsp;&nbsp; 27236 | 2102108 |
| Coloplast A/S, Class B | &nbsp;&nbsp; 162839 | 14872414 |
| D/S Norden A/S | &nbsp;&nbsp; 40985 | 1425328 |
| Danske Bank A/S | &nbsp;&nbsp; 898562 | 35647278 |
| Demant A/S<sup>(b)</sup> | &nbsp;&nbsp; 114417 | 4334985 |
| DFDS A/S<sup>(b)</sup> | &nbsp;&nbsp; 60391 | 1084200 |
| DSV A/S | &nbsp;&nbsp; 270674 | 60653956 |
| FLSmidth & Co. A/S | &nbsp;&nbsp; 66732 | 3925599 |
| Genmab A/S<sup>(b)</sup> | &nbsp;&nbsp; 81059 | 17451794 |
| GN Store Nord A/S<sup>(a)(b)</sup> | &nbsp;&nbsp; 198420 | 2842474 |
| H Lundbeck A/S | &nbsp;&nbsp; 425358 | 2216012 |
| ISS A/S | &nbsp;&nbsp; 189131 | 5436824 |
| Jyske Bank A/S, Registered | &nbsp;&nbsp; 61336 | 6157665 |
| Matas A/S | &nbsp;&nbsp; 109585 | 2247821 |
| Netcompany Group A/S<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 60749 | 2227652 |
| NKT A/S<sup>(b)</sup> | &nbsp;&nbsp; 70893 | 6236651 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp; 4240161 | 197201264 |
| Novonesis Novozymes B, Class B | &nbsp;&nbsp; 482419 | 31211310 |
| Orsted A/S<sup>(b)(c)</sup> | &nbsp;&nbsp; 218075 | 10278201 |
| Pandora A/S | &nbsp;&nbsp; 109308 | 18046267 |
| Per Aarsleff Holding A/S | &nbsp;&nbsp; 28900 | 3112444 |
| Ringkjoebing Landbobank A/S | &nbsp;&nbsp; 37834 | 8340560 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Total International Stock ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Denmark (continued)** | **Denmark (continued)** | **Denmark (continued)** |
| Rockwool A/S, Class B | &nbsp;&nbsp; 110894 | $4859443 |
| Royal Unibrew A/S | &nbsp;&nbsp; 67054 | 5025398 |
| Scandinavian Tobacco Group A/S, Class A<sup>(c)</sup> | &nbsp;&nbsp; 96125 | 1259475 |
| Schouw & Co. A/S | &nbsp;&nbsp; 24863 | 2341715 |
| Sydbank A/S | &nbsp;&nbsp; 98978 | 7333005 |
| TORM PLC, Class A<sup>(a)</sup> | &nbsp;&nbsp; 83043 | 1532437 |
| Tryg A/S | &nbsp;&nbsp; 409577 | 9879782 |
| Vestas Wind Systems A/S | &nbsp;&nbsp; 1334675 | 24368616 |
| Zealand Pharma A/S<sup>(b)</sup> | &nbsp;&nbsp; 85963 | 4447540 |
|  |  | 550452745 |
| **Egypt — 0.0%** | **Egypt — 0.0%** | **Egypt — 0.0%** |
| Commercial International Bank - Egypt (CIB) | &nbsp;&nbsp; 2797271 | 5419255 |
| Eastern Co. SAE | &nbsp;&nbsp; 1786720 | 1248901 |
| EFG Holding S.A.E.<sup>(b)</sup> | &nbsp;&nbsp; 2596088 | 1271586 |
| Talaat Moustafa Group | &nbsp;&nbsp; 1119440 | 1228517 |
|  |  | 9168259 |
| **Finland — 0.5%** | **Finland — 0.5%** | **Finland — 0.5%** |
| Citycon OYJ | &nbsp;&nbsp; 138079 | 594691 |
| Elisa OYJ | &nbsp;&nbsp; 169900 | 8741808 |
| Finnair OYJ | &nbsp;&nbsp; 113456 | 371908 |
| Fortum OYJ | &nbsp;&nbsp; 522260 | 9581237 |
| Hiab OYJ, Class B | &nbsp;&nbsp; 59007 | 4026890 |
| Huhtamaki OYJ | &nbsp;&nbsp; 130214 | 4481886 |
| Kalmar OYJ, Class B | &nbsp;&nbsp; 59313 | 2676677 |
| Kemira OYJ | &nbsp;&nbsp; 188999 | 4022157 |
| Kesko OYJ, Class B | &nbsp;&nbsp; 349306 | 7597201 |
| Kojamo OYJ<sup>(b)</sup> | &nbsp;&nbsp; 284088 | 3611600 |
| Kone OYJ, Class B | &nbsp;&nbsp; 440831 | 27070744 |
| Konecranes OYJ | &nbsp;&nbsp; 93090 | 7757381 |
| Mandatum OYJ | &nbsp;&nbsp; 681339 | 4621598 |
| Metsa Board OYJ, Class B<sup>(a)</sup> | &nbsp;&nbsp; 334814 | 1231748 |
| Metso OYJ | &nbsp;&nbsp; 809442 | 10166012 |
| Neste OYJ | &nbsp;&nbsp; 533966 | 8427383 |
| Nokia OYJ | &nbsp;&nbsp; 7021306 | 28614247 |
| Nokian Renkaat OYJ<sup>(a)</sup> | &nbsp;&nbsp; 244163 | 2192026 |
| Orion OYJ, Class B | &nbsp;&nbsp; 146565 | 11733808 |
| Outokumpu OYJ | &nbsp;&nbsp; 580752 | 2185200 |
| QT Group OYJ<sup>(b)</sup> | &nbsp;&nbsp; 31625 | 2176198 |
| Revenio Group OYJ | &nbsp;&nbsp; 49037 | 1468410 |
| Sampo OYJ, Class A | &nbsp;&nbsp; 3102098 | 33296897 |
| Stora Enso OYJ, Class R | &nbsp;&nbsp; 729156 | 7502637 |
| TietoEVRY OYJ | &nbsp;&nbsp; 105257 | 1811885 |
| Tokmanni Group Corp. | &nbsp;&nbsp; 90214 | 883409 |
| UPM-Kymmene OYJ | &nbsp;&nbsp; 652091 | 16900739 |
| Valmet OYJ | &nbsp;&nbsp; 199290 | 7190743 |
| Wartsila OYJ Abp | &nbsp;&nbsp; 645753 | 17841122 |
| YIT OYJ<sup>(b)</sup> | &nbsp;&nbsp; 310357 | 1075263 |
|  |  | 239853505 |
| **France — 6.2%** | **France — 6.2%** | **France — 6.2%** |
| Accor SA | &nbsp;&nbsp; 244140 | 12373960 |
| Aeroports de Paris SA | &nbsp;&nbsp; 37816 | 4589896 |
| Air France-KLM, NVS<sup>(b)</sup> | &nbsp;&nbsp; 171479 | 2250578 |
| Air Liquide SA | &nbsp;&nbsp; 759076 | 149337911 |
| Airbus SE | &nbsp;&nbsp; 777067 | 156233253 |
| Alstom SA<sup>(b)</sup> | &nbsp;&nbsp; 465508 | 10919106 |
| Alten SA | &nbsp;&nbsp; 40862 | 3321067 |
| Amundi SA<sup>(c)</sup> | &nbsp;&nbsp; 62709 | 4634223 |
| Aperam SA | &nbsp;&nbsp; 71500 | 2103102 |
| ArcelorMittal SA | &nbsp;&nbsp; 620362 | 19340511 |
| Arkema SA | &nbsp;&nbsp; 84111 | 5719663 |
| AXA SA | &nbsp;&nbsp; 2321763 | 112766027 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **France (continued)** | **France (continued)** | **France (continued)** |
| Beneteau SACA<sup>(a)</sup> | &nbsp;&nbsp; 64517 | $598945 |
| BioMerieux | &nbsp;&nbsp; 53155 | 7605644 |
| BNP Paribas SA | &nbsp;&nbsp; 1337555 | 121955895 |
| Bollore SE | &nbsp;&nbsp; 934335 | 5389300 |
| Bouygues SA | &nbsp;&nbsp; 251637 | 10361534 |
| Bureau Veritas SA | &nbsp;&nbsp; 414022 | 12750263 |
| Canal+ SA, NVS<sup>(b)</sup> | &nbsp;&nbsp; 1334870 | 4222624 |
| Capgemini SE | &nbsp;&nbsp; 211733 | 31522026 |
| Carrefour SA | &nbsp;&nbsp; 702980 | 10074410 |
| Cie de Saint-Gobain SA | &nbsp;&nbsp; 601885 | 69046501 |
| Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp; 902771 | 32117404 |
| Coface SA | &nbsp;&nbsp; 190855 | 3548505 |
| Covivio SA/France | &nbsp;&nbsp; 65121 | 4216051 |
| Credit Agricole SA | &nbsp;&nbsp; 1361472 | 25057229 |
| Danone SA | &nbsp;&nbsp; 853232 | 69825787 |
| Dassault Aviation SA | &nbsp;&nbsp; 25739 | 8014018 |
| Dassault Systemes SE | &nbsp;&nbsp; 856907 | 28150442 |
| Derichebourg SA | &nbsp;&nbsp; 184299 | 1211932 |
| Edenred SE | &nbsp;&nbsp; 331166 | 9457466 |
| Eiffage SA | &nbsp;&nbsp; 92635 | 12434896 |
| Elior Group SA<sup>(b)(c)</sup> | &nbsp;&nbsp; 247016 | 733551 |
| Elis SA<sup>(a)</sup> | &nbsp;&nbsp; 258368 | 7123221 |
| Emeis SA<sup>(b)</sup> | &nbsp;&nbsp; 99809 | 1552349 |
| Engie SA | &nbsp;&nbsp; 2389451 | 53710593 |
| Eramet SA<sup>(a)</sup> | &nbsp;&nbsp; 15724 | 869505 |
| EssilorLuxottica SA | &nbsp;&nbsp; 391664 | 116462994 |
| Eurazeo SE | &nbsp;&nbsp; 54421 | 3193412 |
| Eurofins Scientific SE | &nbsp;&nbsp; 160250 | 12272489 |
| Euronext NV<sup>(c)</sup> | &nbsp;&nbsp; 102428 | 16510256 |
| Eutelsat Communications SACA<sup>(a)(b)</sup> | &nbsp;&nbsp; 200798 | 718581 |
| FDJ UNITED | &nbsp;&nbsp; 122044 | 3806776 |
| Fnac Darty SA | &nbsp;&nbsp; 31133 | 1053912 |
| Forvia SE<sup>(b)</sup> | &nbsp;&nbsp; 241291 | 3067591 |
| Gaztransport Et Technigaz SA | &nbsp;&nbsp; 46039 | 8659260 |
| Gecina SA | &nbsp;&nbsp; 55027 | 5407648 |
| Getlink SE | &nbsp;&nbsp; 396384 | 7188784 |
| Havas NV | &nbsp;&nbsp; 1115833 | 1792392 |
| Hermes International SCA | &nbsp;&nbsp; 41486 | 101453509 |
| ICADE | &nbsp;&nbsp; 56818 | 1350317 |
| ID Logistics Group SACA<sup>(b)</sup> | &nbsp;&nbsp; 4957 | 2488390 |
| Imerys SA | &nbsp;&nbsp; 49169 | 1210465 |
| Interparfums SA | &nbsp;&nbsp; 40100 | 1472497 |
| Ipsen SA | &nbsp;&nbsp; 47847 | 5637912 |
| IPSOS SA | &nbsp;&nbsp; 67101 | 3012992 |
| JCDecaux SE | &nbsp;&nbsp; 100311 | 1649179 |
| Kaufman & Broad SA | &nbsp;&nbsp; 32413 | 1154824 |
| Kering SA | &nbsp;&nbsp; 98962 | 24299651 |
| Klepierre SA | &nbsp;&nbsp; 279029 | 10651073 |
| Legrand SA | &nbsp;&nbsp; 350271 | 51737378 |
| LISI SA | &nbsp;&nbsp; 19383 | 1047648 |
| L'Oreal SA | &nbsp;&nbsp; 316632 | 140104261 |
| Louis Hachette Group, NVS | &nbsp;&nbsp; 1143170 | 2130091 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 360804 | 193683832 |
| Mercialys SA | &nbsp;&nbsp; 179484 | 2219090 |
| Mersen SA | &nbsp;&nbsp; 48393 | 1325276 |
| Metropole Television SA | &nbsp;&nbsp; 42807 | 625301 |
| Nexans SA | &nbsp;&nbsp; 38693 | 5560971 |
| Nexity SA<sup>(a)(b)</sup> | &nbsp;&nbsp; 79541 | 1036433 |
| Opmobility | &nbsp;&nbsp; 120263 | 1841442 |
| Orange SA | &nbsp;&nbsp; 2388652 | 36333932 |
| Pernod Ricard SA | &nbsp;&nbsp; 266926 | 27431637 |
| Pluxee NV, NVS | &nbsp;&nbsp; 111921 | 2269568 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Total International Stock ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **France (continued)** | **France (continued)** | **France (continued)** |
| Publicis Groupe SA | &nbsp;&nbsp; 296239 | $27070822 |
| Quadient SA | &nbsp;&nbsp; 70813 | 1301696 |
| Remy Cointreau SA | &nbsp;&nbsp; 27043 | 1605505 |
| Renault SA | &nbsp;&nbsp; 247034 | 9140450 |
| Rexel SA | &nbsp;&nbsp; 293096 | 8858659 |
| Rubis SCA | &nbsp;&nbsp; 113688 | 3600030 |
| Safran SA | &nbsp;&nbsp; 473389 | 156100582 |
| Sanofi SA | &nbsp;&nbsp; 1464560 | 131474471 |
| Sartorius Stedim Biotech | &nbsp;&nbsp; 39067 | 7806773 |
| Schneider Electric SE | &nbsp;&nbsp; 718287 | 185887806 |
| SCOR SE | &nbsp;&nbsp; 189317 | 6167389 |
| SEB SA | &nbsp;&nbsp; 30398 | 2220491 |
| SES SA, Class A | &nbsp;&nbsp; 474196 | 3260902 |
| Societe BIC SA | &nbsp;&nbsp; 42440 | 2580484 |
| Societe Generale SA | &nbsp;&nbsp; 956717 | 61065816 |
| Sodexo SA | &nbsp;&nbsp; 112270 | 6677084 |
| SOITEC<sup>(b)</sup> | &nbsp;&nbsp; 45274 | 1961005 |
| Sopra Steria Group | &nbsp;&nbsp; 21317 | 4593112 |
| SPIE SA | &nbsp;&nbsp; 180150 | 10602073 |
| STMicroelectronics NV | &nbsp;&nbsp; 896077 | 22772847 |
| Technip Energies NV | &nbsp;&nbsp; 175733 | 7588387 |
| Teleperformance SE | &nbsp;&nbsp; 72489 | 7067033 |
| Television Francaise 1 SA | &nbsp;&nbsp; 110482 | 1056370 |
| Thales SA | &nbsp;&nbsp; 123103 | 33113926 |
| TotalEnergies SE | &nbsp;&nbsp; 2683390 | 159569030 |
| Trigano SA | &nbsp;&nbsp; 13808 | 2354745 |
| Ubisoft Entertainment SA<sup>(b)</sup> | &nbsp;&nbsp; 150015 | 1582132 |
| Unibail-Rodamco-Westfield, New | &nbsp;&nbsp; 161847 | 15689330 |
| Valeo SE | &nbsp;&nbsp; 275883 | 3001459 |
| Vallourec SACA | &nbsp;&nbsp; 217009 | 4055697 |
| Veolia Environnement SA | &nbsp;&nbsp; 858533 | 29094866 |
| Verallia SA<sup>(c)</sup> | &nbsp;&nbsp; 120892 | 3889574 |
| Vicat SACA | &nbsp;&nbsp; 28423 | 1840780 |
| Vinci SA | &nbsp;&nbsp; 648025 | 90016351 |
| Virbac SACA | &nbsp;&nbsp; 7023 | 2781262 |
| Vivendi SE | &nbsp;&nbsp; 877216 | 3325350 |
| VusionGroup | &nbsp;&nbsp; 12057 | 3099297 |
| Wendel SE | &nbsp;&nbsp; 30868 | 2892508 |
| Worldline SA<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 324223 | 1181134 |
|  |  | 2844948380 |
| **Germany — 5.7%** | **Germany — 5.7%** | **Germany — 5.7%** |
| adidas AG | &nbsp;&nbsp; 228679 | 43707148 |
| Aixtron SE | &nbsp;&nbsp; 153890 | 2591376 |
| Allianz SE, Registered | &nbsp;&nbsp; 506196 | 200037336 |
| Aroundtown SA<sup>(b)</sup> | &nbsp;&nbsp; 1134127 | 4089767 |
| Aurubis AG<sup>(a)</sup> | &nbsp;&nbsp; 40058 | 3995568 |
| Auto1 Group SE<sup>(b)(c)</sup> | &nbsp;&nbsp; 173386 | 5197748 |
| BASF SE | &nbsp;&nbsp; 1165404 | 57115722 |
| Bayer AG, Registered | &nbsp;&nbsp; 1299568 | 40418801 |
| Bayerische Motoren Werke AG | &nbsp;&nbsp; 373979 | 35584619 |
| Bechtle AG<sup>(a)</sup> | &nbsp;&nbsp; 87697 | 3806386 |
| Befesa SA<sup>(c)</sup> | &nbsp;&nbsp; 55897 | 1676120 |
| Beiersdorf AG | &nbsp;&nbsp; 131686 | 16363582 |
| Bilfinger SE | &nbsp;&nbsp; 50280 | 5409387 |
| Brenntag SE | &nbsp;&nbsp; 156701 | 9721590 |
| CANCOM SE | &nbsp;&nbsp; 54393 | 1593432 |
| Carl Zeiss Meditec AG, Bearer<sup>(a)</sup> | &nbsp;&nbsp; 54454 | 3002695 |
| Ceconomy AG<sup>(b)</sup> | &nbsp;&nbsp; 302316 | 1527521 |
| Commerzbank AG | &nbsp;&nbsp; 1206025 | 43978690 |
| Continental AG | &nbsp;&nbsp; 146159 | 12483523 |
| Covestro AG, NVS<sup>(b)</sup> | &nbsp;&nbsp; 235144 | 15939765 |
| CTS Eventim AG & Co. KGaA | &nbsp;&nbsp; 86184 | 9732274 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| Daimler Truck Holding AG | &nbsp;&nbsp; 622259 | $30269950 |
| Delivery Hero SE, Class A<sup>(b)(c)</sup> | &nbsp;&nbsp; 249393 | 7442995 |
| Deutsche Bank AG, Registered | &nbsp;&nbsp; 2473892 | 81481404 |
| Deutsche Boerse AG | &nbsp;&nbsp; 251133 | 72674683 |
| Deutsche Lufthansa AG, Registered | &nbsp;&nbsp; 719369 | 6168468 |
| Deutsche Pfandbriefbank AG<sup>(c)</sup> | &nbsp;&nbsp; 272777 | 1698241 |
| Deutsche Post AG, Registered | &nbsp;&nbsp; 1254005 | 56186580 |
| Deutsche Telekom AG, Registered | &nbsp;&nbsp; 4603408 | 165105360 |
| Deutz AG | &nbsp;&nbsp; 256731 | 2251388 |
| Duerr AG | &nbsp;&nbsp; 79331 | 2039018 |
| E.ON SE | &nbsp;&nbsp; 2939207 | 53620638 |
| Eckert & Ziegler SE | &nbsp;&nbsp; 36104 | 2746543 |
| Evonik Industries AG | &nbsp;&nbsp; 244554 | 4856369 |
| Evotec SE<sup>(a)(b)</sup> | &nbsp;&nbsp; 247065 | 1973912 |
| Fielmann Group AG | &nbsp;&nbsp; 52308 | 3314355 |
| flatexDEGIRO AG | &nbsp;&nbsp; 177813 | 5374087 |
| Fraport AG Frankfurt Airport Services <br> Worldwide<sup>(b)</sup><br>| &nbsp;&nbsp; 53635 | 3991298 |
| Freenet AG | &nbsp;&nbsp; 162333 | 5264920 |
| Fresenius Medical Care AG | &nbsp;&nbsp; 292479 | 14834949 |
| Fresenius SE & Co. KGaA | &nbsp;&nbsp; 578179 | 27596848 |
| GEA Group AG | &nbsp;&nbsp; 202991 | 14580892 |
| Gerresheimer AG<sup>(a)</sup> | &nbsp;&nbsp; 53254 | 2625632 |
| Grand City Properties SA<sup>(b)</sup> | &nbsp;&nbsp; 115602 | 1457514 |
| Grenke AG | &nbsp;&nbsp; 45738 | 931504 |
| Hamborner REIT AG | &nbsp;&nbsp; 244934 | 1587396 |
| Hannover Rueck SE | &nbsp;&nbsp; 77372 | 23470282 |
| Heidelberg Materials AG | &nbsp;&nbsp; 185718 | 42844119 |
| HelloFresh SE<sup>(b)</sup> | &nbsp;&nbsp; 214391 | 2255965 |
| Henkel AG & Co. KGaA | &nbsp;&nbsp; 145088 | 10317252 |
| Hensoldt AG | &nbsp;&nbsp; 86432 | 9478934 |
| Hugo Boss AG<sup>(a)</sup> | &nbsp;&nbsp; 80952 | 3770183 |
| Hypoport SE<sup>(a)(b)</sup> | &nbsp;&nbsp; 6397 | 1365079 |
| Infineon Technologies AG | &nbsp;&nbsp; 1732338 | 68051628 |
| IONOS Group SE<sup>(b)</sup> | &nbsp;&nbsp; 75256 | 3569129 |
| Jenoptik AG | &nbsp;&nbsp; 93242 | 1975989 |
| K+S AG, Registered | &nbsp;&nbsp; 273470 | 4136988 |
| KION Group AG | &nbsp;&nbsp; 94737 | 5823942 |
| Kloeckner & Co. SE | &nbsp;&nbsp; 66511 | 485003 |
| Knorr-Bremse AG | &nbsp;&nbsp; 93633 | 9345082 |
| Kontron AG | &nbsp;&nbsp; 98290 | 3170845 |
| Krones AG | &nbsp;&nbsp; 22760 | 3370203 |
| Lanxess AG | &nbsp;&nbsp; 118803 | 3262560 |
| LEG Immobilien SE | &nbsp;&nbsp; 99809 | 7922187 |
| Mercedes-Benz Group AG | &nbsp;&nbsp; 929751 | 52642732 |
| Merck KGaA | &nbsp;&nbsp; 165521 | 20687538 |
| MTU Aero Engines AG | &nbsp;&nbsp; 73470 | 31691888 |
| Muenchener Rueckversicherungs-Gesellschaft <br> AG in Muenchen, Registered<br>| &nbsp;&nbsp; 175347 | 114794526 |
| Nemetschek SE | &nbsp;&nbsp; 79718 | 11877428 |
| Nordex SE<sup>(b)</sup> | &nbsp;&nbsp; 194463 | 4773267 |
| Norma Group SE | &nbsp;&nbsp; 46416 | 826197 |
| Patrizia SE | &nbsp;&nbsp; 92727 | 827425 |
| Pfeiffer Vacuum Technology AG | &nbsp;&nbsp; 12632 | 2240189 |
| ProSiebenSat.1 Media SE<sup>(a)</sup> | &nbsp;&nbsp; 175342 | 1598257 |
| Puma SE<sup>(a)</sup> | &nbsp;&nbsp; 130172 | 2751636 |
| QIAGEN NV | &nbsp;&nbsp; 275422 | 13656982 |
| Rational AG | &nbsp;&nbsp; 5627 | 4343746 |
| Redcare Pharmacy NV<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 27765 | 3073318 |
| RENK Group AG | &nbsp;&nbsp; 103700 | 8049964 |
| Rheinmetall AG | &nbsp;&nbsp; 59228 | 117241592 |
| RWE AG | &nbsp;&nbsp; 829329 | 34023373 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Total International Stock ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| Salzgitter AG<sup>(a)</sup> | &nbsp;&nbsp; 79917 | $2072096 |
| SAP SE | &nbsp;&nbsp; 1373752 | 392831968 |
| Scout24 SE<sup>(c)</sup> | &nbsp;&nbsp; 106196 | 14192204 |
| SGL Carbon SE<sup>(a)(b)</sup> | &nbsp;&nbsp; 85209 | 333668 |
| Siemens AG, Registered | &nbsp;&nbsp; 1000234 | 254762723 |
| Siemens Energy AG<sup>(b)</sup> | &nbsp;&nbsp; 903088 | 104558320 |
| Siemens Healthineers AG<sup>(c)</sup> | &nbsp;&nbsp; 434592 | 23408266 |
| Siltronic AG | &nbsp;&nbsp; 31995 | 1383342 |
| Sixt SE | &nbsp;&nbsp; 31080 | 3222728 |
| SMA Solar Technology AG<sup>(a)(b)</sup> | &nbsp;&nbsp; 20389 | 466720 |
| Stabilus SE | &nbsp;&nbsp; 39350 | 1128039 |
| Stroeer SE & Co. KGaA | &nbsp;&nbsp; 47665 | 2561151 |
| Suedzucker AG<sup>(a)</sup> | &nbsp;&nbsp; 108737 | 1245212 |
| SUESS MicroTec SE | &nbsp;&nbsp; 33681 | 1220923 |
| Symrise AG, Class A | &nbsp;&nbsp; 177782 | 16115448 |
| TAG Immobilien AG | &nbsp;&nbsp; 288127 | 4632519 |
| Takkt AG | &nbsp;&nbsp; 36043 | 221251 |
| Talanx AG<sup>(b)</sup> | &nbsp;&nbsp; 85514 | 11334627 |
| TeamViewer SE<sup>(b)(c)</sup> | &nbsp;&nbsp; 231620 | 2368764 |
| thyssenkrupp AG<sup>(a)</sup> | &nbsp;&nbsp; 683019 | 7906050 |
| United Internet AG, Registered<sup>(e)</sup> | &nbsp;&nbsp; 118774 | 3404417 |
| Verbio SE<sup>(a)</sup> | &nbsp;&nbsp; 41180 | 533592 |
| Vonovia SE | &nbsp;&nbsp; 994228 | 30856430 |
| Vossloh AG | &nbsp;&nbsp; 24354 | 2388584 |
| Wacker Chemie AG<sup>(a)</sup> | &nbsp;&nbsp; 25930 | 1929995 |
| Wacker Neuson SE | &nbsp;&nbsp; 49219 | 1287559 |
| Zalando SE<sup>(b)(c)</sup> | &nbsp;&nbsp; 300609 | 8765171 |
|  |  | 2612895189 |
| **Greece — 0.2%** | **Greece — 0.2%** | **Greece — 0.2%** |
| Alpha Bank SA | &nbsp;&nbsp; 3075839 | 11513261 |
| Autohellas Tourist and Trading SA | &nbsp;&nbsp; 24623 | 298981 |
| Eurobank Ergasias Services and Holdings SA | &nbsp;&nbsp; 3417851 | 12544744 |
| FF Group<sup>(b)(d)</sup> | &nbsp;&nbsp; 16274 |  |
| Hellenic Telecommunications Organization SA | &nbsp;&nbsp; 204814 | 3716365 |
| Jumbo SA | &nbsp;&nbsp; 140277 | 4744891 |
| Metlen Energy & Metals SA | &nbsp;&nbsp; 163137 | 8974389 |
| Motor Oil Hellas Corinth Refineries SA | &nbsp;&nbsp; 167953 | 4811424 |
| National Bank of Greece SA | &nbsp;&nbsp; 1206426 | 16827896 |
| OPAP SA | &nbsp;&nbsp; 298309 | 6692855 |
| Piraeus Financial Holdings SA | &nbsp;&nbsp; 1498174 | 11520105 |
| Public Power Corp. SA | &nbsp;&nbsp; 288169 | 4673953 |
| Titan SA | &nbsp;&nbsp; 52889 | 2180336 |
|  |  | 88499200 |
| **Hong Kong — 1.3%** | **Hong Kong — 1.3%** | **Hong Kong — 1.3%** |
| AIA Group Ltd. | &nbsp;&nbsp; 14218800 | 132578446 |
| ASMPT Ltd. | &nbsp;&nbsp; 427100 | 3613144 |
| Bank of East Asia Ltd. (The) | &nbsp;&nbsp; 1562200 | 2415937 |
| BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 5246500 | 23558120 |
| Brightoil Petroleum Holdings Ltd.<sup>(d)</sup> | &nbsp;&nbsp; 757750 | 1 |
| Cafe de Coral Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 794000 | 731523 |
| CK Asset Holdings Ltd. | &nbsp;&nbsp; 2429388 | 11131938 |
| CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 3760888 | 24479625 |
| CK Infrastructure Holdings Ltd. | &nbsp;&nbsp; 859500 | 6053448 |
| CLP Holdings Ltd. | &nbsp;&nbsp; 2154000 | 18696235 |
| Cowell e Holdings Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 909000 | 3058242 |
| Dah Sing Banking Group Ltd. | &nbsp;&nbsp; 743600 | 869313 |
| Dah Sing Financial Holdings Ltd. | &nbsp;&nbsp; 343600 | 1274671 |
| First Pacific Co. Ltd. | &nbsp;&nbsp; 3845000 | 3025344 |
| Futu Holdings Ltd., ADR | &nbsp;&nbsp; 79708 | 12249525 |
| Galaxy Entertainment Group Ltd. | &nbsp;&nbsp; 2883000 | 14059419 |
| Guotai Junan International Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 7942000 | 6473380 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| Hang Lung Properties Ltd. | &nbsp;&nbsp; 3656000 | $3765162 |
| Hang Seng Bank Ltd. | &nbsp;&nbsp; 1050900 | 15308141 |
| Health and Happiness H&H International <br> Holdings Ltd.<br>| &nbsp;&nbsp; 558000 | 813440 |
| Henderson Land Development Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1588941 | 5560142 |
| HKBN Ltd. | &nbsp;&nbsp; 2090500 | 1327954 |
| HKT Trust & HKT Ltd., Class SS | &nbsp;&nbsp; 5215600 | 8212365 |
| Hong Kong & China Gas Co. Ltd. | &nbsp;&nbsp; 15848566 | 14145846 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 1518500 | 82179392 |
| Hongkong Land Holdings Ltd. | &nbsp;&nbsp; 1515900 | 9171195 |
| Hutchison Telecommunications Hong Kong <br> Holdings Ltd.<br>| &nbsp;&nbsp; 4290000 | 590217 |
| Hysan Development Co. Ltd. | &nbsp;&nbsp; 1064000 | 2117204 |
| Jardine Matheson Holdings Ltd. | &nbsp;&nbsp; 196900 | 10691937 |
| Johnson Electric Holdings Ltd. | &nbsp;&nbsp; 712250 | 2099260 |
| JS Global Lifestyle Co. Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 2769000 | 620820 |
| Kerry Logistics Network Ltd. | &nbsp;&nbsp; 1072500 | 1127842 |
| Kerry Properties Ltd. | &nbsp;&nbsp; 1434500 | 3830263 |
| Link REIT | &nbsp;&nbsp; 3602580 | 20072691 |
| Luk Fook Holdings International Ltd. | &nbsp;&nbsp; 611000 | 1594322 |
| Man Wah Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2830400 | 1596647 |
| Melco International Development Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1837500 | 1270587 |
| Melco Resorts & Entertainment Ltd., ADR<sup>(b)</sup> | &nbsp;&nbsp; 306537 | 2651545 |
| MTR Corp. Ltd. | &nbsp;&nbsp; 1910000 | 6870783 |
| New World Development Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2123416 | 1738833 |
| NWS Holdings Ltd. | &nbsp;&nbsp; 2883000 | 2826369 |
| Pacific Basin Shipping Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 9114000 | 2633542 |
| PAX Global Technology Ltd. | &nbsp;&nbsp; 1371000 | 1189364 |
| PCCW Ltd. | &nbsp;&nbsp; 6170000 | 4420480 |
| Power Assets Holdings Ltd. | &nbsp;&nbsp; 1871500 | 12322138 |
| Sands China Ltd. | &nbsp;&nbsp; 3089200 | 7478235 |
| Sino Land Co. Ltd. | &nbsp;&nbsp; 3716000 | 4283429 |
| SITC International Holdings Co. Ltd. | &nbsp;&nbsp; 1619000 | 5248860 |
| SJM Holdings Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3794000 | 1500726 |
| SmarTone Telecommunications Holdings Ltd. | &nbsp;&nbsp; 913500 | 534136 |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 1884500 | 22383084 |
| Swire Pacific Ltd., Class A | &nbsp;&nbsp; 552500 | 4994232 |
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp; 2023500 | 24196302 |
| Vitasoy International Holdings Ltd. | &nbsp;&nbsp; 1234000 | 1440637 |
| VTech Holdings Ltd. | &nbsp;&nbsp; 428500 | 3175168 |
| WH Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 10690500 | 10702665 |
| Wharf Holdings Ltd. (The) | &nbsp;&nbsp; 1170000 | 3331146 |
| Wharf Real Estate Investment Co. Ltd. | &nbsp;&nbsp; 1843000 | 5851180 |
| Wynn Macau Ltd. | &nbsp;&nbsp; 2624400 | 2175129 |
| Xinyi Glass Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2123000 | 2188366 |
| Yue Yuen Industrial Holdings Ltd. | &nbsp;&nbsp; 1193000 | 1865934 |
|  |  | 586366021 |
| **Hungary — 0.1%** | **Hungary — 0.1%** | **Hungary — 0.1%** |
| Magyar Telekom Telecommunications PLC | &nbsp;&nbsp; 579316 | 2876527 |
| MOL Hungarian Oil & Gas PLC | &nbsp;&nbsp; 456025 | 3962184 |
| OTP Bank Nyrt | &nbsp;&nbsp; 300052 | 24347981 |
| Richter Gedeon Nyrt | &nbsp;&nbsp; 187841 | 5638129 |
|  |  | 36824821 |
| **India — 5.4%** | **India — 5.4%** | **India — 5.4%** |
| 360 ONE WAM Ltd. | &nbsp;&nbsp; 282339 | 3379416 |
| 3M India Ltd. | &nbsp;&nbsp; 5617 | 1963625 |
| Aarti Industries Ltd. | &nbsp;&nbsp; 441056 | 2105563 |
| Aarti Pharmalabs Ltd. | &nbsp;&nbsp; 86518 | 894050 |
| ABB India Ltd. | &nbsp;&nbsp; 72577 | 4544637 |
| Adani Enterprises Ltd. | &nbsp;&nbsp; 223703 | 6176616 |
| Adani Ports & Special Economic Zone Ltd. | &nbsp;&nbsp; 709562 | 11067078 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Total International Stock ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Adani Power Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 941698 | $6275507 |
| Aditya Birla Fashion and Retail Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1358525 | 1126915 |
| Aditya Birla Lifestyle Brands Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 868725 | 1423103 |
| Aditya Birla Real Estate Ltd. | &nbsp;&nbsp; 116557 | 2502738 |
| Aegis Logistics Ltd. | &nbsp;&nbsp; 263451 | 2155867 |
| Affle 3i Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 174867 | 3887748 |
| AIA Engineering Ltd. | &nbsp;&nbsp; 86225 | 3079931 |
| Ajanta Pharma Ltd. | &nbsp;&nbsp; 86064 | 2693079 |
| Alkem Laboratories Ltd. | &nbsp;&nbsp; 63693 | 3649286 |
| Amara Raja Energy & Mobility Ltd. | &nbsp;&nbsp; 264399 | 2895793 |
| Amber Enterprises India Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 40096 | 3620072 |
| Ambuja Cements Ltd. | &nbsp;&nbsp; 986125 | 6639565 |
| Angel One Ltd. | &nbsp;&nbsp; 72092 | 2129961 |
| Apar Industries Ltd. | &nbsp;&nbsp; 39009 | 3947719 |
| APL Apollo Tubes Ltd. | &nbsp;&nbsp; 266992 | 4858742 |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp; 145125 | 12372746 |
| Apollo Tyres Ltd. | &nbsp;&nbsp; 684711 | 3499920 |
| Ashok Leyland Ltd. | &nbsp;&nbsp; 5023006 | 6902925 |
| Asian Paints Ltd. | &nbsp;&nbsp; 540134 | 14743300 |
| Aster DM Healthcare Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 398712 | 2740377 |
| Astral Ltd. | &nbsp;&nbsp; 253587 | 4044626 |
| AU Small Finance Bank Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 470143 | 3961432 |
| Aurobindo Pharma Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 419191 | 5419820 |
| Avenue Supermarts Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 235671 | 11444345 |
| Axis Bank Ltd. | &nbsp;&nbsp; 3020658 | 36683100 |
| Bajaj Auto Ltd. | &nbsp;&nbsp; 94075 | 8565277 |
| Bajaj Finance Ltd. | &nbsp;&nbsp; 3760979 | 37637493 |
| Bajaj Finserv Ltd. | &nbsp;&nbsp; 565417 | 12511293 |
| Bajaj Holdings & Investment Ltd. | &nbsp;&nbsp; 34020 | 5401790 |
| Balkrishna Industries Ltd. | &nbsp;&nbsp; 141647 | 4310265 |
| Balrampur Chini Mills Ltd. | &nbsp;&nbsp; 408513 | 2723786 |
| Bandhan Bank Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1277692 | 2440805 |
| Bank of Baroda | &nbsp;&nbsp; 1451260 | 3921423 |
| Bata India Ltd. | &nbsp;&nbsp; 177705 | 2407128 |
| BEML Ltd., (Acquired 05/31/24, Cost: <br> $2,185,864)<sup>(f)</sup><br>| &nbsp;&nbsp; 42043 | 1885792 |
| Bharat Dynamics Ltd. | &nbsp;&nbsp; 167017 | 3068071 |
| Bharat Electronics Ltd. | &nbsp;&nbsp; 5145629 | 22354145 |
| Bharat Forge Ltd. | &nbsp;&nbsp; 439846 | 5854330 |
| Bharat Heavy Electricals Ltd. | &nbsp;&nbsp; 1356386 | 3669512 |
| Bharat Petroleum Corp. Ltd. | &nbsp;&nbsp; 2154964 | 8052961 |
| Bharti Airtel Ltd. | &nbsp;&nbsp; 3425401 | 74568020 |
| Biocon Ltd. | &nbsp;&nbsp; 878819 | 3906967 |
| Birlasoft Ltd. | &nbsp;&nbsp; 446900 | 1984342 |
| Blue Star Ltd. | &nbsp;&nbsp; 191061 | 3767264 |
| Bosch Ltd. | &nbsp;&nbsp; 11190 | 5145001 |
| Brigade Enterprises Ltd. | &nbsp;&nbsp; 237557 | 2715981 |
| Britannia Industries Ltd. | &nbsp;&nbsp; 149547 | 9839467 |
| BSE Ltd. | &nbsp;&nbsp; 270669 | 7452303 |
| Canara Bank | &nbsp;&nbsp; 2970406 | 3614915 |
| Carborundum Universal Ltd. | &nbsp;&nbsp; 162202 | 1718780 |
| Castrol India Ltd. | &nbsp;&nbsp; 498409 | 1234680 |
| Central Depository Services India Ltd. | &nbsp;&nbsp; 222796 | 3745172 |
| CESC Ltd. | &nbsp;&nbsp; 1542655 | 2965917 |
| CG Power & Industrial Solutions Ltd. | &nbsp;&nbsp; 972106 | 7298939 |
| Cholamandalam Financial Holdings Ltd. | &nbsp;&nbsp; 158088 | 3393462 |
| Cholamandalam Investment and Finance <br> Co. Ltd.<br>| &nbsp;&nbsp; 576862 | 9456846 |
| Cipla Ltd. | &nbsp;&nbsp; 708369 | 12509943 |
| City Union Bank Ltd. | &nbsp;&nbsp; 608566 | 1480975 |
| Coal India Ltd. | &nbsp;&nbsp; 2536570 | 10847503 |
| Coforge Ltd. | &nbsp;&nbsp; 473591 | 9384136 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Cohance Lifesciences Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 188036 | $2134532 |
| Colgate-Palmolive India Ltd. | &nbsp;&nbsp; 170661 | 4363688 |
| Computer Age Management Services Ltd. | &nbsp;&nbsp; 84971 | 3600184 |
| Container Corp. of India Ltd. | &nbsp;&nbsp; 563960 | 3707177 |
| Coromandel International Ltd. | &nbsp;&nbsp; 186698 | 5708954 |
| CRISIL Ltd. | &nbsp;&nbsp; 30010 | 1813505 |
| Crompton Greaves Consumer Electricals Ltd. | &nbsp;&nbsp; 897985 | 3295843 |
| Cummins India Ltd. | &nbsp;&nbsp; 206947 | 8358203 |
| Cyient Ltd. | &nbsp;&nbsp; 122755 | 1680611 |
| Dabur India Ltd. | &nbsp;&nbsp; 815739 | 4914914 |
| Data Patterns India Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 56604 | 1694852 |
| Deepak Nitrite Ltd. | &nbsp;&nbsp; 125815 | 2633463 |
| Delhivery Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 820841 | 3968185 |
| Divi's Laboratories Ltd. | &nbsp;&nbsp; 163446 | 12239566 |
| Dixon Technologies India Ltd. | &nbsp;&nbsp; 53925 | 10303130 |
| DLF Ltd. | &nbsp;&nbsp; 983367 | 8745737 |
| Dr Lal PathLabs Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 84069 | 3008735 |
| Dr Reddy's Laboratories Ltd. | &nbsp;&nbsp; 852133 | 12294316 |
| Easy Trip Planners Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 9071551 | 1012038 |
| Edelweiss Financial Services Ltd. | &nbsp;&nbsp; 1135047 | 1329604 |
| Eicher Motors Ltd. | &nbsp;&nbsp; 196281 | 12213130 |
| EIH Ltd. | &nbsp;&nbsp; 412579 | 1757962 |
| Elgi Equipments Ltd. | &nbsp;&nbsp; 347117 | 2244288 |
| Emami Ltd. | &nbsp;&nbsp; 300469 | 2052202 |
| Embassy Developments Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1117699 | 1338152 |
| Embassy Office Parks REIT | &nbsp;&nbsp; 1117516 | 5038573 |
| Engineers India Ltd. | &nbsp;&nbsp; 780226 | 1892561 |
| Eternal Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 6522735 | 22765074 |
| Exide Industries Ltd. | &nbsp;&nbsp; 848302 | 3704323 |
| FDC Ltd./India | &nbsp;&nbsp; 156621 | 852352 |
| Federal Bank Ltd. | &nbsp;&nbsp; 3020434 | 6948291 |
| Finolex Cables Ltd. | &nbsp;&nbsp; 205648 | 2066835 |
| Firstsource Solutions Ltd. | &nbsp;&nbsp; 711180 | 2759276 |
| Five-Star Business Finance Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 275515 | 1856479 |
| Fortis Healthcare Ltd. | &nbsp;&nbsp; 876562 | 8535738 |
| FSN E-Commerce Ventures Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1496804 | 3570941 |
| GAIL India Ltd. | &nbsp;&nbsp; 3613965 | 7280010 |
| GE Vernova T&D India Ltd. | &nbsp;&nbsp; 177905 | 5537880 |
| GlaxoSmithKline Pharmaceuticals Ltd. | &nbsp;&nbsp; 76338 | 2742336 |
| Glenmark Pharmaceuticals Ltd. | &nbsp;&nbsp; 272497 | 6613159 |
| Global Health Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 155473 | 2322891 |
| GMR Airports Infrastructure Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 4218377 | 4305670 |
| Godrej Consumer Products Ltd. | &nbsp;&nbsp; 544949 | 7808107 |
| Godrej Properties Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 213476 | 5090093 |
| Granules India Ltd. | &nbsp;&nbsp; 423572 | 2282873 |
| Grasim Industries Ltd. | &nbsp;&nbsp; 374876 | 11712417 |
| Great Eastern Shipping Co. Ltd. (The) | &nbsp;&nbsp; 240886 | 2570174 |
| Gujarat Fluorochemicals Ltd. | &nbsp;&nbsp; 48564 | 1984105 |
| Gujarat Gas Ltd. | &nbsp;&nbsp; 311642 | 1560250 |
| Gujarat Narmada Valley Fertilizers & <br> Chemicals Ltd.<br>| &nbsp;&nbsp; 257357 | 1581712 |
| Gujarat State Petronet Ltd. | &nbsp;&nbsp; 415316 | 1487935 |
| Happiest Minds Technologies Ltd. | &nbsp;&nbsp; 226882 | 1564804 |
| Havells India Ltd. | &nbsp;&nbsp; 413303 | 7059102 |
| HBL Engineering Ltd. | &nbsp;&nbsp; 276550 | 1841883 |
| HCL Technologies Ltd. | &nbsp;&nbsp; 1264420 | 21078011 |
| HDFC Asset Management Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 125228 | 8048063 |
| HDFC Bank Ltd. | &nbsp;&nbsp; 7450231 | 170970123 |
| HDFC Life Insurance Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1310954 | 11263958 |
| HEG Ltd. | &nbsp;&nbsp; 177780 | 1159239 |
| Hero MotoCorp Ltd. | &nbsp;&nbsp; 177863 | 8616166 |
| HFCL Ltd. | &nbsp;&nbsp; 2239547 | 1921653 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Total International Stock ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Hindalco Industries Ltd. | &nbsp;&nbsp; 1870303 | $14479169 |
| Hindustan Aeronautics Ltd. | &nbsp;&nbsp; 276222 | 14216052 |
| Hindustan Copper Ltd. | &nbsp;&nbsp; 586795 | 1618136 |
| Hindustan Petroleum Corp. Ltd. | &nbsp;&nbsp; 1395208 | 6624227 |
| Hindustan Unilever Ltd. | &nbsp;&nbsp; 1117867 | 32104674 |
| Hyundai Motor India Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 218254 | 5351698 |
| ICICI Bank Ltd. | &nbsp;&nbsp; 6923616 | 116588804 |
| ICICI Lombard General Insurance Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 307750 | 6753707 |
| ICICI Prudential Life Insurance Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 413219 | 2897809 |
| IDFC First Bank Ltd. | &nbsp;&nbsp; 5951658 | 4650090 |
| IIFL Finance Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 435506 | 2361611 |
| IndiaMART Intermesh Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 74285 | 2185515 |
| Indian Energy Exchange Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1279494 | 1965251 |
| Indian Hotels Co. Ltd., Class A | &nbsp;&nbsp; 1272386 | 10702122 |
| Indian Oil Corp. Ltd. | &nbsp;&nbsp; 3701725 | 6115376 |
| Indian Railway Catering & Tourism Corp. Ltd. | &nbsp;&nbsp; 526542 | 4340682 |
| Indraprastha Gas Ltd. | &nbsp;&nbsp; 1196550 | 2777590 |
| Indus Towers Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1711178 | 7056997 |
| IndusInd Bank Ltd. | &nbsp;&nbsp; 758705 | 6883424 |
| Info Edge India Ltd. | &nbsp;&nbsp; 563306 | 8895186 |
| Infosys Ltd. | &nbsp;&nbsp; 4372339 | 74360143 |
| Inox Wind Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1312107 | 2239681 |
| Intellect Design Arena Ltd. | &nbsp;&nbsp; 144245 | 1673612 |
| InterGlobe Aviation Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 270690 | 18165576 |
| Ipca Laboratories Ltd. | &nbsp;&nbsp; 251069 | 4204291 |
| IRB Infrastructure Developers Ltd. | &nbsp;&nbsp; 4074535 | 2081434 |
| IRCON International Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 915949 | 1837754 |
| ITC Hotels Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1183328 | 3101828 |
| ITC Ltd. | &nbsp;&nbsp; 4024799 | 18875077 |
| Jaiprakash Power Ventures Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 7782883 | 1855883 |
| JB Chemicals & Pharmaceuticals Ltd. | &nbsp;&nbsp; 154597 | 3117248 |
| Jindal Saw Ltd. | &nbsp;&nbsp; 506194 | 1213745 |
| Jindal Stainless Ltd. | &nbsp;&nbsp; 618537 | 4882718 |
| Jindal Steel & Power Ltd. | &nbsp;&nbsp; 517524 | 5673717 |
| Jio Financial Services Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3773920 | 14112669 |
| JK Cement Ltd. | &nbsp;&nbsp; 70875 | 5367037 |
| JSW Energy Ltd. | &nbsp;&nbsp; 623164 | 3646392 |
| JSW Steel Ltd. | &nbsp;&nbsp; 850726 | 10148106 |
| Jubilant Foodworks Ltd. | &nbsp;&nbsp; 474944 | 3538766 |
| Jubilant Pharmova Ltd., Class A | &nbsp;&nbsp; 164384 | 2232147 |
| Jupiter Wagons Ltd. | &nbsp;&nbsp; 293868 | 1135214 |
| Kajaria Ceramics Ltd. | &nbsp;&nbsp; 152100 | 2035669 |
| Kalpataru Projects International Ltd. | &nbsp;&nbsp; 159606 | 2079169 |
| Kalyan Jewellers India Ltd. | &nbsp;&nbsp; 657381 | 4432834 |
| Karur Vysya Bank Ltd. (The) | &nbsp;&nbsp; 1153789 | 3457541 |
| Kaynes Technology India Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 50164 | 3513495 |
| KEI Industries Ltd. | &nbsp;&nbsp; 94098 | 4109655 |
| Kirloskar Oil Engines Ltd. | &nbsp;&nbsp; 319545 | 3272710 |
| Kotak Mahindra Bank Ltd. | &nbsp;&nbsp; 1472845 | 33183701 |
| KPI Green Energy Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 244697 | 1423088 |
| KPIT Technologies Ltd. | &nbsp;&nbsp; 307004 | 4274594 |
| Krishna Institute of Medical Sciences Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 607027 | 5205539 |
| L&T Finance Ltd. | &nbsp;&nbsp; 1258455 | 2895018 |
| Larsen & Toubro Ltd. | &nbsp;&nbsp; 916133 | 37887274 |
| Laurus Labs Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 638676 | 6341698 |
| LIC Housing Finance Ltd. | &nbsp;&nbsp; 642700 | 4280084 |
| Lodha Developers Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 380150 | 5315368 |
| LTIMindtree Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 115464 | 6679128 |
| Lupin Ltd. | &nbsp;&nbsp; 327533 | 7158944 |
| Mahanagar Gas Ltd. | &nbsp;&nbsp; 125040 | 1925851 |
| Mahindra & Mahindra Financial Services Ltd. | &nbsp;&nbsp; 1107235 | 3242738 |
| Mahindra & Mahindra Ltd. | &nbsp;&nbsp; 1263405 | 46024049 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Manappuram Finance Ltd. | &nbsp;&nbsp; 1198142 | $3449470 |
| Mankind Pharma Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 151037 | 4406611 |
| Marico Ltd. | &nbsp;&nbsp; 764126 | 6173820 |
| Maruti Suzuki India Ltd. | &nbsp;&nbsp; 168044 | 24104049 |
| Max Financial Services Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 349499 | 5967019 |
| Max Healthcare Institute Ltd. | &nbsp;&nbsp; 1118030 | 15862136 |
| Motherson Sumi Wiring India Ltd. | &nbsp;&nbsp; 5756040 | 2427642 |
| Motilal Oswal Financial Services Ltd. | &nbsp;&nbsp; 289272 | 2994053 |
| Mphasis Ltd. | &nbsp;&nbsp; 152205 | 4805621 |
| MRF Ltd. | &nbsp;&nbsp; 3764 | 6333731 |
| MTAR Technologies Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 65029 | 1085924 |
| Multi Commodity Exchange of India Ltd. | &nbsp;&nbsp; 28893 | 2521421 |
| Muthoot Finance Ltd. | &nbsp;&nbsp; 177709 | 5285034 |
| Natco Pharma Ltd. | &nbsp;&nbsp; 215133 | 2335284 |
| National Aluminium Co. Ltd. | &nbsp;&nbsp; 1801350 | 3778513 |
| Navin Fluorine International Ltd. | &nbsp;&nbsp; 60806 | 3495184 |
| NBCC India Ltd. | &nbsp;&nbsp; 2299894 | 2817553 |
| NCC Ltd./India | &nbsp;&nbsp; 1115503 | 2757263 |
| Nestle India Ltd. | &nbsp;&nbsp; 451136 | 11549059 |
| NHPC Ltd. | &nbsp;&nbsp; 3839491 | 3623392 |
| NLC India Ltd. | &nbsp;&nbsp; 591231 | 1622883 |
| NMDC Ltd. | &nbsp;&nbsp; 3974401 | 3194410 |
| NMDC Steel Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3053160 | 1268077 |
| NTPC Ltd. | &nbsp;&nbsp; 6045751 | 22945547 |
| Nuvama Wealth Management Ltd. | &nbsp;&nbsp; 31164 | 2567810 |
| Oberoi Realty Ltd. | &nbsp;&nbsp; 173711 | 3215800 |
| Oil & Natural Gas Corp. Ltd. | &nbsp;&nbsp; 4286275 | 11743273 |
| Oil India Ltd. | &nbsp;&nbsp; 813641 | 4069969 |
| Olectra Greentech Ltd. | &nbsp;&nbsp; 161950 | 2589828 |
| One 97 Communications Ltd., NVS<sup>(b)</sup> | &nbsp;&nbsp; 424755 | 5249030 |
| Onesource Specialty Pharma Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 108758 | 2439651 |
| Oracle Financial Services Software Ltd. | &nbsp;&nbsp; 36592 | 3513094 |
| Page Industries Ltd. | &nbsp;&nbsp; 8136 | 4523475 |
| PB Fintech Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 521694 | 10705683 |
| Persistent Systems Ltd. | &nbsp;&nbsp; 147950 | 8646340 |
| Petronet LNG Ltd. | &nbsp;&nbsp; 1102509 | 3614521 |
| PG Electroplast Ltd. | &nbsp;&nbsp; 255441 | 2350630 |
| Phoenix Mills Ltd. (The) | &nbsp;&nbsp; 255856 | 4317808 |
| PI Industries Ltd. | &nbsp;&nbsp; 120757 | 5844264 |
| Pidilite Industries Ltd. | &nbsp;&nbsp; 230467 | 7536173 |
| Piramal Enterprises Ltd. | &nbsp;&nbsp; 200688 | 2854840 |
| Piramal Pharma Ltd. | &nbsp;&nbsp; 1253822 | 2801136 |
| PNB Housing Finance Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 265849 | 2980302 |
| Polycab India Ltd. | &nbsp;&nbsp; 69875 | 5415250 |
| Poonawalla Fincorp Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 659121 | 3163168 |
| Power Finance Corp. Ltd. | &nbsp;&nbsp; 2094148 | 9747939 |
| Power Grid Corp. of India Ltd. | &nbsp;&nbsp; 6449575 | 21320794 |
| Praj Industries Ltd. | &nbsp;&nbsp; 362992 | 1920808 |
| Prestige Estates Projects Ltd. | &nbsp;&nbsp; 229842 | 4246562 |
| Procter & Gamble Health Ltd. | &nbsp;&nbsp; 26846 | 1806768 |
| Punjab National Bank | &nbsp;&nbsp; 2780711 | 3325555 |
| PVR Inox Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 133982 | 1522802 |
| Radico Khaitan Ltd. | &nbsp;&nbsp; 153870 | 4790916 |
| Rail Vikas Nigam Ltd. | &nbsp;&nbsp; 684623 | 2699557 |
| Railtel Corp. of India Ltd. | &nbsp;&nbsp; 385719 | 1606402 |
| Rajesh Exports Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 98747 | 211252 |
| Ramco Cements Ltd. (The) | &nbsp;&nbsp; 216272 | 2893251 |
| Ramkrishna Forgings Ltd. | &nbsp;&nbsp; 215131 | 1425813 |
| Raymond Lifestyle Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 49758 | 648514 |
| Raymond Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 351523 | 2667110 |
| Raymond Realty Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 85973 | 676802 |
| RBL Bank Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 838290 | 2538197 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Total International Stock ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| REC Ltd. | &nbsp;&nbsp; 1844151 | $8266071 |
| Redington Ltd. | &nbsp;&nbsp; 1235276 | 3507156 |
| Reliance Industries Ltd. | &nbsp;&nbsp; 8015728 | 126588262 |
| Reliance Power Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 4920402 | 2941852 |
| Sammaan Capital Ltd. | &nbsp;&nbsp; 1124032 | 1618245 |
| Samvardhana Motherson International Ltd. | &nbsp;&nbsp; 6862257 | 7552898 |
| SBI Cards & Payment Services Ltd. | &nbsp;&nbsp; 429059 | 3954648 |
| SBI Life Insurance Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 608943 | 12739370 |
| Shree Cement Ltd. | &nbsp;&nbsp; 13516 | 4737943 |
| Shriram Finance Ltd. | &nbsp;&nbsp; 1916317 | 13724841 |
| Siemens Ltd. | &nbsp;&nbsp; 131706 | 4534806 |
| SJVN Ltd. | &nbsp;&nbsp; 2259931 | 2392275 |
| SKF India Ltd. | &nbsp;&nbsp; 38244 | 2127702 |
| Solar Industries India Ltd. | &nbsp;&nbsp; 38414 | 6208056 |
| Sona Blw Precision Forgings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 694375 | 3537202 |
| Sonata Software Ltd. | &nbsp;&nbsp; 377812 | 1684206 |
| SRF Ltd. | &nbsp;&nbsp; 174569 | 6039634 |
| Star Health & Allied Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 401287 | 2032517 |
| State Bank of India | &nbsp;&nbsp; 2440166 | 22108978 |
| Sterling and Wilson Renewable<sup>(b)</sup> | &nbsp;&nbsp; 300359 | 957131 |
| Sterlite Technologies Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 425039 | 578130 |
| STL Networks Ltd., NVS | &nbsp;&nbsp; 425039 | 125476 |
| Strides Pharma Science Ltd. | &nbsp;&nbsp; 229327 | 2275427 |
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp; 1296788 | 25183661 |
| Sundaram Finance Ltd. | &nbsp;&nbsp; 88334 | 4698475 |
| Sundram Fasteners Ltd. | &nbsp;&nbsp; 137301 | 1539079 |
| Supreme Industries Ltd. | &nbsp;&nbsp; 103712 | 5069726 |
| Suzlon Energy Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 13166790 | 9186325 |
| Swan Energy Ltd. | &nbsp;&nbsp; 239188 | 1265357 |
| Symphony Ltd. | &nbsp;&nbsp; 52185 | 661671 |
| Syngene International Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 368815 | 2994624 |
| Tanla Platforms Ltd. | &nbsp;&nbsp; 159059 | 1132719 |
| Tata Chemicals Ltd. | &nbsp;&nbsp; 275328 | 3077255 |
| Tata Communications Ltd. | &nbsp;&nbsp; 182178 | 3574222 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp; 1178775 | 40651755 |
| Tata Consumer Products Ltd. | &nbsp;&nbsp; 864158 | 10552337 |
| Tata Elxsi Ltd. | &nbsp;&nbsp; 49152 | 3405427 |
| Tata Motors Ltd. | &nbsp;&nbsp; 2718355 | 20547130 |
| Tata Power Co. Ltd. (The) | &nbsp;&nbsp; 2209809 | 9981731 |
| Tata Steel Ltd. | &nbsp;&nbsp; 10421572 | 18715376 |
| Tata Teleservices Maharashtra Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1339853 | 898959 |
| Tech Mahindra Ltd. | &nbsp;&nbsp; 738859 | 12257713 |
| Tejas Networks Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 157095 | 1039869 |
| Thermax Ltd. | &nbsp;&nbsp; 66720 | 2990963 |
| Timken India Ltd. | &nbsp;&nbsp; 65461 | 2475470 |
| Titagarh Rail System Ltd. | &nbsp;&nbsp; 138551 | 1352096 |
| Titan Co. Ltd. | &nbsp;&nbsp; 490974 | 18689619 |
| Torrent Pharmaceuticals Ltd. | &nbsp;&nbsp; 176046 | 7493499 |
| Torrent Power Ltd. | &nbsp;&nbsp; 214814 | 3189889 |
| Trent Ltd. | &nbsp;&nbsp; 259943 | 14827225 |
| Triveni Turbine Ltd. | &nbsp;&nbsp; 294721 | 2003078 |
| Tube Investments of India Ltd. | &nbsp;&nbsp; 149789 | 4835814 |
| TVS Motor Co. Ltd. | &nbsp;&nbsp; 358277 | 11411619 |
| UltraTech Cement Ltd. | &nbsp;&nbsp; 160503 | 22347447 |
| Union Bank of India Ltd. | &nbsp;&nbsp; 2007367 | 2981165 |
| United Spirits Ltd. | &nbsp;&nbsp; 452823 | 6913523 |
| UNO Minda Ltd. | &nbsp;&nbsp; 297705 | 3526295 |
| UPL Ltd. | &nbsp;&nbsp; 725389 | 5803361 |
| Varun Beverages Ltd. | &nbsp;&nbsp; 1853600 | 11016533 |
| Vedanta Ltd. | &nbsp;&nbsp; 1884933 | 9103019 |
| VIP Industries Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 161141 | 822469 |
| Vodafone Idea Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 39896090 | 3132336 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Voltas Ltd. | &nbsp;&nbsp; 317180 | $4787298 |
| Waaree Renewable Technologies Ltd. | &nbsp;&nbsp; 68359 | 809256 |
| Wipro Ltd. | &nbsp;&nbsp; 3603376 | 10136138 |
| Wockhardt Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 149672 | 2828617 |
| Yes Bank Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 19174527 | 4123623 |
| Zee Entertainment Enterprises Ltd. | &nbsp;&nbsp; 1198791 | 1608867 |
| Zydus Lifesciences Ltd. | &nbsp;&nbsp; 359453 | 3958556 |
|  |  | 2479068414 |
| **Indonesia — 0.4%** | **Indonesia — 0.4%** | **Indonesia — 0.4%** |
| AKR Corporindo Tbk PT | &nbsp;&nbsp; 11354500 | 925637 |
| Alamtri Resources Indonesia Tbk PT | &nbsp;&nbsp; 20779400 | 2329315 |
| Amman Mineral Internasional PT<sup>(b)</sup> | &nbsp;&nbsp; 8615300 | 4391364 |
| Aneka Tambang Tbk | &nbsp;&nbsp; 18463600 | 3194851 |
| Astra International Tbk PT | &nbsp;&nbsp; 26418300 | 8166436 |
| Bank Central Asia Tbk PT | &nbsp;&nbsp; 74886000 | 37532523 |
| Bank Mandiri Persero Tbk PT | &nbsp;&nbsp; 49733600 | 13539017 |
| Bank Negara Indonesia Persero Tbk PT | &nbsp;&nbsp; 17953900 | 4353975 |
| Bank Rakyat Indonesia Persero Tbk PT | &nbsp;&nbsp; 90085213 | 20172823 |
| Bank Tabungan Negara Persero Tbk PT | &nbsp;&nbsp; 8639493 | 582218 |
| Barito Pacific Tbk PT | &nbsp;&nbsp; 40751536 | 6484653 |
| Bukalapak.com PT Tbk<sup>(b)</sup> | &nbsp;&nbsp; 64297800 | 588713 |
| Bukit Asam Tbk PT | &nbsp;&nbsp; 8925400 | 1310439 |
| Bumi Resources Minerals Tbk PT<sup>(b)</sup> | &nbsp;&nbsp; 102897307 | 2679281 |
| Bumi Serpong Damai Tbk PT<sup>(b)</sup> | &nbsp;&nbsp; 14072800 | 674132 |
| Chandra Asri Pacific Tbk PT | &nbsp;&nbsp; 10681400 | 6005230 |
| Charoen Pokphand Indonesia Tbk PT | &nbsp;&nbsp; 10511900 | 3141739 |
| Ciputra Development Tbk PT | &nbsp;&nbsp; 21871796 | 1218215 |
| ESSA Industries Indonesia Tbk PT | &nbsp;&nbsp; 16472900 | 629023 |
| GoTo Gojek Tokopedia Tbk PT<sup>(b)</sup> | &nbsp;&nbsp; 1093855800 | 4298470 |
| Hanson International Tbk PT<sup>(b)(d)</sup> | &nbsp;&nbsp; 63791600 |  |
| Indah Kiat Pulp & Paper Tbk PT | &nbsp;&nbsp; 4982300 | 2052363 |
| Indo Tambangraya Megah Tbk PT | &nbsp;&nbsp; 492100 | 686628 |
| Indocement Tunggal Prakarsa Tbk PT | &nbsp;&nbsp; 2457500 | 781912 |
| Indofood CBP Sukses Makmur Tbk PT | &nbsp;&nbsp; 3822100 | 2270438 |
| Indofood Sukses Makmur Tbk PT | &nbsp;&nbsp; 6035100 | 3116257 |
| Japfa Comfeed Indonesia Tbk PT | &nbsp;&nbsp; 8792700 | 851490 |
| Jasa Marga Persero Tbk PT | &nbsp;&nbsp; 3589038 | 779907 |
| Kalbe Farma Tbk PT | &nbsp;&nbsp; 30780100 | 2662179 |
| Medco Energi Internasional Tbk PT | &nbsp;&nbsp; 17414620 | 1357598 |
| Merdeka Copper Gold Tbk PT<sup>(b)</sup> | &nbsp;&nbsp; 21683076 | 3096359 |
| Mitra Adiperkasa Tbk PT | &nbsp;&nbsp; 22891500 | 1633546 |
| Pabrik Kertas Tjiwi Kimia Tbk PT | &nbsp;&nbsp; 2489000 | 926509 |
| Pakuwon Jati Tbk PT | &nbsp;&nbsp; 15719500 | 336266 |
| Perusahaan Gas Negara Tbk PT | &nbsp;&nbsp; 17985800 | 1778075 |
| Pool Advista Indonesia Tbk PT<sup>(b)(d)</sup> | &nbsp;&nbsp; 1914800 |  |
| Sarana Menara Nusantara Tbk PT | &nbsp;&nbsp; 47511300 | 1758564 |
| Semen Indonesia Persero Tbk PT | &nbsp;&nbsp; 6273921 | 934449 |
| Sumber Alfaria Trijaya Tbk PT | &nbsp;&nbsp; 21169500 | 2975409 |
| Telkom Indonesia Persero Tbk PT | &nbsp;&nbsp; 65848000 | 11562575 |
| Trada Alam Minera Tbk PT<sup>(b)(d)</sup> | &nbsp;&nbsp; 39223500 |  |
| United Tractors Tbk PT | &nbsp;&nbsp; 2094800 | 3069550 |
| Waskita Karya Persero Tbk PT<sup>(b)(d)</sup> | &nbsp;&nbsp; 19926317 | 122307 |
| XLSMART Telecom Sejahtera Tbk. PT | &nbsp;&nbsp; 9774300 | 1496885 |
|  |  | 166467320 |
| **Ireland — 0.3%** | **Ireland — 0.3%** | **Ireland — 0.3%** |
| AIB Group PLC | &nbsp;&nbsp; 2494766 | 19680335 |
| Bank of Ireland Group PLC | &nbsp;&nbsp; 1319534 | 17694910 |
| Dalata Hotel Group PLC | &nbsp;&nbsp; 284354 | 2070340 |
| Glanbia PLC | &nbsp;&nbsp; 291035 | 4228703 |
| Kerry Group PLC, Class A | &nbsp;&nbsp; 204512 | 18890766 |
| Kingspan Group PLC | &nbsp;&nbsp; 208374 | 17293350 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Total International Stock ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Ireland (continued)** | **Ireland (continued)** | **Ireland (continued)** |
| Ryanair Holdings PLC | &nbsp;&nbsp; 1116555 | $32829717 |
|  |  | 112688121 |
| **Israel — 0.9%** | **Israel — 0.9%** | **Israel — 0.9%** |
| Airport City Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 147523 | 2630333 |
| Alony Hetz Properties & Investments Ltd. | &nbsp;&nbsp; 312670 | 3259307 |
| Amot Investments Ltd. | &nbsp;&nbsp; 628353 | 4284308 |
| Azrieli Group Ltd. | &nbsp;&nbsp; 63151 | 6204532 |
| Bank Hapoalim BM | &nbsp;&nbsp; 1649051 | 30924769 |
| Bank Leumi Le-Israel BM | &nbsp;&nbsp; 1979049 | 36609984 |
| Bezeq The Israeli Telecommunication Corp. Ltd. | &nbsp;&nbsp; 2956074 | 5498891 |
| Big Shopping Centers Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 28766 | 5479013 |
| Camtek Ltd./Israel<sup>(b)</sup> | &nbsp;&nbsp; 43969 | 4255211 |
| Cellebrite DI Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 226931 | 3172495 |
| Check Point Software Technologies Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 116669 | 21723768 |
| Clal Insurance Enterprises Holdings Ltd. | &nbsp;&nbsp; 154782 | 7420883 |
| CyberArk Software Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 66847 | 27505535 |
| Danel Adir Yeoshua Ltd. | &nbsp;&nbsp; 14012 | 1920537 |
| Delek Group Ltd. | &nbsp;&nbsp; 23067 | 4684597 |
| Elbit Systems Ltd. | &nbsp;&nbsp; 38771 | 17886316 |
| Enlight Renewable Energy Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 250092 | 6140821 |
| Fattal Holdings 1998 Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 18624 | 3352077 |
| First International Bank Of Israel Ltd. (The) | &nbsp;&nbsp; 103460 | 7186083 |
| Fiverr International Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 73167 | 1615527 |
| G City Ltd. | &nbsp;&nbsp; 312209 | 1118477 |
| Global-e Online Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 150781 | 4998390 |
| Harel Insurance Investments & Financial <br> Services Ltd.<br>| &nbsp;&nbsp; 244638 | 7374798 |
| ICL Group Ltd. | &nbsp;&nbsp; 1041520 | 6488573 |
| Inmode Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 184428 | 2519286 |
| Isracard Ltd. | &nbsp;&nbsp; 673296 | 2757853 |
| Israel Corp Ltd. | &nbsp;&nbsp; 7749 | 2401860 |
| Israel Discount Bank Ltd., Class A | &nbsp;&nbsp; 1588970 | 15196162 |
| Ituran Location and Control Ltd. | &nbsp;&nbsp; 48695 | 1923453 |
| Kenon Holdings Ltd./Singapore | &nbsp;&nbsp; 65013 | 3092343 |
| Kornit Digital Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 82644 | 1654533 |
| Melisron Ltd. | &nbsp;&nbsp; 50930 | 5863950 |
| Mivne Real Estate KD Ltd. | &nbsp;&nbsp; 1424086 | 5367979 |
| Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp; 216668 | 13384411 |
| Monday.com Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 57512 | 15084823 |
| Next Vision Stabilized Systems Ltd. | &nbsp;&nbsp; 114865 | 4707918 |
| Nice Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 83267 | 12998904 |
| Nova Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 40902 | 10907356 |
| Oddity Tech Ltd., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 51324 | 3596273 |
| Oil Refineries Ltd. | &nbsp;&nbsp; 7151014 | 1870714 |
| Paz Retail & Energy Ltd. | &nbsp;&nbsp; 23494 | 4344054 |
| Phoenix Financial Ltd. | &nbsp;&nbsp; 326088 | 11110824 |
| Radware Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 83972 | 2149683 |
| Reit 1 Ltd. | &nbsp;&nbsp; 449453 | 2946922 |
| Shapir Engineering and Industry Ltd. | &nbsp;&nbsp; 330199 | 2730503 |
| Shikun & Binui Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 738108 | 3513455 |
| Shufersal Ltd. | &nbsp;&nbsp; 416006 | 5029420 |
| Strauss Group Ltd. | &nbsp;&nbsp; 140492 | 3772517 |
| Teva Pharmaceutical Industries Ltd., ADR<sup>(b)</sup> | &nbsp;&nbsp; 1567112 | 24211880 |
| Tower Semiconductor Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 146566 | 6800951 |
| Wix.com Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 71620 | 9742469 |
| ZIM Integrated Shipping Services Ltd. | &nbsp;&nbsp; 170260 | 2698621 |
|  |  | 404114342 |
| **Italy — 2.0%** | **Italy — 2.0%** | **Italy — 2.0%** |
| A2A SpA | &nbsp;&nbsp; 2101683 | 5121278 |
| ACEA SpA | &nbsp;&nbsp; 78164 | 1734638 |
| AMCO - Asset Management Co. SpA, NVS<sup>(b)(d)</sup> | &nbsp;&nbsp; 261 |  |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| Amplifon SpA | &nbsp;&nbsp; 176730 | $2975056 |
| Azimut Holding SpA | &nbsp;&nbsp; 143222 | 4868472 |
| Banca Generali SpA | &nbsp;&nbsp; 89147 | 4979062 |
| Banca IFIS SpA | &nbsp;&nbsp; 58454 | 1618857 |
| Banca Mediolanum SpA | &nbsp;&nbsp; 292509 | 5159502 |
| Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp; 1151224 | 9800855 |
| Banca Popolare di Sondrio SpA | &nbsp;&nbsp; 119523 | 1636644 |
| Banco BPM SpA | &nbsp;&nbsp; 1646341 | 20996031 |
| BFF Bank SpA<sup>(b)(c)</sup> | &nbsp;&nbsp; 245441 | 2913922 |
| Bio On SpA<sup>(a)(b)(d)</sup> | &nbsp;&nbsp; 4387 |  |
| BPER Banca SpA | &nbsp;&nbsp; 1927398 | 18966591 |
| Brembo NV | &nbsp;&nbsp; 248626 | 2383516 |
| Brunello Cucinelli SpA | &nbsp;&nbsp; 44297 | 4967585 |
| Buzzi SpA | &nbsp;&nbsp; 117959 | 6159768 |
| CIR SpA-Compagnie Industriali<sup>(b)</sup> | &nbsp;&nbsp; 2005929 | 1545745 |
| Credito Emiliano SpA | &nbsp;&nbsp; 241665 | 3663278 |
| Danieli & C Officine Meccaniche SpA | &nbsp;&nbsp; 41659 | 1790166 |
| Davide Campari-Milano NV<sup>(a)</sup> | &nbsp;&nbsp; 820956 | 5654602 |
| De' Longhi SpA | &nbsp;&nbsp; 107615 | 3529607 |
| DiaSorin SpA | &nbsp;&nbsp; 30416 | 2973620 |
| Enav SpA<sup>(c)</sup> | &nbsp;&nbsp; 356549 | 1564191 |
| Enel SpA | &nbsp;&nbsp; 10491215 | 92514519 |
| Eni SpA | &nbsp;&nbsp; 2812178 | 47996379 |
| ERG SpA | &nbsp;&nbsp; 106571 | 2308800 |
| Ferrari NV | &nbsp;&nbsp; 165903 | 72749673 |
| Fincantieri SpA<sup>(b)</sup> | &nbsp;&nbsp; 126988 | 2457518 |
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp; 817667 | 17411414 |
| Generali | &nbsp;&nbsp; 1168870 | 43605594 |
| GVS SpA<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 139074 | 779774 |
| Hera SpA | &nbsp;&nbsp; 1028683 | 4401693 |
| Infrastrutture Wireless Italiane SpA<sup>(c)</sup> | &nbsp;&nbsp; 399911 | 4727865 |
| Interpump Group SpA | &nbsp;&nbsp; 113910 | 4673524 |
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 19838732 | 119533505 |
| Iren SpA | &nbsp;&nbsp; 1111189 | 3182076 |
| Italgas SpA | &nbsp;&nbsp; 751631 | 6236557 |
| Iveco Group NV | &nbsp;&nbsp; 256379 | 5299310 |
| Juventus Football Club SpA, NVS<sup>(a)(b)</sup> | &nbsp;&nbsp; 283454 | 896025 |
| Leonardo SpA | &nbsp;&nbsp; 533683 | 28767180 |
| Lottomatica Group SpA | &nbsp;&nbsp; 379891 | 10248682 |
| Maire SpA | &nbsp;&nbsp; 254435 | 3534227 |
| MARR SpA<sup>(a)</sup> | &nbsp;&nbsp; 49866 | 584124 |
| Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp; 676038 | 14883888 |
| MFE-MediaForEurope NV, Class A | &nbsp;&nbsp; 477266 | 1512551 |
| MFE-MediaForEurope NV, Class B | &nbsp;&nbsp; 91722 | 412188 |
| Moncler SpA | &nbsp;&nbsp; 317911 | 16955013 |
| Nexi SpA<sup>(c)</sup> | &nbsp;&nbsp; 701472 | 4005569 |
| Piaggio & C SpA<sup>(a)</sup> | &nbsp;&nbsp; 529002 | 1141961 |
| Pirelli & C SpA<sup>(c)</sup> | &nbsp;&nbsp; 492645 | 3321102 |
| Poste Italiane SpA<sup>(c)</sup> | &nbsp;&nbsp; 633857 | 13694422 |
| Prysmian SpA | &nbsp;&nbsp; 360662 | 28803702 |
| Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp; 151602 | 8694933 |
| Reply SpA | &nbsp;&nbsp; 22173 | 3473041 |
| Saipem SpA | &nbsp;&nbsp; 1716714 | 4588827 |
| Salvatore Ferragamo SpA<sup>(a)(b)</sup> | &nbsp;&nbsp; 96901 | 548004 |
| Snam SpA | &nbsp;&nbsp; 2632590 | 15256552 |
| SOL SpA | &nbsp;&nbsp; 53394 | 2851674 |
| Stellantis NV | &nbsp;&nbsp; 2560039 | 22592608 |
| Tamburi Investment Partners SpA | &nbsp;&nbsp; 201229 | 1772035 |
| Technogym SpA<sup>(c)</sup> | &nbsp;&nbsp; 183796 | 2835834 |
| Telecom Italia SpA/Milano<sup>(b)</sup> | &nbsp;&nbsp; 14139187 | 6497416 |
| Tenaris SA | &nbsp;&nbsp; 544023 | 9501453 |
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp; 1762339 | 17052295 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Total International Stock ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| UniCredit SpA | &nbsp;&nbsp; 1850731 | $136165248 |
| Unipol Gruppo SpA | &nbsp;&nbsp; 500158 | 10032020 |
| Webuild SpA | &nbsp;&nbsp; 945214 | 4254079 |
|  |  | 917757840 |
| **Japan — 14.7%** | **Japan — 14.7%** | **Japan — 14.7%** |
| 77 Bank Ltd. (The) | &nbsp;&nbsp; 105600 | 3647603 |
| ABC-Mart Inc. | &nbsp;&nbsp; 194200 | 3634136 |
| Activia Properties Inc. | &nbsp;&nbsp; 3009 | 2570733 |
| Adastria Co. Ltd. | &nbsp;&nbsp; 64600 | 1282916 |
| ADEKA Corp. | &nbsp;&nbsp; 142100 | 2804385 |
| Advance Residence Investment Corp. | &nbsp;&nbsp; 2985 | 3078601 |
| Advantest Corp. | &nbsp;&nbsp; 1012300 | 67317032 |
| Aeon Co. Ltd. | &nbsp;&nbsp; 965705 | 30847350 |
| AEON Financial Service Co. Ltd. | &nbsp;&nbsp; 135500 | 1218487 |
| AEON REIT Investment Corp. | &nbsp;&nbsp; 3424 | 2919182 |
| AGC Inc. | &nbsp;&nbsp; 221000 | 6650922 |
| Ai Holdings Corp. | &nbsp;&nbsp; 97800 | 1565375 |
| Aica Kogyo Co. Ltd. | &nbsp;&nbsp; 104300 | 2568157 |
| Aiful Corp. | &nbsp;&nbsp; 728400 | 2152294 |
| Ain Holdings Inc. | &nbsp;&nbsp; 44300 | 1705098 |
| Air Water Inc. | &nbsp;&nbsp; 168500 | 2489200 |
| Aisin Corp. | &nbsp;&nbsp; 602300 | 8323791 |
| Ajinomoto Co. Inc. | &nbsp;&nbsp; 1181300 | 31252974 |
| Alfresa Holdings Corp. | &nbsp;&nbsp; 211000 | 3062874 |
| Alps Alpine Co. Ltd. | &nbsp;&nbsp; 260500 | 2759813 |
| ALSOK Co Ltd. | &nbsp;&nbsp; 327600 | 2281930 |
| Amada Co. Ltd. | &nbsp;&nbsp; 351900 | 3967998 |
| Amano Corp. | &nbsp;&nbsp; 107700 | 3005231 |
| ANA Holdings Inc. | &nbsp;&nbsp; 110300 | 2045244 |
| Anritsu Corp. | &nbsp;&nbsp; 196300 | 2115859 |
| Aozora Bank Ltd. | &nbsp;&nbsp; 172800 | 2535214 |
| Appier Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 132400 | 1342562 |
| Arcs Co. Ltd. | &nbsp;&nbsp; 60800 | 1223395 |
| ARE Holdings Inc. | &nbsp;&nbsp; 214700 | 2530770 |
| Ariake Japan Co. Ltd. | &nbsp;&nbsp; 43400 | 1922416 |
| Artience Co. Ltd. | &nbsp;&nbsp; 104500 | 2212900 |
| As One Corp. | &nbsp;&nbsp; 99000 | 1555760 |
| Asahi Group Holdings Ltd. | &nbsp;&nbsp; 1882100 | 23876469 |
| Asahi Intecc Co. Ltd. | &nbsp;&nbsp; 266800 | 4151963 |
| Asahi Kasei Corp. | &nbsp;&nbsp; 1406400 | 9785385 |
| Asics Corp. | &nbsp;&nbsp; 917800 | 21576824 |
| ASKUL Corp. | &nbsp;&nbsp; 65700 | 656199 |
| Astellas Pharma Inc. | &nbsp;&nbsp; 2312100 | 23973287 |
| Atom Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 284800 | 1273475 |
| Autobacs Seven Co. Ltd. | &nbsp;&nbsp; 198800 | 1939512 |
| Awa Bank Ltd. (The) | &nbsp;&nbsp; 59100 | 1252838 |
| Azbil Corp. | &nbsp;&nbsp; 527200 | 4926369 |
| Bandai Namco Holdings Inc. | &nbsp;&nbsp; 799500 | 25853366 |
| BayCurrent Inc. | &nbsp;&nbsp; 181300 | 10410254 |
| Bic Camera Inc. | &nbsp;&nbsp; 173600 | 1812613 |
| BIPROGY Inc. | &nbsp;&nbsp; 83900 | 3383277 |
| BML Inc. | &nbsp;&nbsp; 59200 | 1374824 |
| Bridgestone Corp. | &nbsp;&nbsp; 747000 | 30216275 |
| Brother Industries Ltd. | &nbsp;&nbsp; 316200 | 5380409 |
| Calbee Inc. | &nbsp;&nbsp; 127800 | 2345470 |
| Canon Electronics Inc. | &nbsp;&nbsp; 57400 | 969820 |
| Canon Inc. | &nbsp;&nbsp; 1207400 | 34293348 |
| Canon Marketing Japan Inc. | &nbsp;&nbsp; 76600 | 2767426 |
| Capcom Co. Ltd. | &nbsp;&nbsp; 452500 | 11518719 |
| Casio Computer Co. Ltd. | &nbsp;&nbsp; 256500 | 2032084 |
| Central Glass Co. Ltd. | &nbsp;&nbsp; 57900 | 1250676 |
| Central Japan Railway Co. | &nbsp;&nbsp; 949200 | 22127920 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Change Holdings Inc. | &nbsp;&nbsp; 131700 | $1007487 |
| Chiba Bank Ltd. (The) | &nbsp;&nbsp; 609200 | 5678173 |
| Chiyoda Corp.<sup>(b)</sup> | &nbsp;&nbsp; 286000 | 679509 |
| Chubu Electric Power Co. Inc. | &nbsp;&nbsp; 724300 | 8858729 |
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 892200 | 42769328 |
| Chugin Financial Group Inc., NVS | &nbsp;&nbsp; 204500 | 2654975 |
| Chugoku Electric Power Co. Inc. (The) | &nbsp;&nbsp; 414000 | 2254146 |
| Citizen Watch Co. Ltd. | &nbsp;&nbsp; 366300 | 2198682 |
| Coca-Cola Bottlers Japan Holdings Inc. | &nbsp;&nbsp; 172675 | 2640261 |
| Colowide Co. Ltd. | &nbsp;&nbsp; 139400 | 1799676 |
| Comforia Residential REIT Inc. | &nbsp;&nbsp; 1596 | 3134939 |
| COMSYS Holdings Corp. | &nbsp;&nbsp; 101700 | 2331457 |
| Concordia Financial Group Ltd. | &nbsp;&nbsp; 1339800 | 8884519 |
| Cosmo Energy Holdings Co. Ltd. | &nbsp;&nbsp; 78900 | 3501785 |
| Cosmos Pharmaceutical Corp. | &nbsp;&nbsp; 57000 | 3540922 |
| Create Restaurants Holdings Inc. | &nbsp;&nbsp; 231000 | 2350300 |
| Create SD Holdings Co. Ltd. | &nbsp;&nbsp; 74900 | 1707970 |
| Credit Saison Co. Ltd. | &nbsp;&nbsp; 153900 | 4060424 |
| CyberAgent Inc. | &nbsp;&nbsp; 562300 | 5631625 |
| Dai Nippon Printing Co. Ltd. | &nbsp;&nbsp; 478800 | 7373261 |
| Daicel Corp. | &nbsp;&nbsp; 271700 | 2337183 |
| Daido Steel Co. Ltd. | &nbsp;&nbsp; 278000 | 2140720 |
| Daifuku Co. Ltd. | &nbsp;&nbsp; 416300 | 10539131 |
| Dai-ichi Life Holdings Inc. | &nbsp;&nbsp; 4639200 | 36706197 |
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 2275000 | 55810118 |
| Daiichikosho Co. Ltd. | &nbsp;&nbsp; 109400 | 1174532 |
| Daikin Industries Ltd. | &nbsp;&nbsp; 344600 | 42370553 |
| Daio Paper Corp. | &nbsp;&nbsp; 115500 | 643456 |
| Daiseki Co. Ltd. | &nbsp;&nbsp; 85360 | 1987256 |
| Daishi Hokuetsu Financial Group Inc. | &nbsp;&nbsp; 119600 | 2927090 |
| Daito Trust Construction Co. Ltd. | &nbsp;&nbsp; 68900 | 7053821 |
| Daiwa House Industry Co. Ltd. | &nbsp;&nbsp; 733200 | 24240259 |
| Daiwa House REIT Investment Corp. | &nbsp;&nbsp; 2812 | 4702572 |
| Daiwa Office Investment Corp. | &nbsp;&nbsp; 1306 | 3034201 |
| Daiwa Securities Group Inc. | &nbsp;&nbsp; 1658400 | 11545535 |
| Daiwa Securities Living Investments Corp. | &nbsp;&nbsp; 4027 | 2728447 |
| Daiwabo Holdings Co. Ltd. | &nbsp;&nbsp; 136600 | 2512020 |
| DCM Holdings Co. Ltd. | &nbsp;&nbsp; 189700 | 1803506 |
| DeNA Co. Ltd. | &nbsp;&nbsp; 169600 | 2643120 |
| Denka Co. Ltd. | &nbsp;&nbsp; 126600 | 1785101 |
| Denso Corp. | &nbsp;&nbsp; 2444000 | 33158771 |
| Dentsu Group Inc. | &nbsp;&nbsp; 216500 | 4269508 |
| Dexerials Corp. | &nbsp;&nbsp; 253800 | 3669349 |
| DIC Corp. | &nbsp;&nbsp; 118600 | 2340995 |
| Digital Arts Inc. | &nbsp;&nbsp; 27800 | 1469658 |
| Digital Garage Inc. | &nbsp;&nbsp; 53500 | 1407721 |
| Dip Corp. | &nbsp;&nbsp; 76400 | 1236650 |
| Disco Corp. | &nbsp;&nbsp; 121100 | 35788255 |
| DMG Mori Co. Ltd. | &nbsp;&nbsp; 177300 | 4096910 |
| Doutor Nichires Holdings Co. Ltd. | &nbsp;&nbsp; 82400 | 1368687 |
| Dowa Holdings Co. Ltd. | &nbsp;&nbsp; 76200 | 2488479 |
| Duskin Co. Ltd. | &nbsp;&nbsp; 72100 | 1903517 |
| DyDo Group Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 54900 | 969545 |
| Earth Corp. | &nbsp;&nbsp; 39700 | 1282814 |
| East Japan Railway Co. | &nbsp;&nbsp; 1160200 | 24867916 |
| Ebara Corp. | &nbsp;&nbsp; 593900 | 10845105 |
| EDION Corp. | &nbsp;&nbsp; 148500 | 1974583 |
| Eisai Co. Ltd. | &nbsp;&nbsp; 322200 | 9036215 |
| Eizo Corp. | &nbsp;&nbsp; 87000 | 1237847 |
| Electric Power Development Co. Ltd. | &nbsp;&nbsp; 145500 | 2517967 |
| en Japan Inc. | &nbsp;&nbsp; 45900 | 532895 |
| ENEOS Holdings Inc. | &nbsp;&nbsp; 3527600 | 18515076 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Total International Stock ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Exedy Corp. | &nbsp;&nbsp; 83600 | $2624377 |
| EXEO Group Inc. | &nbsp;&nbsp; 252800 | 3320550 |
| Ezaki Glico Co. Ltd. | &nbsp;&nbsp; 107500 | 3319412 |
| FANUC Corp. | &nbsp;&nbsp; 1231100 | 34270070 |
| Fast Retailing Co. Ltd. | &nbsp;&nbsp; 252600 | 77050501 |
| FCC Co. Ltd. | &nbsp;&nbsp; 70500 | 1415080 |
| Ferrotec Corp. | &nbsp;&nbsp; 100700 | 2415231 |
| Financial Products Group Co. Ltd. | &nbsp;&nbsp; 157900 | 2535191 |
| Food & Life Companies Ltd. | &nbsp;&nbsp; 162400 | 8179505 |
| FP Corp. | &nbsp;&nbsp; 72400 | 1290679 |
| Freee KK<sup>(a)(b)</sup> | &nbsp;&nbsp; 87400 | 2349175 |
| Frontier Real Estate Investment Corp. | &nbsp;&nbsp; 3980 | 2270149 |
| Fuji Co. Ltd./Ehime | &nbsp;&nbsp; 73700 | 991631 |
| Fuji Corp./Aichi | &nbsp;&nbsp; 110200 | 2068012 |
| Fuji Electric Co. Ltd. | &nbsp;&nbsp; 172700 | 8586330 |
| Fuji Oil Co. Ltd. | &nbsp;&nbsp; 78000 | 1467737 |
| Fuji Seal International Inc. | &nbsp;&nbsp; 78000 | 1432993 |
| FUJIFILM Holdings Corp. | &nbsp;&nbsp; 1444800 | 29968365 |
| Fujikura Ltd. | &nbsp;&nbsp; 344000 | 23351555 |
| Fujitec Co. Ltd. | &nbsp;&nbsp; 104800 | 3879233 |
| Fujitsu Ltd. | &nbsp;&nbsp; 2329400 | 50743456 |
| Fukuoka Financial Group Inc. | &nbsp;&nbsp; 226900 | 6186890 |
| Fukuoka REIT Corp. | &nbsp;&nbsp; 1596 | 1910669 |
| Fukuyama Transporting Co. Ltd. | &nbsp;&nbsp; 33400 | 795218 |
| Funai Soken Holdings Inc. | &nbsp;&nbsp; 109000 | 1715681 |
| Furukawa Electric Co. Ltd. | &nbsp;&nbsp; 91400 | 5520715 |
| Fuyo General Lease Co. Ltd. | &nbsp;&nbsp; 79200 | 2139396 |
| Global One Real Estate Investment Corp. | &nbsp;&nbsp; 3035 | 2869586 |
| Glory Ltd. | &nbsp;&nbsp; 72000 | 1851402 |
| GLP J-REIT | &nbsp;&nbsp; 4798 | 4204513 |
| GMO internet group Inc. | &nbsp;&nbsp; 122800 | 3145811 |
| GMO Payment Gateway Inc. | &nbsp;&nbsp; 55200 | 3076451 |
| GNI Group Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 80100 | 1458640 |
| Goldwin Inc. | &nbsp;&nbsp; 32000 | 1647703 |
| Gree Inc. | &nbsp;&nbsp; 177000 | 578682 |
| GS Yuasa Corp. | &nbsp;&nbsp; 112900 | 2026134 |
| GungHo Online Entertainment Inc. | &nbsp;&nbsp; 81710 | 1564241 |
| Gunma Bank Ltd. (The) | &nbsp;&nbsp; 531500 | 4976929 |
| Gunze Ltd. | &nbsp;&nbsp; 61200 | 1550654 |
| H.U. Group Holdings Inc. | &nbsp;&nbsp; 133700 | 2872838 |
| H2O Retailing Corp. | &nbsp;&nbsp; 166800 | 2204101 |
| Hachijuni Bank Ltd. (The) | &nbsp;&nbsp; 508300 | 4572997 |
| Hakuhodo DY Holdings Inc. | &nbsp;&nbsp; 289400 | 2277414 |
| Hamamatsu Photonics KK | &nbsp;&nbsp; 297800 | 3634677 |
| Hankyu Hanshin Holdings Inc. | &nbsp;&nbsp; 288800 | 7526603 |
| Hankyu Hanshin REIT Inc. | &nbsp;&nbsp; 1711 | 1810836 |
| Hanwa Co. Ltd. | &nbsp;&nbsp; 42400 | 1708060 |
| Harmonic Drive Systems Inc. | &nbsp;&nbsp; 95100 | 1803018 |
| Haseko Corp. | &nbsp;&nbsp; 290300 | 4318744 |
| Hazama Ando Corp. | &nbsp;&nbsp; 305300 | 3237487 |
| Heiwa Corp. | &nbsp;&nbsp; 118200 | 1637607 |
| Heiwa Real Estate Co. Ltd. | &nbsp;&nbsp; 122800 | 1797918 |
| Heiwa Real Estate REIT Inc. | &nbsp;&nbsp; 2416 | 2265181 |
| Hikari Tsushin Inc. | &nbsp;&nbsp; 21500 | 5780461 |
| Hino Motors Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 466400 | 1133542 |
| Hirogin Holdings Inc. | &nbsp;&nbsp; 422100 | 3681894 |
| Hirose Electric Co. Ltd. | &nbsp;&nbsp; 33405 | 4194502 |
| HIS Co. Ltd. | &nbsp;&nbsp; 103100 | 970773 |
| Hisamitsu Pharmaceutical Co. Inc. | &nbsp;&nbsp; 88900 | 2393192 |
| Hitachi Construction Machinery Co. Ltd. | &nbsp;&nbsp; 140500 | 4069162 |
| Hitachi Ltd. | &nbsp;&nbsp; 6031000 | 184552481 |
| Hogy Medical Co. Ltd. | &nbsp;&nbsp; 55200 | 1742977 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Hokkaido Electric Power Co. Inc. | &nbsp;&nbsp; 310300 | $1858828 |
| Hokkoku Financial Holdings Inc. | &nbsp;&nbsp; 34200 | 1265405 |
| Hokuetsu Corp.<sup>(a)</sup> | &nbsp;&nbsp; 170100 | 1144655 |
| Hokuhoku Financial Group Inc. | &nbsp;&nbsp; 240000 | 5069384 |
| Hokuriku Electric Power Co. | &nbsp;&nbsp; 256700 | 1331235 |
| Honda Motor Co. Ltd. | &nbsp;&nbsp; 5489200 | 56829155 |
| Horiba Ltd. | &nbsp;&nbsp; 44900 | 3302090 |
| Hoshino Resorts REIT Inc. | &nbsp;&nbsp; 1234 | 2140964 |
| Hoshizaki Corp. | &nbsp;&nbsp; 133800 | 4581683 |
| House Foods Group Inc. | &nbsp;&nbsp; 98200 | 1815966 |
| Hoya Corp. | &nbsp;&nbsp; 455000 | 57404020 |
| Hulic Co. Ltd. | &nbsp;&nbsp; 552900 | 5273396 |
| Hulic REIT Inc. | &nbsp;&nbsp; 2602 | 2837074 |
| Hyakugo Bank Ltd. (The) | &nbsp;&nbsp; 645300 | 3191719 |
| Ibiden Co. Ltd. | &nbsp;&nbsp; 161700 | 6838472 |
| Ichigo Inc. | &nbsp;&nbsp; 403400 | 1067981 |
| Ichigo Office REIT Investment Corp. | &nbsp;&nbsp; 3108 | 1968467 |
| Idemitsu Kosan Co. Ltd. | &nbsp;&nbsp; 1061275 | 6822524 |
| IHI Corp. | &nbsp;&nbsp; 200000 | 22271345 |
| Iida Group Holdings Co. Ltd. | &nbsp;&nbsp; 173200 | 2429275 |
| Inaba Denki Sangyo Co. Ltd. | &nbsp;&nbsp; 117700 | 3086621 |
| Industrial & Infrastructure Fund Investment Corp. | &nbsp;&nbsp; 5253 | 4298134 |
| Infomart Corp. | &nbsp;&nbsp; 351300 | 963977 |
| Infroneer Holdings Inc. | &nbsp;&nbsp; 278576 | 2354263 |
| Inpex Corp. | &nbsp;&nbsp; 1082800 | 15417720 |
| Insource Co. Ltd. | &nbsp;&nbsp; 139800 | 843800 |
| Internet Initiative Japan Inc. | &nbsp;&nbsp; 180200 | 3318656 |
| Invincible Investment Corp. | &nbsp;&nbsp; 11076 | 4926262 |
| Isetan Mitsukoshi Holdings Ltd. | &nbsp;&nbsp; 424000 | 5992170 |
| Isuzu Motors Ltd. | &nbsp;&nbsp; 685700 | 8787938 |
| Ito En Ltd. | &nbsp;&nbsp; 82900 | 1800484 |
| ITOCHU Corp. | &nbsp;&nbsp; 1561000 | 81878503 |
| Itoham Yonekyu Holdings Inc. | &nbsp;&nbsp; 47100 | 1588827 |
| Iwatani Corp. | &nbsp;&nbsp; 289800 | 3048228 |
| Iyogin Holdings Inc., NVS | &nbsp;&nbsp; 329000 | 3823120 |
| Izumi Co. Ltd. | &nbsp;&nbsp; 65600 | 1380985 |
| J Front Retailing Co. Ltd. | &nbsp;&nbsp; 298600 | 4025056 |
| Jaccs Co. Ltd. | &nbsp;&nbsp; 62100 | 1683717 |
| JAFCO Group Co. Ltd. | &nbsp;&nbsp; 102700 | 1687621 |
| Japan Airlines Co. Ltd. | &nbsp;&nbsp; 162400 | 3224855 |
| Japan Airport Terminal Co. Ltd. | &nbsp;&nbsp; 99900 | 3033925 |
| Japan Aviation Electronics Industry Ltd. | &nbsp;&nbsp; 73100 | 1171590 |
| Japan Elevator Service Holdings Co. Ltd. | &nbsp;&nbsp; 155800 | 4159161 |
| Japan Excellent Inc. | &nbsp;&nbsp; 2042 | 1889170 |
| Japan Exchange Group Inc. | &nbsp;&nbsp; 1299100 | 12695295 |
| Japan Hotel REIT Investment Corp. | &nbsp;&nbsp; 7427 | 4081684 |
| Japan Lifeline Co. Ltd. | &nbsp;&nbsp; 133300 | 1273640 |
| Japan Logistics Fund Inc. | &nbsp;&nbsp; 5286 | 3281173 |
| Japan Material Co. Ltd. | &nbsp;&nbsp; 142800 | 1301519 |
| Japan Metropolitan Fund Invest | &nbsp;&nbsp; 8588 | 6246249 |
| Japan Petroleum Exploration Co. Ltd. | &nbsp;&nbsp; 239000 | 1735778 |
| Japan Post Bank Co. Ltd. | &nbsp;&nbsp; 2305100 | 25727899 |
| Japan Post Holdings Co. Ltd. | &nbsp;&nbsp; 2273500 | 21054125 |
| Japan Post Insurance Co. Ltd. | &nbsp;&nbsp; 201800 | 5167009 |
| Japan Prime Realty Investment Corp. | &nbsp;&nbsp; 5480 | 3600020 |
| Japan Real Estate Investment Corp. | &nbsp;&nbsp; 7053 | 5720723 |
| Japan Securities Finance Co. Ltd. | &nbsp;&nbsp; 224600 | 2718180 |
| Japan Steel Works Ltd. (The) | &nbsp;&nbsp; 90000 | 5550981 |
| Japan Tobacco Inc. | &nbsp;&nbsp; 1587100 | 45326971 |
| Jeol Ltd. | &nbsp;&nbsp; 62500 | 1788079 |
| JFE Holdings Inc. | &nbsp;&nbsp; 587900 | 6803801 |
| JGC Holdings Corp. | &nbsp;&nbsp; 286900 | 2565015 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Total International Stock ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| JINS Holdings Inc. | &nbsp;&nbsp; 51800 | $2746515 |
| JMDC Inc. | &nbsp;&nbsp; 36400 | 940566 |
| JTEKT Corp. | &nbsp;&nbsp; 290800 | 2513053 |
| Juroku Financial Group Inc. | &nbsp;&nbsp; 57400 | 1979595 |
| Justsystems Corp. | &nbsp;&nbsp; 56900 | 1432918 |
| JVCKenwood Corp. | &nbsp;&nbsp; 295200 | 2334417 |
| Kadokawa Corp. | &nbsp;&nbsp; 130136 | 3160676 |
| Kagome Co. Ltd. | &nbsp;&nbsp; 161600 | 3088017 |
| Kajima Corp. | &nbsp;&nbsp; 549800 | 13772849 |
| Kakaku.com Inc. | &nbsp;&nbsp; 241600 | 4106350 |
| Kaken Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 65000 | 1693838 |
| Kamigumi Co. Ltd. | &nbsp;&nbsp; 145000 | 4075001 |
| Kanadevia Corp. | &nbsp;&nbsp; 339400 | 2290656 |
| Kanamoto Co. Ltd. | &nbsp;&nbsp; 75100 | 1684347 |
| Kandenko Co. Ltd. | &nbsp;&nbsp; 232400 | 5505325 |
| Kaneka Corp. | &nbsp;&nbsp; 65700 | 1859749 |
| Kanematsu Corp. | &nbsp;&nbsp; 161000 | 3024891 |
| Kansai Electric Power Co. Inc. (The) | &nbsp;&nbsp; 1191700 | 14308073 |
| Kansai Paint Co. Ltd. | &nbsp;&nbsp; 193900 | 2745604 |
| Kao Corp. | &nbsp;&nbsp; 600900 | 27038362 |
| Kasumigaseki Capital Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 15600 | 1979507 |
| Katitas Co. Ltd. | &nbsp;&nbsp; 76000 | 1274384 |
| Kawasaki Heavy Industries Ltd. | &nbsp;&nbsp; 207900 | 15183568 |
| Kawasaki Kisen Kaisha Ltd. | &nbsp;&nbsp; 493300 | 6968794 |
| KDDI Corp. | &nbsp;&nbsp; 4010000 | 65810522 |
| KDX Realty Investment Corp. | &nbsp;&nbsp; 6355 | 6829482 |
| Keihan Holdings Co. Ltd. | &nbsp;&nbsp; 116500 | 2389680 |
| Keikyu Corp. | &nbsp;&nbsp; 375500 | 3859322 |
| Keio Corp. | &nbsp;&nbsp; 117600 | 2745763 |
| Keisei Electric Railway Co. Ltd. | &nbsp;&nbsp; 520500 | 4366651 |
| Keiyo Bank Ltd. (The) | &nbsp;&nbsp; 226400 | 1701166 |
| Kewpie Corp. | &nbsp;&nbsp; 158200 | 4323277 |
| Keyence Corp. | &nbsp;&nbsp; 255700 | 92494696 |
| KH Neochem Co. Ltd. | &nbsp;&nbsp; 90800 | 1718550 |
| Kikkoman Corp. | &nbsp;&nbsp; 855100 | 7512019 |
| Kinden Corp. | &nbsp;&nbsp; 122100 | 3844526 |
| Kintetsu Group Holdings Co. Ltd. | &nbsp;&nbsp; 214100 | 4108683 |
| Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 1015600 | 13383237 |
| Kissei Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 80500 | 2371661 |
| Kiyo Bank Ltd. (The) | &nbsp;&nbsp; 88300 | 1606367 |
| Kobayashi Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 83400 | 2932970 |
| Kobe Bussan Co. Ltd. | &nbsp;&nbsp; 194500 | 5179400 |
| Kobe Steel Ltd. | &nbsp;&nbsp; 430700 | 4732143 |
| Koei Tecmo Holdings Co. Ltd. | &nbsp;&nbsp; 180660 | 2365562 |
| Koito Manufacturing Co. Ltd. | &nbsp;&nbsp; 276700 | 3538117 |
| Kokusai Electric Corp., NVS | &nbsp;&nbsp; 208800 | 4608489 |
| Kokuyo Co. Ltd. | &nbsp;&nbsp; 669100 | 3942176 |
| Komatsu Ltd. | &nbsp;&nbsp; 1181300 | 38058984 |
| KOMEDA Holdings Co. Ltd. | &nbsp;&nbsp; 137400 | 2740367 |
| Komeri Co. Ltd. | &nbsp;&nbsp; 77400 | 1594465 |
| Konami Group Corp. | &nbsp;&nbsp; 133000 | 18055909 |
| Konica Minolta Inc.<sup>(b)</sup> | &nbsp;&nbsp; 616800 | 2005274 |
| Kose Corp. | &nbsp;&nbsp; 48100 | 1845922 |
| Koshidaka Holdings Co. Ltd. | &nbsp;&nbsp; 146500 | 1323630 |
| Kotobuki Spirits Co. Ltd. | &nbsp;&nbsp; 188000 | 2508605 |
| K's Holdings Corp. | &nbsp;&nbsp; 226100 | 2261746 |
| Kubota Corp. | &nbsp;&nbsp; 1171600 | 13138611 |
| Kumagai Gumi Co. Ltd. | &nbsp;&nbsp; 75600 | 2249025 |
| Kumiai Chemical Industry Co. Ltd. | &nbsp;&nbsp; 189800 | 1023002 |
| Kura Sushi Inc. | &nbsp;&nbsp; 56800 | 1560147 |
| Kuraray Co. Ltd. | &nbsp;&nbsp; 322900 | 3992164 |
| Kureha Corp. | &nbsp;&nbsp; 111900 | 2551905 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Kurita Water Industries Ltd. | &nbsp;&nbsp; 118200 | $4556286 |
| Kusuri no Aoki Holdings Co. Ltd. | &nbsp;&nbsp; 139500 | 3713211 |
| KYB Corp. | &nbsp;&nbsp; 152600 | 3280028 |
| Kyocera Corp. | &nbsp;&nbsp; 1637200 | 19326109 |
| Kyorin Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 115000 | 1155606 |
| Kyoritsu Maintenance Co. Ltd. | &nbsp;&nbsp; 102800 | 2475033 |
| Kyoto Financial Group Inc. | &nbsp;&nbsp; 287300 | 5197470 |
| Kyowa Kirin Co. Ltd. | &nbsp;&nbsp; 298400 | 5093571 |
| Kyudenko Corp. | &nbsp;&nbsp; 74200 | 3170211 |
| Kyushu Electric Power Co. Inc. | &nbsp;&nbsp; 431900 | 3828834 |
| Kyushu Financial Group Inc. | &nbsp;&nbsp; 484300 | 2473242 |
| Kyushu Railway Co. | &nbsp;&nbsp; 192100 | 4645501 |
| LaSalle Logiport REIT | &nbsp;&nbsp; 3136 | 2984810 |
| Lasertec Corp. | &nbsp;&nbsp; 104500 | 10528237 |
| Leopalace21 Corp. | &nbsp;&nbsp; 325500 | 1533797 |
| Lintec Corp. | &nbsp;&nbsp; 100200 | 2009084 |
| Lion Corp. | &nbsp;&nbsp; 343000 | 3341767 |
| Lixil Corp. | &nbsp;&nbsp; 287700 | 3333038 |
| LY Corp. | &nbsp;&nbsp; 3725100 | 13615853 |
| M&A Capital Partners Co. Ltd. | &nbsp;&nbsp; 35400 | 689914 |
| M&A Research Institute Holdings Inc., NVS<sup>(a)(b)</sup> | &nbsp;&nbsp; 75500 | 678771 |
| M3 Inc. | &nbsp;&nbsp; 593200 | 7295645 |
| Mabuchi Motor Co. Ltd. | &nbsp;&nbsp; 166000 | 2400090 |
| Macnica Holdings Inc. | &nbsp;&nbsp; 208800 | 2726999 |
| Makino Milling Machine Co. Ltd. | &nbsp;&nbsp; 49700 | 3800975 |
| Makita Corp. | &nbsp;&nbsp; 310900 | 9624879 |
| Mani Inc. | &nbsp;&nbsp; 124800 | 1050944 |
| Marubeni Corp. | &nbsp;&nbsp; 1869300 | 38271552 |
| Maruha Nichiro Corp. | &nbsp;&nbsp; 85300 | 1771579 |
| Marui Group Co. Ltd. | &nbsp;&nbsp; 166800 | 3397046 |
| Maruichi Steel Tube Ltd. | &nbsp;&nbsp; 106600 | 2577096 |
| Maruwa Co. Ltd./Aichi<sup>(a)</sup> | &nbsp;&nbsp; 13600 | 4099279 |
| Matsui Securities Co. Ltd. | &nbsp;&nbsp; 346200 | 1692180 |
| MatsukiyoCocokara & Co. | &nbsp;&nbsp; 419490 | 8614092 |
| Maxell Ltd. | &nbsp;&nbsp; 110600 | 1469805 |
| Mazda Motor Corp. | &nbsp;&nbsp; 669100 | 4012258 |
| McDonald's Holdings Co. Japan Ltd. | &nbsp;&nbsp; 95400 | 3809632 |
| MCJ Co. Ltd. | &nbsp;&nbsp; 189700 | 1763597 |
| Mebuki Financial Group Inc. | &nbsp;&nbsp; 1212350 | 6573434 |
| Medipal Holdings Corp. | &nbsp;&nbsp; 243400 | 4030114 |
| Medley Inc.<sup>(b)</sup> | &nbsp;&nbsp; 66600 | 1362471 |
| Megachips Corp. | &nbsp;&nbsp; 43900 | 1584686 |
| Megmilk Snow Brand Co. Ltd. | &nbsp;&nbsp; 89300 | 1687611 |
| Meidensha Corp. | &nbsp;&nbsp; 68900 | 2594879 |
| MEIJI Holdings Co. Ltd. | &nbsp;&nbsp; 290700 | 5878238 |
| Meiko Electronics Co. Ltd. | &nbsp;&nbsp; 42600 | 2087551 |
| MEITEC Group Holdings Inc. | &nbsp;&nbsp; 163200 | 3413753 |
| Menicon Co. Ltd. | &nbsp;&nbsp; 109600 | 847735 |
| Mercari Inc.<sup>(b)</sup> | &nbsp;&nbsp; 187800 | 2865242 |
| Micronics Japan Co. Ltd. | &nbsp;&nbsp; 54700 | 1992888 |
| Milbon Co. Ltd. | &nbsp;&nbsp; 62400 | 1052321 |
| Minebea Mitsumi Inc. | &nbsp;&nbsp; 474272 | 7464269 |
| Mirai Corp. | &nbsp;&nbsp; 5934 | 1804687 |
| Mirait One Corp. | &nbsp;&nbsp; 166700 | 2982735 |
| MISUMI Group Inc. | &nbsp;&nbsp; 333100 | 4796650 |
| Mitsubishi Chemical Group Corp. | &nbsp;&nbsp; 1583200 | 8623329 |
| Mitsubishi Corp. | &nbsp;&nbsp; 4486600 | 88490898 |
| Mitsubishi Electric Corp. | &nbsp;&nbsp; 2514300 | 56552229 |
| Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp; 1386100 | 25951139 |
| Mitsubishi Estate Logistics REIT <br> Investment Corp.<br>| &nbsp;&nbsp; 3189 | 2541262 |
| Mitsubishi Gas Chemical Co. Inc. | &nbsp;&nbsp; 138600 | 2394334 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Total International Stock ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Mitsubishi HC Capital Inc. | &nbsp;&nbsp; 848290 | $6270245 |
| Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp; 4243500 | 101319492 |
| Mitsubishi Logistics Corp. | &nbsp;&nbsp; 433000 | 3701453 |
| Mitsubishi Materials Corp. | &nbsp;&nbsp; 173100 | 2643867 |
| Mitsubishi Motors Corp. | &nbsp;&nbsp; 1005700 | 2642655 |
| Mitsubishi Pencil Co. Ltd. | &nbsp;&nbsp; 64500 | 884279 |
| Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp; 15024800 | 207083342 |
| Mitsuboshi Belting Ltd. | &nbsp;&nbsp; 61100 | 1455420 |
| Mitsui & Co. Ltd. | &nbsp;&nbsp; 3213400 | 65414025 |
| Mitsui Chemicals Inc. | &nbsp;&nbsp; 203900 | 4551695 |
| Mitsui E&S Co. Ltd. | &nbsp;&nbsp; 162900 | 3393927 |
| Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp; 3495800 | 31246507 |
| Mitsui Fudosan Logistics Park Inc. | &nbsp;&nbsp; 5617 | 3765568 |
| Mitsui High-Tec Inc. | &nbsp;&nbsp; 174500 | 876726 |
| Mitsui Mining & Smelting Co. Ltd. | &nbsp;&nbsp; 88500 | 3743166 |
| Mitsui OSK Lines Ltd. | &nbsp;&nbsp; 460700 | 15485181 |
| Miura Co. Ltd. | &nbsp;&nbsp; 146500 | 2921113 |
| Mixi Inc. | &nbsp;&nbsp; 60000 | 1373084 |
| Mizuho Financial Group Inc. | &nbsp;&nbsp; 3145150 | 92252465 |
| Mizuho Leasing Co. Ltd. | &nbsp;&nbsp; 315000 | 2419534 |
| Mochida Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 62800 | 1282629 |
| Monex Group Inc. | &nbsp;&nbsp; 335400 | 1742500 |
| Money Forward Inc.<sup>(b)</sup> | &nbsp;&nbsp; 91800 | 3630448 |
| MonotaRO Co. Ltd. | &nbsp;&nbsp; 318300 | 5667941 |
| Mori Hills REIT Investment Corp. | &nbsp;&nbsp; 3304 | 2985946 |
| Mori Trust REIT Inc. | &nbsp;&nbsp; 3376 | 1642726 |
| Morinaga & Co. Ltd./Japan | &nbsp;&nbsp; 174100 | 2779145 |
| Morinaga Milk Industry Co. Ltd. | &nbsp;&nbsp; 107100 | 2329120 |
| MOS Food Services Inc. | &nbsp;&nbsp; 70500 | 1786270 |
| MS&AD Insurance Group Holdings Inc. | &nbsp;&nbsp; 1680200 | 35899261 |
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 2156700 | 32100490 |
| Musashi Seimitsu Industry Co. Ltd. | &nbsp;&nbsp; 88500 | 1905347 |
| Musashino Bank Ltd. (The) | &nbsp;&nbsp; 58000 | 1430198 |
| Nabtesco Corp. | &nbsp;&nbsp; 147400 | 2711639 |
| Nachi-Fujikoshi Corp. | &nbsp;&nbsp; 21300 | 455597 |
| Nagase & Co. Ltd. | &nbsp;&nbsp; 151000 | 2975858 |
| Nagoya Railroad Co. Ltd. | &nbsp;&nbsp; 247900 | 2703433 |
| Nakanishi Inc. | &nbsp;&nbsp; 125300 | 1612904 |
| Namura Shipbuilding Co. Ltd. | &nbsp;&nbsp; 106600 | 2176486 |
| Nankai Electric Railway Co. Ltd. | &nbsp;&nbsp; 160800 | 2582886 |
| Nanto Bank Ltd. (The) | &nbsp;&nbsp; 47600 | 1427593 |
| NEC Corp. | &nbsp;&nbsp; 1629500 | 46792515 |
| Nexon Co. Ltd. | &nbsp;&nbsp; 419800 | 7681519 |
| Nextage Co. Ltd. | &nbsp;&nbsp; 82000 | 1017847 |
| NGK Insulators Ltd. | &nbsp;&nbsp; 220500 | 2791582 |
| NH Foods Ltd. | &nbsp;&nbsp; 88700 | 2979997 |
| NHK Spring Co. Ltd. | &nbsp;&nbsp; 270200 | 3042357 |
| Nichias Corp. | &nbsp;&nbsp; 107900 | 4128299 |
| Nichiha Corp. | &nbsp;&nbsp; 60600 | 1262070 |
| Nichirei Corp. | &nbsp;&nbsp; 236800 | 2849902 |
| Nidec Corp. | &nbsp;&nbsp; 1105000 | 21200837 |
| Nifco Inc./Japan | &nbsp;&nbsp; 107200 | 2615680 |
| Nihon Kohden Corp. | &nbsp;&nbsp; 248700 | 2735339 |
| Nihon M&A Center Holdings Inc. | &nbsp;&nbsp; 463300 | 2316137 |
| Nihon Parkerizing Co. Ltd. | &nbsp;&nbsp; 159200 | 1452239 |
| Nikkon Holdings Co. Ltd. | &nbsp;&nbsp; 212500 | 4786287 |
| Nikon Corp. | &nbsp;&nbsp; 374000 | 3632174 |
| Nintendo Co. Ltd. | &nbsp;&nbsp; 1449600 | 121155946 |
| Nippn Corp., New | &nbsp;&nbsp; 146400 | 2111115 |
| Nippon Accommodations Fund Inc. | &nbsp;&nbsp; 3492 | 2735810 |
| Nippon Building Fund Inc. | &nbsp;&nbsp; 9287 | 8519221 |
| Nippon Electric Glass Co. Ltd. | &nbsp;&nbsp; 114000 | 3051362 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Nippon Express Holdings Inc. | &nbsp;&nbsp; 245600 | $5395080 |
| Nippon Gas Co. Ltd. | &nbsp;&nbsp; 192600 | 3503689 |
| Nippon Kayaku Co. Ltd. | &nbsp;&nbsp; 229500 | 2143059 |
| Nippon Light Metal Holdings Co. Ltd. | &nbsp;&nbsp; 93090 | 1080211 |
| Nippon Paint Holdings Co. Ltd. | &nbsp;&nbsp; 1254000 | 10630832 |
| Nippon Paper Industries Co. Ltd. | &nbsp;&nbsp; 139700 | 1027810 |
| Nippon Prologis REIT Inc. | &nbsp;&nbsp; 6944 | 3747414 |
| Nippon REIT Investment Corp. | &nbsp;&nbsp; 3880 | 2428901 |
| Nippon Sanso Holdings Corp. | &nbsp;&nbsp; 215900 | 7641463 |
| Nippon Shinyaku Co. Ltd. | &nbsp;&nbsp; 78300 | 1685881 |
| Nippon Shokubai Co. Ltd. | &nbsp;&nbsp; 183100 | 2081658 |
| Nippon Soda Co. Ltd. | &nbsp;&nbsp; 126600 | 2870181 |
| Nippon Steel Corp. | &nbsp;&nbsp; 1195817 | 23029060 |
| Nippon Yusen KK | &nbsp;&nbsp; 574200 | 20137062 |
| Nipro Corp. | &nbsp;&nbsp; 212400 | 1955722 |
| Nishimatsu Construction Co. Ltd. | &nbsp;&nbsp; 68500 | 2277949 |
| Nishimatsuya Chain Co. Ltd. | &nbsp;&nbsp; 113600 | 1673545 |
| Nishi-Nippon Financial Holdings Inc. | &nbsp;&nbsp; 200400 | 3165452 |
| Nishi-Nippon Railroad Co. Ltd. | &nbsp;&nbsp; 118300 | 1682823 |
| Nishio Holdings Co. Ltd. | &nbsp;&nbsp; 53800 | 1501623 |
| Nissan Chemical Corp. | &nbsp;&nbsp; 138600 | 4518187 |
| Nissan Motor Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2733500 | 5795838 |
| Nissan Shatai Co. Ltd. | &nbsp;&nbsp; 68900 | 475372 |
| Nissha Co. Ltd. | &nbsp;&nbsp; 71700 | 636656 |
| Nisshin Oillio Group Ltd. (The) | &nbsp;&nbsp; 59000 | 2006085 |
| Nisshin Seifun Group Inc. | &nbsp;&nbsp; 261700 | 3033579 |
| Nisshinbo Holdings Inc. | &nbsp;&nbsp; 229800 | 1460156 |
| Nissin Foods Holdings Co. Ltd. | &nbsp;&nbsp; 224800 | 4264032 |
| Nissui Corp. | &nbsp;&nbsp; 542300 | 3166092 |
| Niterra Co. Ltd. | &nbsp;&nbsp; 173700 | 5988080 |
| Nitori Holdings Co. Ltd. | &nbsp;&nbsp; 104900 | 8883639 |
| Nitto Boseki Co. Ltd. | &nbsp;&nbsp; 41200 | 1802486 |
| Nitto Denko Corp. | &nbsp;&nbsp; 919000 | 19017694 |
| Nitto Kogyo Corp. | &nbsp;&nbsp; 75000 | 1657245 |
| Noevir Holdings Co. Ltd. | &nbsp;&nbsp; 45600 | 1390272 |
| NOF Corp. | &nbsp;&nbsp; 231300 | 4604006 |
| Nojima Corp. | &nbsp;&nbsp; 115800 | 2647198 |
| NOK Corp. | &nbsp;&nbsp; 117800 | 1787395 |
| Nomura Co. Ltd. | &nbsp;&nbsp; 132200 | 804310 |
| Nomura Holdings Inc. | &nbsp;&nbsp; 3878500 | 25622517 |
| Nomura Micro Science Co. Ltd. | &nbsp;&nbsp; 56000 | 1010058 |
| Nomura Real Estate Holdings Inc. | &nbsp;&nbsp; 529500 | 2934284 |
| Nomura Real Estate Master Fund Inc. | &nbsp;&nbsp; 4575 | 4818325 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 503120 | 19908667 |
| Noritz Corp. | &nbsp;&nbsp; 72800 | 923705 |
| North Pacific Bank Ltd. | &nbsp;&nbsp; 524500 | 2256832 |
| NS Solutions Corp. | &nbsp;&nbsp; 126400 | 2964635 |
| NSD Co. Ltd. | &nbsp;&nbsp; 147000 | 3515961 |
| NSK Ltd. | &nbsp;&nbsp; 512200 | 2451155 |
| NTN Corp. | &nbsp;&nbsp; 766500 | 1307761 |
| NTT Inc. | &nbsp;&nbsp; 37642900 | 38014112 |
| NTT UD REIT Investment Corp. | &nbsp;&nbsp; 2863 | 2466349 |
| Nxera Pharma Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 129600 | 780859 |
| Obayashi Corp. | &nbsp;&nbsp; 800300 | 11784623 |
| OBIC Business Consultants Co. Ltd. | &nbsp;&nbsp; 67300 | 3881523 |
| Obic Co. Ltd. | &nbsp;&nbsp; 407900 | 14522289 |
| Odakyu Electric Railway Co. Ltd. | &nbsp;&nbsp; 345800 | 3726629 |
| Ogaki Kyoritsu Bank Ltd. (The) | &nbsp;&nbsp; 78300 | 1474685 |
| Ohsho Food Service Corp. | &nbsp;&nbsp; 103500 | 2560687 |
| Oiles Corp. | &nbsp;&nbsp; 61700 | 877197 |
| Oji Holdings Corp. | &nbsp;&nbsp; 957700 | 4667693 |
| Okamoto Industries Inc. | &nbsp;&nbsp; 26300 | 890675 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Total International Stock ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Okamura Corp. | &nbsp;&nbsp; 148400 | $2339144 |
| Okasan Securities Group Inc. | &nbsp;&nbsp; 341300 | 1476553 |
| Oki Electric Industry Co. Ltd. | &nbsp;&nbsp; 157400 | 1637828 |
| OKUMA Corp. | &nbsp;&nbsp; 67200 | 1828261 |
| Okumura Corp. | &nbsp;&nbsp; 85200 | 2516654 |
| Olympus Corp. | &nbsp;&nbsp; 1500700 | 17928933 |
| Omron Corp. | &nbsp;&nbsp; 217500 | 5606009 |
| Ono Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 390600 | 4367990 |
| Open House Group Co. Ltd. | &nbsp;&nbsp; 82800 | 3661451 |
| Optorun Co. Ltd. | &nbsp;&nbsp; 70300 | 757744 |
| Oracle Corp./Japan | &nbsp;&nbsp; 48000 | 5190932 |
| Organo Corp. | &nbsp;&nbsp; 51200 | 3154712 |
| Orient Corp. | &nbsp;&nbsp; 119780 | 792356 |
| Oriental Land Co. Ltd./Japan | &nbsp;&nbsp; 1404700 | 28923506 |
| ORIX Corp. | &nbsp;&nbsp; 1445600 | 32472574 |
| Orix JREIT Inc. | &nbsp;&nbsp; 2556 | 3341283 |
| Osaka Gas Co. Ltd. | &nbsp;&nbsp; 479000 | 12119337 |
| Osaka Soda Co. Ltd. | &nbsp;&nbsp; 124900 | 1521014 |
| OSG Corp. | &nbsp;&nbsp; 118900 | 1538486 |
| Otsuka Corp. | &nbsp;&nbsp; 272900 | 5170680 |
| Otsuka Holdings Co. Ltd. | &nbsp;&nbsp; 585300 | 27865958 |
| PALTAC Corp. | &nbsp;&nbsp; 43300 | 1239116 |
| Pan Pacific International Holdings Corp. | &nbsp;&nbsp; 502700 | 16818452 |
| Panasonic Holdings Corp. | &nbsp;&nbsp; 3101500 | 29338076 |
| Paramount Bed Holdings Co. Ltd. | &nbsp;&nbsp; 90300 | 1481607 |
| Park24 Co. Ltd. | &nbsp;&nbsp; 200300 | 2529468 |
| Penta-Ocean Construction Co. Ltd. | &nbsp;&nbsp; 520500 | 3368357 |
| PeptiDream Inc.<sup>(b)</sup> | &nbsp;&nbsp; 142200 | 1575783 |
| Persol Holdings Co. Ltd. | &nbsp;&nbsp; 1954400 | 3735734 |
| Pigeon Corp. | &nbsp;&nbsp; 282000 | 3117454 |
| Pilot Corp. | &nbsp;&nbsp; 49700 | 1446973 |
| PKSHA Technology Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 37100 | 863671 |
| Pola Orbis Holdings Inc. | &nbsp;&nbsp; 147600 | 1245865 |
| Prestige International Inc. | &nbsp;&nbsp; 214200 | 931911 |
| Raito Kogyo Co. Ltd. | &nbsp;&nbsp; 95200 | 1967029 |
| Rakus Co. Ltd. | &nbsp;&nbsp; 187600 | 2877328 |
| Rakuten Bank Ltd., NVS<sup>(b)</sup> | &nbsp;&nbsp; 131800 | 6139475 |
| Rakuten Group Inc.<sup>(b)</sup> | &nbsp;&nbsp; 1946000 | 9846201 |
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 1855300 | 110077023 |
| Relo Group Inc. | &nbsp;&nbsp; 149400 | 1715591 |
| Renesas Electronics Corp. | &nbsp;&nbsp; 2247000 | 27330381 |
| Rengo Co. Ltd. | &nbsp;&nbsp; 299500 | 1737091 |
| Resona Holdings Inc. | &nbsp;&nbsp; 2727800 | 24833895 |
| Resonac Holdings Corp. | &nbsp;&nbsp; 207700 | 4994798 |
| Resorttrust Inc. | &nbsp;&nbsp; 273100 | 3383018 |
| Ricoh Co. Ltd. | &nbsp;&nbsp; 697500 | 6116021 |
| Ricoh Leasing Co. Ltd. | &nbsp;&nbsp; 31000 | 1128045 |
| Rinnai Corp. | &nbsp;&nbsp; 134200 | 3312317 |
| Rohm Co. Ltd. | &nbsp;&nbsp; 361200 | 4545293 |
| Rohto Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 219600 | 3134589 |
| Rorze Corp. | &nbsp;&nbsp; 179600 | 2415000 |
| Round One Corp. | &nbsp;&nbsp; 376600 | 3867359 |
| Royal Holdings Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 64300 | 1135093 |
| Ryohin Keikaku Co. Ltd. | &nbsp;&nbsp; 359800 | 16845034 |
| Ryoyo Ryosan Holdings Inc. | &nbsp;&nbsp; 41316 | 758902 |
| Saizeriya Co. Ltd. | &nbsp;&nbsp; 52300 | 1834788 |
| Sakai Moving Service Co. Ltd. | &nbsp;&nbsp; 50000 | 884926 |
| Sakata Seed Corp. | &nbsp;&nbsp; 84400 | 1897763 |
| Sakura Internet Inc.<sup>(a)</sup> | &nbsp;&nbsp; 45700 | 891968 |
| San-A Co. Ltd. | &nbsp;&nbsp; 102200 | 2036319 |
| Sangetsu Corp. | &nbsp;&nbsp; 130600 | 2599207 |
| San-In Godo Bank Ltd. (The) | &nbsp;&nbsp; 195500 | 1646231 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Sanken Electric Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 40800 | $2314383 |
| Sankyo Co. Ltd. | &nbsp;&nbsp; 285000 | 5318185 |
| Sankyu Inc. | &nbsp;&nbsp; 56700 | 3337783 |
| Sanrio Co. Ltd. | &nbsp;&nbsp; 253100 | 10385235 |
| Sansan Inc.<sup>(b)</sup> | &nbsp;&nbsp; 105000 | 1328555 |
| Santen Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 312300 | 3450575 |
| Sanwa Holdings Corp. | &nbsp;&nbsp; 259700 | 7085089 |
| Sapporo Holdings Ltd. | &nbsp;&nbsp; 92700 | 4289431 |
| Sawai Group Holdings Co. Ltd. | &nbsp;&nbsp; 177400 | 2277191 |
| SBI Holdings Inc. | &nbsp;&nbsp; 344400 | 12793724 |
| SCREEN Holdings Co. Ltd. | &nbsp;&nbsp; 104600 | 8159835 |
| SCSK Corp. | &nbsp;&nbsp; 197800 | 6154527 |
| Secom Co. Ltd. | &nbsp;&nbsp; 548600 | 19701990 |
| Sega Sammy Holdings Inc. | &nbsp;&nbsp; 222900 | 4556576 |
| Seibu Holdings Inc. | &nbsp;&nbsp; 297300 | 8307959 |
| Seiko Epson Corp. | &nbsp;&nbsp; 344900 | 4376196 |
| Seiko Group Corp. | &nbsp;&nbsp; 54000 | 1501136 |
| Seino Holdings Co. Ltd. | &nbsp;&nbsp; 160500 | 2441169 |
| Seiren Co. Ltd. | &nbsp;&nbsp; 89200 | 1457202 |
| Sekisui Chemical Co. Ltd. | &nbsp;&nbsp; 503500 | 8733268 |
| Sekisui House Ltd. | &nbsp;&nbsp; 794100 | 16657694 |
| Sekisui House REIT Inc. | &nbsp;&nbsp; 6644 | 3451518 |
| Seria Co. Ltd. | &nbsp;&nbsp; 95900 | 1766149 |
| Seven & i Holdings Co. Ltd. | &nbsp;&nbsp; 2889100 | 38087562 |
| Seven Bank Ltd. | &nbsp;&nbsp; 1190900 | 2139099 |
| SG Holdings Co. Ltd. | &nbsp;&nbsp; 325200 | 3607902 |
| Sharp Corp./Japan<sup>(b)</sup> | &nbsp;&nbsp; 528900 | 2500414 |
| Shibaura Machine Co. Ltd. | &nbsp;&nbsp; 52700 | 1356383 |
| SHIFT Inc.<sup>(b)</sup> | &nbsp;&nbsp; 284600 | 2986721 |
| Shiga Bank Ltd. (The) | &nbsp;&nbsp; 66400 | 2666646 |
| Shikoku Electric Power Co. Inc. | &nbsp;&nbsp; 258300 | 2149382 |
| Shimadzu Corp. | &nbsp;&nbsp; 275700 | 6103081 |
| Shimamura Co. Ltd. | &nbsp;&nbsp; 49400 | 3576883 |
| Shimano Inc. | &nbsp;&nbsp; 98100 | 10731736 |
| Shimizu Corp. | &nbsp;&nbsp; 617900 | 6845072 |
| Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp; 2331800 | 67101984 |
| Shinmaywa Industries Ltd. | &nbsp;&nbsp; 117900 | 1422988 |
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 956400 | 15995136 |
| Ship Healthcare Holdings Inc. | &nbsp;&nbsp; 121500 | 1695431 |
| Shiseido Co. Ltd. | &nbsp;&nbsp; 499600 | 8121260 |
| Shizuoka Financial Group Inc., NVS | &nbsp;&nbsp; 473100 | 5595913 |
| SHO-BOND Holdings Co. Ltd. | &nbsp;&nbsp; 84800 | 2707657 |
| Shochiku Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 14700 | 1245743 |
| SKY Perfect JSAT Holdings Inc. | &nbsp;&nbsp; 437800 | 4146075 |
| Skylark Holdings Co. Ltd. | &nbsp;&nbsp; 297200 | 5649130 |
| SMC Corp. | &nbsp;&nbsp; 74800 | 26028412 |
| SMS Co. Ltd. | &nbsp;&nbsp; 119700 | 1198305 |
| Socionext Inc. | &nbsp;&nbsp; 255700 | 4818620 |
| SoftBank Corp. | &nbsp;&nbsp; 36596900 | 52876512 |
| SoftBank Group Corp. | &nbsp;&nbsp; 1260300 | 96235164 |
| Sojitz Corp. | &nbsp;&nbsp; 260120 | 6190820 |
| Sompo Holdings Inc. | &nbsp;&nbsp; 1179700 | 34785846 |
| Sony Group Corp. | &nbsp;&nbsp; 8118800 | 195283931 |
| Sotetsu Holdings Inc. | &nbsp;&nbsp; 141700 | 2237597 |
| Square Enix Holdings Co. Ltd. | &nbsp;&nbsp; 102300 | 6916110 |
| Stanley Electric Co. Ltd. | &nbsp;&nbsp; 133700 | 2521515 |
| Star Micronics Co. Ltd. | &nbsp;&nbsp; 105700 | 1215535 |
| Subaru Corp. | &nbsp;&nbsp; 739100 | 13596344 |
| Sugi Holdings Co. Ltd. | &nbsp;&nbsp; 200600 | 4862023 |
| SUMCO Corp. | &nbsp;&nbsp; 420000 | 3284736 |
| Sumitomo Bakelite Co. Ltd. | &nbsp;&nbsp; 147400 | 4274452 |
| Sumitomo Chemical Co. Ltd. | &nbsp;&nbsp; 1732800 | 4333889 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Total International Stock ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Sumitomo Corp. | &nbsp;&nbsp; 1403300 | $35868001 |
| Sumitomo Electric Industries Ltd. | &nbsp;&nbsp; 933900 | 23174436 |
| Sumitomo Forestry Co. Ltd. | &nbsp;&nbsp; 590100 | 5927934 |
| Sumitomo Heavy Industries Ltd. | &nbsp;&nbsp; 207500 | 4595407 |
| Sumitomo Metal Mining Co. Ltd. | &nbsp;&nbsp; 305500 | 6719563 |
| Sumitomo Mitsui Financial Group Inc. | &nbsp;&nbsp; 4834300 | 121952970 |
| Sumitomo Mitsui Trust Group Inc. | &nbsp;&nbsp; 829800 | 21753007 |
| Sumitomo Osaka Cement Co. Ltd. | &nbsp;&nbsp; 53700 | 1397715 |
| Sumitomo Pharma Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 328300 | 2824540 |
| Sumitomo Realty & Development Co. Ltd. | &nbsp;&nbsp; 404300 | 14768742 |
| Sumitomo Rubber Industries Ltd. | &nbsp;&nbsp; 253800 | 2900799 |
| Sumitomo Warehouse Co. Ltd. (The) | &nbsp;&nbsp; 135700 | 2814579 |
| Sundrug Co. Ltd. | &nbsp;&nbsp; 100500 | 2978723 |
| Suntory Beverage & Food Ltd. | &nbsp;&nbsp; 147200 | 4444810 |
| Suruga Bank Ltd. | &nbsp;&nbsp; 267900 | 2466743 |
| Suzuken Co. Ltd. | &nbsp;&nbsp; 80100 | 3027554 |
| Suzuki Motor Corp. | &nbsp;&nbsp; 2092600 | 22992595 |
| Sysmex Corp. | &nbsp;&nbsp; 638900 | 10379474 |
| Systena Corp. | &nbsp;&nbsp; 459500 | 1217205 |
| T Hasegawa Co. Ltd. | &nbsp;&nbsp; 89700 | 1850754 |
| T&D Holdings Inc. | &nbsp;&nbsp; 614200 | 14997977 |
| Tadano Ltd. | &nbsp;&nbsp; 145800 | 1049006 |
| Taiheiyo Cement Corp. | &nbsp;&nbsp; 138400 | 3382059 |
| Taikisha Ltd. | &nbsp;&nbsp; 83600 | 1497812 |
| Taisei Corp. | &nbsp;&nbsp; 203600 | 12174033 |
| Taiyo Holdings Co. Ltd. | &nbsp;&nbsp; 100200 | 4351401 |
| Taiyo Yuden Co. Ltd. | &nbsp;&nbsp; 171100 | 3196690 |
| Takara Bio Inc. | &nbsp;&nbsp; 142900 | 835180 |
| Takara Holdings Inc. | &nbsp;&nbsp; 349900 | 2945525 |
| Takasago Thermal Engineering Co. Ltd. | &nbsp;&nbsp; 84900 | 4119393 |
| Takashimaya Co. Ltd. | &nbsp;&nbsp; 412600 | 3188659 |
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 2038383 | 55993938 |
| Takeuchi Manufacturing Co. Ltd. | &nbsp;&nbsp; 79200 | 2831090 |
| Takuma Co. Ltd. | &nbsp;&nbsp; 130200 | 1883310 |
| Tamron Co. Ltd. | &nbsp;&nbsp; 365600 | 2197006 |
| TDK Corp. | &nbsp;&nbsp; 2567700 | 31282109 |
| TechnoPro Holdings Inc. | &nbsp;&nbsp; 109900 | 3480553 |
| Teijin Ltd. | &nbsp;&nbsp; 257100 | 2185276 |
| Terumo Corp. | &nbsp;&nbsp; 1710700 | 29008798 |
| THK Co. Ltd. | &nbsp;&nbsp; 136500 | 3836874 |
| TIS Inc. | &nbsp;&nbsp; 274100 | 8744316 |
| Toagosei Co. Ltd. | &nbsp;&nbsp; 183700 | 1800743 |
| Tobu Railway Co. Ltd. | &nbsp;&nbsp; 204200 | 3475854 |
| Toda Corp. | &nbsp;&nbsp; 293400 | 1871059 |
| Toei Animation Co. Ltd. | &nbsp;&nbsp; 83600 | 1828978 |
| Toei Co. Ltd. | &nbsp;&nbsp; 62000 | 2141410 |
| Toho Bank Ltd. (The) | &nbsp;&nbsp; 515300 | 1254623 |
| Toho Co. Ltd./Tokyo | &nbsp;&nbsp; 146700 | 9255772 |
| Toho Gas Co. Ltd. | &nbsp;&nbsp; 107500 | 3001850 |
| Toho Holdings Co. Ltd. | &nbsp;&nbsp; 93800 | 3165515 |
| Tohoku Electric Power Co. Inc. | &nbsp;&nbsp; 523300 | 3671312 |
| Tokai Carbon Co. Ltd. | &nbsp;&nbsp; 324900 | 2218619 |
| Tokai Rika Co. Ltd. | &nbsp;&nbsp; 87200 | 1396147 |
| Tokai Tokyo Financial Holdings Inc. | &nbsp;&nbsp; 476900 | 1719207 |
| Tokio Marine Holdings Inc. | &nbsp;&nbsp; 2408400 | 96704223 |
| Tokuyama Corp. | &nbsp;&nbsp; 99500 | 2130760 |
| Tokyo Century Corp. | &nbsp;&nbsp; 232800 | 2664336 |
| Tokyo Electric Power Co. Holdings Inc.<sup>(b)</sup> | &nbsp;&nbsp; 1784300 | 6756328 |
| Tokyo Electron Ltd. | &nbsp;&nbsp; 589400 | 93702035 |
| Tokyo Gas Co. Ltd. | &nbsp;&nbsp; 444900 | 14899077 |
| Tokyo Kiraboshi Financial Group Inc. | &nbsp;&nbsp; 36700 | 1582342 |
| Tokyo Metro Co. Ltd. | &nbsp;&nbsp; 363100 | 3912526 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Tokyo Ohka Kogyo Co. Ltd. | &nbsp;&nbsp; 146500 | $4012577 |
| Tokyo Seimitsu Co. Ltd. | &nbsp;&nbsp; 55500 | 3452638 |
| Tokyo Steel Manufacturing Co. Ltd. | &nbsp;&nbsp; 150300 | 1563847 |
| Tokyo Tatemono Co. Ltd. | &nbsp;&nbsp; 192000 | 3213094 |
| Tokyotokeiba Co. Ltd. | &nbsp;&nbsp; 31900 | 1099338 |
| Tokyu Construction Co. Ltd. | &nbsp;&nbsp; 207100 | 1422800 |
| Tokyu Corp. | &nbsp;&nbsp; 620200 | 6981415 |
| Tokyu Fudosan Holdings Corp. | &nbsp;&nbsp; 634100 | 4471454 |
| Tokyu REIT Inc. | &nbsp;&nbsp; 1919 | 2495278 |
| TOMONY Holdings Inc. | &nbsp;&nbsp; 271900 | 1099118 |
| Tomy Co. Ltd. | &nbsp;&nbsp; 141600 | 2992406 |
| Topcon Corp. | &nbsp;&nbsp; 148500 | 3233197 |
| Toppan Holdings Inc. | &nbsp;&nbsp; 298100 | 8033266 |
| Toray Industries Inc. | &nbsp;&nbsp; 1816000 | 12421178 |
| Toridoll Holdings Corp. | &nbsp;&nbsp; 93400 | 2747512 |
| Toshiba TEC Corp. | &nbsp;&nbsp; 49200 | 983589 |
| Tosoh Corp. | &nbsp;&nbsp; 361000 | 5434649 |
| Totetsu Kogyo Co. Ltd. | &nbsp;&nbsp; 53600 | 1483282 |
| TOTO Ltd. | &nbsp;&nbsp; 170600 | 4342827 |
| Towa Corp. | &nbsp;&nbsp; 132100 | 1640462 |
| Towa Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 74400 | 1614117 |
| Toyo Seikan Group Holdings Ltd. | &nbsp;&nbsp; 200600 | 4154585 |
| Toyo Suisan Kaisha Ltd. | &nbsp;&nbsp; 110800 | 7078857 |
| Toyo Tire Corp. | &nbsp;&nbsp; 240500 | 5094043 |
| Toyobo Co. Ltd. | &nbsp;&nbsp; 135700 | 878704 |
| Toyoda Gosei Co. Ltd. | &nbsp;&nbsp; 102500 | 2163163 |
| Toyota Boshoku Corp. | &nbsp;&nbsp; 125200 | 1779155 |
| Toyota Industries Corp. | &nbsp;&nbsp; 212800 | 22755253 |
| Toyota Motor Corp. | &nbsp;&nbsp; 12384300 | 220286996 |
| Toyota Tsusho Corp. | &nbsp;&nbsp; 795600 | 18233828 |
| Trend Micro Inc./Japan | &nbsp;&nbsp; 168200 | 10256570 |
| Tri Chemical Laboratories Inc. | &nbsp;&nbsp; 75800 | 1721846 |
| Trusco Nakayama Corp. | &nbsp;&nbsp; 76300 | 1111244 |
| TS Tech Co. Ltd. | &nbsp;&nbsp; 131700 | 1581348 |
| Tsubakimoto Chain Co. | &nbsp;&nbsp; 152700 | 2143271 |
| Tsuburaya Fields Holdings Inc. | &nbsp;&nbsp; 82200 | 1251179 |
| Tsumura & Co. | &nbsp;&nbsp; 95600 | 2358246 |
| Tsuruha Holdings Inc. | &nbsp;&nbsp; 41500 | 3054591 |
| UACJ Corp. | &nbsp;&nbsp; 56000 | 2203706 |
| UBE Corp. | &nbsp;&nbsp; 127100 | 1945628 |
| Ulvac Inc. | &nbsp;&nbsp; 66700 | 2450021 |
| Unicharm Corp. | &nbsp;&nbsp; 1443400 | 9984210 |
| United Urban Investment Corp. | &nbsp;&nbsp; 2853 | 3132530 |
| Ushio Inc. | &nbsp;&nbsp; 172000 | 2109746 |
| USS Co. Ltd. | &nbsp;&nbsp; 536100 | 5826810 |
| UT Group Co. Ltd. | &nbsp;&nbsp; 51200 | 864361 |
| Valor Holdings Co. Ltd. | &nbsp;&nbsp; 53200 | 939558 |
| Visional Inc.<sup>(b)</sup> | &nbsp;&nbsp; 49500 | 3869190 |
| Wacom Co. Ltd. | &nbsp;&nbsp; 348300 | 1499705 |
| Welcia Holdings Co. Ltd. | &nbsp;&nbsp; 139200 | 2335730 |
| West Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp; 48800 | 486334 |
| West Japan Railway Co. | &nbsp;&nbsp; 561500 | 12293605 |
| Yakult Honsha Co. Ltd. | &nbsp;&nbsp; 295200 | 4749040 |
| Yamada Holdings Co. Ltd. | &nbsp;&nbsp; 861000 | 2624088 |
| Yamaguchi Financial Group Inc. | &nbsp;&nbsp; 286000 | 3237172 |
| Yamaha Corp. | &nbsp;&nbsp; 434400 | 3130769 |
| Yamaha Motor Co. Ltd. | &nbsp;&nbsp; 1112700 | 8047960 |
| Yamato Holdings Co. Ltd. | &nbsp;&nbsp; 247100 | 3572864 |
| Yamato Kogyo Co. Ltd. | &nbsp;&nbsp; 68400 | 3838167 |
| Yamazaki Baking Co. Ltd. | &nbsp;&nbsp; 161500 | 3450016 |
| Yaoko Co. Ltd. | &nbsp;&nbsp; 38400 | 2485147 |
| Yaskawa Electric Corp. | &nbsp;&nbsp; 284300 | 5946357 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Total International Stock ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Yokogawa Electric Corp. | &nbsp;&nbsp; 270300 | $7204598 |
| Yokohama Rubber Co. Ltd. (The) | &nbsp;&nbsp; 145400 | 4157263 |
| Yoshinoya Holdings Co. Ltd. | &nbsp;&nbsp; 130300 | 2824066 |
| Zenkoku Hosho Co. Ltd. | &nbsp;&nbsp; 151000 | 3221607 |
| Zensho Holdings Co. Ltd. | &nbsp;&nbsp; 125500 | 6604241 |
| Zeon Corp. | &nbsp;&nbsp; 195600 | 2076001 |
| Zojirushi Corp. | &nbsp;&nbsp; 105100 | 1253838 |
| ZOZO Inc. | &nbsp;&nbsp; 534000 | 5286263 |
|  |  | 6696985849 |
| **Kuwait — 0.3%** | **Kuwait — 0.3%** | **Kuwait — 0.3%** |
| Agility Public Warehousing Co. KSC | &nbsp;&nbsp; 3856956 | 1798162 |
| Boubyan Bank KSCP | &nbsp;&nbsp; 2794274 | 6434634 |
| Boubyan Petrochemicals Co. KSCP | &nbsp;&nbsp; 1134181 | 2394383 |
| Gulf Bank KSCP | &nbsp;&nbsp; 4335970 | 4789933 |
| Humansoft Holding Co. KSC | &nbsp;&nbsp; 165166 | 1294228 |
| Kuwait Finance House KSCP | &nbsp;&nbsp; 14922200 | 39293518 |
| Mabanee Co. KPSC | &nbsp;&nbsp; 1536217 | 4445822 |
| Mobile Telecommunications Co. KSCP | &nbsp;&nbsp; 3043351 | 5283303 |
| National Bank of Kuwait SAKP | &nbsp;&nbsp; 11196813 | 38324188 |
| National Industries Group Holding SAK | &nbsp;&nbsp; 4962754 | 3995718 |
| Warba Bank KSCP<sup>(b)</sup> | &nbsp;&nbsp; 4314903 | 3902665 |
|  |  | 111956554 |
| **Malaysia — 0.4%** | **Malaysia — 0.4%** | **Malaysia — 0.4%** |
| AFFIN Bank Bhd<sup>(b)</sup> | &nbsp;&nbsp; 1007044 | 560755 |
| Alliance Bank Malaysia Bhd | &nbsp;&nbsp; 1961400 | 2061223 |
| AMMB Holdings Bhd | &nbsp;&nbsp; 2734100 | 3230571 |
| Axiata Group Bhd | &nbsp;&nbsp; 3694200 | 2332968 |
| Bursa Malaysia Bhd<sup>(a)</sup> | &nbsp;&nbsp; 1258100 | 2219065 |
| Carlsberg Brewery Malaysia Bhd | &nbsp;&nbsp; 222900 | 944908 |
| CELCOMDIGI Bhd | &nbsp;&nbsp; 4305900 | 3876824 |
| CIMB Group Holdings Bhd | &nbsp;&nbsp; 10607500 | 16214799 |
| Dialog Group Bhd<sup>(a)</sup> | &nbsp;&nbsp; 5667578 | 2318380 |
| Fraser & Neave Holdings Bhd | &nbsp;&nbsp; 174600 | 1172460 |
| Gamuda Bhd | &nbsp;&nbsp; 6663800 | 8043178 |
| Gas Malaysia Bhd | &nbsp;&nbsp; 932900 | 907508 |
| Genting Bhd<sup>(a)</sup> | &nbsp;&nbsp; 3071000 | 2247032 |
| Genting Malaysia Bhd | &nbsp;&nbsp; 3852300 | 1762241 |
| Hartalega Holdings Bhd | &nbsp;&nbsp; 2161800 | 738152 |
| Hong Leong Bank Bhd | &nbsp;&nbsp; 671300 | 2984325 |
| IHH Healthcare Bhd | &nbsp;&nbsp; 3122700 | 4868923 |
| IJM Corp. Bhd | &nbsp;&nbsp; 4324200 | 2880021 |
| Inari Amertron Bhd | &nbsp;&nbsp; 4981700 | 2441618 |
| IOI Corp. Bhd | &nbsp;&nbsp; 2563900 | 2264083 |
| Kossan Rubber Industries Bhd | &nbsp;&nbsp; 2137300 | 684437 |
| KPJ Healthcare Bhd | &nbsp;&nbsp; 4362800 | 2644214 |
| Kuala Lumpur Kepong Bhd | &nbsp;&nbsp; 450900 | 2070017 |
| Malayan Banking Bhd | &nbsp;&nbsp; 7545300 | 16595281 |
| Malaysian Resources Corp. Bhd<sup>(a)</sup> | &nbsp;&nbsp; 4905200 | 610923 |
| Maxis Bhd | &nbsp;&nbsp; 2941900 | 2367055 |
| MISC Bhd | &nbsp;&nbsp; 1360300 | 2375667 |
| MR DIY Group M Bhd<sup>(c)</sup> | &nbsp;&nbsp; 7689150 | 2964240 |
| Nationgate Holdings Bhd<sup>(a)</sup> | &nbsp;&nbsp; 2842700 | 1021122 |
| Nestle Malaysia Bhd | &nbsp;&nbsp; 95100 | 1961344 |
| Petronas Chemicals Group Bhd<sup>(a)</sup> | &nbsp;&nbsp; 3275300 | 2964116 |
| Petronas Dagangan Bhd | &nbsp;&nbsp; 343000 | 1732479 |
| Petronas Gas Bhd | &nbsp;&nbsp; 880600 | 3712354 |
| PPB Group Bhd | &nbsp;&nbsp; 992280 | 2190581 |
| Press Metal Aluminium Holdings Bhd | &nbsp;&nbsp; 4825800 | 6026966 |
| Public Bank Bhd | &nbsp;&nbsp; 18837700 | 18552657 |
| QL Resources Bhd | &nbsp;&nbsp; 3897400 | 3883693 |
| RHB Bank Bhd | &nbsp;&nbsp; 2796198 | 4014475 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Malaysia (continued)** | **Malaysia (continued)** | **Malaysia (continued)** |
| Sam Engineering & Equipment M Bhd | &nbsp;&nbsp; 236500 | $230455 |
| SD Guthrie Bhd | &nbsp;&nbsp; 3147000 | 3515437 |
| Sime Darby Bhd | &nbsp;&nbsp; 4734400 | 1804784 |
| Sime Darby Property Bhd | &nbsp;&nbsp; 6690400 | 2318667 |
| SP Setia Bhd Group | &nbsp;&nbsp; 3106400 | 812010 |
| Sunway Bhd | &nbsp;&nbsp; 3650300 | 4033998 |
| Sunway REIT | &nbsp;&nbsp; 5604600 | 2938649 |
| Supermax Corp. Bhd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 5469612 | 722232 |
| Telekom Malaysia Bhd | &nbsp;&nbsp; 2232600 | 3524759 |
| Tenaga Nasional Bhd<sup>(a)</sup> | &nbsp;&nbsp; 3893400 | 11859091 |
| TIME dotCom Bhd | &nbsp;&nbsp; 2022600 | 2461265 |
| Top Glove Corp. Bhd<sup>(b)</sup> | &nbsp;&nbsp; 6651800 | 1064979 |
| VS Industry Bhd | &nbsp;&nbsp; 5591074 | 1047108 |
| Yinson Holdings Bhd | &nbsp;&nbsp; 3821340 | 2092366 |
| YTL Corp. Bhd | &nbsp;&nbsp; 7187540 | 4160755 |
| YTL Power International Bhd | &nbsp;&nbsp; 4885720 | 4656243 |
| Zetrix Ai Bhd | &nbsp;&nbsp; 14514200 | 2976878 |
|  |  | 190660331 |
| **Mexico — 0.6%** | **Mexico — 0.6%** | **Mexico — 0.6%** |
| Alfa SAB de CV, Class A | &nbsp;&nbsp; 4705963 | 3447464 |
| Alsea SAB de CV<sup>(b)</sup> | &nbsp;&nbsp; 751300 | 2251710 |
| America Movil SAB de CV, Series B, Class B | &nbsp;&nbsp; 24458900 | 22079781 |
| Arca Continental SAB de CV | &nbsp;&nbsp; 505000 | 5263350 |
| Banco del Bajio SA<sup>(c)</sup> | &nbsp;&nbsp; 841700 | 1892208 |
| Bolsa Mexicana de Valores SAB de CV | &nbsp;&nbsp; 717000 | 1537759 |
| Cemex SAB de CV, NVS | &nbsp;&nbsp; 20919112 | 18263333 |
| Coca-Cola Femsa SAB de CV | &nbsp;&nbsp; 521600 | 4324870 |
| Controladora Alpek SAB de CV, NVS<sup>(b)</sup> | &nbsp;&nbsp; 3861138 | 554661 |
| Controladora Vuela Cia. de Aviacion SAB de CV, <br> Class A<sup>(b)</sup><br>| &nbsp;&nbsp; 1301000 | 761359 |
| Corp Inmobiliaria Vesta SAB de CV | &nbsp;&nbsp; 1182600 | 3327453 |
| FIBRA Macquarie Mexico<sup>(c)</sup> | &nbsp;&nbsp; 1333063 | 2187736 |
| Fibra Uno Administracion SA de CV | &nbsp;&nbsp; 4497900 | 6406497 |
| Fomento Economico Mexicano SAB de CV | &nbsp;&nbsp; 2393300 | 21606304 |
| GCC SAB de CV | &nbsp;&nbsp; 202900 | 1895956 |
| Genomma Lab Internacional SAB de CV, <br> Class B<br>| &nbsp;&nbsp; 916500 | 1060060 |
| Gentera SAB de CV | &nbsp;&nbsp; 1514100 | 3421473 |
| Gruma SAB de CV, Class B | &nbsp;&nbsp; 231555 | 4001918 |
| Grupo Aeroportuario del Centro Norte SAB de <br> CV, Class B<br>| &nbsp;&nbsp; 327812 | 4348179 |
| Grupo Aeroportuario del Pacifico SAB de CV, <br> Class B<br>| &nbsp;&nbsp; 529920 | 12173974 |
| Grupo Aeroportuario del Sureste SAB de CV, <br> Class B<br>| &nbsp;&nbsp; 262440 | 7955139 |
| Grupo Bimbo SAB de CV, Series A, Class A | &nbsp;&nbsp; 1803300 | 5232581 |
| Grupo Carso SAB de CV, Series A1, Class A1 | &nbsp;&nbsp; 662000 | 4720851 |
| Grupo Comercial Chedraui SA de CV<sup>(a)</sup> | &nbsp;&nbsp; 375999 | 3045662 |
| Grupo Financiero Banorte SAB de CV, Class O | &nbsp;&nbsp; 3339300 | 29758978 |
| Grupo Financiero Inbursa SAB de CV, Class O | &nbsp;&nbsp; 2851300 | 7353074 |
| Grupo Mexico SAB de CV, Series B, Class B | &nbsp;&nbsp; 4111600 | 25737548 |
| Grupo Televisa SAB, CPO<sup>(a)</sup> | &nbsp;&nbsp; 3019500 | 1675810 |
| Industrias Penoles SAB de CV<sup>(b)</sup> | &nbsp;&nbsp; 272820 | 7191081 |
| Kimberly-Clark de Mexico SAB de CV, Class A | &nbsp;&nbsp; 1959200 | 3651496 |
| Megacable Holdings SAB de CV, CPO | &nbsp;&nbsp; 361100 | 1003577 |
| Operadora De Sites Mexicanos SAB de CV, <br> Class A1<sup>(a)</sup><br>| &nbsp;&nbsp; 2492355 | 2185187 |
| Orbia Advance Corp. SAB de CV | &nbsp;&nbsp; 1277178 | 874019 |
| Prologis Property Mexico SA de CV | &nbsp;&nbsp; 1367681 | 5140857 |
| Promotora y Operadora de Infraestructura SAB <br> de CV<br>| &nbsp;&nbsp; 343885 | 4053158 |
| Qualitas Controladora SAB de CV | &nbsp;&nbsp; 323800 | 2932651 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Total International Stock ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Mexico (continued)** | **Mexico (continued)** | **Mexico (continued)** |
| Regional SAB de CV | &nbsp;&nbsp; 289900 | $2257732 |
| Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp; 6493200 | 19140570 |
|  |  | 254716016 |
| **Netherlands — 2.5%** | **Netherlands — 2.5%** | **Netherlands — 2.5%** |
| Aalberts NV | &nbsp;&nbsp; 141720 | 4529691 |
| ABN AMRO Bank NV, CVA<sup>(c)</sup> | &nbsp;&nbsp; 607330 | 17556959 |
| Adyen NV<sup>(b)(c)</sup> | &nbsp;&nbsp; 33609 | 57644496 |
| Aegon Ltd. | &nbsp;&nbsp; 1716805 | 12269194 |
| AerCap Holdings NV | &nbsp;&nbsp; 247028 | 26493753 |
| Akzo Nobel NV | &nbsp;&nbsp; 213293 | 13395096 |
| Allfunds Group PLC | &nbsp;&nbsp; 560965 | 3884237 |
| AMG Critical Materials NV | &nbsp;&nbsp; 68369 | 1925059 |
| Arcadis NV | &nbsp;&nbsp; 97780 | 4879973 |
| ASM International NV | &nbsp;&nbsp; 62767 | 30382803 |
| ASML Holding NV | &nbsp;&nbsp; 519463 | 360025734 |
| ASR Nederland NV | &nbsp;&nbsp; 202208 | 13431446 |
| Basic-Fit NV<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 66623 | 1880803 |
| BE Semiconductor Industries NV | &nbsp;&nbsp; 110263 | 14897820 |
| Brunel International NV<sup>(a)</sup> | &nbsp;&nbsp; 38650 | 401548 |
| Coca-Cola Europacific Partners PLC | &nbsp;&nbsp; 302955 | 29362399 |
| Corbion NV | &nbsp;&nbsp; 89634 | 1701057 |
| CVC Capital Partners PLC<sup>(c)</sup> | &nbsp;&nbsp; 275542 | 5283743 |
| DSM-Firmenich AG | &nbsp;&nbsp; 243520 | 23397268 |
| Eurocommercial Properties NV | &nbsp;&nbsp; 89618 | 2735412 |
| EXOR NV | &nbsp;&nbsp; 98399 | 9483342 |
| Flow Traders Ltd. | &nbsp;&nbsp; 59283 | 1775637 |
| Fugro NV | &nbsp;&nbsp; 155177 | 2224447 |
| Heineken Holding NV | &nbsp;&nbsp; 176637 | 11921423 |
| Heineken NV | &nbsp;&nbsp; 378276 | 29691509 |
| IMCD NV | &nbsp;&nbsp; 78315 | 8584161 |
| ING Groep NV | &nbsp;&nbsp; 4164106 | 97046269 |
| InPost SA<sup>(b)</sup> | &nbsp;&nbsp; 315632 | 4533325 |
| JBS NV<sup>(b)</sup> | &nbsp;&nbsp; 486160 | 6709008 |
| JDE Peet's NV | &nbsp;&nbsp; 189732 | 5626515 |
| Just Eat Takeaway.com NV<sup>(b)(c)</sup> | &nbsp;&nbsp; 244594 | 5587114 |
| Koninklijke Ahold Delhaize NV | &nbsp;&nbsp; 1194458 | 47176790 |
| Koninklijke BAM Groep NV | &nbsp;&nbsp; 488681 | 4266302 |
| Koninklijke KPN NV | &nbsp;&nbsp; 4997718 | 22327295 |
| Koninklijke Philips NV | &nbsp;&nbsp; 1079457 | 28190377 |
| Koninklijke Vopak NV | &nbsp;&nbsp; 85059 | 4063351 |
| NN Group NV | &nbsp;&nbsp; 347137 | 23374677 |
| OCI NV | &nbsp;&nbsp; 180046 | 1499676 |
| Pharming Group NV<sup>(a)(b)</sup> | &nbsp;&nbsp; 1538016 | 1690322 |
| PostNL NV<sup>(a)</sup> | &nbsp;&nbsp; 729826 | 795811 |
| Prosus NV | &nbsp;&nbsp; 1735307 | 99130694 |
| Randstad NV | &nbsp;&nbsp; 105524 | 5015496 |
| SBM Offshore NV | &nbsp;&nbsp; 159461 | 4158621 |
| Signify NV<sup>(c)</sup> | &nbsp;&nbsp; 152968 | 3659389 |
| TKH Group NV | &nbsp;&nbsp; 66013 | 2715328 |
| TomTom NV<sup>(a)(b)</sup> | &nbsp;&nbsp; 149026 | 897228 |
| Universal Music Group NV | &nbsp;&nbsp; 1466166 | 42177039 |
| Van Lanschot Kempen NV | &nbsp;&nbsp; 71067 | 4628976 |
| Wereldhave NV | &nbsp;&nbsp; 172331 | 3527310 |
| Wolters Kluwer NV | &nbsp;&nbsp; 314985 | 49061722 |
|  |  | 1157617645 |
| **New Zealand — 0.1%** | **New Zealand — 0.1%** | **New Zealand — 0.1%** |
| Air New Zealand Ltd. | &nbsp;&nbsp; 1604013 | 548056 |
| Auckland International Airport Ltd. | &nbsp;&nbsp; 1837038 | 8148958 |
| Contact Energy Ltd. | &nbsp;&nbsp; 998799 | 5352921 |
| EBOS Group Ltd. | &nbsp;&nbsp; 202890 | 4888469 |
| Fisher & Paykel Healthcare Corp. Ltd. | &nbsp;&nbsp; 792721 | 17185300 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **New Zealand (continued)** | **New Zealand (continued)** | **New Zealand (continued)** |
| Fletcher Building Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1092271 | $1948518 |
| Goodman Property Trust | &nbsp;&nbsp; 1625634 | 1924898 |
| Infratil Ltd. | &nbsp;&nbsp; 1223908 | 8356969 |
| Kiwi Property Group Ltd. | &nbsp;&nbsp; 1868156 | 1071105 |
| Mercury NZ Ltd. | &nbsp;&nbsp; 1040218 | 3790341 |
| Meridian Energy Ltd. | &nbsp;&nbsp; 1853313 | 6223183 |
| Ryman Healthcare Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1152639 | 1694286 |
| Spark New Zealand Ltd. | &nbsp;&nbsp; 2536278 | 3630714 |
|  |  | 64763718 |
| **Norway — 0.5%** | **Norway — 0.5%** | **Norway — 0.5%** |
| Aker ASA, Class A | &nbsp;&nbsp; 41412 | 2855945 |
| Aker BP ASA | &nbsp;&nbsp; 424312 | 10207509 |
| Atea ASA | &nbsp;&nbsp; 185873 | 2567312 |
| Austevoll Seafood ASA | &nbsp;&nbsp; 184036 | 1693518 |
| Bakkafrost P/F | &nbsp;&nbsp; 62378 | 2491639 |
| BW LPG Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 141872 | 1886004 |
| BW Offshore Ltd. | &nbsp;&nbsp; 250263 | 846015 |
| DNB Bank ASA | &nbsp;&nbsp; 1234196 | 31224829 |
| DNO ASA | &nbsp;&nbsp; 1604249 | 2190760 |
| Elkem ASA<sup>(a)(c)</sup> | &nbsp;&nbsp; 385640 | 896022 |
| Entra ASA<sup>(b)(c)</sup> | &nbsp;&nbsp; 142493 | 1750376 |
| Equinor ASA | &nbsp;&nbsp; 1109183 | 28492215 |
| Europris ASA<sup>(c)</sup> | &nbsp;&nbsp; 402531 | 3770614 |
| Flex LNG Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 96490 | 2407887 |
| Frontline PLC<sup>(a)</sup> | &nbsp;&nbsp; 225907 | 4159914 |
| Gjensidige Forsikring ASA | &nbsp;&nbsp; 222517 | 5853002 |
| Golden Ocean Group Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 220397 | 1824793 |
| Grieg Seafood ASA<sup>(a)(b)</sup> | &nbsp;&nbsp; 151472 | 1008097 |
| Hoegh Autoliners ASA | &nbsp;&nbsp; 179482 | 1803634 |
| Kongsberg Gruppen ASA | &nbsp;&nbsp; 614798 | 18372088 |
| Leroy Seafood Group ASA | &nbsp;&nbsp; 463881 | 2110225 |
| Mowi ASA | &nbsp;&nbsp; 611005 | 11381486 |
| MPC Container Ships ASA | &nbsp;&nbsp; 791088 | 1457269 |
| Nordic Semiconductor ASA<sup>(b)</sup> | &nbsp;&nbsp; 257382 | 3499125 |
| Norsk Hydro ASA | &nbsp;&nbsp; 1773443 | 10511180 |
| Norwegian Air Shuttle ASA<sup>(b)</sup> | &nbsp;&nbsp; 1513090 | 2474915 |
| Orkla ASA | &nbsp;&nbsp; 1004671 | 10565148 |
| Protector Forsikring ASA | &nbsp;&nbsp; 113280 | 5530731 |
| Salmar ASA | &nbsp;&nbsp; 89644 | 3641703 |
| Scatec ASA<sup>(b)(c)</sup> | &nbsp;&nbsp; 242729 | 2408302 |
| SpareBank 1 SMN | &nbsp;&nbsp; 272144 | 5056792 |
| SpareBank 1 Sor-Norge ASA | &nbsp;&nbsp; 282547 | 4948653 |
| Storebrand ASA | &nbsp;&nbsp; 555193 | 7883896 |
| Subsea 7 SA | &nbsp;&nbsp; 313876 | 6082592 |
| Telenor ASA | &nbsp;&nbsp; 819523 | 12572218 |
| TGS ASA | &nbsp;&nbsp; 312480 | 2295740 |
| TOMRA Systems ASA | &nbsp;&nbsp; 323143 | 4488483 |
| Vend Marketplaces ASA, Class A | &nbsp;&nbsp; 101995 | 4025946 |
| Vend Marketplaces ASA, Class B | &nbsp;&nbsp; 123961 | 4657677 |
| Wallenius Wilhelmsen ASA | &nbsp;&nbsp; 177250 | 1585711 |
| Yara International ASA | &nbsp;&nbsp; 202725 | 7494164 |
|  |  | 240974129 |
| **Peru — 0.1%** | **Peru — 0.1%** | **Peru — 0.1%** |
| Cia. de Minas Buenaventura SAA, ADR | &nbsp;&nbsp; 252564 | 4296113 |
| Credicorp Ltd. | &nbsp;&nbsp; 83600 | 19813200 |
| Southern Copper Corp. | &nbsp;&nbsp; 118174 | 11127264 |
|  |  | 35236577 |
| **Philippines — 0.2%** | **Philippines — 0.2%** | **Philippines — 0.2%** |
| Alliance Global Group Inc. | &nbsp;&nbsp; 3269600 | 431593 |
| Ayala Corp. | &nbsp;&nbsp; 352795 | 3568320 |
| Ayala Land Inc. | &nbsp;&nbsp; 10455530 | 4467181 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Total International Stock ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Philippines (continued)** | **Philippines (continued)** | **Philippines (continued)** |
| Bank of the Philippine Islands | &nbsp;&nbsp; 2353711 | $4769359 |
| BDO Unibank Inc. | &nbsp;&nbsp; 3670844 | 8960988 |
| Converge Information and Communications <br> Technology Solutions Inc.<br>| &nbsp;&nbsp; 3297100 | 1008941 |
| GT Capital Holdings Inc. | &nbsp;&nbsp; 121448 | 1246426 |
| International Container Terminal Services Inc. | &nbsp;&nbsp; 1578980 | 12124060 |
| JG Summit Holdings Inc. | &nbsp;&nbsp; 4417917 | 1587573 |
| Jollibee Foods Corp. | &nbsp;&nbsp; 706040 | 2622543 |
| Manila Electric Co. | &nbsp;&nbsp; 401920 | 3700014 |
| Manila Water Co. Inc. | &nbsp;&nbsp; 2942600 | 1853864 |
| Megaworld Corp. | &nbsp;&nbsp; 8590500 | 292554 |
| Metropolitan Bank & Trust Co. | &nbsp;&nbsp; 2468157 | 3134175 |
| PLDT Inc. | &nbsp;&nbsp; 104430 | 2358477 |
| Semirara Mining & Power Corp., Class A | &nbsp;&nbsp; 462200 | 261477 |
| SM Investments Corp. | &nbsp;&nbsp; 363385 | 5083310 |
| SM Prime Holdings Inc. | &nbsp;&nbsp; 14531100 | 5779309 |
| Universal Robina Corp. | &nbsp;&nbsp; 1278590 | 1936524 |
|  |  | 65186688 |
| **Poland — 0.3%** | **Poland — 0.3%** | **Poland — 0.3%** |
| Alior Bank SA | &nbsp;&nbsp; 163493 | 4404966 |
| Allegro.eu SA <sup>(b)(c)</sup> | &nbsp;&nbsp; 842802 | 8267384 |
| Asseco Poland SA | &nbsp;&nbsp; 109333 | 5898537 |
| Bank Millennium SA<sup>(a)(b)</sup> | &nbsp;&nbsp; 1066906 | 4149429 |
| Bank Polska Kasa Opieki SA | &nbsp;&nbsp; 230775 | 12531858 |
| Benefit Systems SA | &nbsp;&nbsp; 2738 | 2480089 |
| Budimex SA | &nbsp;&nbsp; 18317 | 2741250 |
| CCC SA<sup>(b)</sup> | &nbsp;&nbsp; 71956 | 3697162 |
| CD Projekt SA | &nbsp;&nbsp; 90649 | 6054430 |
| Cyfrowy Polsat SA<sup>(a)(b)</sup> | &nbsp;&nbsp; 383497 | 1539499 |
| Dino Polska SA<sup>(b)(c)</sup> | &nbsp;&nbsp; 669380 | 8827878 |
| Enea SA<sup>(b)</sup> | &nbsp;&nbsp; 278887 | 1408914 |
| Grupa Azoty SA<sup>(a)(b)</sup> | &nbsp;&nbsp; 73664 | 366119 |
| Grupa Kety SA | &nbsp;&nbsp; 13763 | 3202825 |
| KGHM Polska Miedz SA<sup>(b)</sup> | &nbsp;&nbsp; 170637 | 5769107 |
| KRUK SA | &nbsp;&nbsp; 22651 | 2481673 |
| LPP SA | &nbsp;&nbsp; 1268 | 5631645 |
| mBank SA<sup>(b)</sup> | &nbsp;&nbsp; 21187 | 5009948 |
| Orange Polska SA | &nbsp;&nbsp; 945785 | 2207770 |
| ORLEN SA | &nbsp;&nbsp; 719474 | 16021598 |
| PGE Polska Grupa Energetyczna SA<sup>(b)</sup> | &nbsp;&nbsp; 1289266 | 4151114 |
| Powszechna Kasa Oszczednosci Bank <br> Polski SA<br>| &nbsp;&nbsp; 1181993 | 25881508 |
| Powszechny Zaklad Ubezpieczen SA | &nbsp;&nbsp; 780785 | 13086720 |
| Santander Bank Polska SA | &nbsp;&nbsp; 42495 | 6196566 |
| Tauron Polska Energia SA<sup>(b)</sup> | &nbsp;&nbsp; 1568455 | 3479274 |
|  |  | 155487263 |
| **Portugal — 0.1%** | **Portugal — 0.1%** | **Portugal — 0.1%** |
| Altri SGPS SA<sup>(a)</sup> | &nbsp;&nbsp; 213023 | 1159332 |
| Banco Comercial Portugues SA, Class R | &nbsp;&nbsp; 12667052 | 10401478 |
| CTT-Correios de Portugal SA | &nbsp;&nbsp; 184438 | 1554346 |
| EDP Renovaveis SA | &nbsp;&nbsp; 359970 | 4226302 |
| EDP SA | &nbsp;&nbsp; 3899879 | 16856682 |
| Galp Energia SGPS SA | &nbsp;&nbsp; 556575 | 10627930 |
| Jeronimo Martins SGPS SA | &nbsp;&nbsp; 359114 | 8754359 |
| Navigator Co. SA (The)<sup>(a)</sup> | &nbsp;&nbsp; 468225 | 1653707 |
| NOS SGPS SA | &nbsp;&nbsp; 549074 | 2263351 |
| REN - Redes Energeticas Nacionais SGPS SA | &nbsp;&nbsp; 840505 | 2852259 |
| Sonae SGPS SA | &nbsp;&nbsp; 2615012 | 3772092 |
|  |  | 64121838 |
| **Qatar — 0.2%** | **Qatar — 0.2%** | **Qatar — 0.2%** |
| Al Rayan Bank | &nbsp;&nbsp; 8047350 | 5251108 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Qatar (continued)** | **Qatar (continued)** | **Qatar (continued)** |
| Barwa Real Estate Co. | &nbsp;&nbsp; 3763671 | $2896646 |
| Commercial Bank PSQC (The) | &nbsp;&nbsp; 3835335 | 5145326 |
| Doha Bank QPSC | &nbsp;&nbsp; 2266514 | 1521282 |
| Dukhan Bank | &nbsp;&nbsp; 3544888 | 3554516 |
| Industries Qatar QSC | &nbsp;&nbsp; 2258927 | 8236026 |
| Mesaieed Petrochemical Holding Co. | &nbsp;&nbsp; 7334145 | 2723414 |
| Ooredoo QPSC | &nbsp;&nbsp; 1200632 | 4432043 |
| Qatar Aluminum Manufacturing Co. | &nbsp;&nbsp; 7306318 | 2970321 |
| Qatar Electricity & Water Co. QSC | &nbsp;&nbsp; 892271 | 3941061 |
| Qatar Fuel QSC | &nbsp;&nbsp; 731771 | 3051472 |
| Qatar Gas Transport Co. Ltd. | &nbsp;&nbsp; 3221489 | 4251012 |
| Qatar International Islamic Bank QSC | &nbsp;&nbsp; 986401 | 3009831 |
| Qatar Islamic Bank QPSC | &nbsp;&nbsp; 2201610 | 14815989 |
| Qatar National Bank QPSC | &nbsp;&nbsp; 5797658 | 29793239 |
| Qatar Navigation QSC | &nbsp;&nbsp; 792618 | 2357131 |
| United Development Co. QSC | &nbsp;&nbsp; 2244467 | 635363 |
| Vodafone Qatar QSC | &nbsp;&nbsp; 5306371 | 3471975 |
|  |  | 102057755 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| Aeroflot PJSC<sup>(b)(d)</sup> | &nbsp;&nbsp; 2248580 | 277 |
| Alrosa PJSC<sup>(b)(d)</sup> | &nbsp;&nbsp; 2008230 | 248 |
| Mobile TeleSystems PJSC<sup>(b)(d)</sup> | &nbsp;&nbsp; 1079812 | 133 |
| Moscow Exchange MICEX-RTS PJSC<sup>(b)(d)</sup> | &nbsp;&nbsp; 1165970 | 144 |
| Ozon Holdings PLC, ADR<sup>(b)(d)</sup> | &nbsp;&nbsp; 48614 | 6 |
| PhosAgro PJSC<sup>(b)(d)</sup> | &nbsp;&nbsp; 1044 | 10 |
| PhosAgro PJSC, GDR<sup>(b)(d)(e)</sup> | &nbsp;&nbsp; 2 |  |
| Polyus PJSC<sup>(b)(d)</sup> | &nbsp;&nbsp; 299560 | 4 |
| Rosneft Oil Co. PJSC<sup>(b)(d)</sup> | &nbsp;&nbsp; 1203679 | 148 |
| Sberbank of Russia PJSC<sup>(b)(d)</sup> | &nbsp;&nbsp; 10330470 | 1274 |
| Severstal PAO<sup>(b)(d)</sup> | &nbsp;&nbsp; 165788 | 20 |
| Sistema AFK PAO<sup>(b)(d)</sup> | &nbsp;&nbsp; 5373780 | 663 |
| TCS Group Holding PLC, GDR<sup>(b)(d)(e)</sup> | &nbsp;&nbsp; 134948 | 17 |
| United Co. RUSAL International PJSC<sup>(b)(d)</sup> | &nbsp;&nbsp; 2395510 | 295 |
| VK Co. Ltd.<sup>(b)(d)</sup> | &nbsp;&nbsp; 113735 | 14 |
| VTB Bank PJSC<sup>(b)(d)</sup> | &nbsp;&nbsp; 687174 |  |
| X5 Retail Group NV, GDR<sup>(b)(d)</sup> | &nbsp;&nbsp; 128602 | 16 |
|  |  | 3269 |
| **Saudi Arabia — 1.0%** | **Saudi Arabia — 1.0%** | **Saudi Arabia — 1.0%** |
| Abdullah Al Othaim Markets Co. | &nbsp;&nbsp; 838786 | 1631703 |
| ACWA Power Co.<sup>(b)</sup> | &nbsp;&nbsp; 201684 | 11828658 |
| Ades Holding Co. | &nbsp;&nbsp; 623605 | 2091801 |
| Advanced Petrochemical Co.<sup>(b)</sup> | &nbsp;&nbsp; 271642 | 2244915 |
| Al Hammadi Holding | &nbsp;&nbsp; 112134 | 1083052 |
| Al Rajhi Bank | &nbsp;&nbsp; 2582880 | 65124913 |
| Al Rajhi Co. for Co-operative Insurance<sup>(b)</sup> | &nbsp;&nbsp; 61418 | 1942174 |
| Aldrees Petroleum and Transport Services Co. | &nbsp;&nbsp; 108424 | 3443919 |
| Alinma Bank | &nbsp;&nbsp; 1742860 | 11984800 |
| Almarai Co. JSC | &nbsp;&nbsp; 523649 | 6678457 |
| Alujain Corp. | &nbsp;&nbsp; 109537 | 1069227 |
| Arab National Bank | &nbsp;&nbsp; 1070139 | 6190585 |
| Arabian Contracting Services Co.<sup>(b)</sup> | &nbsp;&nbsp; 53510 | 1376480 |
| Arabian Internet & Communications <br> Services Co.<br>| &nbsp;&nbsp; 42136 | 2676921 |
| Arriyadh Development Co. | &nbsp;&nbsp; 278862 | 2376882 |
| Astra Industrial Group | &nbsp;&nbsp; 71260 | 2656540 |
| Bank AlBilad | &nbsp;&nbsp; 1150753 | 7967596 |
| Bank Al-Jazira<sup>(b)</sup> | &nbsp;&nbsp; 1108615 | 3703059 |
| Banque Saudi Fransi | &nbsp;&nbsp; 1594861 | 7286481 |
| Bupa Arabia for Cooperative Insurance Co. | &nbsp;&nbsp; 105149 | 4726113 |
| Catrion Catering Holding Co. | &nbsp;&nbsp; 99699 | 3010876 |
| City Cement Co. | &nbsp;&nbsp; 209134 | 932185 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Total International Stock ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Saudi Arabia (continued)** | **Saudi Arabia (continued)** | **Saudi Arabia (continued)** |
| Co. for Cooperative Insurance (The) | &nbsp;&nbsp; 125638 | $4493446 |
| Dallah Healthcare Co. | &nbsp;&nbsp; 60442 | 2189264 |
| Dar Al Arkan Real Estate Development Co.<sup>(b)</sup> | &nbsp;&nbsp; 925700 | 4708887 |
| Dr Sulaiman Al Habib Medical Services <br> Group Co.<br>| &nbsp;&nbsp; 112006 | 7823166 |
| Electrical Industries Co. | &nbsp;&nbsp; 1166531 | 2789652 |
| Elm Co. | &nbsp;&nbsp; 34746 | 8418131 |
| Emaar Economic City<sup>(b)</sup> | &nbsp;&nbsp; 423674 | 1416469 |
| Etihad Atheeb Telecommunication Co. | &nbsp;&nbsp; 62581 | 1608201 |
| Etihad Etisalat Co. | &nbsp;&nbsp; 534554 | 8721363 |
| Jabal Omar Development Co.<sup>(b)</sup> | &nbsp;&nbsp; 756387 | 4026088 |
| Jarir Marketing Co. | &nbsp;&nbsp; 766993 | 2625301 |
| Leejam Sports Co. JSC | &nbsp;&nbsp; 58256 | 2201222 |
| Makkah Construction & Development Co. | &nbsp;&nbsp; 128204 | 2836750 |
| Middle East Healthcare Co. | &nbsp;&nbsp; 83240 | 1247809 |
| Mobile Telecommunications Co. Saudi Arabia | &nbsp;&nbsp; 800800 | 2218405 |
| Mouwasat Medical Services Co. | &nbsp;&nbsp; 167412 | 3384860 |
| Nahdi Medical Co. | &nbsp;&nbsp; 56691 | 1871010 |
| National Agriculture Development Co. (The)<sup>(b)</sup> | &nbsp;&nbsp; 314179 | 1720017 |
| National Gas & Industrialization Co. | &nbsp;&nbsp; 120684 | 2444670 |
| National Industrialization Co.<sup>(b)</sup> | &nbsp;&nbsp; 621589 | 1592457 |
| Riyad Bank | &nbsp;&nbsp; 1843942 | 13836025 |
| SABIC Agri-Nutrients Co. | &nbsp;&nbsp; 318678 | 10108320 |
| Sahara International Petrochemical Co. | &nbsp;&nbsp; 558791 | 2663282 |
| SAL Saudi Logistics Services | &nbsp;&nbsp; 54419 | 2494875 |
| Saudi Arabian Mining Co.<sup>(b)</sup> | &nbsp;&nbsp; 1762356 | 24365533 |
| Saudi Arabian Oil Co.<sup>(c)</sup> | &nbsp;&nbsp; 7696017 | 49798232 |
| Saudi Aramco Base Oil Co. | &nbsp;&nbsp; 82216 | 2281392 |
| Saudi Awwal Bank | &nbsp;&nbsp; 1248059 | 10758162 |
| Saudi Basic Industries Corp. | &nbsp;&nbsp; 1133217 | 16509906 |
| Saudi Cement Co. | &nbsp;&nbsp; 122445 | 1248246 |
| Saudi Chemical Co. Holding | &nbsp;&nbsp; 1096767 | 2221819 |
| Saudi Electricity Co. | &nbsp;&nbsp; 1181068 | 4644209 |
| Saudi Ground Services Co. | &nbsp;&nbsp; 227087 | 2945464 |
| Saudi Industrial Investment Group | &nbsp;&nbsp; 374811 | 1793482 |
| Saudi Investment Bank (The) | &nbsp;&nbsp; 527677 | 2021920 |
| Saudi Kayan Petrochemical Co.<sup>(b)</sup> | &nbsp;&nbsp; 1065805 | 1296326 |
| Saudi National Bank (The) | &nbsp;&nbsp; 3869984 | 38618929 |
| Saudi Public Transport Co.<sup>(b)</sup> | &nbsp;&nbsp; 183000 | 651260 |
| Saudi Real Estate Co.<sup>(b)</sup> | &nbsp;&nbsp; 328450 | 1609109 |
| Saudi Research & Media Group<sup>(b)</sup> | &nbsp;&nbsp; 53464 | 2617606 |
| Saudi Tadawul Group Holding Co. | &nbsp;&nbsp; 64709 | 2821696 |
| Saudi Telecom Co. | &nbsp;&nbsp; 2689274 | 30102883 |
| Saudia Dairy & Foodstuff Co. | &nbsp;&nbsp; 36355 | 2547341 |
| Savola Group (The)<sup>(b)</sup> | &nbsp;&nbsp; 210775 | 1389864 |
| Seera Group Holding<sup>(b)</sup> | &nbsp;&nbsp; 379001 | 2607932 |
| Southern Province Cement Co. | &nbsp;&nbsp; 97807 | 685096 |
| United Electronics Co. | &nbsp;&nbsp; 112061 | 2681207 |
| United International Transportation Co. | &nbsp;&nbsp; 114155 | 2127586 |
| Yamama Cement Co. | &nbsp;&nbsp; 243051 | 2128341 |
| Yanbu Cement Co. | &nbsp;&nbsp; 180987 | 821123 |
| Yanbu National Petrochemical Co. | &nbsp;&nbsp; 373822 | 3036831 |
|  |  | 463798502 |
| **Singapore — 1.1%** | **Singapore — 1.1%** | **Singapore — 1.1%** |
| CapitaLand Ascendas REIT | &nbsp;&nbsp; 4582848 | 9812459 |
| CapitaLand Ascott Trust | &nbsp;&nbsp; 3716065 | 2557894 |
| CapitaLand China Trust<sup>(a)</sup> | &nbsp;&nbsp; 3057441 | 1785408 |
| CapitaLand Integrated Commercial Trust | &nbsp;&nbsp; 7303067 | 12330939 |
| CapitaLand Investment Ltd./Singapore | &nbsp;&nbsp; 3118500 | 6641788 |
| CDL Hospitality Trusts | &nbsp;&nbsp; 2608681 | 1601866 |
| City Developments Ltd. | &nbsp;&nbsp; 791000 | 3744729 |
| ComfortDelGro Corp. Ltd. | &nbsp;&nbsp; 2454000 | 2884987 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Singapore (continued)** | **Singapore (continued)** | **Singapore (continued)** |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 2794800 | $102581651 |
| ESR-REIT | &nbsp;&nbsp; 1517124 | 3212852 |
| First Resources Ltd. | &nbsp;&nbsp; 1155500 | 1348134 |
| Frasers Centrepoint Trust | &nbsp;&nbsp; 2318746 | 3954160 |
| Frasers Hospitality Trust | &nbsp;&nbsp; 1831900 | 985120 |
| Frasers Logistics & Commercial Trust<sup>(a)</sup> | &nbsp;&nbsp; 3328713 | 2248084 |
| Genting Singapore Ltd. | &nbsp;&nbsp; 6466500 | 3647646 |
| Golden Agri-Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 10465900 | 2048742 |
| Grab Holdings Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 3242837 | 15857473 |
| Hafnia Ltd. | &nbsp;&nbsp; 563489 | 3096702 |
| Hutchison Port Holdings Trust, Class U | &nbsp;&nbsp; 9080500 | 1810098 |
| iFAST Corp. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 296000 | 2059488 |
| Keppel DC REIT | &nbsp;&nbsp; 2332687 | 4245074 |
| Keppel Infrastructure Trust<sup>(a)</sup> | &nbsp;&nbsp; 10313436 | 3487354 |
| Keppel Ltd. | &nbsp;&nbsp; 1816500 | 11801504 |
| Keppel REIT<sup>(a)</sup> | &nbsp;&nbsp; 3624780 | 2645581 |
| Mapletree Industrial Trust | &nbsp;&nbsp; 2636960 | 4110753 |
| Mapletree Logistics Trust<sup>(a)</sup> | &nbsp;&nbsp; 4385456 | 3899834 |
| Mapletree Pan Asia Commercial Trust | &nbsp;&nbsp; 2584493 | 2560985 |
| NetLink NBN Trust<sup>(a)</sup> | &nbsp;&nbsp; 6455900 | 4450116 |
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 4405350 | 57089628 |
| Parkway Life REIT | &nbsp;&nbsp; 1091300 | 3380482 |
| Raffles Medical Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1560000 | 1185917 |
| SATS Ltd. | &nbsp;&nbsp; 1664497 | 4061447 |
| Sea Ltd., ADR<sup>(b)</sup> | &nbsp;&nbsp; 509015 | 79737200 |
| Seatrium Ltd. | &nbsp;&nbsp; 2921689 | 5077780 |
| Sembcorp Industries Ltd. | &nbsp;&nbsp; 1197100 | 7118061 |
| Sheng Siong Group Ltd. | &nbsp;&nbsp; 2216100 | 3577414 |
| SIA Engineering Co. Ltd. | &nbsp;&nbsp; 600600 | 1419206 |
| Singapore Airlines Ltd. | &nbsp;&nbsp; 1896900 | 9907818 |
| Singapore Exchange Ltd. | &nbsp;&nbsp; 1024600 | 12563237 |
| Singapore Post Ltd. | &nbsp;&nbsp; 2653000 | 996759 |
| Singapore Technologies Engineering Ltd. | &nbsp;&nbsp; 2164200 | 14559179 |
| Singapore Telecommunications Ltd. | &nbsp;&nbsp; 10293800 | 30677038 |
| Starhill Global REIT | &nbsp;&nbsp; 4860700 | 2016374 |
| StarHub Ltd. | &nbsp;&nbsp; 836100 | 792054 |
| Suntec REIT | &nbsp;&nbsp; 2801300 | 2493306 |
| United Overseas Bank Ltd. | &nbsp;&nbsp; 1604000 | 44563510 |
| UOL Group Ltd. | &nbsp;&nbsp; 501800 | 2652611 |
| Venture Corp. Ltd. | &nbsp;&nbsp; 229700 | 2278448 |
| Wilmar International Ltd. | &nbsp;&nbsp; 1955600 | 4426220 |
| Yangzijiang Financial Holding Ltd. | &nbsp;&nbsp; 3790100 | 2802400 |
| Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp; 3416400 | 6701022 |
| Yanlord Land Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 925900 | 410660 |
|  |  | 521899192 |
| **South Africa — 1.0%** | **South Africa — 1.0%** | **South Africa — 1.0%** |
| Absa Group Ltd. | &nbsp;&nbsp; 1054445 | 10408241 |
| AECI Ltd. | &nbsp;&nbsp; 241092 | 1448570 |
| African Rainbow Minerals Ltd. | &nbsp;&nbsp; 237030 | 2403638 |
| Anglogold Ashanti PLC | &nbsp;&nbsp; 673285 | 30614700 |
| Aspen Pharmacare Holdings Ltd. | &nbsp;&nbsp; 488981 | 3148698 |
| AVI Ltd. | &nbsp;&nbsp; 511243 | 2635324 |
| Barloworld Ltd. | &nbsp;&nbsp; 309308 | 1974855 |
| Bid Corp. Ltd. | &nbsp;&nbsp; 464493 | 11678463 |
| Bidvest Group Ltd. (The) | &nbsp;&nbsp; 388268 | 5050897 |
| Capitec Bank Holdings Ltd. | &nbsp;&nbsp; 114291 | 22155125 |
| Clicks Group Ltd. | &nbsp;&nbsp; 336458 | 7053959 |
| Coronation Fund Managers Ltd. | &nbsp;&nbsp; 234318 | 529169 |
| Dis-Chem Pharmacies Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 485815 | 828616 |
| Discovery Ltd. | &nbsp;&nbsp; 699848 | 8299003 |
| Exxaro Resources Ltd. | &nbsp;&nbsp; 338421 | 2959100 |
| FirstRand Ltd. | &nbsp;&nbsp; 6417088 | 27250535 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Total International Stock ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Africa (continued)** | **South Africa (continued)** | **South Africa (continued)** |
| Foschini Group Ltd. (The) | &nbsp;&nbsp; 498489 | $3366178 |
| Gold Fields Ltd. | &nbsp;&nbsp; 1196478 | 29178414 |
| Grindrod Ltd. | &nbsp;&nbsp; 340000 | 215995 |
| Growthpoint Properties Ltd. | &nbsp;&nbsp; 3629159 | 2839342 |
| Harmony Gold Mining Co. Ltd. | &nbsp;&nbsp; 751183 | 10057908 |
| Impala Platinum Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1219111 | 11522329 |
| Investec Ltd. | &nbsp;&nbsp; 473769 | 3478932 |
| JSE Ltd. | &nbsp;&nbsp; 192033 | 1433320 |
| Kumba Iron Ore Ltd. | &nbsp;&nbsp; 88862 | 1469403 |
| Life Healthcare Group Holdings Ltd. | &nbsp;&nbsp; 1952897 | 1435493 |
| Momentum Group Ltd. | &nbsp;&nbsp; 1790637 | 3389345 |
| Motus Holdings Ltd. | &nbsp;&nbsp; 322249 | 1642181 |
| Mr. Price Group Ltd. | &nbsp;&nbsp; 375198 | 4341672 |
| MTN Group Ltd. | &nbsp;&nbsp; 2175913 | 18288600 |
| MultiChoice Group<sup>(b)</sup> | &nbsp;&nbsp; 476977 | 3151262 |
| Naspers Ltd., Class N | &nbsp;&nbsp; 220743 | 68139412 |
| Nedbank Group Ltd. | &nbsp;&nbsp; 553533 | 7553239 |
| NEPI Rockcastle NV | &nbsp;&nbsp; 706890 | 5402885 |
| Netcare Ltd. | &nbsp;&nbsp; 1787897 | 1349541 |
| Ninety One Ltd. | &nbsp;&nbsp; 267376 | 643028 |
| Northam Platinum Holdings Ltd. | &nbsp;&nbsp; 477908 | 5489631 |
| Old Mutual Ltd. | &nbsp;&nbsp; 6049145 | 4240586 |
| OUTsurance Group Ltd. | &nbsp;&nbsp; 1291226 | 5475727 |
| Pepkor Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 4617160 | 6933848 |
| Pick n Pay Stores Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1181713 | 1839103 |
| Redefine Properties Ltd. | &nbsp;&nbsp; 10498119 | 2778270 |
| Reinet Investments SCA | &nbsp;&nbsp; 211900 | 6124496 |
| Remgro Ltd. | &nbsp;&nbsp; 588521 | 5361873 |
| Resilient REIT Ltd. | &nbsp;&nbsp; 561707 | 2015395 |
| Reunert Ltd. | &nbsp;&nbsp; 350150 | 1074154 |
| Sanlam Ltd. | &nbsp;&nbsp; 2366393 | 11384927 |
| Sappi Ltd. | &nbsp;&nbsp; 874870 | 1325873 |
| Sasol Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 710618 | 3655487 |
| Shoprite Holdings Ltd. | &nbsp;&nbsp; 661049 | 9635085 |
| Sibanye Stillwater Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3521489 | 7406690 |
| SPAR Group Ltd. (The)<sup>(b)</sup> | &nbsp;&nbsp; 284276 | 1669802 |
| Standard Bank Group Ltd. | &nbsp;&nbsp; 1731701 | 22282616 |
| Super Group Ltd./South Africa<sup>(a)</sup> | &nbsp;&nbsp; 765051 | 677751 |
| Telkom SA SOC Ltd. | &nbsp;&nbsp; 640206 | 2088654 |
| Thungela Resources Ltd. | &nbsp;&nbsp; 176944 | 903261 |
| Tiger Brands Ltd. | &nbsp;&nbsp; 197821 | 3295886 |
| Truworths International Ltd. | &nbsp;&nbsp; 667197 | 2590591 |
| Valterra Platinum Ltd. | &nbsp;&nbsp; 274417 | 12324043 |
| Vodacom Group Ltd. | &nbsp;&nbsp; 792141 | 6047950 |
| Vukile Property Fund Ltd. | &nbsp;&nbsp; 1791729 | 2011648 |
| Wilson Bayly Holmes-Ovcon Ltd. | &nbsp;&nbsp; 62512 | 596697 |
| Woolworths Holdings Ltd./South Africa | &nbsp;&nbsp; 1141411 | 3132947 |
|  |  | 449700363 |
| **South Korea — 3.3%** | **South Korea — 3.3%** | **South Korea — 3.3%** |
| ABLBio Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 73638 | 3838387 |
| Advanced Nano Products Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 24352 | 937875 |
| Alteogen Inc.<sup>(b)</sup> | &nbsp;&nbsp; 54062 | 17439548 |
| Amorepacific Corp. | &nbsp;&nbsp; 37898 | 3651963 |
| Amorepacific Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp; 38545 | 856715 |
| Asiana Airlines Inc.<sup>(b)</sup> | &nbsp;&nbsp; 56186 | 382501 |
| BGF retail Co. Ltd. | &nbsp;&nbsp; 10488 | 849563 |
| BNK Financial Group Inc. | &nbsp;&nbsp; 304689 | 3191000 |
| Celltrion Inc.<sup>(a)</sup> | &nbsp;&nbsp; 221626 | 28413114 |
| Celltrion Pharm Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 29030 | 1116120 |
| Chabiotech Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 170715 | 1355816 |
| Cheil Worldwide Inc. | &nbsp;&nbsp; 103056 | 1472263 |
| CJ CGV Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 145150 | 535869 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| CJ CheilJedang Corp. | &nbsp;&nbsp; 9340 | $1681810 |
| CJ Corp. | &nbsp;&nbsp; 18983 | 2110174 |
| CJ ENM Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 12240 | 576926 |
| CJ Logistics Corp. | &nbsp;&nbsp; 12220 | 779437 |
| Classys Inc. | &nbsp;&nbsp; 52480 | 2171400 |
| Cosmax Inc.<sup>(a)</sup> | &nbsp;&nbsp; 15647 | 2817636 |
| CosmoAM&T Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 36284 | 1003877 |
| Coway Co. Ltd. | &nbsp;&nbsp; 70083 | 5466170 |
| CS Wind Corp. | &nbsp;&nbsp; 42312 | 1392598 |
| Daejoo Electronic Materials Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 24701 | 1300999 |
| Daesang Corp.<sup>(a)</sup> | &nbsp;&nbsp; 39383 | 665031 |
| Daewoo Engineering & Construction Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 241803 | 650527 |
| Daewoong Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 8311 | 875666 |
| DB HiTek Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 58360 | 1903442 |
| DB Insurance Co. Ltd. | &nbsp;&nbsp; 61008 | 5607519 |
| Dentium Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 16544 | 765424 |
| DL E&C Co. Ltd. | &nbsp;&nbsp; 53909 | 1820346 |
| DL Holdings Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 15408 | 556454 |
| Dongjin Semichem Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 94696 | 2134234 |
| Doosan Bobcat Inc. | &nbsp;&nbsp; 79608 | 3155909 |
| Doosan Co. Ltd. | &nbsp;&nbsp; 11093 | 4740114 |
| Doosan Enerbility Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 605364 | 28360461 |
| Doosan Fuel Cell Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 77000 | 1287659 |
| DoubleUGames Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 19485 | 783902 |
| Douzone Bizon Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 31275 | 1598529 |
| Ecopro BM Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 65125 | 5151895 |
| Ecopro Co. Ltd. | &nbsp;&nbsp; 132943 | 4674123 |
| Ecopro Materials Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 37555 | 1362870 |
| E-MART Inc. | &nbsp;&nbsp; 22933 | 1470470 |
| Enchem Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 30242 | 1440850 |
| Eo Technics Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 15430 | 2385312 |
| F&F Co. Ltd./New | &nbsp;&nbsp; 23805 | 1192936 |
| Grand Korea Leisure Co. Ltd. | &nbsp;&nbsp; 77184 | 860647 |
| Green Cross Corp. | &nbsp;&nbsp; 11584 | 1205614 |
| Green Cross Holdings Corp. | &nbsp;&nbsp; 37262 | 427684 |
| GS Engineering & Construction Corp. | &nbsp;&nbsp; 131107 | 1818347 |
| GS Holdings Corp. | &nbsp;&nbsp; 68077 | 2408804 |
| GS Retail Co. Ltd. | &nbsp;&nbsp; 64170 | 750689 |
| Hana Financial Group Inc. | &nbsp;&nbsp; 385581 | 23574069 |
| Hana Micron Inc.<sup>(a)</sup> | &nbsp;&nbsp; 100503 | 920720 |
| Hana Tour Service Inc. | &nbsp;&nbsp; 37185 | 1437611 |
| Hanall Biopharma Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 65805 | 1268457 |
| Hanjin Kal Corp.<sup>(a)</sup> | &nbsp;&nbsp; 37734 | 2951945 |
| Hankook Tire & Technology Co. Ltd. | &nbsp;&nbsp; 109454 | 3491276 |
| Hanmi Pharm Co. Ltd. | &nbsp;&nbsp; 9720 | 1945431 |
| Hanmi Semiconductor Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 57565 | 3733708 |
| Hanon Systems<sup>(b)</sup> | &nbsp;&nbsp; 265899 | 624983 |
| Hansol Chemical Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 13581 | 1762021 |
| Hanssem Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 12601 | 424591 |
| Hanwha Aerospace Co. Ltd. | &nbsp;&nbsp; 46113 | 32899419 |
| Hanwha Corp.<sup>(a)</sup> | &nbsp;&nbsp; 43535 | 3109312 |
| Hanwha Engine<sup>(b)</sup> | &nbsp;&nbsp; 116756 | 2899602 |
| Hanwha Industrial Solutions Co. Ltd./ New<sup>(a)(b)</sup> | &nbsp;&nbsp; 50624 | 2224964 |
| Hanwha Life Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 671121 | 1675384 |
| Hanwha Ocean Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 142213 | 11432234 |
| Hanwha Solutions Corp.<sup>(a)</sup> | &nbsp;&nbsp; 147065 | 3219562 |
| Hanwha Systems Co. Ltd. | &nbsp;&nbsp; 98885 | 4207602 |
| HD Hyundai Co. Ltd. | &nbsp;&nbsp; 60425 | 6182899 |
| HD Hyundai Electric Co. Ltd. | &nbsp;&nbsp; 32802 | 11672988 |
| HD Hyundai Heavy Industries Co. Ltd. | &nbsp;&nbsp; 31709 | 11128569 |
| HD Hyundai Infracore Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 159817 | 1763875 |
| HD Hyundai Mipo<sup>(a)</sup> | &nbsp;&nbsp; 34236 | 5209852 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Total International Stock ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| HD Korea Shipbuilding & Offshore Engineering <br> Co. Ltd.<br>| &nbsp;&nbsp; 55500 | $14262511 |
| HDC Hyundai Development Co-Engineering & <br> Construction, Class E<br>| &nbsp;&nbsp; 74069 | 1249541 |
| HL Mando Co. Ltd. | &nbsp;&nbsp; 57245 | 1422882 |
| HLB Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 165445 | 5705588 |
| HLB Life Science Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 206971 | 702305 |
| HMM Co. Ltd. | &nbsp;&nbsp; 360265 | 6057049 |
| Hotel Shilla Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 43129 | 1449946 |
| HPSP Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 76472 | 1458443 |
| HS Hyosung Advanced Materials Corp.<sup>(a)</sup> | &nbsp;&nbsp; 6008 | 850287 |
| Hugel Inc.<sup>(b)</sup> | &nbsp;&nbsp; 8997 | 2171685 |
| HYBE Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 26658 | 4954702 |
| Hyosung Corp. | &nbsp;&nbsp; 9684 | 604749 |
| Hyosung Heavy Industries Corp. | &nbsp;&nbsp; 7704 | 6715736 |
| Hyosung TNC Corp.<sup>(a)</sup> | &nbsp;&nbsp; 3715 | 627578 |
| Hyundai Department Store Co. Ltd. | &nbsp;&nbsp; 21210 | 1076416 |
| Hyundai Elevator Co. Ltd. | &nbsp;&nbsp; 46871 | 2860818 |
| Hyundai Engineering & Construction Co. Ltd. | &nbsp;&nbsp; 91727 | 4439199 |
| Hyundai Glovis Co. Ltd. | &nbsp;&nbsp; 47938 | 5063840 |
| Hyundai Marine & Fire Insurance Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 104752 | 1977106 |
| Hyundai Mobis Co. Ltd. | &nbsp;&nbsp; 79494 | 16774793 |
| Hyundai Motor Co. | &nbsp;&nbsp; 177805 | 27048991 |
| Hyundai Rotem Co. Ltd. | &nbsp;&nbsp; 106431 | 15385472 |
| Hyundai Steel Co. | &nbsp;&nbsp; 109930 | 2797913 |
| Hyundai Wia Corp.<sup>(a)</sup> | &nbsp;&nbsp; 17876 | 637931 |
| iM Financial Group Co. Ltd. | &nbsp;&nbsp; 271087 | 2697179 |
| Industrial Bank of Korea | &nbsp;&nbsp; 318854 | 4448476 |
| ISC Co. Ltd. | &nbsp;&nbsp; 18772 | 806436 |
| ISU Specialty Chemical<sup>(a)(b)</sup> | &nbsp;&nbsp; 39696 | 1251189 |
| IsuPetasys Co. Ltd. | &nbsp;&nbsp; 85038 | 3919988 |
| JB Financial Group Co. Ltd. | &nbsp;&nbsp; 153610 | 2549484 |
| Jusung Engineering Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 73440 | 1420331 |
| JYP Entertainment Corp.<sup>(a)</sup> | &nbsp;&nbsp; 48787 | 2541791 |
| Kakao Corp. | &nbsp;&nbsp; 418382 | 17353801 |
| Kakao Games Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 57672 | 709512 |
| KakaoBank Corp. | &nbsp;&nbsp; 209211 | 4206771 |
| Kangwon Land Inc. | &nbsp;&nbsp; 120620 | 1619107 |
| KB Financial Group Inc. | &nbsp;&nbsp; 494273 | 39269080 |
| KCC Corp. | &nbsp;&nbsp; 8534 | 2263822 |
| KEPCO Engineering & Construction Co. Inc.<sup>(a)</sup> | &nbsp;&nbsp; 30967 | 2045360 |
| KEPCO Plant Service & Engineering Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 40096 | 1500429 |
| Kia Corp. | &nbsp;&nbsp; 308298 | 22558399 |
| KIWOOM Securities Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 24134 | 3721564 |
| Koh Young Technology Inc.<sup>(a)</sup> | &nbsp;&nbsp; 97910 | 1012796 |
| Kolmar Korea Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 49047 | 3423358 |
| Kolon Industries Inc. | &nbsp;&nbsp; 24923 | 735650 |
| Korea Aerospace Industries Ltd. | &nbsp;&nbsp; 94534 | 6401862 |
| Korea Electric Power Corp. | &nbsp;&nbsp; 322348 | 8903847 |
| Korea Gas Corp. | &nbsp;&nbsp; 49309 | 1518653 |
| Korea Investment Holdings Co. Ltd. | &nbsp;&nbsp; 52311 | 5355286 |
| Korea Zinc Co. Ltd. | &nbsp;&nbsp; 6429 | 3685632 |
| Korean Air Lines Co. Ltd. | &nbsp;&nbsp; 214203 | 3626537 |
| Korean Reinsurance Co. | &nbsp;&nbsp; 230204 | 1767049 |
| Krafton Inc.<sup>(b)</sup> | &nbsp;&nbsp; 37676 | 8871030 |
| KT&G Corp. | &nbsp;&nbsp; 132840 | 12450271 |
| Kum Yang Co. Ltd.<sup>(a)(b)(d)</sup> | &nbsp;&nbsp; 49335 | 316971 |
| Kumho Petrochemical Co. Ltd. | &nbsp;&nbsp; 24952 | 2184201 |
| Kumho Tire Co. Inc.<sup>(b)</sup> | &nbsp;&nbsp; 246156 | 820844 |
| L&F Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 31877 | 1593951 |
| Lake Materials Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 101529 | 905217 |
| LEENO Industrial Inc. | &nbsp;&nbsp; 73685 | 2502548 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| LG Chem Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 63962 | $13752140 |
| LG Corp. | &nbsp;&nbsp; 118389 | 6721502 |
| LG Display Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 355260 | 2750643 |
| LG Electronics Inc. | &nbsp;&nbsp; 143660 | 7951475 |
| LG Energy Solution Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 63311 | 17306944 |
| LG H&H Co. Ltd. | &nbsp;&nbsp; 10735 | 2433369 |
| LG Innotek Co. Ltd. | &nbsp;&nbsp; 19297 | 2153071 |
| LG Uplus Corp. | &nbsp;&nbsp; 279750 | 2944815 |
| LIG Nex1 Co. Ltd. | &nbsp;&nbsp; 18423 | 8295872 |
| LigaChem Biosciences Inc.<sup>(b)</sup> | &nbsp;&nbsp; 45418 | 4346142 |
| Lotte Chemical Corp. | &nbsp;&nbsp; 24020 | 1143637 |
| Lotte Chilsung Beverage Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4748 | 443056 |
| Lotte Energy Materials Corp.<sup>(b)</sup> | &nbsp;&nbsp; 34126 | 608265 |
| Lotte Fine Chemical Co. Ltd. | &nbsp;&nbsp; 44578 | 1374429 |
| Lotte Shopping Co. Ltd. | &nbsp;&nbsp; 12216 | 628682 |
| Lotte Wellfood Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6530 | 578580 |
| LS Corp.<sup>(a)</sup> | &nbsp;&nbsp; 25781 | 3179810 |
| LS Electric Co. Ltd. | &nbsp;&nbsp; 21429 | 4729653 |
| Lunit Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 37214 | 1244246 |
| LX International Corp. | &nbsp;&nbsp; 65510 | 1509869 |
| LX Semicon Co. Ltd. | &nbsp;&nbsp; 16941 | 667752 |
| Medytox Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8402 | 884237 |
| Meritz Financial Group Inc. | &nbsp;&nbsp; 127602 | 10597038 |
| Mirae Asset Securities Co. Ltd. | &nbsp;&nbsp; 351293 | 4794853 |
| Misto Holdings Corp. | &nbsp;&nbsp; 72389 | 1863638 |
| Naturecell Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 99646 | 2699192 |
| NAVER Corp. | &nbsp;&nbsp; 187857 | 31615415 |
| NCSoft Corp. | &nbsp;&nbsp; 20692 | 2872905 |
| Netmarble Corp.<sup>(c)</sup> | &nbsp;&nbsp; 33478 | 1429728 |
| Nexon Games Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 73258 | 728986 |
| NH Investment & Securities Co. Ltd. | &nbsp;&nbsp; 251832 | 3650818 |
| NongShim Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6031 | 1673551 |
| OCI Holdings Co. Ltd. | &nbsp;&nbsp; 22477 | 1507013 |
| Orion Corp./Republic of Korea | &nbsp;&nbsp; 31477 | 2513276 |
| Oscotec Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 56282 | 1272620 |
| Pan Ocean Co. Ltd. | &nbsp;&nbsp; 354924 | 1072598 |
| Paradise Co. Ltd. | &nbsp;&nbsp; 57062 | 741928 |
| Pearl Abyss Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 45056 | 1260251 |
| Peptron Inc.<sup>(b)</sup> | &nbsp;&nbsp; 28949 | 6044742 |
| PharmaResearch Co. Ltd. | &nbsp;&nbsp; 10482 | 4172227 |
| Poongsan Corp.<sup>(a)</sup> | &nbsp;&nbsp; 31668 | 3652573 |
| Posco DX Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 78035 | 1334404 |
| POSCO Future M Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 44777 | 4555131 |
| POSCO Holdings Inc. | &nbsp;&nbsp; 93711 | 20607915 |
| Posco International Corp. | &nbsp;&nbsp; 69752 | 2438750 |
| Rainbow Robotics<sup>(a)(b)</sup> | &nbsp;&nbsp; 13195 | 2601122 |
| S-1 Corp. | &nbsp;&nbsp; 20485 | 1091697 |
| Sam Chun Dang Pharm Co. Ltd. | &nbsp;&nbsp; 24637 | 3621736 |
| Samsung Biologics Co. Ltd.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 24121 | 18429109 |
| Samsung C&T Corp.<sup>(a)</sup> | &nbsp;&nbsp; 107989 | 13028312 |
| Samsung E&A Co. Ltd. | &nbsp;&nbsp; 203330 | 3855575 |
| Samsung Electro-Mechanics Co. Ltd. | &nbsp;&nbsp; 70297 | 7468864 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 6213883 | 316683949 |
| Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp; 41123 | 12982093 |
| Samsung Heavy Industries Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 893576 | 12196794 |
| Samsung Life Insurance Co. Ltd. | &nbsp;&nbsp; 97933 | 8839867 |
| Samsung SDI Co. Ltd. | &nbsp;&nbsp; 81473 | 11691061 |
| Samsung SDS Co. Ltd. | &nbsp;&nbsp; 50704 | 5809053 |
| Samsung Securities Co. Ltd. | &nbsp;&nbsp; 88832 | 4503289 |
| Samyang Foods Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5679 | 5868305 |
| SD Biosensor Inc.<sup>(a)</sup> | &nbsp;&nbsp; 56710 | 407527 |
| Seah Besteel Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp; 26113 | 586176 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Total International Stock ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| Seegene Inc. | &nbsp;&nbsp; 56570 | $1204171 |
| Seojin System Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 79408 | 1244739 |
| SFA Engineering Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 40481 | 713960 |
| Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp; 560830 | 27308997 |
| Shinsegae Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8694 | 1074154 |
| Shinsung Delta Tech Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 28822 | 1386119 |
| Silicon2 Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 75986 | 2815931 |
| SK Biopharmaceuticals Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 42853 | 3018027 |
| SK Bioscience Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 41814 | 1368115 |
| SK Chemicals Co. Ltd. | &nbsp;&nbsp; 20766 | 1012866 |
| SK Hynix Inc.<sup>(a)</sup> | &nbsp;&nbsp; 718094 | 139177971 |
| SK IE Technology Co. Ltd.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 41220 | 817115 |
| SK Inc. | &nbsp;&nbsp; 49678 | 7209866 |
| SK Innovation Co. Ltd. | &nbsp;&nbsp; 80948 | 6263055 |
| SK Networks Co. Ltd. | &nbsp;&nbsp; 167542 | 549569 |
| SK Square Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 124250 | 13383009 |
| SK Telecom Co. Ltd. | &nbsp;&nbsp; 28408 | 1147441 |
| SKC Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 31343 | 2255415 |
| SM Entertainment Co. Ltd. | &nbsp;&nbsp; 24100 | 2301689 |
| S-Oil Corp.<sup>(a)</sup> | &nbsp;&nbsp; 58810 | 2652744 |
| SOLUM Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 113027 | 1339716 |
| Solus Advanced Materials Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 57717 | 354841 |
| Soop Co. Ltd. | &nbsp;&nbsp; 16537 | 939832 |
| Soulbrain Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 9891 | 1677357 |
| Taihan Electric Wire Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 125982 | 1413910 |
| TechWing Inc.<sup>(a)</sup> | &nbsp;&nbsp; 60089 | 1189161 |
| TKG Huchems Co. Ltd. | &nbsp;&nbsp; 39610 | 502361 |
| Wemade Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 37842 | 851100 |
| Woori Financial Group Inc. | &nbsp;&nbsp; 831701 | 14757019 |
| YG Entertainment Inc. | &nbsp;&nbsp; 26345 | 1609536 |
| Youngone Corp. | &nbsp;&nbsp; 21168 | 920094 |
| Youngone Holdings Co. Ltd. | &nbsp;&nbsp; 15947 | 1616096 |
| Yuhan Corp. | &nbsp;&nbsp; 78140 | 6579773 |
|  |  | 1489480215 |
| **Spain — 2.0%** | **Spain — 2.0%** | **Spain — 2.0%** |
| Acciona SA | &nbsp;&nbsp; 35805 | 6867215 |
| Acerinox SA | &nbsp;&nbsp; 248164 | 2863687 |
| ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp; 266727 | 18408096 |
| Aena SME SA<sup>(c)</sup> | &nbsp;&nbsp; 966510 | 26026287 |
| Almirall SA | &nbsp;&nbsp; 139085 | 1674185 |
| Amadeus IT Group SA | &nbsp;&nbsp; 583039 | 46814389 |
| Atresmedia Corp. de Medios de <br> Comunicacion SA<br>| &nbsp;&nbsp; 287060 | 1622218 |
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 7549776 | 125917096 |
| Banco de Sabadell SA | &nbsp;&nbsp; 7345792 | 27112587 |
| Banco Santander SA | &nbsp;&nbsp; 19839053 | 170432976 |
| Bankinter SA | &nbsp;&nbsp; 919805 | 13129501 |
| CaixaBank SA | &nbsp;&nbsp; 5168426 | 48626129 |
| Cellnex Telecom SA<sup>(c)</sup> | &nbsp;&nbsp; 673316 | 23760998 |
| CIE Automotive SA | &nbsp;&nbsp; 119439 | 3586018 |
| Construcciones y Auxiliar de Ferrocarriles SA | &nbsp;&nbsp; 47568 | 2880542 |
| Enagas SA | &nbsp;&nbsp; 305654 | 4577929 |
| Ence Energia y Celulosa SA | &nbsp;&nbsp; 277571 | 873472 |
| Endesa SA | &nbsp;&nbsp; 374470 | 10833195 |
| Ferrovial SE | &nbsp;&nbsp; 662521 | 33962757 |
| Fluidra SA | &nbsp;&nbsp; 147057 | 3667693 |
| Gestamp Automocion SA<sup>(c)</sup> | &nbsp;&nbsp; 202590 | 761537 |
| Grifols SA<sup>(b)</sup> | &nbsp;&nbsp; 329149 | 4904363 |
| Iberdrola SA | &nbsp;&nbsp; 8363313 | 146996242 |
| Indra Sistemas SA<sup>(a)</sup> | &nbsp;&nbsp; 107085 | 4435888 |
| Industria de Diseno Textil SA | &nbsp;&nbsp; 1411583 | 67427119 |
| Inmobiliaria Colonial SOCIMI SA | &nbsp;&nbsp; 396729 | 2627314 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Spain (continued)** | **Spain (continued)** | **Spain (continued)** |
| International Consolidated Airlines Group SA, <br> Class DI<br>| &nbsp;&nbsp; 1626291 | $8153032 |
| Laboratorios Farmaceuticos Rovi SA | &nbsp;&nbsp; 31436 | 1940449 |
| Linea Directa Aseguradora SA Cia de Seguros <br> y Reaseguros<br>| &nbsp;&nbsp; 930848 | 1434114 |
| Logista Integral SA | &nbsp;&nbsp; 71827 | 2273362 |
| Melia Hotels International SA | &nbsp;&nbsp; 199634 | 1772596 |
| Merlin Properties SOCIMI SA | &nbsp;&nbsp; 462710 | 6406703 |
| Neinor Homes SA<sup>(c)</sup> | &nbsp;&nbsp; 57545 | 1118487 |
| Pharma Mar SA | &nbsp;&nbsp; 22806 | 2078812 |
| Prosegur Cia. de Seguridad SA | &nbsp;&nbsp; 370157 | 1096199 |
| Redeia Corp. SA | &nbsp;&nbsp; 286554 | 5555131 |
| Repsol SA | &nbsp;&nbsp; 1433864 | 21739889 |
| Sacyr SA | &nbsp;&nbsp; 814430 | 3334894 |
| Solaria Energia y Medio Ambiente SA<sup>(b)</sup> | &nbsp;&nbsp; 177403 | 2281066 |
| Talgo SA<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 192819 | 666929 |
| Tecnicas Reunidas SA<sup>(b)</sup> | &nbsp;&nbsp; 102250 | 2518094 |
| Telefonica SA | &nbsp;&nbsp; 4940823 | 25498563 |
| Unicaja Banco SA<sup>(c)</sup> | &nbsp;&nbsp; 1924856 | 5057361 |
| Vidrala SA | &nbsp;&nbsp; 11177 | 1203165 |
| Viscofan SA | &nbsp;&nbsp; 55668 | 3809231 |
|  |  | 898727510 |
| **Sweden — 2.2%** | **Sweden — 2.2%** | **Sweden — 2.2%** |
| AAK AB | &nbsp;&nbsp; 226564 | 5828227 |
| AddLife AB, Class B | &nbsp;&nbsp; 185197 | 3261346 |
| AddTech AB, Class B | &nbsp;&nbsp; 353350 | 11878985 |
| AFRY AB | &nbsp;&nbsp; 155431 | 2405849 |
| Alfa Laval AB | &nbsp;&nbsp; 370897 | 16114586 |
| Alimak Group AB<sup>(c)</sup> | &nbsp;&nbsp; 85139 | 1459389 |
| Alleima AB | &nbsp;&nbsp; 310385 | 2193478 |
| Arjo AB, Class B | &nbsp;&nbsp; 402431 | 1402380 |
| Asmodee Group AB, Class B<sup>(b)</sup> | &nbsp;&nbsp; 212040 | 2670345 |
| Assa Abloy AB, Class B | &nbsp;&nbsp; 1368705 | 45290765 |
| Atlas Copco AB, Class A | &nbsp;&nbsp; 3515578 | 53536571 |
| Atlas Copco AB, Class B | &nbsp;&nbsp; 1943108 | 26296377 |
| Attendo AB<sup>(c)</sup> | &nbsp;&nbsp; 121070 | 845963 |
| Avanza Bank Holding AB | &nbsp;&nbsp; 173019 | 6373945 |
| Axfood AB | &nbsp;&nbsp; 133900 | 3989993 |
| Beijer Ref AB, Class B | &nbsp;&nbsp; 521478 | 8753997 |
| Betsson AB, Class B | &nbsp;&nbsp; 220668 | 3736432 |
| Bilia AB, Class A | &nbsp;&nbsp; 122695 | 1441581 |
| Billerud Aktiebolag | &nbsp;&nbsp; 364112 | 3091574 |
| BioArctic AB, Class B<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 72301 | 1583004 |
| BioGaia AB, Class B | &nbsp;&nbsp; 194795 | 1949076 |
| Boliden AB<sup>(b)</sup> | &nbsp;&nbsp; 368295 | 11273224 |
| BoneSupport Holding AB<sup>(b)(c)</sup> | &nbsp;&nbsp; 108070 | 3649712 |
| Bravida Holding AB<sup>(c)</sup> | &nbsp;&nbsp; 302844 | 2841871 |
| Bufab AB | &nbsp;&nbsp; 268017 | 2657967 |
| Bure Equity AB | &nbsp;&nbsp; 80989 | 2390901 |
| Camurus AB<sup>(b)</sup> | &nbsp;&nbsp; 62512 | 4337319 |
| Castellum AB | &nbsp;&nbsp; 497056 | 5658266 |
| Catena AB | &nbsp;&nbsp; 82376 | 3721271 |
| Clas Ohlson AB, Class B | &nbsp;&nbsp; 86721 | 3017416 |
| Cloetta AB, Class B | &nbsp;&nbsp; 539566 | 1735266 |
| Corem Property Group AB, Class B | &nbsp;&nbsp; 996809 | 444608 |
| Dios Fastigheter AB | &nbsp;&nbsp; 186237 | 1223538 |
| Dometic Group AB<sup>(c)</sup> | &nbsp;&nbsp; 446558 | 2255755 |
| Electrolux AB, Class B<sup>(b)</sup> | &nbsp;&nbsp; 336689 | 2050638 |
| Electrolux Professional AB, Class B | &nbsp;&nbsp; 482276 | 3276927 |
| Elekta AB, Class B | &nbsp;&nbsp; 446194 | 2200234 |
| Embracer Group AB<sup>(b)</sup> | &nbsp;&nbsp; 206424 | 2135372 |
| Epiroc AB, Class A | &nbsp;&nbsp; 827166 | 16835435 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Total International Stock ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| Epiroc AB, Class B | &nbsp;&nbsp; 530965 | $9518072 |
| EQT AB | &nbsp;&nbsp; 497074 | 16614250 |
| Essity AB, Class B | &nbsp;&nbsp; 800664 | 19742380 |
| Evolution AB<sup>(c)</sup> | &nbsp;&nbsp; 189574 | 16864702 |
| Fabege AB | &nbsp;&nbsp; 356002 | 2983882 |
| Fastighets AB Balder, Class B<sup>(b)</sup> | &nbsp;&nbsp; 861710 | 5818345 |
| Getinge AB, Class B | &nbsp;&nbsp; 289925 | 5722616 |
| Granges AB | &nbsp;&nbsp; 142489 | 1910654 |
| H & M Hennes & Mauritz AB, Class B | &nbsp;&nbsp; 714753 | 9628895 |
| Hemnet Group AB | &nbsp;&nbsp; 111786 | 3219266 |
| Hexagon AB, Class B | &nbsp;&nbsp; 2700047 | 29668329 |
| Hexatronic Group AB<sup>(a)(b)</sup> | &nbsp;&nbsp; 528657 | 1122849 |
| Hexpol AB | &nbsp;&nbsp; 386550 | 3328578 |
| HMS Networks AB<sup>(b)</sup> | &nbsp;&nbsp; 69008 | 2899699 |
| Holmen AB, Class B | &nbsp;&nbsp; 102499 | 3809541 |
| Hufvudstaden AB, Class A | &nbsp;&nbsp; 168229 | 2035676 |
| Husqvarna AB, Class B | &nbsp;&nbsp; 515181 | 2790273 |
| Industrivarden AB, Class A | &nbsp;&nbsp; 171906 | 6360166 |
| Industrivarden AB, Class C | &nbsp;&nbsp; 222587 | 8220062 |
| Indutrade AB | &nbsp;&nbsp; 372566 | 9047541 |
| Instalco AB | &nbsp;&nbsp; 406497 | 1064402 |
| Investment AB Latour, Class B | &nbsp;&nbsp; 173996 | 4441976 |
| Investor AB, Class B | &nbsp;&nbsp; 2274385 | 65910582 |
| INVISIO AB | &nbsp;&nbsp; 88199 | 2857742 |
| JM AB | &nbsp;&nbsp; 148715 | 2131084 |
| Kinnevik AB, Class B | &nbsp;&nbsp; 361918 | 3244950 |
| L E Lundbergforetagen AB, Class B | &nbsp;&nbsp; 79151 | 3860759 |
| Lifco AB, Class B | &nbsp;&nbsp; 341757 | 12173752 |
| Lindab International AB | &nbsp;&nbsp; 165011 | 3468296 |
| Loomis AB, Class B | &nbsp;&nbsp; 95412 | 3772524 |
| Medicover AB, Class B | &nbsp;&nbsp; 172472 | 4831548 |
| MEKO AB | &nbsp;&nbsp; 85725 | 750480 |
| Millicom International Cellular SA | &nbsp;&nbsp; 164295 | 6596444 |
| MIPS AB | &nbsp;&nbsp; 50274 | 2130679 |
| Modern Times Group MTG AB, Class B<sup>(b)</sup> | &nbsp;&nbsp; 136345 | 1401706 |
| Munters Group AB<sup>(c)</sup> | &nbsp;&nbsp; 199471 | 2807210 |
| Mycronic AB | &nbsp;&nbsp; 241361 | 5237263 |
| NCC AB, Class B | &nbsp;&nbsp; 161908 | 3065774 |
| New Wave Group AB, Class B | &nbsp;&nbsp; 214585 | 2569862 |
| Nibe Industrier AB, Class B | &nbsp;&nbsp; 2067478 | 9540192 |
| Nolato AB, Class B | &nbsp;&nbsp; 387142 | 2290113 |
| Nordea Bank Abp | &nbsp;&nbsp; 4030717 | 58815342 |
| Nordnet AB publ | &nbsp;&nbsp; 204548 | 5524040 |
| Nyfosa AB | &nbsp;&nbsp; 349985 | 3034129 |
| Pandox AB, Class B | &nbsp;&nbsp; 172072 | 3072573 |
| Paradox Interactive AB | &nbsp;&nbsp; 52148 | 891661 |
| Peab AB, Class B | &nbsp;&nbsp; 246140 | 1851112 |
| Platzer Fastigheter Holding AB, Class B | &nbsp;&nbsp; 141789 | 1010376 |
| Ratos AB, Class B | &nbsp;&nbsp; 406027 | 1437370 |
| Saab AB, Class B | &nbsp;&nbsp; 428725 | 23320057 |
| Sagax AB, Class B | &nbsp;&nbsp; 276639 | 5855237 |
| Samhallsbyggnadsbolaget i Norden AB<sup>(a)</sup> | &nbsp;&nbsp; 1814398 | 909711 |
| Sandvik AB | &nbsp;&nbsp; 1351197 | 32968745 |
| Scandic Hotels Group AB<sup>(c)</sup> | &nbsp;&nbsp; 439864 | 3647511 |
| Sectra AB, Class B | &nbsp;&nbsp; 182669 | 6772630 |
| Securitas AB, Class B | &nbsp;&nbsp; 622497 | 9238686 |
| Sinch AB<sup>(b)(c)</sup> | &nbsp;&nbsp; 929217 | 3189959 |
| Skandinaviska Enskilda Banken AB, Class A | &nbsp;&nbsp; 2018727 | 35312635 |
| Skanska AB, Class B | &nbsp;&nbsp; 413043 | 9634844 |
| SKF AB, Class B | &nbsp;&nbsp; 402703 | 9379935 |
| SSAB AB, Class A | &nbsp;&nbsp; 233980 | 1349280 |
| SSAB AB, Class B | &nbsp;&nbsp; 884059 | 4996410 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| Storskogen Group AB, Class B | &nbsp;&nbsp; 2036638 | $2363779 |
| Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp; 767461 | 9624842 |
| Svenska Handelsbanken AB, Class A | &nbsp;&nbsp; 1930586 | 23522986 |
| Sweco AB, Class B | &nbsp;&nbsp; 259227 | 4089184 |
| Swedbank AB, Class A | &nbsp;&nbsp; 1116965 | 29742573 |
| Swedish Orphan Biovitrum AB<sup>(b)</sup> | &nbsp;&nbsp; 254524 | 6998516 |
| Tele2 AB, Class B | &nbsp;&nbsp; 746935 | 11543964 |
| Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp; 3671810 | 26670488 |
| Telia Co. AB | &nbsp;&nbsp; 2938101 | 10376521 |
| Thule Group AB<sup>(c)</sup> | &nbsp;&nbsp; 176319 | 4986610 |
| Trelleborg AB, Class B | &nbsp;&nbsp; 269089 | 9777290 |
| Truecaller AB, Class B | &nbsp;&nbsp; 499060 | 2492944 |
| Vitec Software Group AB, Class B | &nbsp;&nbsp; 65553 | 2541328 |
| Vitrolife AB | &nbsp;&nbsp; 106715 | 1568170 |
| Volvo AB, Class B | &nbsp;&nbsp; 2039233 | 58566336 |
| Wallenstam AB, Class B | &nbsp;&nbsp; 642342 | 2911241 |
| Wihlborgs Fastigheter AB | &nbsp;&nbsp; 407957 | 4009018 |
| Yubico AB<sup>(a)(b)</sup> | &nbsp;&nbsp; 82533 | 1135760 |
|  |  | 1016396490 |
| **Switzerland — 5.5%** | **Switzerland — 5.5%** | **Switzerland — 5.5%** |
| ABB Ltd., Registered | &nbsp;&nbsp; 2070433 | 135195319 |
| Accelleron Industries AG | &nbsp;&nbsp; 140476 | 12794812 |
| Adecco Group AG, Registered | &nbsp;&nbsp; 203165 | 6397288 |
| Alcon AG | &nbsp;&nbsp; 661083 | 57955805 |
| Allreal Holding AG, Registered | &nbsp;&nbsp; 18938 | 4283481 |
| ALSO Holding AG, Registered | &nbsp;&nbsp; 9614 | 2903709 |
| Amrize Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 695587 | 35162576 |
| ams-OSRAM AG<sup>(b)</sup> | &nbsp;&nbsp; 144771 | 1908199 |
| Aryzta AG<sup>(b)</sup> | &nbsp;&nbsp; 45693 | 4288423 |
| Autoneum Holding AG | &nbsp;&nbsp; 5669 | 1007822 |
| Avolta AG, Registered | &nbsp;&nbsp; 115106 | 5983618 |
| Bachem Holding AG<sup>(a)</sup> | &nbsp;&nbsp; 46630 | 3928416 |
| Baloise Holding AG, Registered | &nbsp;&nbsp; 53962 | 12932797 |
| Banque Cantonale Vaudoise, Registered | &nbsp;&nbsp; 42892 | 4963645 |
| Barry Callebaut AG, Registered<sup>(a)</sup> | &nbsp;&nbsp; 4455 | 5425292 |
| Basilea Pharmaceutica Ag Allschwil, <br> Registered<sup>(b)</sup><br>| &nbsp;&nbsp; 29738 | 2108928 |
| Belimo Holding AG, Registered | &nbsp;&nbsp; 13938 | 16220038 |
| BeOne Medicines Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1122879 | 25527993 |
| BKW AG | &nbsp;&nbsp; 32275 | 7206121 |
| Bossard Holding AG, Class A, Registered | &nbsp;&nbsp; 8649 | 1833032 |
| Bucher Industries AG, Registered | &nbsp;&nbsp; 7398 | 3493696 |
| Burckhardt Compression Holding AG | &nbsp;&nbsp; 6088 | 5421925 |
| Bystronic AG, Registered | &nbsp;&nbsp; 1498 | 742315 |
| Cembra Money Bank AG | &nbsp;&nbsp; 42771 | 4800198 |
| Chocoladefabriken Lindt & Spruengli AG, <br> Participation Certificates, NVS<br>| &nbsp;&nbsp; 1345 | 19785716 |
| Chocoladefabriken Lindt & Spruengli <br> AG, Registered<br>| &nbsp;&nbsp; 134 | 19593781 |
| Cie Financiere Richemont SA, <br> Class A, Registered<br>| &nbsp;&nbsp; 709996 | 115925435 |
| Clariant AG, Registered | &nbsp;&nbsp; 261906 | 2687929 |
| Comet Holding AG, Registered | &nbsp;&nbsp; 12108 | 3048558 |
| COSMO Pharmaceuticals NV | &nbsp;&nbsp; 20355 | 1460182 |
| Daetwyler Holding AG, Bearer<sup>(a)</sup> | &nbsp;&nbsp; 10806 | 1924485 |
| DKSH Holding AG | &nbsp;&nbsp; 46578 | 3220880 |
| dormakaba Holding AG | &nbsp;&nbsp; 5219 | 5038029 |
| EFG International AG | &nbsp;&nbsp; 123387 | 2445614 |
| Emmi AG, Registered | &nbsp;&nbsp; 3142 | 2860014 |
| EMS-Chemie Holding AG, Registered | &nbsp;&nbsp; 8941 | 7034698 |
| Flughafen Zurich AG, Registered | &nbsp;&nbsp; 24083 | 6787470 |
| Forbo Holding AG, Registered | &nbsp;&nbsp; 1513 | 1435103 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Total International Stock ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| Galderma Group AG | &nbsp;&nbsp; 159864 | $24637937 |
| Galenica AG<sup>(c)</sup> | &nbsp;&nbsp; 66078 | 7012833 |
| Geberit AG, Registered | &nbsp;&nbsp; 46061 | 35287257 |
| Georg Fischer AG | &nbsp;&nbsp; 107768 | 8430546 |
| Givaudan SA, Registered | &nbsp;&nbsp; 12279 | 51330480 |
| Helvetia Holding AG, Registered | &nbsp;&nbsp; 52068 | 12521388 |
| Holcim AG | &nbsp;&nbsp; 704585 | 56190597 |
| Huber + Suhner AG, Registered | &nbsp;&nbsp; 34215 | 4568589 |
| Implenia AG, Registered | &nbsp;&nbsp; 18572 | 1250070 |
| Inficon Holding AG | &nbsp;&nbsp; 27825 | 3348072 |
| Interroll Holding AG, Registered | &nbsp;&nbsp; 976 | 2748385 |
| Julius Baer Group Ltd. | &nbsp;&nbsp; 275555 | 18645227 |
| Kardex Holding AG, Registered | &nbsp;&nbsp; 10729 | 4131384 |
| Komax Holding AG, Registered<sup>(a)(b)</sup> | &nbsp;&nbsp; 6287 | 860552 |
| Kuehne + Nagel International AG, Registered | &nbsp;&nbsp; 61674 | 12574027 |
| Landis+Gyr Group AG | &nbsp;&nbsp; 37290 | 3044890 |
| LEM Holding SA, Registered<sup>(b)</sup> | &nbsp;&nbsp; 842 | 684432 |
| Logitech International SA, Registered | &nbsp;&nbsp; 201244 | 18660722 |
| Lonza Group AG, Registered | &nbsp;&nbsp; 95197 | 66349347 |
| Medmix AG<sup>(c)</sup> | &nbsp;&nbsp; 36563 | 534401 |
| Mobilezone Holding AG, Registered | &nbsp;&nbsp; 51469 | 717956 |
| Mobimo Holding AG, Registered | &nbsp;&nbsp; 12659 | 4957938 |
| Nestle SA, Registered | &nbsp;&nbsp; 3446869 | 301177292 |
| Novartis AG, Registered | &nbsp;&nbsp; 2497342 | 284414900 |
| OC Oerlikon Corp. AG Pfaffikon, Registered | &nbsp;&nbsp; 323131 | 1578677 |
| Partners Group Holding AG | &nbsp;&nbsp; 29781 | 40034494 |
| PSP Swiss Property AG, Registered | &nbsp;&nbsp; 61239 | 10390074 |
| Roche Holding AG, Bearer | &nbsp;&nbsp; 39238 | 13040163 |
| Roche Holding AG, NVS | &nbsp;&nbsp; 926174 | 289033925 |
| Sandoz Group AG | &nbsp;&nbsp; 559975 | 32024349 |
| Schindler Holding AG, Participation <br> Certificates, NVS<br>| &nbsp;&nbsp; 56427 | 20406029 |
| Schindler Holding AG, Registered | &nbsp;&nbsp; 29808 | 10454538 |
| Schweiter Technologies AG | &nbsp;&nbsp; 1583 | 730678 |
| Sensirion Holding AG<sup>(b)(c)</sup> | &nbsp;&nbsp; 15377 | 1523456 |
| SFS Group AG | &nbsp;&nbsp; 23430 | 3027764 |
| SGS SA | &nbsp;&nbsp; 209614 | 21299583 |
| Siegfried Holding AG | &nbsp;&nbsp; 54362 | 6078008 |
| SIG Group AG | &nbsp;&nbsp; 414288 | 6702671 |
| Sika AG, Registered | &nbsp;&nbsp; 202104 | 47692405 |
| Softwareone Holding AG | &nbsp;&nbsp; 148472 | 1211743 |
| Softwareone Holding AG<sup>(b)</sup> | &nbsp;&nbsp; 127094 | 1038516 |
| Sonova Holding AG, Registered | &nbsp;&nbsp; 68034 | 18519396 |
| Stadler Rail AG<sup>(a)</sup> | &nbsp;&nbsp; 71018 | 1876769 |
| Straumann Holding AG | &nbsp;&nbsp; 149771 | 18248077 |
| Sulzer AG, Registered | &nbsp;&nbsp; 31748 | 6108660 |
| Sunrise Communications AG, Class A | &nbsp;&nbsp; 86558 | 4611632 |
| Swatch Group AG (The), Bearer | &nbsp;&nbsp; 36319 | 6423277 |
| Swiss Life Holding AG, Registered | &nbsp;&nbsp; 39411 | 40821817 |
| Swiss Prime Site AG, Registered | &nbsp;&nbsp; 114371 | 15818505 |
| Swiss Re AG | &nbsp;&nbsp; 398932 | 71409369 |
| Swisscom AG, Registered | &nbsp;&nbsp; 33819 | 23498602 |
| Swissquote Group Holding SA, Registered | &nbsp;&nbsp; 16119 | 10710197 |
| Tecan Group AG, Registered | &nbsp;&nbsp; 15628 | 3094213 |
| Temenos AG, Registered | &nbsp;&nbsp; 77957 | 6972836 |
| UBS Group AG, Registered | &nbsp;&nbsp; 4303108 | 159920737 |
| Valiant Holding AG, Registered | &nbsp;&nbsp; 26345 | 4146643 |
| VAT Group AG<sup>(c)</sup> | &nbsp;&nbsp; 37011 | 12960831 |
| Vontobel Holding AG, Registered | &nbsp;&nbsp; 43356 | 3161257 |
| Ypsomed Holding AG, Registered | &nbsp;&nbsp; 6147 | 2941076 |
| Zurich Insurance Group AG | &nbsp;&nbsp; 192368 | 131215404 |
|  |  | 2528538935 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan — 5.8%** | **Taiwan — 5.8%** | **Taiwan — 5.8%** |
| AcBel Polytech Inc. | &nbsp;&nbsp; 1553000 | $1426539 |
| Accton Technology Corp. | &nbsp;&nbsp; 709000 | 20939739 |
| Acer Inc. | &nbsp;&nbsp; 3433148 | 3667842 |
| Acter Group Corp. Ltd. | &nbsp;&nbsp; 255000 | 4157675 |
| ADATA Technology Co. Ltd. | &nbsp;&nbsp; 726784 | 2203910 |
| Advanced Energy Solution Holding Co. Ltd. | &nbsp;&nbsp; 68000 | 2802620 |
| Advanced Wireless Semiconductor Co. | &nbsp;&nbsp; 416631 | 1320347 |
| Advantech Co. Ltd. | &nbsp;&nbsp; 598756 | 6660467 |
| Airoha Technology Corp., NVS | &nbsp;&nbsp; 73000 | 1346346 |
| Airtac International Group | &nbsp;&nbsp; 155185 | 4413696 |
| Alchip Technologies Ltd. | &nbsp;&nbsp; 102000 | 13039371 |
| Allis Electric Co. Ltd. | &nbsp;&nbsp; 413709 | 1406042 |
| Ambassador Hotel (The) | &nbsp;&nbsp; 94000 | 131145 |
| Andes Technology Corp.<sup>(b)</sup> | &nbsp;&nbsp; 128000 | 1198703 |
| AP Memory Technology Corp. | &nbsp;&nbsp; 206000 | 2246695 |
| Ardentec Corp. | &nbsp;&nbsp; 868000 | 2181253 |
| ASE Technology Holding Co. Ltd. | &nbsp;&nbsp; 4263958 | 20677574 |
| Asia Cement Corp. | &nbsp;&nbsp; 2363329 | 3194674 |
| Asia Optical Co. Inc. | &nbsp;&nbsp; 464000 | 2002636 |
| Asia Vital Components Co. Ltd. | &nbsp;&nbsp; 429709 | 13060687 |
| ASMedia Technology Inc. | &nbsp;&nbsp; 59000 | 3712078 |
| ASPEED Technology Inc. | &nbsp;&nbsp; 39600 | 5997053 |
| Asustek Computer Inc. | &nbsp;&nbsp; 927000 | 20348955 |
| AUO Corp. | &nbsp;&nbsp; 7440400 | 2966275 |
| AURAS Technology Co. Ltd. | &nbsp;&nbsp; 121000 | 2695488 |
| BES Engineering Corp. | &nbsp;&nbsp; 3890000 | 1440290 |
| Bizlink Holding Inc. | &nbsp;&nbsp; 276145 | 8305519 |
| Bora Pharmaceuticals Co. Ltd. | &nbsp;&nbsp; 109336 | 2979638 |
| Brighton-Best International Taiwan Inc. | &nbsp;&nbsp; 950000 | 1108175 |
| Caliway Biopharmaceuticals Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1460000 | 6038227 |
| Capital Securities Corp. | &nbsp;&nbsp; 4055450 | 2742283 |
| Catcher Technology Co. Ltd. | &nbsp;&nbsp; 674000 | 4759871 |
| Cathay Financial Holding Co. Ltd. | &nbsp;&nbsp; 12362254 | 25056262 |
| Center Laboratories Inc. | &nbsp;&nbsp; 926518 | 1152849 |
| Century Iron & Steel Industrial Co. Ltd. | &nbsp;&nbsp; 298000 | 1860231 |
| Chailease Holding Co. Ltd. | &nbsp;&nbsp; 1761266 | 6799635 |
| Chang Hwa Commercial Bank Ltd. | &nbsp;&nbsp; 6528095 | 4032199 |
| Chenbro Micom Co. Ltd. | &nbsp;&nbsp; 243000 | 4118920 |
| Cheng Loong Corp. | &nbsp;&nbsp; 1613000 | 983354 |
| Cheng Shin Rubber Industry Co. Ltd. | &nbsp;&nbsp; 2597500 | 3474635 |
| Cheng Uei Precision Industry Co. Ltd. | &nbsp;&nbsp; 709000 | 1338296 |
| Chicony Electronics Co. Ltd. | &nbsp;&nbsp; 758137 | 3305814 |
| China Airlines Ltd. | &nbsp;&nbsp; 6346000 | 4348517 |
| China Bills Finance Corp. | &nbsp;&nbsp; 1992000 | 1009814 |
| China Motor Corp. | &nbsp;&nbsp; 355000 | 654768 |
| China Petrochemical Development Corp.<sup>(b)</sup> | &nbsp;&nbsp; 7861587 | 1954345 |
| China Steel Chemical Corp. | &nbsp;&nbsp; 457000 | 1327585 |
| China Steel Corp. | &nbsp;&nbsp; 14904575 | 9679064 |
| Chipbond Technology Corp. | &nbsp;&nbsp; 1061000 | 1983518 |
| ChipMOS Technologies Inc. | &nbsp;&nbsp; 1633000 | 1412983 |
| Chroma ATE Inc. | &nbsp;&nbsp; 494000 | 7073726 |
| Chung-Hsin Electric & Machinery <br> Manufacturing Corp.<br>| &nbsp;&nbsp; 674000 | 3693808 |
| Chunghwa Precision Test Tech Co. Ltd. | &nbsp;&nbsp; 58000 | 1638797 |
| Chunghwa Telecom Co. Ltd. | &nbsp;&nbsp; 4681000 | 20227905 |
| Compal Electronics Inc. | &nbsp;&nbsp; 4448000 | 4352823 |
| Compeq Manufacturing Co. Ltd. | &nbsp;&nbsp; 1407000 | 3058004 |
| Coretronic Corp. | &nbsp;&nbsp; 597000 | 1616311 |
| CTBC Financial Holding Co. Ltd. | &nbsp;&nbsp; 22155980 | 30444457 |
| CTCI Corp. | &nbsp;&nbsp; 1060000 | 1033490 |
| Delta Electronics Inc. | &nbsp;&nbsp; 2567000 | 48357394 |
| E Ink Holdings Inc. | &nbsp;&nbsp; 1142000 | 7776120 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Total International Stock ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| E.Sun Financial Holding Co. Ltd. | &nbsp;&nbsp; 20569745 | $21999206 |
| Eclat Textile Co. Ltd. | &nbsp;&nbsp; 219365 | 2934299 |
| EirGenix Inc.<sup>(b)</sup> | &nbsp;&nbsp; 321000 | 683356 |
| Elan Microelectronics Corp. | &nbsp;&nbsp; 581000 | 2400345 |
| Elite Material Co. Ltd. | &nbsp;&nbsp; 415000 | 15212491 |
| Elite Semiconductor Microelectronics <br> Technology Inc.<br>| &nbsp;&nbsp; 670000 | 1113690 |
| eMemory Technology Inc. | &nbsp;&nbsp; 82000 | 5550952 |
| Ennoconn Corp. | &nbsp;&nbsp; 220273 | 2239369 |
| Ennostar Inc. | &nbsp;&nbsp; 1181500 | 1382409 |
| Eternal Materials Co. Ltd. | &nbsp;&nbsp; 1755253 | 1626592 |
| Eva Airways Corp. | &nbsp;&nbsp; 3557332 | 4485439 |
| Evergreen Marine Corp. Taiwan Ltd. | &nbsp;&nbsp; 1489590 | 9829647 |
| Everlight Electronics Co. Ltd. | &nbsp;&nbsp; 1052000 | 2428956 |
| Far Eastern Department Stores Ltd. | &nbsp;&nbsp; 1094702 | 775078 |
| Far Eastern International Bank | &nbsp;&nbsp; 7009919 | 3144256 |
| Far Eastern New Century Corp. | &nbsp;&nbsp; 3841071 | 3681451 |
| Far EasTone Telecommunications Co. Ltd. | &nbsp;&nbsp; 2329000 | 6352112 |
| Faraday Technology Corp. | &nbsp;&nbsp; 337968 | 1704553 |
| Feng Hsin Steel Co. Ltd. | &nbsp;&nbsp; 725000 | 1638232 |
| Feng TAY Enterprise Co. Ltd. | &nbsp;&nbsp; 467564 | 1849045 |
| First Financial Holding Co. Ltd. | &nbsp;&nbsp; 15073478 | 14890097 |
| Fitipower Integrated Technology Inc. | &nbsp;&nbsp; 176250 | 1057725 |
| FLEXium Interconnect Inc.<sup>(b)</sup> | &nbsp;&nbsp; 476987 | 1040005 |
| Formosa Chemicals & Fibre Corp. | &nbsp;&nbsp; 4548660 | 4368374 |
| Formosa Plastics Corp. | &nbsp;&nbsp; 5398040 | 7678674 |
| Fortune Electric Co. Ltd. | &nbsp;&nbsp; 246070 | 5415755 |
| Fositek Corp. | &nbsp;&nbsp; 83000 | 2496033 |
| Foxconn Technology Co. Ltd. | &nbsp;&nbsp; 1771287 | 3808677 |
| Fubon Financial Holding Co. Ltd. | &nbsp;&nbsp; 10708892 | 29392362 |
| Fulgent Sun International Holding Co. Ltd. | &nbsp;&nbsp; 250824 | 856584 |
| General Interface Solution GIS Holding Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 347000 | 530346 |
| Genius Electronic Optical Co. Ltd. | &nbsp;&nbsp; 141281 | 2034703 |
| Getac Holdings Corp. | &nbsp;&nbsp; 707000 | 2772776 |
| Giant Manufacturing Co. Ltd. | &nbsp;&nbsp; 514189 | 1969432 |
| Gigabyte Technology Co. Ltd. | &nbsp;&nbsp; 696000 | 6314568 |
| Global Unichip Corp. | &nbsp;&nbsp; 111000 | 4445247 |
| Globalwafers Co. Ltd. | &nbsp;&nbsp; 292000 | 3314495 |
| Gloria Material Technology Corp. | &nbsp;&nbsp; 1496000 | 1851869 |
| Gold Circuit Electronics Ltd. | &nbsp;&nbsp; 514000 | 6366615 |
| Goldsun Building Materials Co. Ltd. | &nbsp;&nbsp; 1912056 | 2359078 |
| Gourmet Master Co. Ltd. | &nbsp;&nbsp; 129000 | 345843 |
| Grand Process Technology Corp. | &nbsp;&nbsp; 44000 | 2190722 |
| Grape King Bio Ltd. | &nbsp;&nbsp; 210000 | 907588 |
| Great Wall Enterprise Co. Ltd. | &nbsp;&nbsp; 1626195 | 3315980 |
| Gudeng Precision Industrial Co. Ltd. | &nbsp;&nbsp; 196000 | 1968082 |
| HannStar Display Corp.<sup>(b)</sup> | &nbsp;&nbsp; 3910000 | 932379 |
| Highwealth Construction Corp. | &nbsp;&nbsp; 2496920 | 3411788 |
| Hiwin Technologies Corp. | &nbsp;&nbsp; 488879 | 3431913 |
| Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp; 16332769 | 96044513 |
| Hota Industrial Manufacturing Co. Ltd. | &nbsp;&nbsp; 558194 | 1015171 |
| Hotai Motor Co. Ltd. | &nbsp;&nbsp; 386600 | 7111748 |
| HTC Corp.<sup>(b)</sup> | &nbsp;&nbsp; 1383000 | 1857011 |
| Hua Nan Financial Holdings Co. Ltd. | &nbsp;&nbsp; 12513389 | 11990205 |
| Huaku Development Co. Ltd. | &nbsp;&nbsp; 656040 | 2086922 |
| IBF Financial Holdings Co. Ltd. | &nbsp;&nbsp; 6838198 | 3319914 |
| Innolux Corp. | &nbsp;&nbsp; 8954465 | 3434310 |
| International Games System Co. Ltd. | &nbsp;&nbsp; 362000 | 9465461 |
| Inventec Corp. | &nbsp;&nbsp; 3335000 | 4925543 |
| ITEQ Corp. | &nbsp;&nbsp; 460101 | 1545726 |
| Jentech Precision Industrial Co. Ltd. | &nbsp;&nbsp; 139993 | 6660521 |
| Jinan Acetate Chemical Co. Ltd. | &nbsp;&nbsp; 1390830 | 3701711 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| Kaori Heat Treatment Co. Ltd. | &nbsp;&nbsp; 337000 | $3531680 |
| Kenda Rubber Industrial Co. Ltd. | &nbsp;&nbsp; 1094968 | 827417 |
| Kenmec Mechanical Engineering Co. Ltd. | &nbsp;&nbsp; 505128 | 1229295 |
| KGI Financial Holding Co. Ltd. | &nbsp;&nbsp; 22315340 | 11303953 |
| King Slide Works Co. Ltd. | &nbsp;&nbsp; 73000 | 6427621 |
| King Yuan Electronics Co. Ltd. | &nbsp;&nbsp; 1510000 | 5906621 |
| King's Town Bank Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1352000 | 2437859 |
| Kinik Co. | &nbsp;&nbsp; 203000 | 2191457 |
| Kinsus Interconnect Technology Corp. | &nbsp;&nbsp; 389000 | 1321796 |
| L&K Engineering Co. Ltd. | &nbsp;&nbsp; 298000 | 3208531 |
| LandMark Optoelectronics Corp. | &nbsp;&nbsp; 150000 | 2030498 |
| Largan Precision Co. Ltd. | &nbsp;&nbsp; 125000 | 9804142 |
| Lien Hwa Industrial Holdings Corp. | &nbsp;&nbsp; 2165226 | 3273716 |
| Lite-On Technology Corp. | &nbsp;&nbsp; 2611074 | 10322868 |
| Lotes Co. Ltd. | &nbsp;&nbsp; 108841 | 5089392 |
| Lotus Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 220000 | 1593323 |
| M31 Technology Corp. | &nbsp;&nbsp; 52801 | 869236 |
| Macronix International Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2794525 | 1757202 |
| Makalot Industrial Co. Ltd. | &nbsp;&nbsp; 367863 | 3235301 |
| MediaTek Inc. | &nbsp;&nbsp; 1999970 | 90567771 |
| Medigen Vaccine Biologics Corp.<sup>(b)</sup> | &nbsp;&nbsp; 450595 | 644463 |
| Mega Financial Holding Co. Ltd. | &nbsp;&nbsp; 15505087 | 22055914 |
| Merida Industry Co. Ltd. | &nbsp;&nbsp; 426350 | 1647166 |
| Merry Electronics Co. Ltd. | &nbsp;&nbsp; 658834 | 2498656 |
| Microbio Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 710643 | 568577 |
| Micro-Star International Co. Ltd. | &nbsp;&nbsp; 804000 | 3840970 |
| Mitac Holdings Corp.<sup>(b)</sup> | &nbsp;&nbsp; 1427198 | 3614031 |
| MPI Corp. | &nbsp;&nbsp; 155000 | 5387247 |
| Nan Kang Rubber Tire Co. Ltd. | &nbsp;&nbsp; 907000 | 1132148 |
| Nan Ya Plastics Corp. | &nbsp;&nbsp; 5980300 | 8156515 |
| Nan Ya Printed Circuit Board Corp. | &nbsp;&nbsp; 282000 | 1651997 |
| Nanya Technology Corp.<sup>(b)</sup> | &nbsp;&nbsp; 2143000 | 3154867 |
| Nien Made Enterprise Co. Ltd. | &nbsp;&nbsp; 252000 | 3597227 |
| Novatek Microelectronics Corp. | &nbsp;&nbsp; 694000 | 10967750 |
| Nuvoton Technology Corp. | &nbsp;&nbsp; 549000 | 1253691 |
| Oneness Biotech Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 905272 | 1912856 |
| Orient Semiconductor Electronics Ltd. | &nbsp;&nbsp; 557000 | 717987 |
| Pan Jit International Inc. | &nbsp;&nbsp; 988000 | 1557056 |
| Parade Technologies Ltd. | &nbsp;&nbsp; 106000 | 2017371 |
| Pegatron Corp. | &nbsp;&nbsp; 2606000 | 6937615 |
| PharmaEssentia Corp.<sup>(b)</sup> | &nbsp;&nbsp; 400000 | 6603671 |
| Phison Electronics Corp. | &nbsp;&nbsp; 183000 | 3212523 |
| Pixart Imaging Inc. | &nbsp;&nbsp; 302000 | 1957855 |
| Polaris Group/Tw<sup>(b)</sup> | &nbsp;&nbsp; 510813 | 610115 |
| Pou Chen Corp. | &nbsp;&nbsp; 3140000 | 2952886 |
| Powerchip Semiconductor Manufacturing <br> Corp.<sup>(b)</sup><br>| &nbsp;&nbsp; 4099000 | 2041939 |
| Powertech Technology Inc. | &nbsp;&nbsp; 723000 | 3019921 |
| President Chain Store Corp. | &nbsp;&nbsp; 648000 | 5553023 |
| Primax Electronics Ltd. | &nbsp;&nbsp; 819000 | 1984936 |
| Prince Housing & Development Corp. | &nbsp;&nbsp; 2790521 | 848894 |
| Qisda Corp. | &nbsp;&nbsp; 2579000 | 2224071 |
| Quanta Computer Inc. | &nbsp;&nbsp; 3522000 | 32804465 |
| Quanta Storage Inc. | &nbsp;&nbsp; 386000 | 1129636 |
| Radiant Opto-Electronics Corp. | &nbsp;&nbsp; 522060 | 2399666 |
| Raydium Semiconductor Corp. | &nbsp;&nbsp; 111000 | 1288201 |
| Realtek Semiconductor Corp. | &nbsp;&nbsp; 625020 | 11950921 |
| Ruentex Development Co. Ltd. | &nbsp;&nbsp; 2752469 | 2747590 |
| Ruentex Industries Ltd. | &nbsp;&nbsp; 1128044 | 1961416 |
| Sanyang Motor Co. Ltd. | &nbsp;&nbsp; 873000 | 1805974 |
| Sercomm Corp. | &nbsp;&nbsp; 521000 | 1737835 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Total International Stock ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| Shanghai Commercial & Savings Bank Ltd. <br> (The)<br>| &nbsp;&nbsp; 5074007 | $7284471 |
| Shihlin Electric & Engineering Corp. | &nbsp;&nbsp; 364000 | 2152504 |
| Shin Zu Shing Co. Ltd. | &nbsp;&nbsp; 283984 | 2208150 |
| Shinkong Synthetic Fibers Corp. | &nbsp;&nbsp; 3361000 | 1443137 |
| Silergy Corp. | &nbsp;&nbsp; 406000 | 4367173 |
| Silicon Integrated Systems Corp. | &nbsp;&nbsp; 707200 | 1298030 |
| Simplo Technology Co. Ltd. | &nbsp;&nbsp; 303200 | 4139728 |
| Sinbon Electronics Co. Ltd. | &nbsp;&nbsp; 280000 | 2263227 |
| Sino-American Silicon Products Inc. | &nbsp;&nbsp; 906000 | 3037398 |
| SinoPac Financial Holdings Co. Ltd. | &nbsp;&nbsp; 14348654 | 11839202 |
| Sitronix Technology Corp. | &nbsp;&nbsp; 258000 | 1712779 |
| Standard Foods Corp. | &nbsp;&nbsp; 829422 | 885392 |
| Sunonwealth Electric Machine Industry Co. Ltd. | &nbsp;&nbsp; 422000 | 1593189 |
| Supreme Electronics Co. Ltd. | &nbsp;&nbsp; 864000 | 1215871 |
| Synnex Technology International Corp. | &nbsp;&nbsp; 1338600 | 2966572 |
| TA Chen Stainless Pipe | &nbsp;&nbsp; 2676561 | 3508523 |
| Ta Ya Electric Wire & Cable | &nbsp;&nbsp; 1613545 | 1870663 |
| Taichung Commercial Bank Co. Ltd. | &nbsp;&nbsp; 5885194 | 4373049 |
| TaiMed Biologics Inc.<sup>(b)</sup> | &nbsp;&nbsp; 493338 | 1341463 |
| Tainan Spinning Co. Ltd. | &nbsp;&nbsp; 3200816 | 1374695 |
| Taishin Financial Holding Co. Ltd. | &nbsp;&nbsp; 27721471 | 15129967 |
| Taiwan Business Bank | &nbsp;&nbsp; 9402214 | 5051760 |
| Taiwan Cooperative Financial Holding Co. Ltd. | &nbsp;&nbsp; 13257497 | 11252280 |
| Taiwan Fertilizer Co. Ltd. | &nbsp;&nbsp; 1368000 | 2376045 |
| Taiwan High Speed Rail Corp. | &nbsp;&nbsp; 2303000 | 2098835 |
| Taiwan Hon Chuan Enterprise Co. Ltd. | &nbsp;&nbsp; 660055 | 3217992 |
| Taiwan Mobile Co. Ltd. | &nbsp;&nbsp; 2182000 | 7692203 |
| Taiwan Secom Co. Ltd. | &nbsp;&nbsp; 600105 | 2271966 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 32413000 | 1247876271 |
| Taiwan Surface Mounting Technology Corp. | &nbsp;&nbsp; 417000 | 1469874 |
| Taiwan Union Technology Corp. | &nbsp;&nbsp; 450000 | 4063733 |
| Tatung Co. Ltd. | &nbsp;&nbsp; 2204000 | 2623726 |
| TCC Group Holdings Co. Ltd. | &nbsp;&nbsp; 9431081 | 7650227 |
| Teco Electric and Machinery Co. Ltd. | &nbsp;&nbsp; 2016000 | 3422392 |
| Test Research Inc. | &nbsp;&nbsp; 199000 | 958348 |
| Tong Hsing Electronic Industries Ltd. | &nbsp;&nbsp; 557931 | 1885984 |
| Tong Yang Industry Co. Ltd. | &nbsp;&nbsp; 533000 | 1861576 |
| Topco Scientific Co. Ltd. | &nbsp;&nbsp; 345000 | 3310328 |
| Transcend Information Inc. | &nbsp;&nbsp; 610000 | 1920620 |
| Tripod Technology Corp. | &nbsp;&nbsp; 507000 | 4718808 |
| TSRC Corp. | &nbsp;&nbsp; 1592100 | 966664 |
| TTY Biopharm Co. Ltd. | &nbsp;&nbsp; 518965 | 1337714 |
| Tung Ho Steel Enterprise Corp. | &nbsp;&nbsp; 1023540 | 2194436 |
| TXC Corp. | &nbsp;&nbsp; 753000 | 2105718 |
| Unimicron Technology Corp. | &nbsp;&nbsp; 1660000 | 7535229 |
| Uni-President Enterprises Corp. | &nbsp;&nbsp; 6901292 | 18214326 |
| Unitech Printed Circuit Board Corp.<sup>(b)</sup> | &nbsp;&nbsp; 1259459 | 1168554 |
| United Integrated Services Co. Ltd. | &nbsp;&nbsp; 315000 | 8270074 |
| United Microelectronics Corp. | &nbsp;&nbsp; 14599000 | 20229438 |
| UPI Semiconductor Corp. | &nbsp;&nbsp; 156000 | 1012015 |
| Vanguard International Semiconductor Corp. | &nbsp;&nbsp; 1269964 | 3935761 |
| Via Technologies Inc. | &nbsp;&nbsp; 584000 | 1154356 |
| VisEra Technologies Co. Ltd. | &nbsp;&nbsp; 255000 | 1887118 |
| Visual Photonics Epitaxy Co. Ltd. | &nbsp;&nbsp; 452000 | 2162577 |
| Voltronic Power Technology Corp. | &nbsp;&nbsp; 94788 | 3723229 |
| Walsin Lihwa Corp. | &nbsp;&nbsp; 5221228 | 3901981 |
| Walsin Technology Corp. | &nbsp;&nbsp; 607000 | 1707703 |
| Wan Hai Lines Ltd. | &nbsp;&nbsp; 1084200 | 3206428 |
| Win Semiconductors Corp. | &nbsp;&nbsp; 483953 | 1372376 |
| Winbond Electronics Corp.<sup>(b)</sup> | &nbsp;&nbsp; 5745211 | 3297297 |
| Wisdom Marine Lines Co. Ltd. | &nbsp;&nbsp; 706000 | 1373043 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| Wistron Corp. | &nbsp;&nbsp; 3719227 | $15136736 |
| Wiwynn Corp. | &nbsp;&nbsp; 153000 | 13963780 |
| WNC Corp. | &nbsp;&nbsp; 578973 | 2269553 |
| WPG Holdings Ltd. | &nbsp;&nbsp; 1783360 | 3951503 |
| WT Microelectronics Co. Ltd. | &nbsp;&nbsp; 878000 | 4026477 |
| XinTec Inc. | &nbsp;&nbsp; 327000 | 1598388 |
| Yageo Corp. | &nbsp;&nbsp; 517680 | 9096485 |
| Yang Ming Marine Transport Corp. | &nbsp;&nbsp; 2293000 | 4651838 |
| YFY Inc. | &nbsp;&nbsp; 2046000 | 1662226 |
| Yuanta Financial Holding Co. Ltd. | &nbsp;&nbsp; 12779312 | 13255757 |
| Yulon Finance Corp. | &nbsp;&nbsp; 389000 | 1302835 |
| Yulon Motor Co. Ltd. | &nbsp;&nbsp; 976274 | 1064906 |
| Zhen Ding Technology Holding Ltd. | &nbsp;&nbsp; 784050 | 3270011 |
|  |  | 2635409385 |
| **Thailand — 0.4%** | **Thailand — 0.4%** | **Thailand — 0.4%** |
| Advanced Info Service PCL, NVDR | &nbsp;&nbsp; 1586900 | 14099213 |
| Airports of Thailand PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 6508600 | 8133599 |
| Amata Corp. PCL, NVDR | &nbsp;&nbsp; 3931800 | 1910297 |
| B Grimm Power PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 2553900 | 908133 |
| Bangchak Corp. PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 2660300 | 2762423 |
| Bangkok Chain Hospital PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 3914800 | 1679229 |
| Bangkok Dusit Medical Services PCL, NVDR | &nbsp;&nbsp; 14214000 | 9352522 |
| Bangkok Expressway & Metro PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 13216100 | 2245101 |
| Banpu PCL, NVDR | &nbsp;&nbsp; 15808400 | 2435318 |
| Betagro PCL, NVS | &nbsp;&nbsp; 538300 | 290784 |
| BTS Group Holdings PCL, NVDR<sup>(b)</sup> | &nbsp;&nbsp; 19014811 | 2042038 |
| Bumrungrad Hospital PCL, NVDR | &nbsp;&nbsp; 759000 | 3947430 |
| Central Pattana PCL, NVDR | &nbsp;&nbsp; 3013100 | 4802344 |
| CH Karnchang PCL, NVDR | &nbsp;&nbsp; 2440600 | 1003365 |
| Charoen Pokphand Foods PCL, NVDR | &nbsp;&nbsp; 4857200 | 3387500 |
| CK Power PCL, NVDR | &nbsp;&nbsp; 6916300 | 552206 |
| CP ALL PCL, NVDR | &nbsp;&nbsp; 7602100 | 10983802 |
| CP Axtra PCL<sup>(a)</sup> | &nbsp;&nbsp; 2668485 | 1678335 |
| Delta Electronics Thailand PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 4285400 | 18969221 |
| Electricity Generating PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 690900 | 2336121 |
| Gulf Development PCL<sup>(b)</sup> | &nbsp;&nbsp; 7376773 | 10605126 |
| Hana Microelectronics PCL, NVDR | &nbsp;&nbsp; 1046300 | 733580 |
| Home Product Center PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 8678700 | 1892184 |
| IRPC PCL, NVDR | &nbsp;&nbsp; 23908100 | 749549 |
| KCE Electronics PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 1470500 | 1107987 |
| Kiatnakin Phatra Bank PCL, NVDR | &nbsp;&nbsp; 1317200 | 2220415 |
| Krung Thai Bank PCL, NVDR | &nbsp;&nbsp; 6558300 | 4409418 |
| Land & Houses PCL, NVDR | &nbsp;&nbsp; 16798600 | 1957986 |
| MBK PCL, NVDR | &nbsp;&nbsp; 2250700 | 1161345 |
| Minor International PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 4316100 | 3282461 |
| Muangthai Capital PCL, NVDR | &nbsp;&nbsp; 1893300 | 2172854 |
| Osotspa PCL, NVDR | &nbsp;&nbsp; 2133400 | 1164967 |
| PTT Exploration & Production PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 1626761 | 6262587 |
| PTT Global Chemical PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 3113300 | 2245109 |
| PTT PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 12829900 | 13045101 |
| SCB X PCL, NVDR | &nbsp;&nbsp; 892600 | 3448238 |
| Siam Cement PCL (The), NVDR<sup>(a)</sup> | &nbsp;&nbsp; 975900 | 5993247 |
| Sri Trang Agro-Industry PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 3765900 | 1616965 |
| Srisawad Corp. PCL, NVDR | &nbsp;&nbsp; 2335499 | 1445956 |
| Thai Oil PCL, NVDR | &nbsp;&nbsp; 2485000 | 2613842 |
| Thai Union Group PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 4507300 | 1526625 |
| Thanachart Capital PCL, NVDR | &nbsp;&nbsp; 1123700 | 1692426 |
| TPI Polene PCL, NVDR | &nbsp;&nbsp; 20301500 | 571523 |
| True Corp. PCL, NVDR<sup>(b)</sup> | &nbsp;&nbsp; 13488185 | 4279366 |
| TTW PCL, NVDR | &nbsp;&nbsp; 9718500 | 2657757 |
| VGI PCL, NVDR | &nbsp;&nbsp; 24475200 | 1564926 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Total International Stock ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Thailand (continued)** | **Thailand (continued)** | **Thailand (continued)** |
| WHA Corp. PCL, NVDR | &nbsp;&nbsp; 21413400 | $2323275 |
|  |  | 176263796 |
| **Turkey — 0.2%** | **Turkey — 0.2%** | **Turkey — 0.2%** |
| Akbank TAS | &nbsp;&nbsp; 4065285 | 6740071 |
| Alarko Holding A/S | &nbsp;&nbsp; 533725 | 1232103 |
| Anadolu Efes Biracilik Ve Malt Sanayii A/S | &nbsp;&nbsp; 3782632 | 1410077 |
| Aselsan Elektronik Sanayi Ve Ticaret A/S | &nbsp;&nbsp; 2226361 | 10239636 |
| BIM Birlesik Magazalar A/S | &nbsp;&nbsp; 623551 | 8148684 |
| Coca-Cola Icecek A/S | &nbsp;&nbsp; 1581483 | 1973797 |
| Dogan Sirketler Grubu Holding AS | &nbsp;&nbsp; 3452784 | 1350312 |
| Emlak Konut Gayrimenkul Yatirim Ortakligi AS<sup>(a)</sup> | &nbsp;&nbsp; 5976889 | 2914089 |
| Eregli Demir ve Celik Fabrikalari TAS | &nbsp;&nbsp; 4936415 | 3237263 |
| Ford Otomotiv Sanayi AS | &nbsp;&nbsp; 1332538 | 3119056 |
| Haci Omer Sabanci Holding AS | &nbsp;&nbsp; 1670742 | 3914365 |
| Hektas Ticaret TAS<sup>(a)(b)</sup> | &nbsp;&nbsp; 31422982 | 3060286 |
| Kardemir Karabuk Demir Celik Sanayi ve Ticaret <br> A/S, Class D<sup>(b)</sup><br>| &nbsp;&nbsp; 2235252 | 1519094 |
| KOC Holding AS<sup>(a)</sup> | &nbsp;&nbsp; 1061651 | 4676975 |
| Kontrolmatik Enerji Ve Muhendislik AS | &nbsp;&nbsp; 1664443 | 1042256 |
| Koza Anadolu Metal Madencilik Isletmeleri <br> AS<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 498585 | 913574 |
| Migros Ticaret AS | &nbsp;&nbsp; 239006 | 3082265 |
| Oyak Cimento Fabrikalari AS<sup>(a)(b)</sup> | &nbsp;&nbsp; 2880736 | 1693184 |
| Pegasus Hava Tasimaciligi AS<sup>(b)</sup> | &nbsp;&nbsp; 529347 | 3278778 |
| Petkim Petrokimya Holding AS<sup>(a)(b)</sup> | &nbsp;&nbsp; 6230311 | 2620347 |
| Sasa Polyester Sanayi AS<sup>(a)(b)</sup> | &nbsp;&nbsp; 16600884 | 1273896 |
| Sok Marketler Ticaret AS | &nbsp;&nbsp; 876348 | 804448 |
| TAV Havalimanlari Holding AS<sup>(a)(b)</sup> | &nbsp;&nbsp; 455437 | 2751996 |
| Tekfen Holding AS<sup>(b)</sup> | &nbsp;&nbsp; 546935 | 1452394 |
| Tofas Turk Otomobil Fabrikasi AS<sup>(a)</sup> | &nbsp;&nbsp; 261072 | 1480072 |
| Turk Altin Isletmeleri AS<sup>(b)</sup> | &nbsp;&nbsp; 3127195 | 1756926 |
| Turk Hava Yollari AO | &nbsp;&nbsp; 730489 | 5171596 |
| Turkcell Iletisim Hizmetleri AS<sup>(a)</sup> | &nbsp;&nbsp; 1494690 | 3426709 |
| Turkiye Is Bankasi AS, Class C | &nbsp;&nbsp; 11238938 | 4091433 |
| Turkiye Petrol Rafinerileri AS | &nbsp;&nbsp; 1215938 | 5051776 |
| Turkiye Sise ve Cam Fabrikalari AS | &nbsp;&nbsp; 2323328 | 2098496 |
| Ulker Biskuvi Sanayi AS<sup>(a)</sup> | &nbsp;&nbsp; 499359 | 1346020 |
| Yapi ve Kredi Bankasi A/S<sup>(b)</sup> | &nbsp;&nbsp; 4703113 | 3889578 |
|  |  | 100761552 |
| **United Arab Emirates — 0.5%** | **United Arab Emirates — 0.5%** | **United Arab Emirates — 0.5%** |
| Abu Dhabi Commercial Bank PJSC | &nbsp;&nbsp; 3989399 | 17653467 |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp; 2317999 | 15219868 |
| Abu Dhabi National Oil Co. for Distribution PJSC | &nbsp;&nbsp; 4391794 | 4435974 |
| ADNOC Drilling Co. PJSC | &nbsp;&nbsp; 4452499 | 7079292 |
| Adnoc Gas PLC | &nbsp;&nbsp; 8031067 | 7275713 |
| Agility Global PLC | &nbsp;&nbsp; 6695995 | 2151148 |
| Air Arabia PJSC | &nbsp;&nbsp; 5259226 | 5316682 |
| Ajman Bank PJSC | &nbsp;&nbsp; 2146957 | 863378 |
| Aldar Properties PJSC | &nbsp;&nbsp; 5777542 | 14929950 |
| Americana Restaurants International PLC - <br> Foreign Co.<br>| &nbsp;&nbsp; 3633841 | 2127049 |
| Dubai Electricity & Water Authority PJSC | &nbsp;&nbsp; 7847917 | 5909072 |
| Dubai Financial Market PJSC | &nbsp;&nbsp; 2085380 | 992099 |
| Dubai Investments PJSC | &nbsp;&nbsp; 3530776 | 2837759 |
| Dubai Islamic Bank PJSC | &nbsp;&nbsp; 4420351 | 11988263 |
| Emaar Development PJSC | &nbsp;&nbsp; 1537098 | 6272806 |
| Emaar Properties PJSC | &nbsp;&nbsp; 8907585 | 36888987 |
| Emirates Central Cooling Systems Corp. | &nbsp;&nbsp; 4246052 | 1999883 |
| Emirates NBD Bank PJSC | &nbsp;&nbsp; 2558255 | 18631198 |
| Emirates Telecommunications Group Co. PJSC | &nbsp;&nbsp; 4540388 | 23412409 |
| First Abu Dhabi Bank PJSC | &nbsp;&nbsp; 5847010 | 28604136 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Arab Emirates (continued)** | **United Arab Emirates (continued)** | **United Arab Emirates (continued)** |
| Gulf Navigation Holding PJSC<sup>(b)</sup> | &nbsp;&nbsp; 945399 | $1544328 |
| Multiply Group PJSC<sup>(b)</sup> | &nbsp;&nbsp; 5751899 | 4297254 |
| Phoenix Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 3326720 | 1407169 |
| Salik Co. PJSC | &nbsp;&nbsp; 2452564 | 4268476 |
| Taaleem Holdings PJSC | &nbsp;&nbsp; 586668 | 670834 |
|  |  | 226777194 |
| **United Kingdom — 9.1%** | **United Kingdom — 9.1%** | **United Kingdom — 9.1%** |
| 3i Group PLC | &nbsp;&nbsp; 1282623 | 70085236 |
| 4imprint Group PLC | &nbsp;&nbsp; 37105 | 1757539 |
| Aberdeen Group PLC | &nbsp;&nbsp; 2043680 | 5392730 |
| Admiral Group PLC | &nbsp;&nbsp; 332012 | 14965932 |
| AG Barr PLC | &nbsp;&nbsp; 201816 | 1833351 |
| Airtel Africa PLC<sup>(c)</sup> | &nbsp;&nbsp; 1647616 | 4435331 |
| AJ Bell PLC | &nbsp;&nbsp; 502926 | 3562004 |
| Anglo American PLC, NVS | &nbsp;&nbsp; 1445932 | 40685768 |
| Antofagasta PLC | &nbsp;&nbsp; 528270 | 13027986 |
| Ashmore Group PLC | &nbsp;&nbsp; 623920 | 1440317 |
| Ashtead Group PLC | &nbsp;&nbsp; 567732 | 37930921 |
| ASOS PLC<sup>(a)(b)</sup> | &nbsp;&nbsp; 92860 | 380170 |
| Associated British Foods PLC | &nbsp;&nbsp; 441847 | 12793895 |
| Assura PLC | &nbsp;&nbsp; 6084981 | 4007007 |
| Aston Martin Lagonda Global Holdings <br> PLC<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 603816 | 555398 |
| AstraZeneca PLC | &nbsp;&nbsp; 2034178 | 296769552 |
| Auto Trader Group PLC<sup>(c)</sup> | &nbsp;&nbsp; 1188721 | 13123230 |
| Aviva PLC | &nbsp;&nbsp; 3875863 | 33115387 |
| B&M European Value Retail SA | &nbsp;&nbsp; 1229446 | 3634083 |
| Babcock International Group PLC | &nbsp;&nbsp; 391019 | 5360998 |
| BAE Systems PLC | &nbsp;&nbsp; 3973034 | 94799039 |
| Balfour Beatty PLC | &nbsp;&nbsp; 867417 | 6198991 |
| Baltic Classifieds Group PLC | &nbsp;&nbsp; 601809 | 2845309 |
| Barclays PLC | &nbsp;&nbsp; 18849780 | 92138067 |
| Barratt Redrow PLC | &nbsp;&nbsp; 1878338 | 9249781 |
| Beazley PLC | &nbsp;&nbsp; 839854 | 9895766 |
| Bellway PLC | &nbsp;&nbsp; 158192 | 5177305 |
| Berkeley Group Holdings PLC | &nbsp;&nbsp; 140385 | 6751366 |
| Big Yellow Group PLC | &nbsp;&nbsp; 246221 | 3035813 |
| Bodycote PLC | &nbsp;&nbsp; 287647 | 2417942 |
| boohoo Group PLC<sup>(a)(b)</sup> | &nbsp;&nbsp; 1464546 | 336929 |
| BP PLC | &nbsp;&nbsp; 20921527 | 112145240 |
| Breedon Group PLC | &nbsp;&nbsp; 440263 | 2108277 |
| British American Tobacco PLC | &nbsp;&nbsp; 2593594 | 138957831 |
| British Land Co. PLC (The) | &nbsp;&nbsp; 1101655 | 5063132 |
| BT Group PLC | &nbsp;&nbsp; 8386577 | 22904048 |
| Bunzl PLC | &nbsp;&nbsp; 435268 | 12917648 |
| Burberry Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 497646 | 8441511 |
| Bytes Technology Group PLC | &nbsp;&nbsp; 281070 | 1356191 |
| C&C Group PLC | &nbsp;&nbsp; 753689 | 1763777 |
| Carnival PLC<sup>(b)</sup> | &nbsp;&nbsp; 179849 | 4893862 |
| Centrica PLC | &nbsp;&nbsp; 6677602 | 14515455 |
| Coats Group PLC | &nbsp;&nbsp; 2293750 | 2241638 |
| Coca-Cola HBC AG, Class DI | &nbsp;&nbsp; 298828 | 15530745 |
| Compass Group PLC | &nbsp;&nbsp; 2223954 | 78148547 |
| Computacenter PLC | &nbsp;&nbsp; 106137 | 3207801 |
| ConvaTec Group PLC<sup>(c)</sup> | &nbsp;&nbsp; 1882547 | 5800173 |
| Craneware PLC | &nbsp;&nbsp; 51000 | 1508245 |
| Cranswick PLC | &nbsp;&nbsp; 61185 | 4284971 |
| Crest Nicholson Holdings PLC | &nbsp;&nbsp; 538517 | 1296166 |
| Croda International PLC | &nbsp;&nbsp; 180639 | 6217171 |
| Currys PLC<sup>(b)</sup> | &nbsp;&nbsp; 1493269 | 2226484 |
| CVS Group PLC | &nbsp;&nbsp; 138615 | 2243962 |
| DCC PLC | &nbsp;&nbsp; 125915 | 7886186 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Total International Stock ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Deliveroo PLC<sup>(b)(c)</sup> | &nbsp;&nbsp; 1354967 | $3167115 |
| Derwent London PLC | &nbsp;&nbsp; 129084 | 3290163 |
| Diageo PLC | &nbsp;&nbsp; 2874155 | 69662462 |
| Diploma PLC | &nbsp;&nbsp; 176086 | 12465113 |
| Diversified Energy Co. PLC | &nbsp;&nbsp; 83577 | 1253582 |
| Domino's Pizza Group PLC | &nbsp;&nbsp; 628194 | 1988485 |
| Dowlais Group PLC | &nbsp;&nbsp; 1793913 | 1657496 |
| Dr. Martens PLC | &nbsp;&nbsp; 850670 | 908299 |
| Drax Group PLC | &nbsp;&nbsp; 535570 | 5001978 |
| Dunelm Group PLC | &nbsp;&nbsp; 191634 | 3074075 |
| easyJet PLC | &nbsp;&nbsp; 477178 | 3094146 |
| Elementis PLC | &nbsp;&nbsp; 1171348 | 2680341 |
| Endeavour Mining PLC | &nbsp;&nbsp; 228101 | 6919410 |
| Energean PLC | &nbsp;&nbsp; 251564 | 3041547 |
| Entain PLC | &nbsp;&nbsp; 797273 | 10706355 |
| Experian PLC | &nbsp;&nbsp; 1204474 | 63464611 |
| Fevertree Drinks PLC | &nbsp;&nbsp; 178108 | 2234152 |
| Firstgroup PLC | &nbsp;&nbsp; 1388406 | 4114594 |
| Frasers Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 315185 | 2853686 |
| Future PLC | &nbsp;&nbsp; 171328 | 1602362 |
| Games Workshop Group PLC | &nbsp;&nbsp; 46054 | 9867628 |
| Gamma Communications PLC | &nbsp;&nbsp; 140599 | 2020221 |
| GB Group PLC | &nbsp;&nbsp; 353996 | 1090625 |
| Genuit Group PLC | &nbsp;&nbsp; 441431 | 2267414 |
| Genus PLC | &nbsp;&nbsp; 92007 | 3013312 |
| Glencore PLC | &nbsp;&nbsp; 13356018 | 53601993 |
| Grafton Group PLC | &nbsp;&nbsp; 315860 | 3702935 |
| Grainger PLC | &nbsp;&nbsp; 962521 | 2602246 |
| Great Portland Estates PLC | &nbsp;&nbsp; 545590 | 2446211 |
| Greencore Group PLC | &nbsp;&nbsp; 870991 | 2956204 |
| Greggs PLC | &nbsp;&nbsp; 141109 | 2934289 |
| GSK PLC | &nbsp;&nbsp; 5353125 | 98465282 |
| Haleon PLC | &nbsp;&nbsp; 11944951 | 56029801 |
| Halma PLC | &nbsp;&nbsp; 495902 | 21218901 |
| Hammerson PLC | &nbsp;&nbsp; 741300 | 2896780 |
| Harbour Energy PLC | &nbsp;&nbsp; 708921 | 1864417 |
| Hays PLC | &nbsp;&nbsp; 2237873 | 1881151 |
| Hikma Pharmaceuticals PLC | &nbsp;&nbsp; 200782 | 5189662 |
| Hill & Smith PLC | &nbsp;&nbsp; 125375 | 3374435 |
| Hiscox Ltd. | &nbsp;&nbsp; 407982 | 6946005 |
| Hochschild Mining PLC | &nbsp;&nbsp; 610399 | 2243260 |
| Howden Joinery Group PLC | &nbsp;&nbsp; 783059 | 9065136 |
| HSBC Holdings PLC | &nbsp;&nbsp; 23290471 | 283747127 |
| Hunting PLC | &nbsp;&nbsp; 297205 | 1236387 |
| Ibstock PLC<sup>(c)</sup> | &nbsp;&nbsp; 980191 | 1944323 |
| ICG PLC | &nbsp;&nbsp; 382915 | 10963837 |
| IG Group Holdings PLC | &nbsp;&nbsp; 477279 | 7107071 |
| IMI PLC | &nbsp;&nbsp; 328563 | 9598945 |
| Imperial Brands PLC | &nbsp;&nbsp; 1078987 | 42058245 |
| Inchcape PLC | &nbsp;&nbsp; 501676 | 4642940 |
| Informa PLC | &nbsp;&nbsp; 1898033 | 21704079 |
| IntegraFin Holdings PLC | &nbsp;&nbsp; 439755 | 2082021 |
| InterContinental Hotels Group PLC | &nbsp;&nbsp; 205675 | 23660877 |
| International Workplace Group PLC | &nbsp;&nbsp; 1028782 | 3001700 |
| Intertek Group PLC | &nbsp;&nbsp; 204993 | 13328641 |
| Investec PLC | &nbsp;&nbsp; 841417 | 6239485 |
| IP Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 2049368 | 1512932 |
| ITV PLC | &nbsp;&nbsp; 4541604 | 4926235 |
| J D Wetherspoon PLC | &nbsp;&nbsp; 142476 | 1412125 |
| J Sainsbury PLC | &nbsp;&nbsp; 1954807 | 7816476 |
| JD Sports Fashion PLC | &nbsp;&nbsp; 3591754 | 4031695 |
| JET2 PLC | &nbsp;&nbsp; 196246 | 4203458 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| John Wood Group PLC<sup>(b)(d)</sup> | &nbsp;&nbsp; 907973 | $199005 |
| Johnson Matthey PLC | &nbsp;&nbsp; 211366 | 4924997 |
| JTC PLC<sup>(c)</sup> | &nbsp;&nbsp; 234926 | 2904152 |
| Jupiter Fund Management PLC | &nbsp;&nbsp; 687669 | 1169723 |
| Just Group PLC | &nbsp;&nbsp; 1773922 | 4943160 |
| Kainos Group PLC | &nbsp;&nbsp; 170422 | 1662867 |
| Keller Group PLC | &nbsp;&nbsp; 134859 | 2355511 |
| Kingfisher PLC | &nbsp;&nbsp; 2624223 | 9331221 |
| Lancashire Holdings Ltd. | &nbsp;&nbsp; 358178 | 2961153 |
| Land Securities Group PLC | &nbsp;&nbsp; 852227 | 6481135 |
| Legal & General Group PLC | &nbsp;&nbsp; 7580308 | 25644675 |
| Lion Finance Group PLC | &nbsp;&nbsp; 53838 | 5397486 |
| Lloyds Banking Group PLC | &nbsp;&nbsp; 79880862 | 81913638 |
| London Stock Exchange Group PLC | &nbsp;&nbsp; 619204 | 75477851 |
| LondonMetric Property PLC | &nbsp;&nbsp; 2586878 | 6510311 |
| M&G PLC | &nbsp;&nbsp; 3162167 | 10883846 |
| Man Group PLC/Jersey | &nbsp;&nbsp; 1742177 | 3783560 |
| Marks & Spencer Group PLC | &nbsp;&nbsp; 2664489 | 12236902 |
| Marshalls PLC | &nbsp;&nbsp; 382196 | 1044826 |
| Melrose Industries PLC | &nbsp;&nbsp; 1741162 | 11755683 |
| Mitchells & Butlers PLC<sup>(b)</sup> | &nbsp;&nbsp; 506766 | 1846861 |
| Mitie Group PLC | &nbsp;&nbsp; 2402153 | 4454257 |
| Mobico Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 715316 | 342248 |
| Mondi PLC | &nbsp;&nbsp; 530757 | 7174897 |
| MONY Group PLC | &nbsp;&nbsp; 779141 | 2061440 |
| Morgan Advanced Materials PLC | &nbsp;&nbsp; 523834 | 1604979 |
| Morgan Sindall Group PLC | &nbsp;&nbsp; 58622 | 3556548 |
| National Grid PLC | &nbsp;&nbsp; 6351686 | 89254332 |
| NatWest Group PLC | &nbsp;&nbsp; 10649477 | 73924152 |
| NCC Group PLC | &nbsp;&nbsp; 551366 | 1093810 |
| Next PLC | &nbsp;&nbsp; 163537 | 26545486 |
| Ninety One PLC | &nbsp;&nbsp; 636345 | 1582452 |
| NMC Health PLC, NVS<sup>(b)(d)</sup> | &nbsp;&nbsp; 74553 | 1 |
| Ocado Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 712433 | 2952728 |
| OSB Group PLC | &nbsp;&nbsp; 627040 | 4586635 |
| Oxford Instruments PLC | &nbsp;&nbsp; 70128 | 1681880 |
| Oxford Nanopore Technologies PLC<sup>(a)(b)</sup> | &nbsp;&nbsp; 723960 | 1940569 |
| Pagegroup PLC | &nbsp;&nbsp; 458877 | 1605038 |
| Paragon Banking Group PLC | &nbsp;&nbsp; 430623 | 5135385 |
| Pearson PLC | &nbsp;&nbsp; 893304 | 12632169 |
| Penno Group PLC | &nbsp;&nbsp; 550791 | 3638756 |
| Persimmon PLC | &nbsp;&nbsp; 413192 | 6230414 |
| Pets at Home Group PLC | &nbsp;&nbsp; 675081 | 2033500 |
| Phoenix Group Holdings PLC | &nbsp;&nbsp; 831579 | 7272216 |
| Playtech PLC | &nbsp;&nbsp; 381534 | 2005414 |
| Plus500 Ltd. | &nbsp;&nbsp; 144529 | 6414427 |
| Premier Foods PLC | &nbsp;&nbsp; 1300564 | 3311513 |
| Primary Health Properties PLC | &nbsp;&nbsp; 2220754 | 2812695 |
| Prudential PLC | &nbsp;&nbsp; 3377615 | 42849020 |
| QinetiQ Group PLC | &nbsp;&nbsp; 715669 | 4691993 |
| Quilter PLC<sup>(c)</sup> | &nbsp;&nbsp; 1866786 | 4171407 |
| Rathbones Group PLC | &nbsp;&nbsp; 84423 | 2128312 |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp; 895612 | 67122322 |
| RELX PLC | &nbsp;&nbsp; 2419401 | 125714677 |
| Renishaw PLC | &nbsp;&nbsp; 51913 | 2039627 |
| Rentokil Initial PLC | &nbsp;&nbsp; 3257602 | 16250366 |
| RHI Magnesita NV | &nbsp;&nbsp; 60865 | 1916309 |
| Rightmove PLC | &nbsp;&nbsp; 1101660 | 11888551 |
| Rio Tinto PLC | &nbsp;&nbsp; 1476010 | 87910246 |
| Rolls-Royce Holdings PLC | &nbsp;&nbsp; 11185057 | 158749186 |
| Rotork PLC | &nbsp;&nbsp; 1033946 | 4434809 |
| RS Group PLC | &nbsp;&nbsp; 612402 | 4506639 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Total International Stock ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| RWS Holdings PLC | &nbsp;&nbsp; 523527 | $620182 |
| Safestore Holdings PLC | &nbsp;&nbsp; 298057 | 2642991 |
| Sage Group PLC (The) | &nbsp;&nbsp; 1285727 | 20644464 |
| Savills PLC | &nbsp;&nbsp; 227349 | 2939432 |
| Schroders PLC | &nbsp;&nbsp; 847605 | 4356815 |
| Segro PLC | &nbsp;&nbsp; 1669145 | 14225675 |
| Serco Group PLC | &nbsp;&nbsp; 1514381 | 4172819 |
| Severn Trent PLC | &nbsp;&nbsp; 328278 | 11511826 |
| Shaftesbury Capital PLC | &nbsp;&nbsp; 2052574 | 4277320 |
| Shell PLC | &nbsp;&nbsp; 7833872 | 281495325 |
| Sirius Real Estate Ltd. | &nbsp;&nbsp; 2750939 | 3781981 |
| Smith & Nephew PLC | &nbsp;&nbsp; 1132452 | 17307202 |
| Smiths Group PLC | &nbsp;&nbsp; 475591 | 14731988 |
| Softcat PLC | &nbsp;&nbsp; 161694 | 3477698 |
| Spectris PLC | &nbsp;&nbsp; 130799 | 6868217 |
| Spirax Group PLC | &nbsp;&nbsp; 99155 | 8286249 |
| Spire Healthcare Group PLC<sup>(c)</sup> | &nbsp;&nbsp; 747477 | 2140185 |
| Spirent Communications PLC | &nbsp;&nbsp; 893927 | 2298491 |
| SSE PLC | &nbsp;&nbsp; 1444420 | 35405953 |
| SSP Group PLC | &nbsp;&nbsp; 958843 | 2154824 |
| St. James's Place PLC | &nbsp;&nbsp; 691391 | 11899441 |
| Standard Chartered PLC | &nbsp;&nbsp; 2774120 | 49731535 |
| Supermarket Income REIT PLC | &nbsp;&nbsp; 2162912 | 2276696 |
| Tate & Lyle PLC | &nbsp;&nbsp; 509312 | 3596122 |
| Taylor Wimpey PLC | &nbsp;&nbsp; 4689579 | 6309756 |
| TBC Bank Group PLC | &nbsp;&nbsp; 54947 | 3512150 |
| Telecom Plus PLC | &nbsp;&nbsp; 109464 | 2666879 |
| Tesco PLC | &nbsp;&nbsp; 8923471 | 50135814 |
| THG PLC<sup>(a)(b)</sup> | &nbsp;&nbsp; 1200355 | 478569 |
| TP ICAP Group PLC | &nbsp;&nbsp; 983643 | 3970760 |
| Trainline PLC<sup>(b)(c)</sup> | &nbsp;&nbsp; 639713 | 2297139 |
| Travis Perkins PLC | &nbsp;&nbsp; 211299 | 1513854 |
| Tritax Big Box REIT PLC | &nbsp;&nbsp; 2076469 | 3862483 |
| Trustpilot Group PLC<sup>(b)(c)</sup> | &nbsp;&nbsp; 578001 | 1906184 |
| TUI AG<sup>(b)</sup> | &nbsp;&nbsp; 612417 | 5525256 |
| Unilever PLC | &nbsp;&nbsp; 3259799 | 189134997 |
| UNITE Group PLC (The) | &nbsp;&nbsp; 429147 | 4231128 |
| United Utilities Group PLC | &nbsp;&nbsp; 830425 | 12396460 |
| Vesuvius PLC | &nbsp;&nbsp; 367752 | 1730934 |
| Victrex PLC | &nbsp;&nbsp; 113956 | 1031649 |
| Vistry Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 455919 | 3494176 |
| Vodafone Group PLC | &nbsp;&nbsp; 26158527 | 28360989 |
| Watches of Switzerland Group PLC<sup>(b)(c)</sup> | &nbsp;&nbsp; 430665 | 1980672 |
| Weir Group PLC (The) | &nbsp;&nbsp; 332227 | 11671430 |
| WH Smith PLC | &nbsp;&nbsp; 160024 | 2160060 |
| Whitbread PLC | &nbsp;&nbsp; 250062 | 10045186 |
| Wise PLC, Class A<sup>(b)</sup> | &nbsp;&nbsp; 903286 | 12066979 |
| Workspace Group PLC | &nbsp;&nbsp; 280597 | 1473017 |
| WPP PLC | &nbsp;&nbsp; 1422580 | 7702399 |
| Yellow Cake PLC<sup>(b)(c)</sup> | &nbsp;&nbsp; 356273 | 2297259 |
| YouGov PLC | &nbsp;&nbsp; 127406 | 525332 |
| Zigup PLC | &nbsp;&nbsp; 572356 | 2533272 |
|  |  | 4176946865 |
| **United States — 0.3%** | **United States — 0.3%** | **United States — 0.3%** |
| Spotify Technology SA<sup>(b)</sup> | &nbsp;&nbsp; 204510 | 128133695 |
| **Total Common Stocks — 99.1%** <br>**(Cost: $33,665,931,834)** | **Total Common Stocks — 99.1%** <br>**(Cost: $33,665,931,834)** | 45297018677 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Brazil — 0.3%** | **Brazil — 0.3%** | **Brazil — 0.3%** |
| Alpargatas SA, Preference Shares, NVS | &nbsp;&nbsp; 313910 | $479872 |
| Banco Bradesco SA, Preference Shares, NVS | &nbsp;&nbsp; 7028542 | 19493220 |
| Banco do Estado do Rio Grande do Sul SA, <br> Class B, Preference Shares, NVS<br>| &nbsp;&nbsp; 208297 | 408072 |
| Bradespar SA, Preference Shares, NVS | &nbsp;&nbsp; 512248 | 1439898 |
| Centrais Eletricas Brasileiras SA, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 368722 | 2693204 |
| Cia Energetica de Minas Gerais, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 2086154 | 3848518 |
| Cia Paranaense de Energia - Copel, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 2057301 | 4357420 |
| Gerdau SA, Preference Shares, NVS | &nbsp;&nbsp; 1804835 | 5427833 |
| Itau Unibanco Holding SA, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 6856372 | 43051681 |
| Itausa SA, Preference Shares, NVS | &nbsp;&nbsp; 7505626 | 13873120 |
| Marcopolo SA, Preference Shares, NVS | &nbsp;&nbsp; 2085311 | 3076081 |
| Metalurgica Gerdau SA, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 1522076 | 2546964 |
| Petroleo Brasileiro SA - Petrobras, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 5867075 | 34199414 |
| Unipar Carbocloro SA, Preference Shares, NVS | &nbsp;&nbsp; 88845 | 872179 |
|  |  | 135767476 |
| **Chile — 0.0%** | **Chile — 0.0%** | **Chile — 0.0%** |
| Embotelladora Andina SA, Class B, <br> Preference Shares<br>| &nbsp;&nbsp; 815859 | 3130531 |
| Sociedad Quimica y Minera de Chile SA, <br> Class B, Preference Shares<br>| &nbsp;&nbsp; 202254 | 7438362 |
|  |  | 10568893 |
| **Colombia — 0.0%** | **Colombia — 0.0%** | **Colombia — 0.0%** |
| Grupo Cibest SA, Preference Shares | &nbsp;&nbsp; 618646 | 6769170 |
| **Germany — 0.2%** | **Germany — 0.2%** | **Germany — 0.2%** |
| Bayerische Motoren Werke AG, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 76637 | 6700019 |
| Dr Ing hc F Porsche AG, Preference Shares, <br> NVS<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 115108 | 5836719 |
| Draegerwerk AG & Co. KGaA, Preference <br> Shares, NVS<sup>(a)</sup><br>| &nbsp;&nbsp; 12147 | 969183 |
| FUCHS SE, Preference Shares, NVS | &nbsp;&nbsp; 97079 | 4442361 |
| Henkel AG & Co. KGaA, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 218947 | 16871858 |
| Jungheinrich AG, Preference Shares, NVS | &nbsp;&nbsp; 75383 | 2890041 |
| Porsche Automobil Holding SE, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 177252 | 7113846 |
| Sartorius AG, Preference Shares, NVS | &nbsp;&nbsp; 36291 | 7728232 |
| Volkswagen AG, Preference Shares, NVS | &nbsp;&nbsp; 267848 | 28007715 |
|  |  | 80559974 |
| **South Korea — 0.1%** | **South Korea — 0.1%** | **South Korea — 0.1%** |
| Hyundai Motor Co. |  |  |
| Preference Shares, NVS | &nbsp;&nbsp; 28168 | 3261050 |
| Series 2, Preference Shares, NVS | &nbsp;&nbsp; 44149 | 5224874 |
| Samsung Electronics Co. Ltd., Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 1056818 | 43513897 |
|  |  | 51999821 |
| **Total Preferred Stocks — 0.6%** <br>**(Cost: $301,635,352)** | **Total Preferred Stocks — 0.6%** <br>**(Cost: $301,635,352)** | 285665334 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Total International Stock ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Rights** | **Rights** | **Rights** |
| **India — 0.0%** | **India — 0.0%** | **India — 0.0%** |
| Inox Wind Ltd., <br> (Expires 08/20/25, Strike Price: IDR 120)<br>| &nbsp;&nbsp; 84109 | $29515 |
| **Total Rights — 0.0%** <br>**(Cost: $—)** | **Total Rights — 0.0%** <br>**(Cost: $—)** | 29515 |
| **Warrants** | **Warrants** | **Warrants** |
| **Canada — 0.0%** | **Canada — 0.0%** | **Canada — 0.0%** |
| Constellation Software Inc., (Issued 08/29/23, <br> 1 Share for 1 Warrant, Expires 03/31/40, <br> Strike Price CAD 11.50)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 23204 |  |
| **Taiwan — 0.0%** | **Taiwan — 0.0%** | **Taiwan — 0.0%** |
| TA CHEN Stainless Pipe Co. Ltd., (Expires <br> 08/20/25, Strike Price TWD 31.00), (Acquired <br> 07/11/25, Cost: $0)<sup>(b)(f)</sup><br>| &nbsp;&nbsp; 2676561 | 34398 |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** | 34398 |
| **Total Long-Term Investments — 99.7%** <br>**(Cost: $33,967,567,186)** | **Total Long-Term Investments — 99.7%** <br>**(Cost: $33,967,567,186)** | 45582747924 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.4%** | **Money Market Funds — 1.4%** | **Money Market Funds — 1.4%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(g)(h)(i)</sup><br>| &nbsp;&nbsp; 606089472 | 606331908 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Money Market Funds (continued)** | **Money Market Funds (continued)** | **Money Market Funds (continued)** |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.30%<sup>(g)(h)</sup><br>| &nbsp;&nbsp; 18680000 | $18680000 |
| **Total Short-Term Securities — 1.4%** <br>**(Cost: $624,953,035)** | **Total Short-Term Securities — 1.4%** <br>**(Cost: $624,953,035)** | 625011908 |
| **Total Investments — 101.1%** <br>**(Cost: $34,592,520,221)** | **Total Investments — 101.1%** <br>**(Cost: $34,592,520,221)** | 46207759832 |
| **Liabilities in Excess of Other Assets — (1.1)%** | **Liabilities in Excess of Other Assets — (1.1)%** | (512597753)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $45695162079 |

---

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

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

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

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

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

<sup>(e)</sup> 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> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $1,920,190, representing less than 0.05% of its net assets as of period end, and an original cost of $2,185,864. 

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 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>*07/31/24*<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>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institu-<br> tional, SL Agency Shares<br>| $333054795 | $273283876 <br><sup>(a)</sup><br>| $— | $121520 | $(128283)<br>| $606331908 | 606089472 | $8223883 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, <br> SL Agency Shares<br>| 58680000 |  | &nbsp;&nbsp; (40000000 )<sup>(a)</sup><br>|  |  | 18680000 | 18680000 | 2606920 |  |
|  |  |  |  | $121520 | $(128283) | $625011908 |  | $10830803 | $— |

---

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

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

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| MSCI EAFE Index | 372 | 09/19/25 | &nbsp;&nbsp; $48609 | $(1067300) |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Total International Stock ETF**

**Futures Contracts (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of*<br> *Contracts*<br>| &nbsp;&nbsp; *Expiration*<br> *Date*<br>| *Notional*<br> *Amount*<br> *(000)*<br>| &nbsp;&nbsp; *Value/*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| MSCI Emerging Markets Index | 357 | 09/19/25 | &nbsp;&nbsp; $22104 | $112038 |
|  |  |  |  | $(955262) |

---

**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; $112038 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $112038 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1067300 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1067300 |

---

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

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts 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 July 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; $16420758 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16420758 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1660126)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1660126)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $115060629 |

---

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; $5724280362 | &nbsp;&nbsp; $39571333920 | &nbsp;&nbsp; $1404395 | &nbsp;&nbsp; $45297018677 |
| Preferred Stocks | &nbsp;&nbsp; 153105539 | &nbsp;&nbsp; 132559795 | &nbsp;&nbsp; — | &nbsp;&nbsp; 285665334 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; 29515 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29515 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; 34398 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34398 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® Core MSCI Total International Stock ETF**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; $625011908 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $625011908 |
|  | &nbsp;&nbsp; $6502397809 | &nbsp;&nbsp; $39703957628 | &nbsp;&nbsp; $1404395 | &nbsp;&nbsp; $46207759832 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $112038 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $112038 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; (1067300)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1067300)<br>|
|  | &nbsp;&nbsp; $(955262)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(955262)<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

July 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>Core MSCI EAFE <br> ETF <br>| &nbsp;&nbsp; iShares <br>Core MSCI Europe <br> ETF <br>| &nbsp;&nbsp; iShares <br>Core MSCI <br> International <br> Developed Markets <br> ETF <br>| &nbsp;&nbsp; iShares <br>Core MSCI Pacific <br> ETF <br>|
| **ASSETS** |  |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $140428028705 | $6687541920 | $19859676507 | $1742121830 |
| Investments, at value—affiliated<sup>(c)</sup> | 1005280187 | 30052278 | 139183361 | 16738822 |
| Cash | 13510 | 8558 | 6252 | 6759 |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> | 30078560 | 2102220 | 4290328 | 274735 |
| Foreign currency, at value<sup>(e)</sup> | 163323943 | 12038921 | 50821160 | 2216090 |
| Receivables: |  |  |  |  |
| Investments sold | 37483718 | 1817979 | 4842962 | 443712 |
| Securities lending income—affiliated | 2497770 | 31474 | 119893 | 45096 |
| Capital shares sold | 322253 |  |  |  |
| Dividends—unaffiliated | 111562386 | 3511241 | 17002227 | 2310841 |
| Dividends—affiliated | 44300 | 2793 | 4868 | 606 |
| Tax reclaims | 198626692 | 15133909 | 24646693 | 812333 |
| Variation margin on futures contracts |  |  |  | 8400 |
| Total assets | 141977262024 | 6752241293 | 20100594251 | 1764979224 |
| **LIABILITIES** |  |  |  |  |
| Collateral on securities loaned, at value | 996497757 | 29445243 | 138434486 | 16602269 |
| Payables: |  |  |  |  |
| Investments purchased | 34223178 | 2737224 | 3921580 |  |
| Deferred foreign capital gain tax | 558261 |  | 80442 |  |
| Investment advisory fees | 8515216 | 528088 | 692296 | 135241 |
| Professional fees | 377615 | 75183 | 53604 |  |
| Variation margin on futures contracts | 2400195 | 302074 | 295743 |  |
| Total liabilities | 1042572222 | 33087812 | 143478151 | 16737510 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $140934689802 | $6719153481 | $19957116100 | $1748241714 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $114317403400 | $6573012482 | $16403306656 | $1664045136 |
| Accumulated earnings | 26617286402 | 146140999 | 3553809444 | 84196578 |
| NET ASSETS | $140934689802 | $6719153481 | $19957116100 | $1748241714 |
| **NET ASSET VALUE** |  |  |  |  |
| Shares outstanding | 1729600000 | 104600000 | 267750000 | 25800000 |
| Net asset value | $81.48 | $64.24 | $74.54 | $67.76 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value |  |  |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $108337456699 | $6205376425 | $15858179513 | $1546133093 |
| <sup>(b)</sup> Securities loaned, at value | $912032173 | $27332489 | $128642677 | $15575769 |
| <sup>(c)</sup> Investments, at cost—affiliated | $1005280187 | $30052278 | $139183361 | $16738822 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $30866721 | $2191676 | $4372713 | $286346 |
| <sup>(e)</sup> Foreign currency, at cost | $165264691 | $12186777 | $51827170 | $2257746 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Assets and Liabilities (continued)

July 31, 2025

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; iShares <br>Core MSCI Total <br> International Stock <br> ETF <br>|
| **ASSETS** |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $45582747924 |
| Investments, at value—affiliated<sup>(c)</sup> | 625011908 |
| Cash | 1606781 |
| Cash pledged for futures contracts | 2596000 |
| Foreign currency, at value<sup>(d)</sup> | 74910451 |
| Receivables: |  |
| Investments sold | 7406358 |
| Securities lending income—affiliated | 1333633 |
| Dividends—unaffiliated | 61532506 |
| Dividends—affiliated | 180617 |
| Tax reclaims | 55335414 |
| Foreign withholding tax claims | 974104 |
| Total assets | 46413635696 |
| **LIABILITIES** |  |
| Collateral on securities loaned, at value | 606250784 |
| Payables: |  |
| Investments purchased | 4775441 |
| Deferred foreign capital gain tax | 103891056 |
| Investment advisory fees | 2757378 |
| Professional fees | 140511 |
| Variation margin on futures contracts | 658447 |
| Total liabilities | 718473617 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $45695162079 |
| **NET ASSETS CONSIST OF** |  |
| Paid-in capital | $36436489503 |
| Accumulated earnings | 9258672576 |
| NET ASSETS | $45695162079 |
| **NET ASSET VALUE** |  |
| Shares outstanding | 597500000 |
| Net asset value | $76.48 |
| Shares authorized | Unlimited |
| Par value |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $33967567186 |
| <sup>(b)</sup> Securities loaned, at value | $557878088 |
| <sup>(c)</sup> Investments, at cost—affiliated | $624953035 |
| <sup>(d)</sup> Foreign currency, at cost | $75360104 |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Operations

Year Ended July 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Core MSCI EAFE <br> ETF <br>| &nbsp;&nbsp; iShares <br>Core MSCI <br> Europe ETF <br>| &nbsp;&nbsp; iShares <br>Core MSCI <br> International <br> Developed <br> Markets ETF <br>| &nbsp;&nbsp; iShares <br>Core MSCI <br> Pacific ETF <br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $4218622410 | &nbsp;&nbsp;&nbsp; $187083118 | &nbsp;&nbsp;&nbsp; $560209894 | &nbsp;&nbsp;&nbsp; $61284630 |
| Dividends—affiliated | &nbsp;&nbsp; 1628037 | &nbsp;&nbsp;&nbsp; 79072 | &nbsp;&nbsp;&nbsp; 246007 | &nbsp;&nbsp;&nbsp; 21725 |
| Interest—unaffiliated | &nbsp;&nbsp; 1812697 | &nbsp;&nbsp;&nbsp; 120859 | &nbsp;&nbsp;&nbsp; 252749 | &nbsp;&nbsp;&nbsp; 11523 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 14132367 | &nbsp;&nbsp;&nbsp; 306082 | &nbsp;&nbsp;&nbsp; 1237477 | &nbsp;&nbsp;&nbsp; 279047 |
| Other income—unaffiliated | &nbsp;&nbsp; 66537 | &nbsp;&nbsp;&nbsp; 117116 | &nbsp;&nbsp;&nbsp; 140782 | &nbsp;&nbsp;&nbsp; — |
| Foreign taxes withheld | &nbsp;&nbsp; (314436613)<br>| &nbsp;&nbsp;&nbsp; (15263567)<br>| &nbsp;&nbsp;&nbsp; (46556215)<br>| &nbsp;&nbsp;&nbsp; (3819808)<br>|
| Foreign withholding tax claims | &nbsp;&nbsp; 1875913 | &nbsp;&nbsp;&nbsp; 6492238 | &nbsp;&nbsp;&nbsp; 7219523 | &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp; 3923701348 | &nbsp;&nbsp;&nbsp; 178934918 | &nbsp;&nbsp;&nbsp; 522750217 | &nbsp;&nbsp;&nbsp; 57777117 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 89060409 | &nbsp;&nbsp;&nbsp; 4584055 | &nbsp;&nbsp;&nbsp; 6705344 | &nbsp;&nbsp;&nbsp; 1808691 |
| Professional | &nbsp;&nbsp; 215051 | &nbsp;&nbsp;&nbsp; 409677 | &nbsp;&nbsp;&nbsp; 372174 | &nbsp;&nbsp;&nbsp; — |
| Interest expense | &nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 1698 | &nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp; 123 |
| Total expenses | &nbsp;&nbsp; 89275502 | &nbsp;&nbsp;&nbsp; 4995430 | &nbsp;&nbsp;&nbsp; 7077768 | &nbsp;&nbsp;&nbsp; 1808814 |
| Net investment income | &nbsp;&nbsp; 3834425846 | &nbsp;&nbsp;&nbsp; 173939488 | &nbsp;&nbsp;&nbsp; 515672449 | &nbsp;&nbsp;&nbsp; 55968303 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (633701087)<br>| &nbsp;&nbsp;&nbsp; (48076703)<br>| &nbsp;&nbsp;&nbsp; (148489130)<br>| &nbsp;&nbsp;&nbsp; (10809807)<br>|
| Investments—affiliated | &nbsp;&nbsp; 337663 | &nbsp;&nbsp;&nbsp; 17359 | &nbsp;&nbsp;&nbsp; 38258 | &nbsp;&nbsp;&nbsp; 1833 |
| Foreign currency transactions | &nbsp;&nbsp; 29194532 | &nbsp;&nbsp;&nbsp; 1223092 | &nbsp;&nbsp;&nbsp; 4629974 | &nbsp;&nbsp;&nbsp; (142076)<br>|
| Futures contracts | &nbsp;&nbsp; 65036622 | &nbsp;&nbsp;&nbsp; 2802366 | &nbsp;&nbsp;&nbsp; 5623855 | &nbsp;&nbsp;&nbsp; 1269048 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 153554508 | &nbsp;&nbsp;&nbsp; 191706216 | &nbsp;&nbsp;&nbsp; 151950323 |
|  | &nbsp;&nbsp; (539132270)<br>| &nbsp;&nbsp;&nbsp; 109520622 | &nbsp;&nbsp;&nbsp; 53509173 | &nbsp;&nbsp;&nbsp; 142269321 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments—unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; 12333508893 | &nbsp;&nbsp;&nbsp; 353317689 | &nbsp;&nbsp;&nbsp; 1837496214 | &nbsp;&nbsp;&nbsp; (4585882)<br>|
| Investments—affiliated | &nbsp;&nbsp; (358824)<br>| &nbsp;&nbsp;&nbsp; (13575)<br>| &nbsp;&nbsp;&nbsp; (38807)<br>| &nbsp;&nbsp;&nbsp; (476)<br>|
| Foreign currency translations | &nbsp;&nbsp; (4674301)<br>| &nbsp;&nbsp;&nbsp; 374213 | &nbsp;&nbsp;&nbsp; (1168325)<br>| &nbsp;&nbsp;&nbsp; (296398)<br>|
| Futures contracts | &nbsp;&nbsp; 6253131 | &nbsp;&nbsp;&nbsp; 327266 | &nbsp;&nbsp;&nbsp; 520480 | &nbsp;&nbsp;&nbsp; 152284 |
|  | &nbsp;&nbsp; 12334728899 | &nbsp;&nbsp;&nbsp; 354005593 | &nbsp;&nbsp;&nbsp; 1836809562 | &nbsp;&nbsp;&nbsp; (4730472)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 11795596629 | &nbsp;&nbsp;&nbsp; 463526215 | &nbsp;&nbsp;&nbsp; 1890318735 | &nbsp;&nbsp;&nbsp; 137538849 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $15630022475 | &nbsp;&nbsp;&nbsp; $637465703 | &nbsp;&nbsp;&nbsp; $2405991184 | &nbsp;&nbsp;&nbsp; $193507152 |
| <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. |
| <sup>(b)</sup> Net of increase in deferred foreign capital gain tax of | &nbsp;&nbsp; $(552301)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(80442)<br>| &nbsp;&nbsp;&nbsp; $— |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Operations (continued)

Year Ended July 31, 2025

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

---

| | |
|:---|:---|
|  | iShares <br>Core MSCI Total <br> International Stock <br> ETF <br>|
| **INVESTMENT INCOME** |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $1277173307 |
| Dividends—affiliated | &nbsp;&nbsp; 2606920 |
| Interest—unaffiliated | &nbsp;&nbsp; 466674 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 8223883 |
| Other income—unaffiliated | &nbsp;&nbsp; 146576 |
| Foreign taxes withheld | &nbsp;&nbsp; (116051528)<br>|
| Foreign withholding tax claims | &nbsp;&nbsp; 10422367 |
| Total investment income | &nbsp;&nbsp; 1182988199 |
| EXPENSES |  |
| Investment advisory | &nbsp;&nbsp; 28168630 |
| Professional | &nbsp;&nbsp; 167265 |
| Interest expense | &nbsp;&nbsp; 60769 |
| Commitment costs | &nbsp;&nbsp; 39896 |
| Mauritius income taxes | &nbsp;&nbsp; 115 |
| Total expenses | &nbsp;&nbsp; 28436675 |
| Net investment income | &nbsp;&nbsp; 1154551524 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from: |  |
| Investments—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; (422889057)<br>|
| Investments—affiliated | &nbsp;&nbsp; 121520 |
| Foreign currency transactions | &nbsp;&nbsp; 2550363 |
| Futures contracts | &nbsp;&nbsp; 16420758 |
| In-kind redemptions—unaffiliated | &nbsp;&nbsp; 39668753 |
|  | &nbsp;&nbsp; (364127663)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments—unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; 4830849136 |
| Investments—affiliated | &nbsp;&nbsp; (128283)<br>|
| Foreign currency translations | &nbsp;&nbsp; 1052086 |
| Futures contracts | &nbsp;&nbsp; (1660126)<br>|
|  | &nbsp;&nbsp; 4830112813 |
| Net realized and unrealized gain | &nbsp;&nbsp; 4465985150 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $5620536674 |
| <sup>(a)</sup> Net of foreign capital gain tax and capital gain tax refund, if applicable of | &nbsp;&nbsp; $(4521816)<br>|
| <sup>(b)</sup> Net of reduction in deferred foreign capital gain tax of | &nbsp;&nbsp; $19549070 |

---

*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>Core MSCI EAFE ETF  | iShares <br>Core MSCI EAFE ETF  | iShares <br>Core MSCI Europe ETF  | iShares <br>Core MSCI Europe ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $3834425846 | &nbsp;&nbsp;&nbsp; $3183868480 | &nbsp;&nbsp;&nbsp; $173939488 | &nbsp;&nbsp;&nbsp; $137929479 |
| Net realized gain (loss) | &nbsp;&nbsp; (539132270)<br>| &nbsp;&nbsp;&nbsp; (541725182)<br>| &nbsp;&nbsp;&nbsp; 109520622 | &nbsp;&nbsp;&nbsp; 139367375 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 12334728899 | &nbsp;&nbsp;&nbsp; 9405498536 | &nbsp;&nbsp;&nbsp; 354005593 | &nbsp;&nbsp;&nbsp; 206223636 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 15630022475 | &nbsp;&nbsp;&nbsp; 12047641834 | &nbsp;&nbsp;&nbsp; 637465703 | &nbsp;&nbsp;&nbsp; 483520490 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (4348117412)<br>| &nbsp;&nbsp;&nbsp; (3522125819)<br>| &nbsp;&nbsp;&nbsp; (183886036)<br>| &nbsp;&nbsp;&nbsp; (144029877)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 9493235290 | &nbsp;&nbsp;&nbsp; 9630327254 | &nbsp;&nbsp;&nbsp; 1635220430 | &nbsp;&nbsp;&nbsp; (98970748)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 20775140353 | &nbsp;&nbsp;&nbsp; 18155843269 | &nbsp;&nbsp;&nbsp; 2088800097 | &nbsp;&nbsp;&nbsp; 240519865 |
| Beginning of year | &nbsp;&nbsp; 120159549449 | &nbsp;&nbsp;&nbsp; 102003706180 | &nbsp;&nbsp;&nbsp; 4630353384 | &nbsp;&nbsp;&nbsp; 4389833519 |
| End of year | &nbsp;&nbsp; $140934689802 | &nbsp;&nbsp;&nbsp; $120159549449 | &nbsp;&nbsp;&nbsp; $6719153481 | &nbsp;&nbsp;&nbsp; $4630353384 |

---

&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>Core MSCI International Developed Markets <br> ETF  | iShares <br>Core MSCI International Developed Markets <br> ETF  | iShares <br>Core MSCI Pacific ETF  | iShares <br>Core MSCI Pacific ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $515672449 | &nbsp;&nbsp;&nbsp; $362937820 | &nbsp;&nbsp;&nbsp; $55968303 | &nbsp;&nbsp;&nbsp; $49036659 |
| Net realized gain (loss) | &nbsp;&nbsp; 53509173 | &nbsp;&nbsp;&nbsp; (7395419)<br>| &nbsp;&nbsp;&nbsp; 142269321 | &nbsp;&nbsp;&nbsp; 23054244 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 1836809562 | &nbsp;&nbsp;&nbsp; 1021700324 | &nbsp;&nbsp;&nbsp; (4730472)<br>| &nbsp;&nbsp;&nbsp; 134242605 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 2405991184 | &nbsp;&nbsp;&nbsp; 1377242725 | &nbsp;&nbsp;&nbsp; 193507152 | &nbsp;&nbsp;&nbsp; 206333508 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (561233848)<br>| &nbsp;&nbsp;&nbsp; (393369827)<br>| &nbsp;&nbsp;&nbsp; (68828112)<br>| &nbsp;&nbsp;&nbsp; (58321914)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 4001681407 | &nbsp;&nbsp;&nbsp; 1746017299 | &nbsp;&nbsp;&nbsp; (409007685)<br>| &nbsp;&nbsp;&nbsp; 147622497 |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 5846438743 | &nbsp;&nbsp;&nbsp; 2729890197 | &nbsp;&nbsp;&nbsp; (284328645)<br>| &nbsp;&nbsp;&nbsp; 295634091 |
| Beginning of year | &nbsp;&nbsp; 14110677357 | &nbsp;&nbsp;&nbsp; 11380787160 | &nbsp;&nbsp;&nbsp; 2032570359 | &nbsp;&nbsp;&nbsp; 1736936268 |
| End of year | &nbsp;&nbsp; $19957116100 | &nbsp;&nbsp;&nbsp; $14110677357 | &nbsp;&nbsp;&nbsp; $1748241714 | &nbsp;&nbsp;&nbsp; $2032570359 |

---

&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>Core MSCI Total International Stock ETF  | iShares <br>Core MSCI Total International Stock ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $1154551524 | &nbsp;&nbsp;&nbsp; $978760866 |
| Net realized loss | &nbsp;&nbsp; (364127663)<br>| &nbsp;&nbsp;&nbsp; (243230997)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 4830112813 | &nbsp;&nbsp;&nbsp; 2623620085 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 5620536674 | &nbsp;&nbsp;&nbsp; 3359149954 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (1346383404)<br>| &nbsp;&nbsp;&nbsp; (1087342961)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 3548508598 | &nbsp;&nbsp;&nbsp; 2509054152 |
| *NET ASSETS* |  |  |
| Total increase in net assets | &nbsp;&nbsp; 7822661868 | &nbsp;&nbsp;&nbsp; 4780861145 |
| Beginning of year | &nbsp;&nbsp; 37872500211 | &nbsp;&nbsp;&nbsp; 33091639066 |
| End of year | &nbsp;&nbsp; $45695162079 | &nbsp;&nbsp;&nbsp; $37872500211 |

---

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

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

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Financial Highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Core MSCI EAFE ETF  | iShares Core MSCI EAFE ETF  | iShares Core MSCI EAFE ETF  | iShares Core MSCI EAFE ETF  | iShares Core MSCI EAFE ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Year Ended <br>07/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $74.79 | &nbsp;&nbsp;&nbsp; $69.41 | &nbsp;&nbsp;&nbsp; $61.88 | &nbsp;&nbsp;&nbsp; $75.40 | &nbsp;&nbsp;&nbsp; $58.48 |
| Net investment income<sup>(a)</sup> | 2.30 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp; 2.03 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.10 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.76 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 6.99 | &nbsp;&nbsp;&nbsp;&nbsp;5.58 | &nbsp;&nbsp;&nbsp;&nbsp;7.12 | &nbsp;&nbsp;&nbsp; (12.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.86 |
| Net increase (decrease) from investment operations | 9.29 | &nbsp;&nbsp;&nbsp;&nbsp;7.66 | &nbsp;&nbsp;&nbsp;&nbsp;9.15 | &nbsp;&nbsp;&nbsp; (10.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.62 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp;&nbsp; (2.28)<br>| &nbsp;&nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp;&nbsp; (2.72)<br>| &nbsp;&nbsp;&nbsp; (1.70)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $81.48 | &nbsp;&nbsp;&nbsp; $74.79 | &nbsp;&nbsp;&nbsp; $69.41 | &nbsp;&nbsp;&nbsp; $61.88 | &nbsp;&nbsp;&nbsp; $75.40 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 12.65 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.94 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (14.58 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.95<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>|
| Net investment income | 3.01 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.21 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.00 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.55 %<sup>(b)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $140934690 | &nbsp;&nbsp;&nbsp; $120159549 | &nbsp;&nbsp;&nbsp; $102003706 | &nbsp;&nbsp;&nbsp; $88823464 | &nbsp;&nbsp;&nbsp; $99092545 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 2<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 July 31, 2025, July 31, <br> 2023 and July 31, 2022, respectively:<br> • Net investment income per share by $0.00, $0.02 and $0.01.<br> • Total return by 0.01%, 0.03% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.00%, 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 July 31, 2025, July 31, <br> 2023 and July 31, 2022, respectively:<br> • Net investment income per share by $0.00, $0.02 and $0.01.<br> • Total return by 0.01%, 0.03% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.00%, 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 July 31, 2025, July 31, <br> 2023 and July 31, 2022, respectively:<br> • Net investment income per share by $0.00, $0.02 and $0.01.<br> • Total return by 0.01%, 0.03% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.00%, 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 July 31, 2025, July 31, <br> 2023 and July 31, 2022, respectively:<br> • Net investment income per share by $0.00, $0.02 and $0.01.<br> • Total return by 0.01%, 0.03% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.00%, 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 July 31, 2025, July 31, <br> 2023 and July 31, 2022, respectively:<br> • Net investment income per share by $0.00, $0.02 and $0.01.<br> • Total return by 0.01%, 0.03% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.00%, 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 July 31, 2025, July 31, <br> 2023 and July 31, 2022, respectively:<br> • Net investment income per share by $0.00, $0.02 and $0.01.<br> • Total return by 0.01%, 0.03% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.00%, 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 Core MSCI Europe ETF  | iShares Core MSCI Europe ETF  | iShares Core MSCI Europe ETF  | iShares Core MSCI Europe ETF  | iShares Core MSCI Europe ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Year Ended <br>07/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $58.39 | &nbsp;&nbsp;&nbsp; $54.06 | &nbsp;&nbsp;&nbsp; $47.25 | &nbsp;&nbsp;&nbsp; $58.23 | &nbsp;&nbsp;&nbsp; $44.41 |
| Net investment income<sup>(a)</sup> | 2.06 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.73 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.61 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.28 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 5.77 | &nbsp;&nbsp;&nbsp;&nbsp;4.36 | &nbsp;&nbsp;&nbsp;&nbsp;6.67 | &nbsp;&nbsp;&nbsp; (10.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.91 |
| Net increase (decrease) from investment operations | 7.83 | &nbsp;&nbsp;&nbsp;&nbsp;6.09 | &nbsp;&nbsp;&nbsp;&nbsp;8.32 | &nbsp;&nbsp;&nbsp; (9.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.19 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.98)<br>| &nbsp;&nbsp;&nbsp; (1.76)<br>| &nbsp;&nbsp;&nbsp; (1.51)<br>| &nbsp;&nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp;&nbsp; (1.37)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $64.24 | &nbsp;&nbsp;&nbsp; $58.39 | &nbsp;&nbsp;&nbsp; $54.06 | &nbsp;&nbsp;&nbsp; $47.25 | &nbsp;&nbsp;&nbsp; $58.23 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 13.59 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.40 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.84 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (15.80 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.39<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>|
| Net investment income | 3.42 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.17 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.36 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.98 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.46<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $6719153 | &nbsp;&nbsp;&nbsp; $4630353 | &nbsp;&nbsp;&nbsp; $4389834 | &nbsp;&nbsp;&nbsp; $3926722 | &nbsp;&nbsp;&nbsp; $5287174 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increase for the years ended July 31, 2025, July 31, <br> 2024, July 31, 2023 and July 31, 2022, respectively:<br> • Net investment income per share by $0.08, $0.01, $0.09 and $0.01.<br> • Total return by 0.10%,0.02%, 0.18% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.14%, 0.02%, 0.18% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increase for the years ended July 31, 2025, July 31, <br> 2024, July 31, 2023 and July 31, 2022, respectively:<br> • Net investment income per share by $0.08, $0.01, $0.09 and $0.01.<br> • Total return by 0.10%,0.02%, 0.18% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.14%, 0.02%, 0.18% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increase for the years ended July 31, 2025, July 31, <br> 2024, July 31, 2023 and July 31, 2022, respectively:<br> • Net investment income per share by $0.08, $0.01, $0.09 and $0.01.<br> • Total return by 0.10%,0.02%, 0.18% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.14%, 0.02%, 0.18% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increase for the years ended July 31, 2025, July 31, <br> 2024, July 31, 2023 and July 31, 2022, respectively:<br> • Net investment income per share by $0.08, $0.01, $0.09 and $0.01.<br> • Total return by 0.10%,0.02%, 0.18% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.14%, 0.02%, 0.18% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increase for the years ended July 31, 2025, July 31, <br> 2024, July 31, 2023 and July 31, 2022, respectively:<br> • Net investment income per share by $0.08, $0.01, $0.09 and $0.01.<br> • Total return by 0.10%,0.02%, 0.18% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.14%, 0.02%, 0.18% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increase for the years ended July 31, 2025, July 31, <br> 2024, July 31, 2023 and July 31, 2022, respectively:<br> • Net investment income per share by $0.08, $0.01, $0.09 and $0.01.<br> • Total return by 0.10%,0.02%, 0.18% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.14%, 0.02%, 0.18% and 0.01%. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(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 Core MSCI International Developed Markets ETF  | iShares Core MSCI International Developed Markets ETF  | iShares Core MSCI International Developed Markets ETF  | iShares Core MSCI International Developed Markets ETF  | iShares Core MSCI International Developed Markets ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Year Ended <br>07/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $67.73 | &nbsp;&nbsp;&nbsp; $62.81 | &nbsp;&nbsp;&nbsp; $56.46 | &nbsp;&nbsp;&nbsp; $67.86 | &nbsp;&nbsp;&nbsp; $52.39 |
| Net investment income<sup>(a)</sup> | 2.15 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.88 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.83 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 6.93 | &nbsp;&nbsp;&nbsp;&nbsp;5.04 | &nbsp;&nbsp;&nbsp;&nbsp;5.94 | &nbsp;&nbsp;&nbsp; (10.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.42 |
| Net increase (decrease) from investment operations | 9.08 | &nbsp;&nbsp;&nbsp;&nbsp;6.92 | &nbsp;&nbsp;&nbsp;&nbsp;7.77 | &nbsp;&nbsp;&nbsp; (9.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.02 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (2.27)<br>| &nbsp;&nbsp;&nbsp; (2.00)<br>| &nbsp;&nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp;&nbsp; (2.35)<br>| &nbsp;&nbsp;&nbsp; (1.55)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $74.54 | &nbsp;&nbsp;&nbsp; $67.73 | &nbsp;&nbsp;&nbsp; $62.81 | &nbsp;&nbsp;&nbsp; $56.46 | &nbsp;&nbsp;&nbsp; $67.86 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 13.63 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.22 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.91 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (13.57)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.63<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>|
| Total expenses after fees waived | 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>|
| Net investment income | 3.08 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.97 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.15 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.56<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $19957116 | &nbsp;&nbsp;&nbsp; $14110677 | &nbsp;&nbsp;&nbsp; $11380787 | &nbsp;&nbsp;&nbsp; $7377094 | &nbsp;&nbsp;&nbsp; $6158362 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 2<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> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025, July 31, <br> 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.03, $0.01 and $0.01.<br> • Total return by 0.04%, 0.01% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.05%, 0.01% and 0.02%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025, July 31, <br> 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.03, $0.01 and $0.01.<br> • Total return by 0.04%, 0.01% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.05%, 0.01% and 0.02%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025, July 31, <br> 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.03, $0.01 and $0.01.<br> • Total return by 0.04%, 0.01% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.05%, 0.01% and 0.02%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025, July 31, <br> 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.03, $0.01 and $0.01.<br> • Total return by 0.04%, 0.01% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.05%, 0.01% and 0.02%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025, July 31, <br> 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.03, $0.01 and $0.01.<br> • Total return by 0.04%, 0.01% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.05%, 0.01% and 0.02%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025, July 31, <br> 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.03, $0.01 and $0.01.<br> • Total return by 0.04%, 0.01% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.05%, 0.01% and 0.02%. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(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 Core MSCI Pacific ETF  | iShares Core MSCI Pacific ETF  | iShares Core MSCI Pacific ETF  | iShares Core MSCI Pacific ETF  | iShares Core MSCI Pacific ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Year Ended <br>07/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $63.72 | &nbsp;&nbsp;&nbsp; $59.28 | &nbsp;&nbsp;&nbsp; $54.78 | &nbsp;&nbsp;&nbsp; $65.86 | &nbsp;&nbsp;&nbsp; $52.60 |
| Net investment income<sup>(a)</sup> | 1.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 4.40 | &nbsp;&nbsp;&nbsp;&nbsp;4.77 | &nbsp;&nbsp;&nbsp;&nbsp;4.14 | &nbsp;&nbsp;&nbsp; (10.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.15 |
| Net increase (decrease) from investment operations | 6.18 | &nbsp;&nbsp;&nbsp;&nbsp;6.35 | &nbsp;&nbsp;&nbsp;&nbsp;5.80 | &nbsp;&nbsp;&nbsp; (8.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.57 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp;&nbsp; (2.72)<br>| &nbsp;&nbsp;&nbsp; (1.31)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $67.76 | &nbsp;&nbsp;&nbsp; $63.72 | &nbsp;&nbsp;&nbsp; $59.28 | &nbsp;&nbsp;&nbsp; $54.78 | &nbsp;&nbsp;&nbsp; $65.86 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 9.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.73<br> %<br>| &nbsp;&nbsp;&nbsp; (13.01)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.70<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>|
| Net investment income | 2.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.24<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $1748242 | &nbsp;&nbsp;&nbsp; $2032570 | &nbsp;&nbsp;&nbsp; $1736936 | &nbsp;&nbsp;&nbsp; $1501051 | &nbsp;&nbsp;&nbsp; $1119667 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due 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 Core MSCI Total International Stock ETF  | iShares Core MSCI Total International Stock ETF  | iShares Core MSCI Total International Stock ETF  | iShares Core MSCI Total International Stock ETF  | iShares Core MSCI Total International Stock ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<sup>(a)</sup> <br>| &nbsp;&nbsp; Year Ended <br>07/31/22<sup>(a)</sup> <br>| &nbsp;&nbsp; Year Ended <br>07/31/21<sup>(a)</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $69.12 | &nbsp;&nbsp;&nbsp; $64.95 | &nbsp;&nbsp;&nbsp; $59.02 | &nbsp;&nbsp;&nbsp; $72.22 | &nbsp;&nbsp;&nbsp; $56.92 |
| Net investment income<sup>(b)</sup> | 2.04 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.86 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.87 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.93 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.58 |
| Net realized and unrealized gain (loss)<sup>(d)</sup> | 7.67 | &nbsp;&nbsp;&nbsp;&nbsp;4.38 | &nbsp;&nbsp;&nbsp;&nbsp;5.53 | &nbsp;&nbsp;&nbsp; (12.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.28 |
| Net increase (decrease) from investment operations | 9.71 | &nbsp;&nbsp;&nbsp;&nbsp;6.24 | &nbsp;&nbsp;&nbsp;&nbsp;7.40 | &nbsp;&nbsp;&nbsp; (10.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.86 |
| Distributions from net investment income<sup>(e)</sup> | &nbsp;&nbsp; (2.35)<br>| &nbsp;&nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp;&nbsp; (2.31)<br>| &nbsp;&nbsp;&nbsp; (1.56)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $76.48 | &nbsp;&nbsp;&nbsp; $69.12 | &nbsp;&nbsp;&nbsp; $64.95 | &nbsp;&nbsp;&nbsp; $59.02 | &nbsp;&nbsp;&nbsp; $72.22 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 14.30 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.84 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.72 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (15.36 )%<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.71<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>|
| Total expenses after fees waived | 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>|
| Net investment income | 2.87 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.88 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.14 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.87 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.35<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $45695162 | &nbsp;&nbsp;&nbsp; $37872500 | &nbsp;&nbsp;&nbsp; $33091639 | &nbsp;&nbsp;&nbsp; $28113472 | &nbsp;&nbsp;&nbsp; $30065795 |
| Portfolio turnover rate<sup>(h)</sup> | &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>|
| <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024, July 31, 2023 and July 31, 2022, respectively:<br> • Net investment income per share by $0.02, $0.01, $0.02 and $$0.00.<br> • Total return by 0.02%, 0.02%, 0.04% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.03%, 0.02%, 0.03% and 0.00%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024, July 31, 2023 and July 31, 2022, respectively:<br> • Net investment income per share by $0.02, $0.01, $0.02 and $$0.00.<br> • Total return by 0.02%, 0.02%, 0.04% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.03%, 0.02%, 0.03% and 0.00%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024, July 31, 2023 and July 31, 2022, respectively:<br> • Net investment income per share by $0.02, $0.01, $0.02 and $$0.00.<br> • Total return by 0.02%, 0.02%, 0.04% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.03%, 0.02%, 0.03% and 0.00%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024, July 31, 2023 and July 31, 2022, respectively:<br> • Net investment income per share by $0.02, $0.01, $0.02 and $$0.00.<br> • Total return by 0.02%, 0.02%, 0.04% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.03%, 0.02%, 0.03% and 0.00%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024, July 31, 2023 and July 31, 2022, respectively:<br> • Net investment income per share by $0.02, $0.01, $0.02 and $$0.00.<br> • Total return by 0.02%, 0.02%, 0.04% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.03%, 0.02%, 0.03% and 0.00%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2025, July 31, <br> 2024, July 31, 2023 and July 31, 2022, respectively:<br> • Net investment income per share by $0.02, $0.01, $0.02 and $$0.00.<br> • Total return by 0.02%, 0.02%, 0.04% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.03%, 0.02%, 0.03% and 0.00%. |
| <sup>(d)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* 

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

***1. ORGANIZATION***

iShares 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>|
| Core MSCI EAFE | &nbsp;&nbsp; Diversified |
| Core MSCI Europe | &nbsp;&nbsp; Diversified |
| Core MSCI International Developed Markets | &nbsp;&nbsp; Diversified |
| Core MSCI Pacific | &nbsp;&nbsp; Diversified |
| Core MSCI Total International Stock | &nbsp;&nbsp; Diversified |

---

**Basis of Consolidation:** The accompanying consolidated financial statements for the iShares Core MSCI Total International Stock ETF included the accounts of its subsidiary in the Republic of Mauritius, which was a wholly-owned subsidiary (the "Subsidiary") of the Fund that invested in Indian securities. On April 26, 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 July 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.

Notes to Financial Statements

------

*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.

2025 iShares Annual Financial Statements and Additional Information

------

*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***

**Warrants:** Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

**Securities Lending:** Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| Core MSCI EAFE |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $907572 | &nbsp;&nbsp;&nbsp; $(907572) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Barclays Capital, Inc. | &nbsp;&nbsp; 47104971 | &nbsp;&nbsp;&nbsp; (47104971) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 34864463 | &nbsp;&nbsp;&nbsp; (34864463) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 56832950 | &nbsp;&nbsp;&nbsp; (56832950) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 52474023 | &nbsp;&nbsp;&nbsp; (52474023) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 329928031 | &nbsp;&nbsp;&nbsp; (329928031) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 203763 | &nbsp;&nbsp;&nbsp; (203763) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 52451338 | &nbsp;&nbsp;&nbsp; (52451338) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 4103383 | &nbsp;&nbsp;&nbsp; (4103383) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Macquarie Bank Ltd. | &nbsp;&nbsp; 281165 | &nbsp;&nbsp;&nbsp; (281165) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Mizuho Securities USA Inc. | &nbsp;&nbsp; 138535 | &nbsp;&nbsp;&nbsp; (138535) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 257941026 | &nbsp;&nbsp;&nbsp; (257941026) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| National Financial Services LLC | &nbsp;&nbsp; 5976971 | &nbsp;&nbsp;&nbsp; (5976971) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Nomura Securities International, Inc. | &nbsp;&nbsp; 22143688 | &nbsp;&nbsp;&nbsp; (22143688) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Scotia Capital (USA), Inc. | &nbsp;&nbsp; 2649437 | &nbsp;&nbsp;&nbsp; (2649437) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| SG Americas Securities LLC | &nbsp;&nbsp; 194836 | &nbsp;&nbsp;&nbsp; (194836) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 23191666 | &nbsp;&nbsp;&nbsp; (23191666) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 20644355 | &nbsp;&nbsp;&nbsp; (20644355) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $912032173 | &nbsp;&nbsp;&nbsp; $(912032173) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Core MSCI Europe |  |  |  |  |
| Barclays Capital, Inc. | &nbsp;&nbsp; $241258 | &nbsp;&nbsp;&nbsp; $(241258) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp; 313847 | &nbsp;&nbsp;&nbsp; (313847) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 2391306 | &nbsp;&nbsp;&nbsp; (2391306) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 76196 | &nbsp;&nbsp;&nbsp; (76196) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 14902474 | &nbsp;&nbsp;&nbsp; (14902474) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 500813 | &nbsp;&nbsp;&nbsp; (500813) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 1111938 | &nbsp;&nbsp;&nbsp; (1111938) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 27523 | &nbsp;&nbsp;&nbsp; (27523) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 6793161 | &nbsp;&nbsp;&nbsp; (6793161) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 973973 | &nbsp;&nbsp;&nbsp; (973973) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $27332489 | &nbsp;&nbsp;&nbsp; $(27332489) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Core MSCI International Developed Markets |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $1289 | &nbsp;&nbsp;&nbsp; $(1289) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp; 2677876 | &nbsp;&nbsp;&nbsp; (2677876) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 13997311 | &nbsp;&nbsp;&nbsp; (13997311) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 15412491 | &nbsp;&nbsp;&nbsp; (15412491) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 50652464 | &nbsp;&nbsp;&nbsp; (50652464) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 1689275 | &nbsp;&nbsp;&nbsp; (1689275) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 6244471 | &nbsp;&nbsp;&nbsp; (6244471) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 407924 | &nbsp;&nbsp;&nbsp; (407924) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Macquarie Bank Ltd. | &nbsp;&nbsp; 263824 | &nbsp;&nbsp;&nbsp; (263824) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 30925103 | &nbsp;&nbsp;&nbsp; (30925103) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| National Financial Services LLC | &nbsp;&nbsp; 825606 | &nbsp;&nbsp;&nbsp; (825606) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Scotia Capital (USA), Inc. | &nbsp;&nbsp; 94811 | &nbsp;&nbsp;&nbsp; (94811) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| SG Americas Securities LLC | &nbsp;&nbsp; 11638 | &nbsp;&nbsp;&nbsp; (11638) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 4199391 | &nbsp;&nbsp;&nbsp; (4199391) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 723603 | &nbsp;&nbsp;&nbsp; (723603) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 515600 | &nbsp;&nbsp;&nbsp; (515600) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $128642677 | &nbsp;&nbsp;&nbsp; $(128642677) | &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* |
| Core MSCI Pacific |  |  |  |  |
| BNP Paribas SA | &nbsp;&nbsp; $287575 | &nbsp;&nbsp;&nbsp; $(287575) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 1857080 | &nbsp;&nbsp;&nbsp; (1857080) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 245456 | &nbsp;&nbsp;&nbsp; (245456) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 8123453 | &nbsp;&nbsp;&nbsp; (8123453) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 667944 | &nbsp;&nbsp;&nbsp; (667944) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 731671 | &nbsp;&nbsp;&nbsp; (731671) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 101493 | &nbsp;&nbsp;&nbsp; (101493) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Macquarie Bank Ltd. | &nbsp;&nbsp; 107516 | &nbsp;&nbsp;&nbsp; (107516) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 1464699 | &nbsp;&nbsp;&nbsp; (1464699) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Nomura Securities International, Inc. | &nbsp;&nbsp; 795485 | &nbsp;&nbsp;&nbsp; (795485) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| SG Americas Securities LLC | &nbsp;&nbsp; 17519 | &nbsp;&nbsp;&nbsp; (17519) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 1175788 | &nbsp;&nbsp;&nbsp; (1175788) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Toronto-Dominion Bank | &nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;(90) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $15575769 | &nbsp;&nbsp;&nbsp; $(15575769) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Core MSCI Total International Stock |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $263984 | &nbsp;&nbsp;&nbsp; $(262113) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1871<sup>(b)</sup> <br>|
| Barclays Capital, Inc. | &nbsp;&nbsp; 49596612 | &nbsp;&nbsp;&nbsp; (49596612) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 15028099 | &nbsp;&nbsp;&nbsp; (15028099) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 52319313 | &nbsp;&nbsp;&nbsp; (52319313) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets Ltd. | &nbsp;&nbsp; 369663 | &nbsp;&nbsp;&nbsp; (369663) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 39726713 | &nbsp;&nbsp;&nbsp; (39726713) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 153906186 | &nbsp;&nbsp;&nbsp; (153906186) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| GOLDMAN SACHS INTERNATIONAL | &nbsp;&nbsp; 90062448 | &nbsp;&nbsp;&nbsp; (90062448) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 20533988 | &nbsp;&nbsp;&nbsp; (20533988) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 23296583 | &nbsp;&nbsp;&nbsp; (23296583) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities PLC | &nbsp;&nbsp; 525777 | &nbsp;&nbsp;&nbsp; (525777) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 2601560 | &nbsp;&nbsp;&nbsp; (2601560) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Macquarie Bank Ltd. | &nbsp;&nbsp; 4205055 | &nbsp;&nbsp;&nbsp; (4205055) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 84733453 | &nbsp;&nbsp;&nbsp; (84733453) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| National Financial Services LLC | &nbsp;&nbsp; 140140 | &nbsp;&nbsp;&nbsp; (140140) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Nomura Securities International, Inc. | &nbsp;&nbsp; 8505150 | &nbsp;&nbsp;&nbsp; (8505150) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Scotia Capital (USA), Inc. | &nbsp;&nbsp; 1117462 | &nbsp;&nbsp;&nbsp; (1116029) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1433<sup>(b)</sup> <br>|
| SG Americas Securities LLC | &nbsp;&nbsp; 1750288 | &nbsp;&nbsp;&nbsp; (1750288) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 185143 | &nbsp;&nbsp;&nbsp; (185143) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 9010471 | &nbsp;&nbsp;&nbsp; (9010471) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $557878088 | &nbsp;&nbsp;&nbsp; $(557874784) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $3304 |

---

&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 July 31, 2025. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty. 

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

***5. DERIVATIVE FINANCIAL INSTRUMENTS***

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

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

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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

***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* |
| Core MSCI EAFE | 0.07% |
| Core MSCI Europe | 0.09 |
| Core MSCI International Developed Markets | 0.04 |
| Core MSCI Pacific | 0.09 |
| Core MSCI Total International Stock | 0.07 |

---

**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 Statement of Operations does not include acquired fund fees and expenses.

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

For the year ended July 31, 2025, there were no fees waived by BFA pursuant to this arrangement.

**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 July 31, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| Core MSCI EAFE | &nbsp;&nbsp; $3431594 |
| Core MSCI Europe | &nbsp;&nbsp; 77706 |
| Core MSCI International Developed Markets | &nbsp;&nbsp; 312606 |
| Core MSCI Pacific | &nbsp;&nbsp; 68135 |
| Core MSCI Total International Stock | &nbsp;&nbsp; 1964674 |

---

**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 July 31, 2025, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| Core MSCI EAFE | &nbsp;&nbsp; $477435688 | &nbsp;&nbsp;&nbsp; $348466051 | &nbsp;&nbsp;&nbsp; $(101507026) |
| Core MSCI Europe | &nbsp;&nbsp; 24871402 | &nbsp;&nbsp;&nbsp; 16529494 | &nbsp;&nbsp;&nbsp; (3991025) |
| Core MSCI International Developed Markets | &nbsp;&nbsp; 69588829 | &nbsp;&nbsp;&nbsp; 56649099 | &nbsp;&nbsp;&nbsp; (18583113) |
| Core MSCI Pacific | &nbsp;&nbsp; 5899786 | &nbsp;&nbsp;&nbsp; 3998438 | &nbsp;&nbsp;&nbsp; (481886) |
| Core MSCI Total International Stock | &nbsp;&nbsp; 61375887 | &nbsp;&nbsp;&nbsp; 146057129 | &nbsp;&nbsp;&nbsp; (45326771) |

---

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 July 31, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| Core MSCI EAFE | &nbsp;&nbsp; $6686818562 | &nbsp;&nbsp;&nbsp; $3355434707 |
| Core MSCI Europe | &nbsp;&nbsp; 331655237 | &nbsp;&nbsp;&nbsp; 206101785 |
| Core MSCI International Developed Markets | &nbsp;&nbsp; 996140300 | &nbsp;&nbsp;&nbsp; 495436451 |
| Core MSCI Pacific | &nbsp;&nbsp; 118970933 | &nbsp;&nbsp;&nbsp; 106215184 |
| Core MSCI Total International Stock | &nbsp;&nbsp; 2914357890 | &nbsp;&nbsp;&nbsp; 1330506520 |

---

For the year ended July 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| Core MSCI EAFE | &nbsp;&nbsp; $6003803522 | &nbsp;&nbsp;&nbsp; $— |
| Core MSCI Europe | &nbsp;&nbsp; 2149556718 | &nbsp;&nbsp;&nbsp; 640542967 |
| Core MSCI International Developed Markets | &nbsp;&nbsp; 3851885099 | &nbsp;&nbsp;&nbsp; 375848205 |
| Core MSCI Pacific | &nbsp;&nbsp; 66278591 | &nbsp;&nbsp;&nbsp; 497989431 |
| Core MSCI Total International Stock | &nbsp;&nbsp; 1898386551 | &nbsp;&nbsp;&nbsp; 76761244 |

---

***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.

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

Management has analyzed tax laws and regulations and their application to the Funds as of July 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 July 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>|
| Core MSCI Europe | &nbsp;&nbsp; $149493257 | &nbsp;&nbsp;&nbsp; $(149493257) |
| Core MSCI International Developed Markets | &nbsp;&nbsp; 186537846 | &nbsp;&nbsp;&nbsp; (186537846) |
| Core MSCI Pacific | &nbsp;&nbsp; 144238156 | &nbsp;&nbsp;&nbsp; (144238156) |
| Core MSCI Total International Stock | &nbsp;&nbsp; 37142337 | &nbsp;&nbsp;&nbsp; (37142337) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended* <br>*07/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*07/31/24*<br>|
| Core MSCI EAFE |  |  |
| Ordinary income | &nbsp;&nbsp; $4348117412 | &nbsp;&nbsp;&nbsp; $3522125819 |
| Core MSCI Europe |  |  |
| Ordinary income | &nbsp;&nbsp; $183886036 | &nbsp;&nbsp;&nbsp; $144029877 |
| Core MSCI International Developed Markets |  |  |
| Ordinary income | &nbsp;&nbsp; $561233848 | &nbsp;&nbsp;&nbsp; $393369827 |
| Core MSCI Pacific |  |  |
| Ordinary income | &nbsp;&nbsp; $68828112 | &nbsp;&nbsp;&nbsp; $58321914 |
| Core MSCI Total International Stock |  |  |
| Ordinary income | &nbsp;&nbsp; $1346383404 | &nbsp;&nbsp;&nbsp; $1087342961 |

---

As of July 31, 2025, the tax components of accumulated earnings (losses) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Undistributed* <br>*Ordinary Income*<br>| &nbsp;&nbsp; *Non-expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| *Total* |
| Core MSCI EAFE | &nbsp;&nbsp; $670097550 | &nbsp;&nbsp;&nbsp; $(4007649844) | &nbsp;&nbsp;&nbsp; $29954838696 | &nbsp;&nbsp;&nbsp; $26617286402 |
| Core MSCI Europe | &nbsp;&nbsp; 22233785 | &nbsp;&nbsp;&nbsp; (317219167) | &nbsp;&nbsp;&nbsp; 441126381 | &nbsp;&nbsp;&nbsp; 146140999 |
| Core MSCI International Developed Markets | &nbsp;&nbsp; 102109889 | &nbsp;&nbsp;&nbsp; (358525442) | &nbsp;&nbsp;&nbsp; 3810224997 | &nbsp;&nbsp;&nbsp; 3553809444 |
| Core MSCI Pacific | &nbsp;&nbsp; 12701030 | &nbsp;&nbsp;&nbsp; (91048629) | &nbsp;&nbsp;&nbsp; 162544177 | &nbsp;&nbsp;&nbsp; 84196578 |
| Core MSCI Total International Stock | &nbsp;&nbsp; 270452622 | &nbsp;&nbsp;&nbsp; (1996100724) | &nbsp;&nbsp;&nbsp; 10984320678 | &nbsp;&nbsp;&nbsp; 9258672576 |

---

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

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

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain foreign currency contracts and futures contracts, the timing and recognition of partnership income, the characterization of corporate actions, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies and the timing and recognition of realized gains / losses for tax purposes. 

As of July 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Core MSCI EAFE | &nbsp;&nbsp; $111488502493 | &nbsp;&nbsp;&nbsp; $39702946236 | &nbsp;&nbsp;&nbsp; $(9751839248) | &nbsp;&nbsp;&nbsp; $29951106988 |
| Core MSCI Europe | &nbsp;&nbsp; 6277115283 | &nbsp;&nbsp;&nbsp; 1064558551 | &nbsp;&nbsp;&nbsp; (624079421) | &nbsp;&nbsp;&nbsp; 440479130 |
| Core MSCI International Developed Markets | &nbsp;&nbsp; 16189297143 | &nbsp;&nbsp;&nbsp; 4713017224 | &nbsp;&nbsp;&nbsp; (902728694) | &nbsp;&nbsp;&nbsp; 3810288530 |
| Core MSCI Pacific | &nbsp;&nbsp; 1596355921 | &nbsp;&nbsp;&nbsp; 334232966 | &nbsp;&nbsp;&nbsp; (171555882) | &nbsp;&nbsp;&nbsp; 162677084 |
| Core MSCI Total International Stock | &nbsp;&nbsp; 35121684090 | &nbsp;&nbsp;&nbsp; 14102529088 | &nbsp;&nbsp;&nbsp; (3016453346) | &nbsp;&nbsp;&nbsp; 11086075742 |

---

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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

***9. LINE OF CREDIT***

The iShares Core MSCI Total International Stock 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 July 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>|
| Core MSCI Total International Stock | &nbsp;&nbsp; $85000000 | &nbsp;&nbsp;&nbsp; $931507 | &nbsp;&nbsp;&nbsp;&nbsp;6.42% |

---

***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

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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

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

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund's portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund's investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds' investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect**,** the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be, significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds' investments.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

***11. CAPITAL SHARE TRANSACTIONS***

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof ("Creation Units") at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>07/31/25 | Year Ended <br>07/31/25 | Year Ended <br>07/31/24 | Year Ended <br>07/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| Core MSCI EAFE |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 123000000 | &nbsp;&nbsp;&nbsp; $9493235290 | &nbsp;&nbsp;&nbsp; 137000000 | &nbsp;&nbsp;&nbsp; $9630327254 |
| Core MSCI Europe |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 37000000 | &nbsp;&nbsp;&nbsp; $2295739162 | &nbsp;&nbsp;&nbsp; 11800000 | &nbsp;&nbsp;&nbsp; $669881776 |
| Shares redeemed | &nbsp;&nbsp; (11700000)<br>| &nbsp;&nbsp;&nbsp; (660518732)<br>| &nbsp;&nbsp;&nbsp; (13700000)<br>| &nbsp;&nbsp;&nbsp; (768852524)<br>|
|  | &nbsp;&nbsp; 25300000 | &nbsp;&nbsp;&nbsp; $1635220430 | &nbsp;&nbsp;&nbsp; (1900000)<br>| &nbsp;&nbsp;&nbsp; $(98970748)<br>|

---

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> 07/31/25 | Year Ended<br> 07/31/25 | Year Ended<br> 07/31/24 | Year Ended<br> 07/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| Core MSCI International Developed Markets |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 64800000 | &nbsp;&nbsp;&nbsp; $4378807079 | &nbsp;&nbsp;&nbsp; 27150000 | &nbsp;&nbsp;&nbsp; $1746017299 |
| Shares redeemed | &nbsp;&nbsp; (5400000)<br>| &nbsp;&nbsp;&nbsp; (377125672)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 59400000 | &nbsp;&nbsp;&nbsp; $4001681407 | &nbsp;&nbsp;&nbsp; 27150000 | &nbsp;&nbsp;&nbsp; $1746017299 |
| Core MSCI Pacific |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; $89694874 | &nbsp;&nbsp;&nbsp; 4600000 | &nbsp;&nbsp;&nbsp; $271941795 |
| Shares redeemed | &nbsp;&nbsp; (7500000)<br>| &nbsp;&nbsp;&nbsp; (498702559)<br>| &nbsp;&nbsp;&nbsp; (2000000)<br>| &nbsp;&nbsp;&nbsp; (124319298)<br>|
|  | &nbsp;&nbsp; (6100000)<br>| &nbsp;&nbsp;&nbsp; $(409007685)<br>| &nbsp;&nbsp;&nbsp; 2600000 | &nbsp;&nbsp;&nbsp; $147622497 |
| Core MSCI Total International Stock |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 51100000 | &nbsp;&nbsp;&nbsp; $3642601164 | &nbsp;&nbsp;&nbsp; 38400000 | &nbsp;&nbsp;&nbsp; $2509054152 |
| Shares redeemed | &nbsp;&nbsp; (1500000)<br>| &nbsp;&nbsp;&nbsp; (94092566)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 49600000 | &nbsp;&nbsp;&nbsp; $3548508598 | &nbsp;&nbsp;&nbsp; 38400000 | &nbsp;&nbsp;&nbsp; $2509054152 |

---

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 Core MSCI Total International Stock ETF has filed European Union Discrimination Claims ("ECJ Claims") to recover taxes withheld by either Finland or Poland (the "ECJ Paying Countries") on dividend income based upon certain provisions in the Treaty on the Functioning of the European Union. The Fund has recorded receivables for all recoverable taxes withheld by the ECJ Paying Countries based upon previous determinations made by the local tax authorities. Professional and other fees associated with the filing of these claims for foreign withholding taxes have been approved by the Board as appropriate expenses of the Fund. Based upon the Fund's evaluation of the facts and circumstances related to the outstanding ECJ Claims, ECJ Paying Countries' tax claim receivables and related liabilities are disclosed in the Statements of Assets and Liabilities. The collection of these receivables, and any payment of associated liabilities, depends upon future determinations made by the local tax authorities, the outcome of which is uncertain. If such future determinations are unfavorable, the potential negative impact to the Fund, as of July 31, 2025, is $974,104 or $0.00 per share.

The Internal Revenue Service ("IRS") has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which each of the iShares Core MSCI EAFE ETF, iShares Core MSCI Europe ETF, iShares Core MSCI International Developed Markets ETF and iShares Core MSCI Total International Stock 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 has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

Notes to Financial Statements

------

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 July 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of July 31, 2025, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| |
|:---|
| iShares Core MSCI EAFE ETF<sup>(1)</sup> <br>|
| iShares Core MSCI Europe ETF<sup>(1)</sup> <br>|
| iShares Core MSCI International Developed Markets ETF<sup>(1)</sup> <br>|
| iShares Core MSCI Pacific ETF<sup>(1)</sup> <br>|
| iShares Core MSCI Total International Stock ETF<sup>(2)</sup> <br>|

---

<sup>(1)</sup> Statement of operations for the year ended July 31, 2025, statement of changes in net assets for each of the two years in the period ended July 31, 2025 and the financial highlights for each of the five years in the period ended July 31, 2025

<sup>(2)</sup> Statement of operations for the year ended July 31, 2025, statement of changes in net assets for each of the two years in the period ended July 31, 2025, the financial highlights for each of the two years in the period ended July 31, 2025 and the consolidated financial highlights for each of the three years in the period ended July 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 July 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

September 23, 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 July 31, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Dividend* <br>*Income*<br>|
| Core MSCI EAFE | &nbsp;&nbsp; $3855500647 |
| Core MSCI Europe | &nbsp;&nbsp; 182326915 |
| Core MSCI International Developed Markets | &nbsp;&nbsp; 515132821 |
| Core MSCI Pacific | &nbsp;&nbsp; 48079114 |
| Core MSCI Total International Stock | &nbsp;&nbsp; 1010869115 |

---

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 July 31, 2025:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Foreign Source* <br>*Income Earned*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Foreign* <br>*Taxes Paid*<br>|
| Core MSCI EAFE | &nbsp;&nbsp; $4218595389 | &nbsp;&nbsp;&nbsp;&nbsp; $288648904 |
| Core MSCI Europe | &nbsp;&nbsp; 187148471 | &nbsp;&nbsp;&nbsp;&nbsp; 6093862 |
| Core MSCI International Developed Markets | &nbsp;&nbsp; 560306285 | &nbsp;&nbsp;&nbsp;&nbsp; 34906128 |
| Core MSCI Pacific | &nbsp;&nbsp; 61281750 | &nbsp;&nbsp;&nbsp;&nbsp; 3834663 |
| Core MSCI Total International Stock | &nbsp;&nbsp; 1277380767 | &nbsp;&nbsp;&nbsp;&nbsp; 105030440 |

---

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 Core MSCI EAFE ETF (the "Fund") to be marketed to investors in the EU and/or UK.

**Report on Remuneration**

BlackRock has a clear and well-defined pay-for-performance philosophy, and compensation programs which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management and staff who have the ability to materially affect the risk profile of the Fund, a significant percentage of variable remuneration is deferred over time. All employees are subject to a clawback policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock's full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock's independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, Finance, Human Resources and Internal Audit) each have their own organizational structures which are independent of the business units and therefore staff members in control functions are remunerated independently of the businesses they oversee. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock's independent remuneration committee.

The Company is required under the AIFMD to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock's interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Remuneration information at an individual Fund level is not readily available. Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; (c) staff who have the ability to materially affect the risk profile of the Fund; and (d) staff of companies to which portfolio management and risk management has been formally delegated.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock's remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals' services attributable to the Fund is included in the aggregate figures disclosed.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Conversely, members of staff and senior management of the broader BlackRock group may provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the broader BlackRock group and of the Company. Therefore, the figures disclosed are a sum of individuals' portion of remuneration attributable to the Company according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company and the broader BlackRock group. Accordingly, the figures are not representative of any individual's actual remuneration or their remuneration structure.

The amount of the total remuneration awarded to the Company's staff in respect of the Company's financial year ending December 31, 2024, was USD 81.43 million. This figure is comprised of fixed remuneration of USD 16.72 million and variable remuneration of USD 64.71 million. There was a total of 332 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company in respect of the Company's financial year ending December 31, 2024, to its senior management was USD 16.84 million, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company, or its funds was USD 3.09 million.

2025 iShares Annual Financial Statements and Additional Information

------

Additional Information (continued)

**Disclosures Under the EU Sustainable Finance Disclosure Regulation** 

The iShares Core MSCI EAFE 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

------

Board Review and Approval of Investment Advisory Contract

**iShares Core MSCI EAFE ETF, iShares Core MSCI Europe ETF, iShares Core MSCI International Developed Markets ETF, iShares Core MSCI Total International Stock 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 ayear, 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 Core MSCI Pacific 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

------

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;

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| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ADR | American Depositary Receipt |
| CPO | Certificates of Participation (Ordinary) |
| GDR | Global Depositary Receipt |
| NVDR | Non-Voting Depositary Receipt |
| NVS | Non-Voting Shares |
| PJSC | Public Joint Stock Company |
| REIT | Real Estate Investment Trust |

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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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July 31, 2025

![](g68177imga060da2d1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Annual Financial Statements <br> and Additional Information <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| |
|:---|
| **iShares Trust** |
| • iShares MSCI ACWI ETF \| ACWI \| NASDAQ |
| • iShares MSCI ACWI Low Carbon Target ETF \| CRBN \| NYSE Arca |
| • iShares MSCI All Country Asia ex Japan ETF \| AAXJ \| NASDAQ |
| • iShares MSCI Europe Financials ETF \| EUFN \| NASDAQ |
| • iShares MSCI Europe Small-Cap ETF \| IEUS \| NASDAQ |
| • iShares MSCI Kokusai ETF \| TOK \| 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_39659afc-7ebd-426c-a243-d2a7b4e3b608_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_39659afc-7ebd-426c-a243-d2a7b4e3b608_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 73 |
| [Statements of Operations](#xx_39659afc-7ebd-426c-a243-d2a7b4e3b608_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 75 |
| [Statements of Changes in Net Assets](#xx_39659afc-7ebd-426c-a243-d2a7b4e3b608_FS-Footer-iSharesReport_5)  | &nbsp;&nbsp; 77 |
| [Financial Highlights](#xx_39659afc-7ebd-426c-a243-d2a7b4e3b608_FS-Footer-iSharesReport_8)  | &nbsp;&nbsp; 80 |
| [Notes to Financial Statements](#xx_39659afc-7ebd-426c-a243-d2a7b4e3b608_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 86 |
| [Report of Independent Registered Public Accounting Firm](#xx_39659afc-7ebd-426c-a243-d2a7b4e3b608_opinion-Footer-iSharesReport_1)  | &nbsp;&nbsp; 99 |
| [Important Tax Information](#xx_39659afc-7ebd-426c-a243-d2a7b4e3b608_Tax-annual-Footer-iSharesReport_1)  | &nbsp;&nbsp; 100 |
| [Additional Information](#xx_39659afc-7ebd-426c-a243-d2a7b4e3b608_SAI-Footer-iSharesReport-181_1)  | &nbsp;&nbsp; 101 |
| [Board Review and Approval of Investment Advisory Contract](#xx_39659afc-7ebd-426c-a243-d2a7b4e3b608_15Cheader-Footer-iSharesReport-181_1)  | &nbsp;&nbsp; 103 |
| [Glossary of Terms Used in these Financial Statements](#xx_39659afc-7ebd-426c-a243-d2a7b4e3b608_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 112 |

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Schedule of Investments

July 31, 2025

**iShares® MSCI ACWI 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** |
| **Australia — 1.5%** | **Australia — 1.5%** | **Australia — 1.5%** |
| ANZ Group Holdings Ltd. | &nbsp;&nbsp; 769197 | $15094335 |
| APA Group | &nbsp;&nbsp; 332113 | 1786232 |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp; 151452 | 6781547 |
| ASX Ltd. | &nbsp;&nbsp; 53158 | 2382760 |
| BHP Group Ltd. | &nbsp;&nbsp; 1310440 | 33095442 |
| BlueScope Steel Ltd. | &nbsp;&nbsp; 116358 | 1764021 |
| Brambles Ltd. | &nbsp;&nbsp; 369340 | 5650696 |
| CAR Group Ltd. | &nbsp;&nbsp; 98175 | 2389532 |
| Cochlear Ltd. | &nbsp;&nbsp; 18515 | 3779893 |
| Coles Group Ltd. | &nbsp;&nbsp; 337385 | 4491932 |
| Commonwealth Bank of Australia | &nbsp;&nbsp; 430608 | 48886719 |
| Computershare Ltd. | &nbsp;&nbsp; 137264 | 3695065 |
| CSL Ltd. | &nbsp;&nbsp; 122408 | 21174651 |
| Evolution Mining Ltd. | &nbsp;&nbsp; 517478 | 2341960 |
| Fortescue Ltd. | &nbsp;&nbsp; 443402 | 5016764 |
| Goodman Group | &nbsp;&nbsp; 513078 | 11471637 |
| Insurance Australia Group Ltd. | &nbsp;&nbsp; 584717 | 3282260 |
| James Hardie Industries PLC<sup>(a)(b)</sup> | &nbsp;&nbsp; 141843 | 3723014 |
| Lottery Corp. Ltd. (The) | &nbsp;&nbsp; 522249 | 1811358 |
| Macquarie Group Ltd. | &nbsp;&nbsp; 93019 | 12881774 |
| Medibank Pvt Ltd. | &nbsp;&nbsp; 806901 | 2637278 |
| National Australia Bank Ltd. | &nbsp;&nbsp; 790119 | 19608102 |
| Northern Star Resources Ltd. | &nbsp;&nbsp; 339002 | 3368096 |
| Origin Energy Ltd. | &nbsp;&nbsp; 441334 | 3300212 |
| Pro Medicus Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 16486 | 3385475 |
| Qantas Airways Ltd. | &nbsp;&nbsp; 240341 | 1666846 |
| QBE Insurance Group Ltd. | &nbsp;&nbsp; 390388 | 5791100 |
| REA Group Ltd. | &nbsp;&nbsp; 12512 | 1905965 |
| Reece Ltd. | &nbsp;&nbsp; 69299 | 600030 |
| Rio Tinto Ltd. | &nbsp;&nbsp; 88302 | 6279854 |
| Santos Ltd. | &nbsp;&nbsp; 859440 | 4324604 |
| Scentre Group | &nbsp;&nbsp; 1340158 | 3207318 |
| SGH Ltd. | &nbsp;&nbsp; 43422 | 1420218 |
| Sigma Healthcare Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1173639 | 2167847 |
| Sonic Healthcare Ltd. | &nbsp;&nbsp; 113897 | 2011289 |
| South32 Ltd. | &nbsp;&nbsp; 1245263 | 2328691 |
| Stockland | &nbsp;&nbsp; 659306 | 2337428 |
| Suncorp Group Ltd. | &nbsp;&nbsp; 271970 | 3645693 |
| Telstra Group Ltd. | &nbsp;&nbsp; 958526 | 3054900 |
| Transurban Group | &nbsp;&nbsp; 781600 | 6917021 |
| Vicinity Ltd. | &nbsp;&nbsp; 1079532 | 1699722 |
| Washington H Soul Pattinson & Co. Ltd. | &nbsp;&nbsp; 63226 | 1642615 |
| Wesfarmers Ltd. | &nbsp;&nbsp; 295212 | 16147948 |
| Westpac Banking Corp. | &nbsp;&nbsp; 885223 | 19112077 |
| WiseTech Global Ltd. | &nbsp;&nbsp; 48904 | 3703996 |
| Woodside Energy Group Ltd. | &nbsp;&nbsp; 489643 | 8285923 |
| Woolworths Group Ltd. | &nbsp;&nbsp; 307751 | 6212907 |
| Xero Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 39778 | 4580857 |
|  |  | 332845604 |
| **Austria — 0.1%** | **Austria — 0.1%** | **Austria — 0.1%** |
| Erste Group Bank AG | &nbsp;&nbsp; 83107 | 7599625 |
| OMV AG | &nbsp;&nbsp; 39025 | 1987480 |
| Verbund AG | &nbsp;&nbsp; 18951 | 1411082 |
|  |  | 10998187 |
| **Belgium — 0.2%** | **Belgium — 0.2%** | **Belgium — 0.2%** |
| Ageas SA | &nbsp;&nbsp; 45740 | 3109966 |
| Anheuser-Busch InBev SA | &nbsp;&nbsp; 256690 | 14757789 |
| Argenx SE<sup>(a)</sup> | &nbsp;&nbsp; 15483 | 10398834 |
| D'ieteren Group | &nbsp;&nbsp; 5835 | 1152605 |
| Elia Group SA, Class B | &nbsp;&nbsp; 12952 | 1494314 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Belgium (continued)** | **Belgium (continued)** | **Belgium (continued)** |
| Groupe Bruxelles Lambert NV | &nbsp;&nbsp; 26714 | $2233291 |
| KBC Group NV | &nbsp;&nbsp; 62539 | 6523060 |
| Lotus Bakeries NV | &nbsp;&nbsp; 111 | 938440 |
| Sofina SA | &nbsp;&nbsp; 3672 | 1124447 |
| Syensqo SA<sup>(b)</sup> | &nbsp;&nbsp; 16676 | 1321670 |
| UCB SA<sup>(b)</sup> | &nbsp;&nbsp; 31402 | 6746872 |
|  |  | 49801288 |
| **Brazil — 0.3%** | **Brazil — 0.3%** | **Brazil — 0.3%** |
| Ambev SA | &nbsp;&nbsp; 1148802 | 2556290 |
| B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp; 1509480 | 3391211 |
| Banco Bradesco SA | &nbsp;&nbsp; 239546 | 573245 |
| Banco BTG Pactual SA | &nbsp;&nbsp; 335378 | 2343642 |
| Banco do Brasil SA | &nbsp;&nbsp; 420342 | 1478822 |
| BB Seguridade Participacoes SA | &nbsp;&nbsp; 187167 | 1126435 |
| BRF SA | &nbsp;&nbsp; 108427 | 388239 |
| Centrais Eletricas Brasileiras SA | &nbsp;&nbsp; 374521 | 2528889 |
| Cia de Saneamento Basico do Estado de Sao <br> Paulo SABESP<br>| &nbsp;&nbsp; 112751 | 2180900 |
| Embraer SA | &nbsp;&nbsp; 211880 | 3052074 |
| Energisa SA | &nbsp;&nbsp; 20142 | 164242 |
| Eneva SA<sup>(a)</sup> | &nbsp;&nbsp; 199306 | 478729 |
| Engie Brasil Energia SA | &nbsp;&nbsp; 54547 | 388971 |
| Equatorial Energia SA | &nbsp;&nbsp; 357793 | 2176962 |
| Klabin SA | &nbsp;&nbsp; 222747 | 739898 |
| Localiza Rent a Car SA | &nbsp;&nbsp; 230971 | 1428423 |
| Motiva Infraestrutura de Mobilidade SA | &nbsp;&nbsp; 355666 | 781893 |
| Natura Cosmeticos SA<sup>(a)</sup> | &nbsp;&nbsp; 266995 | 430564 |
| NU Holdings Ltd./Cayman Islands, Class A<sup>(a)</sup> | &nbsp;&nbsp; 807389 | 9866294 |
| Petroleo Brasileiro SA - Petrobras | &nbsp;&nbsp; 900598 | 5756249 |
| PRIO SA<sup>(a)</sup> | &nbsp;&nbsp; 173204 | 1305011 |
| Raia Drogasil SA | &nbsp;&nbsp; 344759 | 829335 |
| Rede D'Or Sao Luiz SA<sup>(c)</sup> | &nbsp;&nbsp; 214380 | 1244270 |
| Rumo SA | &nbsp;&nbsp; 358131 | 1057850 |
| Suzano SA | &nbsp;&nbsp; 180265 | 1678853 |
| Telefonica Brasil SA | &nbsp;&nbsp; 254415 | 1430291 |
| TIM SA/Brazil | &nbsp;&nbsp; 258500 | 956065 |
| TOTVS SA | &nbsp;&nbsp; 181827 | 1416092 |
| Ultrapar Participacoes SA | &nbsp;&nbsp; 219991 | 674562 |
| Vale SA | &nbsp;&nbsp; 919120 | 8775018 |
| Vibra Energia SA | &nbsp;&nbsp; 272098 | 1030654 |
| WEG SA | &nbsp;&nbsp; 431575 | 2860185 |
| XP Inc., Class A | &nbsp;&nbsp; 96012 | 1549634 |
|  |  | 66639792 |
| **Canada — 2.8%** | **Canada — 2.8%** | **Canada — 2.8%** |
| Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 124251 | 15424664 |
| Alamos Gold Inc., Class A | &nbsp;&nbsp; 108365 | 2633263 |
| Alimentation Couche-Tard Inc. | &nbsp;&nbsp; 202106 | 10502044 |
| AltaGas Ltd. | &nbsp;&nbsp; 67155 | 1982759 |
| ARC Resources Ltd. | &nbsp;&nbsp; 144914 | 2829044 |
| Bank of Montreal | &nbsp;&nbsp; 188013 | 20752532 |
| Bank of Nova Scotia (The) | &nbsp;&nbsp; 321698 | 17898166 |
| Barrick Mining Corp. | &nbsp;&nbsp; 447996 | 9457190 |
| BCE Inc. | &nbsp;&nbsp; 23695 | 552701 |
| Brookfield Asset Management Ltd., Class A | &nbsp;&nbsp; 105543 | 6508079 |
| Brookfield Corp., Class A | &nbsp;&nbsp; 350869 | 23501842 |
| Brookfield Renewable Corp. | &nbsp;&nbsp; 32321 | 1181946 |
| CAE Inc.<sup>(a)</sup> | &nbsp;&nbsp; 81108 | 2312772 |
| Cameco Corp. | &nbsp;&nbsp; 112164 | 8421204 |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 240846 | 17213467 |
| Canadian National Railway Co. | &nbsp;&nbsp; 137646 | 12852655 |
| Canadian Natural Resources Ltd. | &nbsp;&nbsp; 533165 | 16876889 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp; 240005 | $17650483 |
| Canadian Tire Corp. Ltd., Class A, NVS | &nbsp;&nbsp; 16019 | 2145501 |
| Canadian Utilities Ltd., Class A, NVS | &nbsp;&nbsp; 70408 | 1960407 |
| CCL Industries Inc., Class B, NVS | &nbsp;&nbsp; 40569 | 2267660 |
| Celestica Inc.<sup>(a)</sup> | &nbsp;&nbsp; 29717 | 5941041 |
| Cenovus Energy Inc. | &nbsp;&nbsp; 350166 | 5329822 |
| CGI Inc. | &nbsp;&nbsp; 53910 | 5197241 |
| Constellation Software Inc./Canada | &nbsp;&nbsp; 5367 | 18515995 |
| Descartes Systems Group Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp; 18859 | 1992472 |
| Dollarama Inc. | &nbsp;&nbsp; 74232 | 10145826 |
| Element Fleet Management Corp. | &nbsp;&nbsp; 99115 | 2578020 |
| Emera Inc. | &nbsp;&nbsp; 77340 | 3631452 |
| Empire Co. Ltd., NVS | &nbsp;&nbsp; 33415 | 1330716 |
| Enbridge Inc. | &nbsp;&nbsp; 554695 | 25120606 |
| Fairfax Financial Holdings Ltd. | &nbsp;&nbsp; 5378 | 9512260 |
| First Quantum Minerals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 178011 | 2992116 |
| FirstService Corp. | &nbsp;&nbsp; 8419 | 1659496 |
| Fortis Inc./Canada | &nbsp;&nbsp; 126558 | 6192720 |
| Franco-Nevada Corp. | &nbsp;&nbsp; 48856 | 7782546 |
| George Weston Ltd. | &nbsp;&nbsp; 14657 | 2785105 |
| GFL Environmental Inc. | &nbsp;&nbsp; 62947 | 3170065 |
| Gildan Activewear Inc. | &nbsp;&nbsp; 35295 | 1782836 |
| Great-West Lifeco Inc. | &nbsp;&nbsp; 71607 | 2688880 |
| Hydro One Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 94929 | 3357045 |
| iA Financial Corp. Inc. | &nbsp;&nbsp; 26796 | 2622937 |
| IGM Financial Inc. | &nbsp;&nbsp; 8210 | 271850 |
| Imperial Oil Ltd. | &nbsp;&nbsp; 50539 | 4213893 |
| Intact Financial Corp. | &nbsp;&nbsp; 47772 | 9874351 |
| Ivanhoe Mines Ltd., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 166875 | 1301904 |
| Keyera Corp. | &nbsp;&nbsp; 54420 | 1708480 |
| Kinross Gold Corp. | &nbsp;&nbsp; 338619 | 5418002 |
| Loblaw Companies Ltd. | &nbsp;&nbsp; 38220 | 6180684 |
| Lundin Gold Inc. | &nbsp;&nbsp; 27922 | 1292319 |
| Lundin Mining Corp. | &nbsp;&nbsp; 167456 | 1710091 |
| Magna International Inc. | &nbsp;&nbsp; 71311 | 2924286 |
| Manulife Financial Corp. | &nbsp;&nbsp; 438114 | 13555100 |
| Metro Inc./CN | &nbsp;&nbsp; 56903 | 4351092 |
| National Bank of Canada | &nbsp;&nbsp; 101383 | 10545851 |
| Nutrien Ltd. | &nbsp;&nbsp; 126275 | 7492110 |
| Open Text Corp. | &nbsp;&nbsp; 75855 | 2232511 |
| Pan American Silver Corp. | &nbsp;&nbsp; 92827 | 2507588 |
| Pembina Pipeline Corp. | &nbsp;&nbsp; 145611 | 5412072 |
| Power Corp. of Canada | &nbsp;&nbsp; 143723 | 5792070 |
| Quebecor Inc., Class B | &nbsp;&nbsp; 33521 | 943020 |
| RB Global Inc.<sup>(b)</sup> | &nbsp;&nbsp; 48809 | 5284941 |
| Restaurant Brands International Inc. | &nbsp;&nbsp; 75650 | 5133237 |
| Rogers Communications Inc., Class B, NVS | &nbsp;&nbsp; 93302 | 3116351 |
| Royal Bank of Canada | &nbsp;&nbsp; 365872 | 46946004 |
| Saputo Inc. | &nbsp;&nbsp; 79274 | 1662603 |
| Shopify Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 314620 | 38457845 |
| Stantec Inc. | &nbsp;&nbsp; 26714 | 2920109 |
| Sun Life Financial Inc. | &nbsp;&nbsp; 147824 | 9012826 |
| Suncor Energy Inc. | &nbsp;&nbsp; 311829 | 12298971 |
| TC Energy Corp. | &nbsp;&nbsp; 261744 | 12497823 |
| Teck Resources Ltd., Class B | &nbsp;&nbsp; 114925 | 3726602 |
| TELUS Corp. | &nbsp;&nbsp; 120687 | 1944092 |
| TFI International Inc. | &nbsp;&nbsp; 19289 | 1677486 |
| Thomson Reuters Corp. | &nbsp;&nbsp; 41826 | 8394179 |
| TMX Group Ltd. | &nbsp;&nbsp; 67581 | 2747917 |
| Toromont Industries Ltd. | &nbsp;&nbsp; 16633 | 1686468 |
| Toronto-Dominion Bank (The) | &nbsp;&nbsp; 447845 | 32618734 |
| Tourmaline Oil Corp. | &nbsp;&nbsp; 88005 | 3745421 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| West Fraser Timber Co. Ltd. | &nbsp;&nbsp; 17671 | $1225084 |
| Wheaton Precious Metals Corp. | &nbsp;&nbsp; 115715 | 10582711 |
| Whitecap Resources Inc. | &nbsp;&nbsp; 317918 | 2399987 |
| WSP Global Inc. | &nbsp;&nbsp; 31956 | 6579855 |
|  |  | 621640985 |
| **Chile — 0.0%** | **Chile — 0.0%** | **Chile — 0.0%** |
| Banco de Chile | &nbsp;&nbsp; 10085241 | 1389273 |
| Banco de Credito e Inversiones SA | &nbsp;&nbsp; 25196 | 999954 |
| Banco Santander Chile | &nbsp;&nbsp; 18580000 | 1073220 |
| Cencosud SA | &nbsp;&nbsp; 329551 | 992777 |
| Empresas CMPC SA | &nbsp;&nbsp; 321350 | 452681 |
| Empresas Copec SA | &nbsp;&nbsp; 131685 | 871798 |
| Enel Americas SA | &nbsp;&nbsp; 7224158 | 720477 |
| Enel Chile SA | &nbsp;&nbsp; 7801320 | 499709 |
| Falabella SA | &nbsp;&nbsp; 170213 | 848781 |
| Latam Airlines Group SA | &nbsp;&nbsp; 46556409 | 1018142 |
|  |  | 8866812 |
| **China — 3.1%** | **China — 3.1%** | **China — 3.1%** |
| AAC Technologies Holdings Inc.<sup>(b)</sup> | &nbsp;&nbsp; 220500 | 1114886 |
| Advanced Micro-Fabrication Equipment Inc./China, <br> Class A<br>| &nbsp;&nbsp; 26600 | 727134 |
| AECC Aviation Power Co. Ltd., Class A | &nbsp;&nbsp; 40800 | 239514 |
| Agricultural Bank of China Ltd., Class A | &nbsp;&nbsp; 1558900 | 1361342 |
| Agricultural Bank of China Ltd., Class H | &nbsp;&nbsp; 6714000 | 4398449 |
| Aier Eye Hospital Group Co. Ltd., Class A | &nbsp;&nbsp; 136000 | 241627 |
| Akeso Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 172000 | 3353838 |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 4425476 | 66535993 |
| Alibaba Health Information Technology Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1704000 | 1056715 |
| Aluminum Corp. of China Ltd., Class H | &nbsp;&nbsp; 1516000 | 1198195 |
| Anhui Conch Cement Co. Ltd., Class A | &nbsp;&nbsp; 65892 | 215004 |
| Anhui Conch Cement Co. Ltd., Class H | &nbsp;&nbsp; 314500 | 910518 |
| Anhui Gujing Distillery Co. Ltd., Class A | &nbsp;&nbsp; 16300 | 311087 |
| ANTA Sports Products Ltd. | &nbsp;&nbsp; 339400 | 3895662 |
| APT Medical Inc., Class A | &nbsp;&nbsp; 2230 | 87811 |
| Autohome Inc., ADR | &nbsp;&nbsp; 18963 | 513708 |
| Avary Holding Shenzhen Co. Ltd., Class A | &nbsp;&nbsp; 53200 | 388937 |
| AviChina Industry & Technology Co. Ltd., <br> Class H<sup>(b)</sup><br>| &nbsp;&nbsp; 898000 | 530801 |
| Baidu Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 567260 | 6206581 |
| Bank of Beijing Co. Ltd., Class A | &nbsp;&nbsp; 515100 | 460609 |
| Bank of China Ltd., Class A | &nbsp;&nbsp; 580600 | 446928 |
| Bank of China Ltd., Class H | &nbsp;&nbsp; 18344000 | 10588400 |
| Bank of Communications Co. Ltd., Class A | &nbsp;&nbsp; 1116700 | 1184074 |
| Bank of Communications Co. Ltd., Class H | &nbsp;&nbsp; 2252000 | 2028753 |
| Bank of Hangzhou Co. Ltd., Class A | &nbsp;&nbsp; 116900 | 259938 |
| Bank of Jiangsu Co. Ltd., Class A | &nbsp;&nbsp; 374400 | 586340 |
| Bank of Nanjing Co. Ltd., Class A | &nbsp;&nbsp; 178300 | 283685 |
| Bank of Ningbo Co. Ltd., Class A | &nbsp;&nbsp; 105000 | 405238 |
| Bank of Shanghai Co. Ltd., Class A | &nbsp;&nbsp; 378600 | 536880 |
| Baoshan Iron & Steel Co. Ltd., Class A | &nbsp;&nbsp; 553400 | 562784 |
| Beijing Enterprises Holdings Ltd. | &nbsp;&nbsp; 82000 | 343093 |
| Beijing Enterprises Water Group Ltd. | &nbsp;&nbsp; 1340000 | 458582 |
| Beijing Kingsoft Office Software Inc., Class A | &nbsp;&nbsp; 11000 | 476410 |
| Beijing Tong Ren Tang Co. Ltd., Class A | &nbsp;&nbsp; 76500 | 381627 |
| Beijing-Shanghai High Speed Railway Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1055300 | 789072 |
| Bilibili Inc., Class Z<sup>(a)</sup> | &nbsp;&nbsp; 54348 | 1243432 |
| BOC Aviation Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 70100 | 636856 |
| BOE Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 742500 | 415350 |
| Bosideng International Holdings Ltd. | &nbsp;&nbsp; 1128000 | 643745 |
| BYD Co. Ltd., Class A | &nbsp;&nbsp; 138300 | 2006115 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| BYD Co. Ltd., Class H | &nbsp;&nbsp; 922000 | $13461983 |
| BYD Electronic International Co. Ltd. | &nbsp;&nbsp; 215500 | 896694 |
| Cambricon Technologies Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 8600 | 842353 |
| CGN Power Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 3941000 | 1480524 |
| China CITIC Bank Corp. Ltd., Class H | &nbsp;&nbsp; 2139000 | 1987391 |
| China Coal Energy Co. Ltd., Class H | &nbsp;&nbsp; 695000 | 853952 |
| China Communications Services Corp. Ltd., <br> Class H<br>| &nbsp;&nbsp; 582000 | 338979 |
| China Construction Bank Corp., Class A | &nbsp;&nbsp; 359700 | 469254 |
| China Construction Bank Corp., Class H | &nbsp;&nbsp; 24864260 | 25431244 |
| China CSSC Holdings Ltd., Class A | &nbsp;&nbsp; 126200 | 599934 |
| China Eastern Airlines Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 642100 | 337071 |
| China Everbright Bank Co. Ltd., Class A | &nbsp;&nbsp; 1264800 | 709982 |
| China Feihe Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1185000 | 704484 |
| China Galaxy Securities Co. Ltd., Class A | &nbsp;&nbsp; 267200 | 635488 |
| China Galaxy Securities Co. Ltd., Class H | &nbsp;&nbsp; 673000 | 909499 |
| China Gas Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 772600 | 811538 |
| China Hongqiao Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 680500 | 1795088 |
| China International Capital Corp. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 500400 | 1270634 |
| China Life Insurance Co. Ltd., Class A | &nbsp;&nbsp; 76900 | 435656 |
| China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 1877000 | 5421920 |
| China Literature Ltd.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 121000 | 475515 |
| China Longyuan Power Group Corp. Ltd., Class H | &nbsp;&nbsp; 1059000 | 954944 |
| China Mengniu Dairy Co. Ltd. | &nbsp;&nbsp; 855000 | 1779268 |
| China Merchants Bank Co. Ltd., Class A | &nbsp;&nbsp; 435400 | 2682349 |
| China Merchants Bank Co. Ltd., Class H | &nbsp;&nbsp; 911788 | 5916722 |
| China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp; 444000 | 874425 |
| China Merchants Securities Co. Ltd., Class A | &nbsp;&nbsp; 222600 | 550420 |
| China Merchants Shekou Industrial Zone Holdings <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 139200 | 167747 |
| China Minsheng Banking Corp. Ltd., Class A | &nbsp;&nbsp; 1388200 | 940430 |
| China Minsheng Banking Corp. Ltd., Class H | &nbsp;&nbsp; 13500 | 8126 |
| China National Building Material Co. Ltd., Class H | &nbsp;&nbsp; 1060000 | 630641 |
| China National Nuclear Power Co. Ltd., Class A | &nbsp;&nbsp; 465400 | 592877 |
| China Oilfield Services Ltd., Class H | &nbsp;&nbsp; 670000 | 595046 |
| China Overseas Land & Investment Ltd. | &nbsp;&nbsp; 967000 | 1672426 |
| China Pacific Insurance Group Co. Ltd., Class A | &nbsp;&nbsp; 212997 | 1104472 |
| China Pacific Insurance Group Co. Ltd., Class H | &nbsp;&nbsp; 678200 | 2731394 |
| China Petroleum & Chemical Corp., Class A | &nbsp;&nbsp; 922800 | 768217 |
| China Petroleum & Chemical Corp., Class H | &nbsp;&nbsp; 5607200 | 3290430 |
| China Power International Development Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1783000 | 698928 |
| China Railway Group Ltd., Class H | &nbsp;&nbsp; 1507000 | 758219 |
| China Resources Beer Holdings Co. Ltd. | &nbsp;&nbsp; 449500 | 1494538 |
| China Resources Gas Group Ltd. | &nbsp;&nbsp; 284000 | 718890 |
| China Resources Land Ltd. | &nbsp;&nbsp; 851500 | 3122423 |
| China Resources Microelectronics Ltd., Class A | &nbsp;&nbsp; 40200 | 259088 |
| China Resources Mixc Lifestyle Services Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 178000 | 826608 |
| China Resources Power Holdings Co. Ltd. | &nbsp;&nbsp; 612000 | 1516590 |
| China Ruyi Holdings Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1608000 | 643200 |
| China Shenhua Energy Co. Ltd., Class A | &nbsp;&nbsp; 198200 | 1047209 |
| China Shenhua Energy Co. Ltd., Class H | &nbsp;&nbsp; 676500 | 2932051 |
| China State Construction Engineering Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 670877 | 525917 |
| China State Construction International <br> Holdings Ltd.<br>| &nbsp;&nbsp; 686000 | 1050946 |
| China Taiping Insurance Holdings Co. Ltd. | &nbsp;&nbsp; 459000 | 1019899 |
| China Three Gorges Renewables Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 535300 | 321357 |
| China Tourism Group Duty Free Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 48692 | 437752 |
| China Tower Corp. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 1122000 | 1570031 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| China United Network Communications Ltd., <br> Class A<br>| &nbsp;&nbsp; 571500 | $424018 |
| China Vanke Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 258396 | 230338 |
| China Vanke Co. Ltd., Class H<sup>(a)(b)</sup> | &nbsp;&nbsp; 477100 | 302713 |
| China Yangtze Power Co. Ltd., Class A | &nbsp;&nbsp; 401210 | 1549541 |
| Chongqing Changan Automobile Co. Ltd., Class A | &nbsp;&nbsp; 138200 | 245972 |
| Chongqing Rural Commercial Bank Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 597000 | 473505 |
| Chongqing Zhifei Biological Products Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 57450 | 190757 |
| Chow Tai Fook Jewellery Group Ltd. | &nbsp;&nbsp; 523600 | 874460 |
| CITIC Ltd. | &nbsp;&nbsp; 1392000 | 2088241 |
| CITIC Securities Co. Ltd., Class A | &nbsp;&nbsp; 224423 | 900826 |
| CITIC Securities Co. Ltd., Class H | &nbsp;&nbsp; 422025 | 1482824 |
| CMOC Group Ltd., Class H | &nbsp;&nbsp; 1476000 | 1675456 |
| Contemporary Amperex Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 78500 | 2866850 |
| Contemporary Amperex Technology Co. Ltd., <br> Class H<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 22600 | 1169442 |
| Cosco Shipping Energy Transportation Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 254700 | 354750 |
| Cosco Shipping Holdings Co. Ltd., Class H | &nbsp;&nbsp; 1170800 | 2140152 |
| CRRC Corp. Ltd., Class A | &nbsp;&nbsp; 381300 | 389427 |
| CRRC Corp. Ltd., Class H | &nbsp;&nbsp; 1807000 | 1252174 |
| CSC Financial Co. Ltd., Class A | &nbsp;&nbsp; 116800 | 413283 |
| CSPC Pharmaceutical Group Ltd. | &nbsp;&nbsp; 2325120 | 2922198 |
| Daqin Railway Co. Ltd., Class A | &nbsp;&nbsp; 451100 | 408721 |
| East Money Information Co. Ltd., Class A | &nbsp;&nbsp; 274360 | 880675 |
| Eastroc Beverage Group Co. Ltd., Class A | &nbsp;&nbsp; 13520 | 527153 |
| ENN Energy Holdings Ltd. | &nbsp;&nbsp; 197800 | 1612073 |
| Eoptolink Technology Inc. Ltd., Class A | &nbsp;&nbsp; 21140 | 549003 |
| Far East Horizon Ltd. | &nbsp;&nbsp; 462000 | 470828 |
| Foshan Haitian Flavouring & Food Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 125621 | 666824 |
| Fosun International Ltd. | &nbsp;&nbsp; 643500 | 444090 |
| Founder Securities Co. Ltd., Class A | &nbsp;&nbsp; 200900 | 225539 |
| Foxconn Industrial Internet Co. Ltd., Class A | &nbsp;&nbsp; 236200 | 1125401 |
| Fuyao Glass Industry Group Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 237200 | 1710110 |
| Ganfeng Lithium Group Co. Ltd., Class A | &nbsp;&nbsp; 29500 | 146924 |
| GCL Technology Holdings Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 5760000 | 853440 |
| GD Power Development Co. Ltd., Class A | &nbsp;&nbsp; 770300 | 489003 |
| Geely Automobile Holdings Ltd. | &nbsp;&nbsp; 1615000 | 3622473 |
| Genscript Biotech Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 390000 | 845872 |
| Giant Biogene Holding Co. Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 65200 | 464924 |
| Great Wall Motor Co. Ltd., Class H | &nbsp;&nbsp; 725000 | 1183148 |
| Gree Electric Appliances Inc. of Zhuhai, Class A | &nbsp;&nbsp; 92300 | 583328 |
| Guangdong Haid Group Co. Ltd., Class A | &nbsp;&nbsp; 69500 | 543804 |
| Guangdong Investment Ltd. | &nbsp;&nbsp; 1022000 | 909672 |
| Guangzhou Baiyunshan Pharmaceutical Holdings <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 39000 | 145138 |
| Guotai Haitong Securities Co. Ltd. | &nbsp;&nbsp; 359932 | 1010838 |
| Guotai Haitong Securities Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 481512 | 1039454 |
| H World Group Ltd., ADR | &nbsp;&nbsp; 54080 | 1688378 |
| Haidilao International Holding Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 529000 | 937757 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 105500 | 362455 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 679800 | 2141626 |
| Haisco Pharmaceutical Group Co. Ltd., Class A | &nbsp;&nbsp; 14700 | 113197 |
| Haitian International Holdings Ltd. | &nbsp;&nbsp; 196000 | 531308 |
| Hansoh Pharmaceutical Group Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 386000 | 1734171 |
| Henan Shuanghui Investment & Development Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 92100 | 315114 |
| Hengan International Group Co. Ltd. | &nbsp;&nbsp; 226500 | 676647 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Hengli Petrochemical Co. Ltd., Class A | &nbsp;&nbsp; 311600 | $666666 |
| Hisense Home Appliances Group Co. Ltd., <br> Class H<sup>(b)</sup><br>| &nbsp;&nbsp; 11136 | 31935 |
| Hithink RoyalFlush Information Network Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 10900 | 426693 |
| Hua Hong Semiconductor Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 182000 | 937054 |
| Huaneng Power International Inc., Class H | &nbsp;&nbsp; 1526000 | 1035887 |
| Huatai Securities Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 348400 | 801867 |
| Huaxia Bank Co. Ltd., Class A | &nbsp;&nbsp; 369500 | 407073 |
| Hygon Information Technology Co. Ltd., Class A | &nbsp;&nbsp; 35544 | 682870 |
| Iflytek Co. Ltd., Class A | &nbsp;&nbsp; 68700 | 463441 |
| Industrial & Commercial Bank of China Ltd., <br> Class A<br>| &nbsp;&nbsp; 1214191 | 1272497 |
| Industrial & Commercial Bank of China Ltd., <br> Class H<br>| &nbsp;&nbsp; 17083260 | 13089616 |
| Industrial Bank Co. Ltd., Class A | &nbsp;&nbsp; 351500 | 1101987 |
| Inner Mongolia Yili Industrial Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 175100 | 664897 |
| Inner Mongolia Yitai Coal Co. Ltd., Class B | &nbsp;&nbsp; 185900 | 381465 |
| Innovent Biologics Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 351500 | 4350902 |
| J&T Global Express Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 597400 | 785852 |
| JD Health International Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 317300 | 2028955 |
| JD Logistics Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 419400 | 726827 |
| JD.com Inc., Class A | &nbsp;&nbsp; 611726 | 9641984 |
| Jiangsu Expressway Co. Ltd., Class H | &nbsp;&nbsp; 524000 | 642527 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 161218 | 1405576 |
| Jiangsu Yanghe Distillery Co. Ltd., Class A | &nbsp;&nbsp; 27500 | 256953 |
| Jiangxi Copper Co. Ltd., Class H | &nbsp;&nbsp; 375000 | 749523 |
| Kanzhun Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 69104 | 1310212 |
| KE Holdings Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 515227 | 3151139 |
| Kingdee International Software Group Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 854000 | 1982143 |
| Kingsoft Corp. Ltd. | &nbsp;&nbsp; 283800 | 1290511 |
| Kuaishou Technology<sup>(a)(c)</sup> | &nbsp;&nbsp; 665800 | 6500905 |
| Kunlun Energy Co. Ltd. | &nbsp;&nbsp; 1192000 | 1148314 |
| Kweichow Moutai Co. Ltd., Class A | &nbsp;&nbsp; 20932 | 4119356 |
| Legend Biotech Corp., ADR<sup>(a)(b)</sup> | &nbsp;&nbsp; 18110 | 707558 |
| Lenovo Group Ltd. | &nbsp;&nbsp; 1974000 | 2531160 |
| Lens Technology Co. Ltd., Class A | &nbsp;&nbsp; 177000 | 556697 |
| Li Auto Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 311476 | 4077752 |
| Li Ning Co. Ltd. | &nbsp;&nbsp; 658000 | 1394098 |
| Longfor Group Holdings Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 555000 | 690785 |
| LONGi Green Energy Technology Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 226820 | 494732 |
| Luxshare Precision Industry Co. Ltd., Class A | &nbsp;&nbsp; 151340 | 763941 |
| Luzhou Laojiao Co. Ltd., Class A | &nbsp;&nbsp; 35100 | 597394 |
| Meituan, Class B<sup>(a)(c)</sup> | &nbsp;&nbsp; 1276820 | 19698190 |
| Midea Group Co. Ltd., Class A | &nbsp;&nbsp; 84900 | 824552 |
| Midea Group Co. Ltd., Class H | &nbsp;&nbsp; 57500 | 557130 |
| MINISO Group Holding Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 100424 | 478025 |
| MMG Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 660800 | 321295 |
| Muyuan Foods Co. Ltd., Class A | &nbsp;&nbsp; 156912 | 1007037 |
| NARI Technology Co. Ltd., Class A | &nbsp;&nbsp; 186620 | 565899 |
| NAURA Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 17415 | 806820 |
| NetEase Inc. | &nbsp;&nbsp; 447690 | 11703619 |
| New China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 231500 | 1481348 |
| New Hope Liuhe Co. Ltd., Class A | &nbsp;&nbsp; 257500 | 342815 |
| New Oriental Education & Technology Group Inc. | &nbsp;&nbsp; 392430 | 1740303 |
| Ningbo Tuopu Group Co. Ltd., Class A | &nbsp;&nbsp; 44080 | 279616 |
| Ningxia Baofeng Energy Group Co. Ltd., Class A | &nbsp;&nbsp; 304200 | 654594 |
| NIO Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 422545 | 2022438 |
| Nongfu Spring Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 463600 | 2678516 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| OmniVision Integrated Circuits Group Inc. | &nbsp;&nbsp; 26900 | $450036 |
| Orient Overseas International Ltd. | &nbsp;&nbsp; 40000 | 719691 |
| Orient Securities Co. Ltd., Class A | &nbsp;&nbsp; 285400 | 444324 |
| PDD Holdings Inc., ADR<sup>(a)(b)</sup> | &nbsp;&nbsp; 178907 | 20296999 |
| People's Insurance Co. Group of China Ltd. (The), <br> Class H<br>| &nbsp;&nbsp; 2442000 | 1876110 |
| PetroChina Co. Ltd., Class A | &nbsp;&nbsp; 349400 | 429582 |
| PetroChina Co. Ltd., Class H | &nbsp;&nbsp; 5360000 | 5237959 |
| PICC Property & Casualty Co. Ltd., Class H | &nbsp;&nbsp; 1898000 | 3939454 |
| Ping An Bank Co. Ltd., Class A | &nbsp;&nbsp; 422400 | 715854 |
| Ping An Insurance Group Co. of China Ltd., <br> Class A<br>| &nbsp;&nbsp; 230900 | 1875858 |
| Ping An Insurance Group Co. of China Ltd., <br> Class H<br>| &nbsp;&nbsp; 1730000 | 11877074 |
| Poly Developments and Holdings Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 251999 | 278462 |
| Pop Mart International Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 153600 | 4791378 |
| Postal Savings Bank of China Co. Ltd., Class A | &nbsp;&nbsp; 1020500 | 811885 |
| Postal Savings Bank of China Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 1333000 | 941645 |
| Qifu Technology Inc. | &nbsp;&nbsp; 26692 | 916336 |
| Qinghai Salt Lake Industry Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 160500 | 400762 |
| Range Intelligent Computing Technology Group <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 31800 | 218554 |
| Rockchip Electronics Co. Ltd., Class A | &nbsp;&nbsp; 11900 | 266192 |
| Rongsheng Petrochemical Co. Ltd., Class A | &nbsp;&nbsp; 207500 | 262582 |
| SAIC Motor Corp. Ltd., Class A | &nbsp;&nbsp; 166013 | 394452 |
| Sanan Optoelectronics Co. Ltd., Class A | &nbsp;&nbsp; 178600 | 308901 |
| Sany Heavy Industry Co. Ltd., Class A | &nbsp;&nbsp; 180400 | 498121 |
| SDIC Power Holdings Co. Ltd., Class A | &nbsp;&nbsp; 289200 | 631490 |
| Seres Group Co. Ltd., Class A | &nbsp;&nbsp; 26100 | 457633 |
| SF Holding Co. Ltd., Class A | &nbsp;&nbsp; 105100 | 669232 |
| Shaanxi Coal Industry Co. Ltd., Class A | &nbsp;&nbsp; 141500 | 394589 |
| Shandong Gold Mining Co. Ltd., Class A | &nbsp;&nbsp; 101400 | 412656 |
| Shandong Gold Mining Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 262250 | 810985 |
| Shandong Weigao Group Medical Polymer Co. <br> Ltd., Class H<br>| &nbsp;&nbsp; 701200 | 617235 |
| Shanghai Baosight Software Co. Ltd., Class B | &nbsp;&nbsp; 198960 | 273482 |
| Shanghai Electric Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 318600 | 344114 |
| Shanghai Fosun Pharmaceutical Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 120100 | 459746 |
| Shanghai Pudong Development Bank Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 519365 | 921342 |
| Shanghai Rural Commercial Bank Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 178800 | 225394 |
| Shanghai United Imaging Healthcare Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 20344 | 376062 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 28600 | 708949 |
| Shenwan Hongyuan Group Co. Ltd., Class A | &nbsp;&nbsp; 992700 | 727897 |
| Shenzhen Inovance Technology Co. Ltd., Class A | &nbsp;&nbsp; 25300 | 221331 |
| Shenzhen Mindray Bio-Medical Electronics Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 29900 | 956696 |
| Shenzhen Transsion Holdings Co. Ltd., Class A | &nbsp;&nbsp; 36640 | 386107 |
| Shenzhou International Group Holdings Ltd. | &nbsp;&nbsp; 215900 | 1553781 |
| Sichuan Biokin Pharmaceutical Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3176 | 135067 |
| Sichuan Chuantou Energy Co. Ltd., Class A | &nbsp;&nbsp; 185100 | 400111 |
| Sichuan Kelun Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp; 45900 | 240121 |
| Sino Biopharmaceutical Ltd. | &nbsp;&nbsp; 2916000 | 2792657 |
| Sinopharm Group Co. Ltd., Class H | &nbsp;&nbsp; 450800 | 1083555 |
| Sinotruk Hong Kong Ltd. | &nbsp;&nbsp; 143000 | 435800 |
| Smoore International Holdings Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 536000 | 1445272 |
| Sungrow Power Supply Co. Ltd., Class A | &nbsp;&nbsp; 33880 | 337340 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Sunny Optical Technology Group Co. Ltd. | &nbsp;&nbsp; 189200 | $1753000 |
| TAL Education Group, ADR<sup>(a)(b)</sup> | &nbsp;&nbsp; 105117 | 1149980 |
| TBEA Co. Ltd., Class A | &nbsp;&nbsp; 286200 | 535723 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 1661200 | 116304262 |
| Tencent Music Entertainment Group, ADR | &nbsp;&nbsp; 191837 | 4026659 |
| Tingyi Cayman Islands Holding Corp. | &nbsp;&nbsp; 502000 | 742088 |
| Tongcheng Travel Holdings Ltd. | &nbsp;&nbsp; 436400 | 1093457 |
| TravelSky Technology Ltd., Class H | &nbsp;&nbsp; 444000 | 705907 |
| Trip.com Group Ltd. | &nbsp;&nbsp; 159726 | 9916180 |
| Tsingtao Brewery Co. Ltd., Class A | &nbsp;&nbsp; 72900 | 685362 |
| Tsingtao Brewery Co. Ltd., Class H | &nbsp;&nbsp; 62000 | 393883 |
| Vipshop Holdings Ltd., ADR | &nbsp;&nbsp; 90092 | 1359488 |
| Wanhua Chemical Group Co. Ltd., Class A | &nbsp;&nbsp; 83653 | 721168 |
| Want Want China Holdings Ltd. | &nbsp;&nbsp; 1672000 | 1208478 |
| Weichai Power Co. Ltd., Class H | &nbsp;&nbsp; 649000 | 1375793 |
| Wens Foodstuff Group Co. Ltd., Class A | &nbsp;&nbsp; 221416 | 530613 |
| Wuliangye Yibin Co. Ltd., Class A | &nbsp;&nbsp; 85500 | 1434529 |
| WuXi AppTec Co. Ltd., Class A | &nbsp;&nbsp; 85359 | 1131298 |
| WuXi AppTec Co. Ltd., Class H<sup>(b)(c)</sup> | &nbsp;&nbsp; 44912 | 599091 |
| Wuxi Biologics Cayman Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 932500 | 3791574 |
| XCMG Construction Machinery Co. Ltd., Class A | &nbsp;&nbsp; 448500 | 520996 |
| Xiaomi Corp., Class B<sup>(a)(c)</sup> | &nbsp;&nbsp; 4447600 | 29923232 |
| Xinjiang Daqo New Energy Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 78600 | 281589 |
| Xinyi Solar Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1544000 | 597719 |
| XPeng Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 303434 | 2761248 |
| Yadea Group Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 446000 | 701818 |
| Yankuang Energy Group Co. Ltd., Class A | &nbsp;&nbsp; 190710 | 333182 |
| Yankuang Energy Group Co. Ltd., Class H | &nbsp;&nbsp; 717600 | 818160 |
| Yihai Kerry Arawana Holdings Co. Ltd., Class A | &nbsp;&nbsp; 49969 | 209060 |
| Yum China Holdings Inc. | &nbsp;&nbsp; 96140 | 4487815 |
| Yunnan Baiyao Group Co. Ltd., Class A | &nbsp;&nbsp; 82500 | 640987 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 21692 | 598689 |
| Zhaojin Mining Industry Co. Ltd., Class H | &nbsp;&nbsp; 444500 | 1103795 |
| Zhejiang Expressway Co. Ltd., Class H | &nbsp;&nbsp; 728640 | 694255 |
| Zhejiang Juhua Co. Ltd., Class A | &nbsp;&nbsp; 68200 | 252374 |
| Zhejiang Leapmotor Technology Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 138300 | 1063453 |
| Zhejiang NHU Co. Ltd., Class A | &nbsp;&nbsp; 108200 | 335677 |
| Zhongji Innolight Co. Ltd., Class A | &nbsp;&nbsp; 19600 | 586313 |
| Zhongjin Gold Corp. Ltd., Class A | &nbsp;&nbsp; 185300 | 367742 |
| Zhongsheng Group Holdings Ltd. | &nbsp;&nbsp; 187000 | 314555 |
| Zhuzhou CRRC Times Electric Co. Ltd., Class H | &nbsp;&nbsp; 216100 | 876585 |
| Zijin Mining Group Co. Ltd., Class A | &nbsp;&nbsp; 106000 | 280495 |
| Zijin Mining Group Co. Ltd., Class H | &nbsp;&nbsp; 1714000 | 4544943 |
| Zoomlion Heavy Industry Science and Technology <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 402000 | 409047 |
| ZTE Corp., Class H | &nbsp;&nbsp; 243600 | 768610 |
| ZTO Express Cayman Inc. | &nbsp;&nbsp; 99545 | 1940591 |
|  |  | 672878750 |
| **Colombia — 0.0%** | **Colombia — 0.0%** | **Colombia — 0.0%** |
| Interconexion Electrica SA ESP | &nbsp;&nbsp; 26649 | 133699 |
| **Czech Republic — 0.0%** | **Czech Republic — 0.0%** | **Czech Republic — 0.0%** |
| CEZ AS | &nbsp;&nbsp; 47051 | 2726106 |
| Komercni Banka AS | &nbsp;&nbsp; 23312 | 1110481 |
|  |  | 3836587 |
| **Denmark — 0.4%** | **Denmark — 0.4%** | **Denmark — 0.4%** |
| AP Moller - Maersk A/S, Class A | &nbsp;&nbsp; 851 | 1669806 |
| AP Moller - Maersk A/S, Class B, NVS<sup>(b)</sup> | &nbsp;&nbsp; 1157 | 2284799 |
| Carlsberg A/S, Class B | &nbsp;&nbsp; 23771 | 2963464 |
| Coloplast A/S, Class B | &nbsp;&nbsp; 33196 | 3031857 |
| Danske Bank A/S | &nbsp;&nbsp; 173155 | 6869314 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Denmark (continued)** | **Denmark (continued)** | **Denmark (continued)** |
| Demant A/S<sup>(a)</sup> | &nbsp;&nbsp; 24815 | $940180 |
| DSV A/S | &nbsp;&nbsp; 52636 | 11794933 |
| Genmab A/S<sup>(a)</sup> | &nbsp;&nbsp; 16776 | 3611829 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp; 830592 | 38629145 |
| Novonesis Novozymes B, Class B | &nbsp;&nbsp; 94683 | 6125755 |
| Orsted A/S<sup>(a)(c)</sup> | &nbsp;&nbsp; 48115 | 2267732 |
| Pandora A/S | &nbsp;&nbsp; 23204 | 3830878 |
| Rockwool A/S, Class B | &nbsp;&nbsp; 20285 | 888901 |
| Tryg A/S | &nbsp;&nbsp; 98699 | 2380809 |
| Vestas Wind Systems A/S | &nbsp;&nbsp; 251816 | 4597679 |
|  |  | 91887081 |
| **Egypt — 0.0%** | **Egypt — 0.0%** | **Egypt — 0.0%** |
| Commercial International Bank - Egypt (CIB) | &nbsp;&nbsp; 636678 | 1233460 |
| Talaat Moustafa Group | &nbsp;&nbsp; 191013 | 209625 |
|  |  | 1443085 |
| **Finland — 0.2%** | **Finland — 0.2%** | **Finland — 0.2%** |
| Elisa OYJ | &nbsp;&nbsp; 30162 | 1551915 |
| Fortum OYJ | &nbsp;&nbsp; 114739 | 2104970 |
| Kesko OYJ, Class B | &nbsp;&nbsp; 68398 | 1487617 |
| Kone OYJ, Class B | &nbsp;&nbsp; 85477 | 5249009 |
| Metso OYJ | &nbsp;&nbsp; 153329 | 1925703 |
| Neste OYJ | &nbsp;&nbsp; 108814 | 1717370 |
| Nokia OYJ | &nbsp;&nbsp; 1356204 | 5527000 |
| Orion OYJ, Class B | &nbsp;&nbsp; 27418 | 2195050 |
| Sampo OYJ, Class A | &nbsp;&nbsp; 606690 | 6512010 |
| Stora Enso OYJ, Class R | &nbsp;&nbsp; 160818 | 1654734 |
| UPM-Kymmene OYJ | &nbsp;&nbsp; 136844 | 3546690 |
| Wartsila OYJ Abp | &nbsp;&nbsp; 139084 | 3842668 |
|  |  | 37314736 |
| **France — 2.4%** | **France — 2.4%** | **France — 2.4%** |
| Accor SA | &nbsp;&nbsp; 49959 | 2532116 |
| Aeroports de Paris SA | &nbsp;&nbsp; 5652 | 686008 |
| Air Liquide SA | &nbsp;&nbsp; 149472 | 29406589 |
| Airbus SE | &nbsp;&nbsp; 153551 | 30872206 |
| Alstom SA<sup>(a)</sup> | &nbsp;&nbsp; 93250 | 2187302 |
| Amundi SA<sup>(c)</sup> | &nbsp;&nbsp; 12544 | 927007 |
| ArcelorMittal SA | &nbsp;&nbsp; 115386 | 3597293 |
| Arkema SA | &nbsp;&nbsp; 12406 | 843625 |
| AXA SA | &nbsp;&nbsp; 464910 | 22580278 |
| BioMerieux | &nbsp;&nbsp; 10445 | 1494515 |
| BNP Paribas SA | &nbsp;&nbsp; 264852 | 24148736 |
| Bollore SE | &nbsp;&nbsp; 230445 | 1329220 |
| Bouygues SA | &nbsp;&nbsp; 58081 | 2391573 |
| Bureau Veritas SA | &nbsp;&nbsp; 96000 | 2956426 |
| Capgemini SE | &nbsp;&nbsp; 42881 | 6383965 |
| Carrefour SA | &nbsp;&nbsp; 154782 | 2218182 |
| Cie de Saint-Gobain SA | &nbsp;&nbsp; 117485 | 13477538 |
| Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp; 184893 | 6577840 |
| Covivio SA/France | &nbsp;&nbsp; 9045 | 585590 |
| Credit Agricole SA | &nbsp;&nbsp; 274372 | 5049683 |
| Danone SA | &nbsp;&nbsp; 162094 | 13265256 |
| Dassault Aviation SA | &nbsp;&nbsp; 6070 | 1889937 |
| Dassault Systemes SE | &nbsp;&nbsp; 170433 | 5598932 |
| Edenred SE | &nbsp;&nbsp; 68432 | 1954287 |
| Eiffage SA | &nbsp;&nbsp; 22514 | 3022176 |
| Engie SA | &nbsp;&nbsp; 449359 | 10100788 |
| EssilorLuxottica SA | &nbsp;&nbsp; 74111 | 22037228 |
| Eurazeo SE | &nbsp;&nbsp; 5745 | 337115 |
| Eurofins Scientific SE | &nbsp;&nbsp; 31138 | 2384654 |
| Euronext NV<sup>(c)</sup> | &nbsp;&nbsp; 16574 | 2671545 |
| FDJ UNITED | &nbsp;&nbsp; 24748 | 771935 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **France (continued)** | **France (continued)** | **France (continued)** |
| Gecina SA | &nbsp;&nbsp; 12822 | $1260052 |
| Getlink SE | &nbsp;&nbsp; 92839 | 1683720 |
| Hermes International SCA | &nbsp;&nbsp; 7982 | 19519884 |
| Ipsen SA | &nbsp;&nbsp; 10773 | 1269405 |
| Kering SA | &nbsp;&nbsp; 18567 | 4559039 |
| Klepierre SA | &nbsp;&nbsp; 40707 | 1553865 |
| Legrand SA | &nbsp;&nbsp; 70475 | 10409631 |
| L'Oreal SA | &nbsp;&nbsp; 62142 | 27496775 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 70044 | 37600443 |
| Orange SA | &nbsp;&nbsp; 444636 | 6763386 |
| Pernod Ricard SA | &nbsp;&nbsp; 53093 | 5456298 |
| Publicis Groupe SA | &nbsp;&nbsp; 60216 | 5502640 |
| Renault SA | &nbsp;&nbsp; 53249 | 1970254 |
| Rexel SA | &nbsp;&nbsp; 39582 | 1196343 |
| Safran SA | &nbsp;&nbsp; 93081 | 30693570 |
| Sanofi SA | &nbsp;&nbsp; 287480 | 25807260 |
| Sartorius Stedim Biotech | &nbsp;&nbsp; 7361 | 1470951 |
| Schneider Electric SE | &nbsp;&nbsp; 138346 | 35803007 |
| Societe Generale SA | &nbsp;&nbsp; 184491 | 11775785 |
| Sodexo SA | &nbsp;&nbsp; 23112 | 1374550 |
| STMicroelectronics NV | &nbsp;&nbsp; 168040 | 4270559 |
| Teleperformance SE | &nbsp;&nbsp; 15945 | 1554496 |
| Thales SA | &nbsp;&nbsp; 24857 | 6686375 |
| TotalEnergies SE | &nbsp;&nbsp; 537874 | 31984927 |
| Unibail-Rodamco-Westfield, New | &nbsp;&nbsp; 33375 | 3235348 |
| Veolia Environnement SA | &nbsp;&nbsp; 174675 | 5919569 |
| Vinci SA | &nbsp;&nbsp; 133077 | 18485562 |
|  |  | 529583239 |
| **Germany — 2.2%** | **Germany — 2.2%** | **Germany — 2.2%** |
| adidas AG | &nbsp;&nbsp; 45060 | 8612265 |
| Allianz SE, Registered | &nbsp;&nbsp; 99695 | 39397234 |
| BASF SE | &nbsp;&nbsp; 225497 | 11051467 |
| Bayer AG, Registered | &nbsp;&nbsp; 251145 | 7811042 |
| Bayerische Motoren Werke AG<sup>(b)</sup> | &nbsp;&nbsp; 72580 | 6906087 |
| Beiersdorf AG | &nbsp;&nbsp; 24580 | 3054363 |
| Brenntag SE | &nbsp;&nbsp; 34120 | 2116774 |
| Commerzbank AG | &nbsp;&nbsp; 232695 | 8485414 |
| Continental AG | &nbsp;&nbsp; 26627 | 2274227 |
| Covestro AG, NVS<sup>(a)</sup> | &nbsp;&nbsp; 52228 | 3540392 |
| CTS Eventim AG & Co. KGaA | &nbsp;&nbsp; 14882 | 1680541 |
| Daimler Truck Holding AG | &nbsp;&nbsp; 121417 | 5906361 |
| Delivery Hero SE, Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 50372 | 1503324 |
| Deutsche Bank AG, Registered | &nbsp;&nbsp; 475466 | 15660197 |
| Deutsche Boerse AG | &nbsp;&nbsp; 48647 | 14077821 |
| Deutsche Lufthansa AG, Registered | &nbsp;&nbsp; 171666 | 1472007 |
| Deutsche Post AG, Registered | &nbsp;&nbsp; 251924 | 11287633 |
| Deutsche Telekom AG, Registered | &nbsp;&nbsp; 897714 | 32197319 |
| E.ON SE | &nbsp;&nbsp; 572531 | 10444816 |
| Evonik Industries AG | &nbsp;&nbsp; 54246 | 1077221 |
| Fresenius Medical Care AG | &nbsp;&nbsp; 54509 | 2764774 |
| Fresenius SE & Co. KGaA | &nbsp;&nbsp; 106348 | 5076057 |
| GEA Group AG | &nbsp;&nbsp; 48312 | 3470262 |
| Hannover Rueck SE | &nbsp;&nbsp; 15275 | 4633570 |
| Heidelberg Materials AG | &nbsp;&nbsp; 34534 | 7966804 |
| Henkel AG & Co. KGaA | &nbsp;&nbsp; 27990 | 1990378 |
| Infineon Technologies AG | &nbsp;&nbsp; 337668 | 13264650 |
| Knorr-Bremse AG | &nbsp;&nbsp; 17817 | 1778233 |
| LEG Immobilien SE | &nbsp;&nbsp; 18187 | 1443566 |
| Mercedes-Benz Group AG | &nbsp;&nbsp; 190007 | 10758243 |
| Merck KGaA | &nbsp;&nbsp; 33690 | 4210723 |
| MTU Aero Engines AG | &nbsp;&nbsp; 14229 | 6137796 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| Muenchener Rueckversicherungs-Gesellschaft AG <br> in Muenchen, Registered<br>| &nbsp;&nbsp; 34535 | $22609049 |
| Nemetschek SE | &nbsp;&nbsp; 17139 | 2553592 |
| QIAGEN NV | &nbsp;&nbsp; 55331 | 2743624 |
| Rational AG | &nbsp;&nbsp; 1343 | 1036725 |
| Rheinmetall AG | &nbsp;&nbsp; 11596 | 22954236 |
| RWE AG | &nbsp;&nbsp; 159247 | 6533137 |
| SAP SE | &nbsp;&nbsp; 269321 | 77013827 |
| Scout24 SE<sup>(c)</sup> | &nbsp;&nbsp; 22570 | 3016291 |
| Siemens AG, Registered | &nbsp;&nbsp; 195989 | 49919010 |
| Siemens Energy AG<sup>(a)</sup> | &nbsp;&nbsp; 178483 | 20664523 |
| Siemens Healthineers AG<sup>(c)</sup> | &nbsp;&nbsp; 82866 | 4463380 |
| Symrise AG, Class A | &nbsp;&nbsp; 36344 | 3294483 |
| Talanx AG<sup>(a)</sup> | &nbsp;&nbsp; 14789 | 1960238 |
| Vonovia SE | &nbsp;&nbsp; 187515 | 5819635 |
| Zalando SE<sup>(a)(c)</sup> | &nbsp;&nbsp; 53753 | 1567332 |
|  |  | 478200643 |
| **Greece — 0.1%** | **Greece — 0.1%** | **Greece — 0.1%** |
| Alpha Bank SA | &nbsp;&nbsp; 635608 | 2379163 |
| Eurobank Ergasias Services and Holdings SA | &nbsp;&nbsp; 733696 | 2692929 |
| Hellenic Telecommunications Organization SA | &nbsp;&nbsp; 56482 | 1024870 |
| Jumbo SA | &nbsp;&nbsp; 35297 | 1193926 |
| Metlen Energy & Metals SA | &nbsp;&nbsp; 25139 | 1382931 |
| National Bank of Greece SA | &nbsp;&nbsp; 156898 | 2188500 |
| OPAP SA | &nbsp;&nbsp; 53509 | 1200527 |
| Piraeus Financial Holdings SA | &nbsp;&nbsp; 230295 | 1770837 |
| Public Power Corp. SA | &nbsp;&nbsp; 57244 | 928468 |
|  |  | 14762151 |
| **Hong Kong — 0.5%** | **Hong Kong — 0.5%** | **Hong Kong — 0.5%** |
| AIA Group Ltd. | &nbsp;&nbsp; 2794400 | 26055448 |
| BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 892500 | 4007552 |
| CK Asset Holdings Ltd. | &nbsp;&nbsp; 475516 | 2178909 |
| CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 707516 | 4605223 |
| CK Infrastructure Holdings Ltd. | &nbsp;&nbsp; 153500 | 1081099 |
| CLP Holdings Ltd. | &nbsp;&nbsp; 426000 | 3697584 |
| Futu Holdings Ltd., ADR | &nbsp;&nbsp; 16186 | 2487464 |
| Galaxy Entertainment Group Ltd. | &nbsp;&nbsp; 575000 | 2804081 |
| Hang Seng Bank Ltd. | &nbsp;&nbsp; 189900 | 2766216 |
| Henderson Land Development Co. Ltd. | &nbsp;&nbsp; 342003 | 1196763 |
| HKT Trust & HKT Ltd., Class SS | &nbsp;&nbsp; 910000 | 1432865 |
| Hong Kong & China Gas Co. Ltd. | &nbsp;&nbsp; 2677040 | 2389427 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 302200 | 16354700 |
| Hongkong Land Holdings Ltd. | &nbsp;&nbsp; 365600 | 2211880 |
| Jardine Matheson Holdings Ltd. | &nbsp;&nbsp; 41800 | 2269797 |
| Link REIT | &nbsp;&nbsp; 629360 | 3506639 |
| MTR Corp. Ltd. | &nbsp;&nbsp; 427500 | 1537832 |
| Power Assets Holdings Ltd. | &nbsp;&nbsp; 372000 | 2449284 |
| Sands China Ltd. | &nbsp;&nbsp; 678400 | 1642249 |
| Sino Land Co. Ltd. | &nbsp;&nbsp; 988000 | 1138867 |
| SITC International Holdings Co. Ltd. | &nbsp;&nbsp; 441000 | 1429739 |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 381000 | 4525314 |
| Swire Pacific Ltd., Class A | &nbsp;&nbsp; 142500 | 1288105 |
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp; 362000 | 4328669 |
| WH Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1972000 | 1974244 |
| Wharf Holdings Ltd. (The)<sup>(b)</sup> | &nbsp;&nbsp; 278000 | 791503 |
| Wharf Real Estate Investment Co. Ltd. | &nbsp;&nbsp; 476200 | 1511846 |
|  |  | 101663299 |
| **Hungary — 0.0%** | **Hungary — 0.0%** | **Hungary — 0.0%** |
| MOL Hungarian Oil & Gas PLC | &nbsp;&nbsp; 119126 | 1035029 |
| OTP Bank Nyrt | &nbsp;&nbsp; 65377 | 5305074 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Hungary (continued)** | **Hungary (continued)** | **Hungary (continued)** |
| Richter Gedeon Nyrt | &nbsp;&nbsp; 25206 | $756569 |
|  |  | 7096672 |
| **India — 1.8%** | **India — 1.8%** | **India — 1.8%** |
| ABB India Ltd. | &nbsp;&nbsp; 12142 | 760310 |
| Adani Enterprises Ltd. | &nbsp;&nbsp; 41489 | 1145544 |
| Adani Ports & Special Economic Zone Ltd. | &nbsp;&nbsp; 127394 | 1986971 |
| Adani Power Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 192430 | 1282360 |
| Alkem Laboratories Ltd. | &nbsp;&nbsp; 10688 | 612368 |
| Ambuja Cements Ltd. | &nbsp;&nbsp; 177634 | 1196007 |
| APL Apollo Tubes Ltd. | &nbsp;&nbsp; 44160 | 803627 |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp; 28523 | 2431751 |
| Ashok Leyland Ltd. | &nbsp;&nbsp; 704817 | 968603 |
| Asian Paints Ltd. | &nbsp;&nbsp; 108789 | 2969465 |
| Astral Ltd. | &nbsp;&nbsp; 24610 | 392521 |
| AU Small Finance Bank Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 94224 | 793933 |
| Aurobindo Pharma Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 80474 | 1040467 |
| Avenue Supermarts Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 39290 | 1907949 |
| Axis Bank Ltd. | &nbsp;&nbsp; 663268 | 8054777 |
| Bajaj Auto Ltd. | &nbsp;&nbsp; 18778 | 1709687 |
| Bajaj Finance Ltd. | &nbsp;&nbsp; 712999 | 7135242 |
| Bajaj Finserv Ltd. | &nbsp;&nbsp; 113428 | 2509884 |
| Bajaj Holdings & Investment Ltd. | &nbsp;&nbsp; 5610 | 890771 |
| Balkrishna Industries Ltd. | &nbsp;&nbsp; 12351 | 375836 |
| Bank of Baroda | &nbsp;&nbsp; 195520 | 528311 |
| Bharat Electronics Ltd. | &nbsp;&nbsp; 931783 | 4047943 |
| Bharat Forge Ltd. | &nbsp;&nbsp; 71325 | 949332 |
| Bharat Heavy Electricals Ltd. | &nbsp;&nbsp; 293479 | 793966 |
| Bharat Petroleum Corp. Ltd. | &nbsp;&nbsp; 442810 | 1654752 |
| Bharti Airtel Ltd. | &nbsp;&nbsp; 650364 | 14157862 |
| Bosch Ltd. | &nbsp;&nbsp; 1890 | 868995 |
| Britannia Industries Ltd. | &nbsp;&nbsp; 28841 | 1897598 |
| BSE Ltd. | &nbsp;&nbsp; 31026 | 854236 |
| CG Power & Industrial Solutions Ltd. | &nbsp;&nbsp; 169196 | 1270387 |
| Cholamandalam Investment and Finance Co. Ltd. | &nbsp;&nbsp; 117186 | 1921101 |
| Cipla Ltd. | &nbsp;&nbsp; 128225 | 2264480 |
| Coal India Ltd. | &nbsp;&nbsp; 445452 | 1904951 |
| Colgate-Palmolive India Ltd. | &nbsp;&nbsp; 32670 | 835350 |
| Container Corp. of India Ltd. | &nbsp;&nbsp; 92980 | 611202 |
| Coromandel International Ltd. | &nbsp;&nbsp; 30426 | 930383 |
| Cummins India Ltd. | &nbsp;&nbsp; 31387 | 1267662 |
| Dabur India Ltd. | &nbsp;&nbsp; 149060 | 898102 |
| Divi's Laboratories Ltd. | &nbsp;&nbsp; 36692 | 2747661 |
| Dixon Technologies India Ltd. | &nbsp;&nbsp; 9171 | 1752249 |
| DLF Ltd. | &nbsp;&nbsp; 182580 | 1623805 |
| Dr Reddy's Laboratories Ltd. | &nbsp;&nbsp; 162228 | 2340576 |
| Eicher Motors Ltd. | &nbsp;&nbsp; 37827 | 2353697 |
| Eternal Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1319721 | 4605974 |
| FSN E-Commerce Ventures Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 295303 | 704508 |
| GAIL India Ltd. | &nbsp;&nbsp; 636334 | 1281838 |
| GMR Airports Infrastructure Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 684743 | 698913 |
| Godrej Consumer Products Ltd. | &nbsp;&nbsp; 98661 | 1413629 |
| Godrej Properties Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 30995 | 739041 |
| Grasim Industries Ltd. | &nbsp;&nbsp; 72519 | 2265743 |
| Havells India Ltd. | &nbsp;&nbsp; 79796 | 1362894 |
| HCL Technologies Ltd. | &nbsp;&nbsp; 269552 | 4493459 |
| HDFC Asset Management Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 22373 | 1437852 |
| HDFC Bank Ltd. | &nbsp;&nbsp; 1448225 | 33234299 |
| HDFC Life Insurance Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 237723 | 2042560 |
| Hero MotoCorp Ltd. | &nbsp;&nbsp; 30826 | 1493295 |
| Hindalco Industries Ltd. | &nbsp;&nbsp; 358405 | 2774634 |
| Hindustan Aeronautics Ltd. | &nbsp;&nbsp; 48150 | 2478090 |
| Hindustan Petroleum Corp. Ltd. | &nbsp;&nbsp; 236197 | 1121426 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Hindustan Unilever Ltd. | &nbsp;&nbsp; 208756 | $5995385 |
| Hyundai Motor India Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 41740 | 1023486 |
| ICICI Bank Ltd. | &nbsp;&nbsp; 1429651 | 24074313 |
| ICICI Lombard General Insurance Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 64873 | 1423666 |
| ICICI Prudential Life Insurance Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 85111 | 596864 |
| IDFC First Bank Ltd. | &nbsp;&nbsp; 927687 | 724811 |
| Indian Hotels Co. Ltd., Class A | &nbsp;&nbsp; 210159 | 1767661 |
| Indian Oil Corp. Ltd. | &nbsp;&nbsp; 705650 | 1165758 |
| Indian Railway Catering & Tourism Corp. Ltd. | &nbsp;&nbsp; 69841 | 575752 |
| Indus Towers Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 305732 | 1260856 |
| IndusInd Bank Ltd. | &nbsp;&nbsp; 138880 | 1260002 |
| Info Edge India Ltd. | &nbsp;&nbsp; 110589 | 1746315 |
| Infosys Ltd. | &nbsp;&nbsp; 854562 | 14533492 |
| InterGlobe Aviation Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 53637 | 3599494 |
| ITC Ltd. | &nbsp;&nbsp; 823433 | 3861649 |
| Jindal Stainless Ltd. | &nbsp;&nbsp; 96858 | 764595 |
| Jindal Steel & Power Ltd. | &nbsp;&nbsp; 97795 | 1072146 |
| Jio Financial Services Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 762562 | 2851620 |
| JSW Energy Ltd. | &nbsp;&nbsp; 122900 | 719139 |
| JSW Steel Ltd. | &nbsp;&nbsp; 187493 | 2236559 |
| Jubilant Foodworks Ltd. | &nbsp;&nbsp; 118201 | 880705 |
| Kalyan Jewellers India Ltd. | &nbsp;&nbsp; 120620 | 813362 |
| Kotak Mahindra Bank Ltd. | &nbsp;&nbsp; 271934 | 6126766 |
| Larsen & Toubro Ltd. | &nbsp;&nbsp; 166825 | 6899156 |
| Lodha Developers Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 81250 | 1136061 |
| LTIMindtree Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 28678 | 1658907 |
| Lupin Ltd. | &nbsp;&nbsp; 73448 | 1605365 |
| Mahindra & Mahindra Ltd. | &nbsp;&nbsp; 240722 | 8769160 |
| Mankind Pharma Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 32773 | 956175 |
| Marico Ltd. | &nbsp;&nbsp; 148901 | 1203058 |
| Maruti Suzuki India Ltd. | &nbsp;&nbsp; 34344 | 4926266 |
| Max Healthcare Institute Ltd. | &nbsp;&nbsp; 202669 | 2875382 |
| Mphasis Ltd. | &nbsp;&nbsp; 20885 | 659409 |
| MRF Ltd. | &nbsp;&nbsp; 374 | 629335 |
| Muthoot Finance Ltd. | &nbsp;&nbsp; 31134 | 925920 |
| Nestle India Ltd. | &nbsp;&nbsp; 81740 | 2092540 |
| NHPC Ltd. | &nbsp;&nbsp; 772712 | 729221 |
| NMDC Ltd. | &nbsp;&nbsp; 860631 | 691729 |
| NTPC Ltd. | &nbsp;&nbsp; 1063410 | 4035979 |
| Oberoi Realty Ltd. | &nbsp;&nbsp; 29215 | 540839 |
| Oil & Natural Gas Corp. Ltd. | &nbsp;&nbsp; 885605 | 2426326 |
| Oil India Ltd. | &nbsp;&nbsp; 99632 | 498376 |
| Oracle Financial Services Software Ltd. | &nbsp;&nbsp; 5580 | 535720 |
| Page Industries Ltd. | &nbsp;&nbsp; 1783 | 991317 |
| PB Fintech Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 81463 | 1671702 |
| Persistent Systems Ltd. | &nbsp;&nbsp; 28549 | 1668431 |
| Petronet LNG Ltd. | &nbsp;&nbsp; 123834 | 405984 |
| Phoenix Mills Ltd. (The) | &nbsp;&nbsp; 50475 | 851813 |
| PI Industries Ltd. | &nbsp;&nbsp; 23399 | 1132439 |
| Pidilite Industries Ltd. | &nbsp;&nbsp; 41786 | 1366385 |
| Polycab India Ltd. | &nbsp;&nbsp; 11997 | 929757 |
| Power Finance Corp. Ltd. | &nbsp;&nbsp; 368579 | 1715679 |
| Power Grid Corp. of India Ltd. | &nbsp;&nbsp; 1171677 | 3873292 |
| Prestige Estates Projects Ltd. | &nbsp;&nbsp; 39694 | 733387 |
| Punjab National Bank | &nbsp;&nbsp; 599907 | 717451 |
| Rail Vikas Nigam Ltd. | &nbsp;&nbsp; 107469 | 423764 |
| REC Ltd. | &nbsp;&nbsp; 329885 | 1478649 |
| Reliance Industries Ltd. | &nbsp;&nbsp; 1544371 | 24389455 |
| Samvardhana Motherson International Ltd. | &nbsp;&nbsp; 1021906 | 1124754 |
| SBI Cards & Payment Services Ltd. | &nbsp;&nbsp; 62760 | 578461 |
| SBI Life Insurance Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 116985 | 2447380 |
| Shree Cement Ltd. | &nbsp;&nbsp; 2849 | 998698 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Shriram Finance Ltd. | &nbsp;&nbsp; 346285 | $2480125 |
| Siemens Ltd. | &nbsp;&nbsp; 22438 | 772569 |
| Solar Industries India Ltd. | &nbsp;&nbsp; 6968 | 1126093 |
| Sona Blw Precision Forgings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 90117 | 459063 |
| SRF Ltd. | &nbsp;&nbsp; 40714 | 1408599 |
| State Bank of India | &nbsp;&nbsp; 480891 | 4357084 |
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp; 239762 | 4656185 |
| Sundaram Finance Ltd. | &nbsp;&nbsp; 15517 | 825347 |
| Supreme Industries Ltd. | &nbsp;&nbsp; 16086 | 786328 |
| Suzlon Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2609296 | 1820477 |
| Tata Communications Ltd. | &nbsp;&nbsp; 27944 | 548244 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp; 229704 | 7921674 |
| Tata Consumer Products Ltd. | &nbsp;&nbsp; 164736 | 2011611 |
| Tata Elxsi Ltd. | &nbsp;&nbsp; 10900 | 755191 |
| Tata Motors Ltd. | &nbsp;&nbsp; 509077 | 3847942 |
| Tata Power Co. Ltd. (The) | &nbsp;&nbsp; 379982 | 1716383 |
| Tata Steel Ltd. | &nbsp;&nbsp; 1881706 | 3379225 |
| Tech Mahindra Ltd. | &nbsp;&nbsp; 167040 | 2771203 |
| Thermax Ltd. | &nbsp;&nbsp; 10693 | 479352 |
| Titan Co. Ltd. | &nbsp;&nbsp; 91277 | 3474588 |
| Torrent Pharmaceuticals Ltd. | &nbsp;&nbsp; 25884 | 1101767 |
| Torrent Power Ltd. | &nbsp;&nbsp; 43092 | 639896 |
| Trent Ltd. | &nbsp;&nbsp; 50758 | 2895251 |
| Tube Investments of India Ltd. | &nbsp;&nbsp; 30683 | 990575 |
| TVS Motor Co. Ltd. | &nbsp;&nbsp; 77472 | 2467591 |
| UltraTech Cement Ltd. | &nbsp;&nbsp; 27643 | 3848841 |
| Union Bank of India Ltd. | &nbsp;&nbsp; 389228 | 578047 |
| United Spirits Ltd. | &nbsp;&nbsp; 46793 | 714417 |
| UPL Ltd. | &nbsp;&nbsp; 147310 | 1178531 |
| Varun Beverages Ltd. | &nbsp;&nbsp; 339771 | 2019367 |
| Vedanta Ltd. | &nbsp;&nbsp; 332007 | 1603381 |
| Vodafone Idea Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6159975 | 483634 |
| Voltas Ltd. | &nbsp;&nbsp; 62624 | 945204 |
| Wipro Ltd. | &nbsp;&nbsp; 650673 | 1830315 |
| Yes Bank Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4325549 | 930241 |
| Zydus Lifesciences Ltd. | &nbsp;&nbsp; 48380 | 532796 |
|  |  | 388316084 |
| **Indonesia — 0.1%** | **Indonesia — 0.1%** | **Indonesia — 0.1%** |
| Alamtri Resources Indonesia Tbk PT | &nbsp;&nbsp; 4744900 | 531890 |
| Amman Mineral Internasional PT<sup>(a)</sup> | &nbsp;&nbsp; 2294400 | 1169494 |
| Astra International Tbk PT | &nbsp;&nbsp; 6165600 | 1905913 |
| Bank Central Asia Tbk PT | &nbsp;&nbsp; 14410500 | 7222477 |
| Bank Mandiri Persero Tbk PT | &nbsp;&nbsp; 8628128 | 2348842 |
| Bank Negara Indonesia Persero Tbk PT | &nbsp;&nbsp; 4582876 | 1111387 |
| Bank Rakyat Indonesia Persero Tbk PT | &nbsp;&nbsp; 17238530 | 3860232 |
| Barito Pacific Tbk PT | &nbsp;&nbsp; 4504564 | 716796 |
| Chandra Asri Pacific Tbk PT | &nbsp;&nbsp; 2000341 | 1124619 |
| Charoen Pokphand Indonesia Tbk PT | &nbsp;&nbsp; 2389745 | 714234 |
| GoTo Gojek Tokopedia Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 254810900 | 1001318 |
| Indofood Sukses Makmur Tbk PT | &nbsp;&nbsp; 1754300 | 905842 |
| Kalbe Farma Tbk PT | &nbsp;&nbsp; 6437900 | 556816 |
| Sumber Alfaria Trijaya Tbk PT | &nbsp;&nbsp; 5838000 | 820541 |
| Telkom Indonesia Persero Tbk PT | &nbsp;&nbsp; 12084600 | 2121995 |
| United Tractors Tbk PT | &nbsp;&nbsp; 455306 | 667168 |
|  |  | 26779564 |
| **Ireland — 0.1%** | **Ireland — 0.1%** | **Ireland — 0.1%** |
| AIB Group PLC | &nbsp;&nbsp; 441908 | 3486057 |
| Bank of Ireland Group PLC | &nbsp;&nbsp; 194465 | 2607770 |
| Kerry Group PLC, Class A | &nbsp;&nbsp; 47896 | 4424152 |
| Kingspan Group PLC | &nbsp;&nbsp; 33294 | 2763131 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Ireland (continued)** | **Ireland (continued)** | **Ireland (continued)** |
| Ryanair Holdings PLC | &nbsp;&nbsp; 219865 | $6464622 |
|  |  | 19745732 |
| **Israel — 0.2%** | **Israel — 0.2%** | **Israel — 0.2%** |
| Azrieli Group Ltd. | &nbsp;&nbsp; 10219 | 1004008 |
| Bank Hapoalim BM | &nbsp;&nbsp; 341988 | 6413325 |
| Bank Leumi Le-Israel BM | &nbsp;&nbsp; 357616 | 6615458 |
| Check Point Software Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 22337 | 4159149 |
| CyberArk Software Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 11825 | 4865633 |
| Elbit Systems Ltd. | &nbsp;&nbsp; 7049 | 3251932 |
| ICL Group Ltd. | &nbsp;&nbsp; 248771 | 1549820 |
| Isracard Ltd. | &nbsp;&nbsp; 1 | 4 |
| Israel Discount Bank Ltd., Class A | &nbsp;&nbsp; 278763 | 2665958 |
| Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp; 46586 | 2877795 |
| Monday.com Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 9852 | 2584081 |
| Nice Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 16150 | 2521195 |
| Teva Pharmaceutical Industries Ltd., ADR<sup>(a)(b)</sup> | &nbsp;&nbsp; 296988 | 4588465 |
| Wix.com Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 14673 | 1995968 |
|  |  | 45092791 |
| **Italy — 0.7%** | **Italy — 0.7%** | **Italy — 0.7%** |
| Banca Mediolanum SpA | &nbsp;&nbsp; 57715 | 1018022 |
| Banco BPM SpA | &nbsp;&nbsp; 280613 | 3578699 |
| BPER Banca SpA | &nbsp;&nbsp; 234784 | 2310396 |
| CNH Industrial NV | &nbsp;&nbsp; 232336 | 3011075 |
| Davide Campari-Milano NV | &nbsp;&nbsp; 179095 | 1233575 |
| DiaSorin SpA | &nbsp;&nbsp; 6732 | 658154 |
| Enel SpA | &nbsp;&nbsp; 2119284 | 18688449 |
| Eni SpA | &nbsp;&nbsp; 577337 | 9853603 |
| Ferrari NV | &nbsp;&nbsp; 32364 | 14191850 |
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp; 133834 | 2849863 |
| Generali | &nbsp;&nbsp; 232246 | 8664116 |
| Infrastrutture Wireless Italiane SpA<sup>(c)</sup> | &nbsp;&nbsp; 45609 | 539203 |
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 3919601 | 23616612 |
| Leonardo SpA | &nbsp;&nbsp; 100242 | 5403357 |
| Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp; 156458 | 3444634 |
| Moncler SpA | &nbsp;&nbsp; 54156 | 2888279 |
| Nexi SpA<sup>(c)</sup> | &nbsp;&nbsp; 135023 | 771013 |
| Poste Italiane SpA<sup>(c)</sup> | &nbsp;&nbsp; 96250 | 2079472 |
| Prysmian SpA | &nbsp;&nbsp; 67091 | 5358117 |
| Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp; 32062 | 1838874 |
| Snam SpA | &nbsp;&nbsp; 581855 | 3372003 |
| Stellantis NV | &nbsp;&nbsp; 530915 | 4685380 |
| Telecom Italia SpA/Milano<sup>(a)</sup> | &nbsp;&nbsp; 3091893 | 1420825 |
| Tenaris SA | &nbsp;&nbsp; 123901 | 2163952 |
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp; 431603 | 4176167 |
| UniCredit SpA | &nbsp;&nbsp; 363304 | 26729643 |
| Unipol Gruppo SpA | &nbsp;&nbsp; 92692 | 1859188 |
|  |  | 156404521 |
| **Japan — 4.7%** | **Japan — 4.7%** | **Japan — 4.7%** |
| Advantest Corp. | &nbsp;&nbsp; 196600 | 13073722 |
| Aeon Co. Ltd. | &nbsp;&nbsp; 182500 | 5829566 |
| AGC Inc. | &nbsp;&nbsp; 50400 | 1516771 |
| Aisin Corp. | &nbsp;&nbsp; 135200 | 1868465 |
| Ajinomoto Co. Inc. | &nbsp;&nbsp; 238400 | 6307212 |
| ANA Holdings Inc. | &nbsp;&nbsp; 37000 | 686075 |
| Asahi Group Holdings Ltd. | &nbsp;&nbsp; 355700 | 4512438 |
| Asahi Kasei Corp. | &nbsp;&nbsp; 305300 | 2124202 |
| Asics Corp. | &nbsp;&nbsp; 172400 | 4053001 |
| Astellas Pharma Inc. | &nbsp;&nbsp; 452100 | 4687653 |
| Bandai Namco Holdings Inc. | &nbsp;&nbsp; 154400 | 4992820 |
| Bridgestone Corp. | &nbsp;&nbsp; 147700 | 5974490 |
| Canon Inc. | &nbsp;&nbsp; 244200 | 6935925 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Capcom Co. Ltd. | &nbsp;&nbsp; 91700 | $2334291 |
| Central Japan Railway Co. | &nbsp;&nbsp; 186500 | 4347721 |
| Chiba Bank Ltd. (The) | &nbsp;&nbsp; 122000 | 1137126 |
| Chubu Electric Power Co. Inc. | &nbsp;&nbsp; 170900 | 2090234 |
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 173700 | 8326645 |
| Concordia Financial Group Ltd. | &nbsp;&nbsp; 272300 | 1805683 |
| Dai Nippon Printing Co. Ltd. | &nbsp;&nbsp; 115600 | 1780177 |
| Daifuku Co. Ltd. | &nbsp;&nbsp; 85100 | 2154408 |
| Dai-ichi Life Holdings Inc. | &nbsp;&nbsp; 904000 | 7152613 |
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 440700 | 10811217 |
| Daikin Industries Ltd. | &nbsp;&nbsp; 68600 | 8434765 |
| Daito Trust Construction Co. Ltd. | &nbsp;&nbsp; 12700 | 1300196 |
| Daiwa House Industry Co. Ltd. | &nbsp;&nbsp; 143200 | 4734322 |
| Daiwa Securities Group Inc. | &nbsp;&nbsp; 368600 | 2566139 |
| Denso Corp. | &nbsp;&nbsp; 475800 | 6455378 |
| Dentsu Group Inc. | &nbsp;&nbsp; 55700 | 1098437 |
| Disco Corp. | &nbsp;&nbsp; 24400 | 7210846 |
| East Japan Railway Co. | &nbsp;&nbsp; 230800 | 4947005 |
| Eisai Co. Ltd. | &nbsp;&nbsp; 65200 | 1828557 |
| ENEOS Holdings Inc. | &nbsp;&nbsp; 773980 | 4062337 |
| FANUC Corp. | &nbsp;&nbsp; 240300 | 6689219 |
| Fast Retailing Co. Ltd. | &nbsp;&nbsp; 49800 | 15190479 |
| Fuji Electric Co. Ltd. | &nbsp;&nbsp; 34100 | 1695390 |
| FUJIFILM Holdings Corp. | &nbsp;&nbsp; 282600 | 5861752 |
| Fujikura Ltd. | &nbsp;&nbsp; 62100 | 4215499 |
| Fujitsu Ltd. | &nbsp;&nbsp; 443700 | 9665524 |
| Hankyu Hanshin Holdings Inc. | &nbsp;&nbsp; 61500 | 1602791 |
| Hikari Tsushin Inc. | &nbsp;&nbsp; 5400 | 1451837 |
| Hitachi Ltd. | &nbsp;&nbsp; 1182400 | 36182201 |
| Honda Motor Co. Ltd. | &nbsp;&nbsp; 1080600 | 11187347 |
| Hoshizaki Corp. | &nbsp;&nbsp; 30300 | 1037556 |
| Hoya Corp. | &nbsp;&nbsp; 89900 | 11342025 |
| Hulic Co. Ltd. | &nbsp;&nbsp; 124800 | 1190305 |
| Idemitsu Kosan Co. Ltd. | &nbsp;&nbsp; 254700 | 1637367 |
| IHI Corp. | &nbsp;&nbsp; 38800 | 4320641 |
| Inpex Corp. | &nbsp;&nbsp; 254600 | 3625186 |
| Isuzu Motors Ltd. | &nbsp;&nbsp; 170200 | 2181285 |
| ITOCHU Corp. | &nbsp;&nbsp; 306200 | 16060985 |
| Japan Airlines Co. Ltd. | &nbsp;&nbsp; 42000 | 834014 |
| Japan Exchange Group Inc. | &nbsp;&nbsp; 273600 | 2673722 |
| Japan Post Bank Co. Ltd. | &nbsp;&nbsp; 468700 | 5231298 |
| Japan Post Holdings Co. Ltd. | &nbsp;&nbsp; 460700 | 4266389 |
| Japan Post Insurance Co. Ltd. | &nbsp;&nbsp; 50200 | 1285351 |
| Japan Tobacco Inc. | &nbsp;&nbsp; 303500 | 8667844 |
| JFE Holdings Inc. | &nbsp;&nbsp; 129000 | 1492925 |
| Kajima Corp. | &nbsp;&nbsp; 119200 | 2986038 |
| Kansai Electric Power Co. Inc. (The) | &nbsp;&nbsp; 240000 | 2881545 |
| Kao Corp. | &nbsp;&nbsp; 120200 | 5408572 |
| Kawasaki Kisen Kaisha Ltd. | &nbsp;&nbsp; 108800 | 1537006 |
| KDDI Corp. | &nbsp;&nbsp; 792000 | 12997988 |
| Keyence Corp. | &nbsp;&nbsp; 51600 | 18665336 |
| Kikkoman Corp. | &nbsp;&nbsp; 172700 | 1517163 |
| Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 209300 | 2758085 |
| Kobe Bussan Co. Ltd. | &nbsp;&nbsp; 45000 | 1198319 |
| Komatsu Ltd. | &nbsp;&nbsp; 224500 | 7232914 |
| Konami Group Corp. | &nbsp;&nbsp; 28100 | 3814820 |
| Kubota Corp. | &nbsp;&nbsp; 254700 | 2856269 |
| Kyocera Corp. | &nbsp;&nbsp; 329600 | 3890719 |
| Kyowa Kirin Co. Ltd. | &nbsp;&nbsp; 55800 | 952484 |
| Lasertec Corp. | &nbsp;&nbsp; 22100 | 2226546 |
| LY Corp. | &nbsp;&nbsp; 717000 | 2620753 |
| M3 Inc. | &nbsp;&nbsp; 121600 | 1495533 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Makita Corp. | &nbsp;&nbsp; 62900 | $1947266 |
| Marubeni Corp. | &nbsp;&nbsp; 365700 | 7487245 |
| MatsukiyoCocokara & Co. | &nbsp;&nbsp; 85400 | 1753662 |
| MEIJI Holdings Co. Ltd. | &nbsp;&nbsp; 53300 | 1077778 |
| Minebea Mitsumi Inc. | &nbsp;&nbsp; 103800 | 1633643 |
| Mitsubishi Chemical Group Corp. | &nbsp;&nbsp; 309600 | 1686321 |
| Mitsubishi Corp. | &nbsp;&nbsp; 884700 | 17449271 |
| Mitsubishi Electric Corp. | &nbsp;&nbsp; 499700 | 11239370 |
| Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp; 268500 | 5026968 |
| Mitsubishi HC Capital Inc. | &nbsp;&nbsp; 179700 | 1328276 |
| Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp; 830200 | 19822185 |
| Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp; 2962800 | 40835587 |
| Mitsui & Co. Ltd. | &nbsp;&nbsp; 631600 | 12857253 |
| Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp; 687200 | 6142399 |
| Mitsui OSK Lines Ltd. | &nbsp;&nbsp; 89600 | 3011661 |
| Mizuho Financial Group Inc. | &nbsp;&nbsp; 623990 | 18302662 |
| MonotaRO Co. Ltd. | &nbsp;&nbsp; 75300 | 1340861 |
| MS&AD Insurance Group Holdings Inc. | &nbsp;&nbsp; 340100 | 7266598 |
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 426300 | 6345082 |
| NEC Corp. | &nbsp;&nbsp; 316000 | 9074216 |
| Nexon Co. Ltd. | &nbsp;&nbsp; 76500 | 1399800 |
| Nidec Corp. | &nbsp;&nbsp; 216200 | 4148073 |
| Nintendo Co. Ltd. | &nbsp;&nbsp; 283400 | 23686255 |
| Nippon Building Fund Inc. | &nbsp;&nbsp; 2164 | 1985097 |
| Nippon Paint Holdings Co. Ltd. | &nbsp;&nbsp; 259400 | 2199073 |
| Nippon Sanso Holdings Corp. | &nbsp;&nbsp; 45500 | 1610405 |
| Nippon Steel Corp. | &nbsp;&nbsp; 249734 | 4809381 |
| Nippon Yusen KK | &nbsp;&nbsp; 118400 | 4152261 |
| Nissan Motor Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 587800 | 1246312 |
| Nissin Foods Holdings Co. Ltd. | &nbsp;&nbsp; 51000 | 967374 |
| Nitori Holdings Co. Ltd. | &nbsp;&nbsp; 24000 | 2032482 |
| Nitto Denko Corp. | &nbsp;&nbsp; 197900 | 4095323 |
| Nomura Holdings Inc. | &nbsp;&nbsp; 765700 | 5058440 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 101200 | 4004526 |
| NTT Inc. | &nbsp;&nbsp; 7734100 | 7810369 |
| Obayashi Corp. | &nbsp;&nbsp; 180700 | 2660854 |
| Obic Co. Ltd. | &nbsp;&nbsp; 88200 | 3140147 |
| Olympus Corp. | &nbsp;&nbsp; 309200 | 3694027 |
| Omron Corp. | &nbsp;&nbsp; 48100 | 1239766 |
| Ono Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 107600 | 1203266 |
| Oracle Corp./Japan | &nbsp;&nbsp; 8800 | 951671 |
| Oriental Land Co. Ltd./Japan | &nbsp;&nbsp; 279100 | 5746815 |
| ORIX Corp. | &nbsp;&nbsp; 301500 | 6772607 |
| Osaka Gas Co. Ltd. | &nbsp;&nbsp; 98100 | 2482061 |
| Otsuka Corp. | &nbsp;&nbsp; 61600 | 1167145 |
| Otsuka Holdings Co. Ltd. | &nbsp;&nbsp; 113600 | 5408462 |
| Pan Pacific International Holdings Corp. | &nbsp;&nbsp; 99700 | 3335587 |
| Panasonic Holdings Corp. | &nbsp;&nbsp; 601600 | 5690726 |
| Rakuten Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 391300 | 1979866 |
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 370000 | 21952514 |
| Renesas Electronics Corp. | &nbsp;&nbsp; 442400 | 5380935 |
| Resona Holdings Inc. | &nbsp;&nbsp; 533200 | 4854254 |
| Ricoh Co. Ltd. | &nbsp;&nbsp; 145800 | 1278446 |
| Sanrio Co. Ltd. | &nbsp;&nbsp; 47200 | 1936717 |
| SBI Holdings Inc. | &nbsp;&nbsp; 76130 | 2828067 |
| SCREEN Holdings Co. Ltd. | &nbsp;&nbsp; 21100 | 1646009 |
| SCSK Corp. | &nbsp;&nbsp; 53300 | 1658424 |
| Secom Co. Ltd. | &nbsp;&nbsp; 101200 | 3634417 |
| Sekisui Chemical Co. Ltd. | &nbsp;&nbsp; 100700 | 1746654 |
| Sekisui House Ltd. | &nbsp;&nbsp; 156900 | 3291263 |
| Seven & i Holdings Co. Ltd. | &nbsp;&nbsp; 566500 | 7468279 |
| SG Holdings Co. Ltd. | &nbsp;&nbsp; 86200 | 956338 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Shimadzu Corp. | &nbsp;&nbsp; 65100 | $1441097 |
| Shimano Inc. | &nbsp;&nbsp; 20100 | 2198857 |
| Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp; 462600 | 13312196 |
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 200200 | 3348208 |
| Shiseido Co. Ltd. | &nbsp;&nbsp; 100700 | 1636931 |
| SMC Corp. | &nbsp;&nbsp; 14700 | 5115209 |
| SoftBank Corp. | &nbsp;&nbsp; 7406600 | 10701321 |
| SoftBank Group Corp. | &nbsp;&nbsp; 247600 | 18906472 |
| Sompo Holdings Inc. | &nbsp;&nbsp; 228400 | 6734837 |
| Sony Group Corp. | &nbsp;&nbsp; 1581600 | 38042699 |
| Subaru Corp. | &nbsp;&nbsp; 149200 | 2744655 |
| Sumitomo Corp. | &nbsp;&nbsp; 271600 | 6942029 |
| Sumitomo Electric Industries Ltd. | &nbsp;&nbsp; 188800 | 4685013 |
| Sumitomo Metal Mining Co. Ltd. | &nbsp;&nbsp; 65000 | 1429694 |
| Sumitomo Mitsui Financial Group Inc. | &nbsp;&nbsp; 947400 | 23899684 |
| Sumitomo Mitsui Trust Group Inc. | &nbsp;&nbsp; 169616 | 4446443 |
| Sumitomo Realty & Development Co. Ltd. | &nbsp;&nbsp; 73400 | 2681241 |
| Suntory Beverage & Food Ltd. | &nbsp;&nbsp; 41700 | 1259162 |
| Suzuki Motor Corp. | &nbsp;&nbsp; 387400 | 4256586 |
| Sysmex Corp. | &nbsp;&nbsp; 123800 | 2011236 |
| T&D Holdings Inc. | &nbsp;&nbsp; 113300 | 2766641 |
| Taisei Corp. | &nbsp;&nbsp; 45700 | 2732580 |
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 407034 | 11181135 |
| TDK Corp. | &nbsp;&nbsp; 503700 | 6136542 |
| Terumo Corp. | &nbsp;&nbsp; 339600 | 5758688 |
| TIS Inc. | &nbsp;&nbsp; 59100 | 1885403 |
| Toho Co. Ltd./Tokyo | &nbsp;&nbsp; 32900 | 2075766 |
| Tokio Marine Holdings Inc. | &nbsp;&nbsp; 483800 | 19425969 |
| Tokyo Electron Ltd. | &nbsp;&nbsp; 116100 | 18457425 |
| Tokyo Gas Co. Ltd. | &nbsp;&nbsp; 84900 | 2843182 |
| Tokyo Metro Co. Ltd. | &nbsp;&nbsp; 91200 | 982711 |
| Tokyu Corp. | &nbsp;&nbsp; 129400 | 1456619 |
| Toppan Holdings Inc. | &nbsp;&nbsp; 60500 | 1630368 |
| Toray Industries Inc. | &nbsp;&nbsp; 370800 | 2536218 |
| Toyota Industries Corp. | &nbsp;&nbsp; 42200 | 4512555 |
| Toyota Motor Corp. | &nbsp;&nbsp; 2444500 | 43481792 |
| Toyota Tsusho Corp. | &nbsp;&nbsp; 170200 | 3900701 |
| Trend Micro Inc./Japan | &nbsp;&nbsp; 32900 | 2006190 |
| Unicharm Corp. | &nbsp;&nbsp; 291600 | 2017040 |
| West Japan Railway Co. | &nbsp;&nbsp; 119300 | 2611981 |
| Yakult Honsha Co. Ltd. | &nbsp;&nbsp; 69600 | 1119692 |
| Yamaha Motor Co. Ltd. | &nbsp;&nbsp; 230200 | 1664995 |
| Yokogawa Electric Corp. | &nbsp;&nbsp; 61400 | 1636560 |
| Zensho Holdings Co. Ltd. | &nbsp;&nbsp; 24800 | 1305061 |
| ZOZO Inc. | &nbsp;&nbsp; 121400 | 1201783 |
|  |  | 1031829418 |
| **Kuwait — 0.1%** | **Kuwait — 0.1%** | **Kuwait — 0.1%** |
| Boubyan Bank KSCP | &nbsp;&nbsp; 490442 | 1129386 |
| Kuwait Finance House KSCP | &nbsp;&nbsp; 2811896 | 7404356 |
| Mabanee Co. KPSC | &nbsp;&nbsp; 264624 | 765824 |
| Mobile Telecommunications Co. KSCP | &nbsp;&nbsp; 597473 | 1037222 |
| National Bank of Kuwait SAKP | &nbsp;&nbsp; 1942228 | 6647812 |
|  |  | 16984600 |
| **Malaysia — 0.1%** | **Malaysia — 0.1%** | **Malaysia — 0.1%** |
| AMMB Holdings Bhd | &nbsp;&nbsp; 642300 | 758932 |
| Axiata Group Bhd | &nbsp;&nbsp; 352300 | 222485 |
| CELCOMDIGI Bhd | &nbsp;&nbsp; 1068683 | 962191 |
| CIMB Group Holdings Bhd | &nbsp;&nbsp; 2077900 | 3176312 |
| Gamuda Bhd<sup>(b)</sup> | &nbsp;&nbsp; 1004400 | 1212307 |
| Genting Bhd<sup>(b)</sup> | &nbsp;&nbsp; 650700 | 476113 |
| Hong Leong Bank Bhd | &nbsp;&nbsp; 198400 | 882005 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Malaysia (continued)** | **Malaysia (continued)** | **Malaysia (continued)** |
| IHH Healthcare Bhd | &nbsp;&nbsp; 674000 | $1050903 |
| Kuala Lumpur Kepong Bhd | &nbsp;&nbsp; 85500 | 392518 |
| Malayan Banking Bhd | &nbsp;&nbsp; 1573900 | 3461667 |
| Maxis Bhd | &nbsp;&nbsp; 808200 | 650279 |
| MISC Bhd | &nbsp;&nbsp; 365300 | 637970 |
| MR DIY Group M Bhd<sup>(c)</sup> | &nbsp;&nbsp; 954000 | 367776 |
| Nestle Malaysia Bhd | &nbsp;&nbsp; 21400 | 441354 |
| Petronas Chemicals Group Bhd | &nbsp;&nbsp; 925700 | 837750 |
| Petronas Gas Bhd | &nbsp;&nbsp; 330200 | 1392027 |
| PPB Group Bhd<sup>(b)</sup> | &nbsp;&nbsp; 169400 | 373971 |
| Press Metal Aluminium Holdings Bhd | &nbsp;&nbsp; 1139600 | 1423252 |
| Public Bank Bhd | &nbsp;&nbsp; 3644750 | 3589599 |
| RHB Bank Bhd | &nbsp;&nbsp; 406400 | 583465 |
| SD Guthrie Bhd | &nbsp;&nbsp; 336100 | 375449 |
| Sunway Bhd | &nbsp;&nbsp; 644300 | 712025 |
| Telekom Malaysia Bhd<sup>(b)</sup> | &nbsp;&nbsp; 404400 | 638454 |
| Tenaga Nasional Bhd<sup>(b)</sup> | &nbsp;&nbsp; 775900 | 2363351 |
| YTL Corp. Bhd | &nbsp;&nbsp; 1083000 | 626932 |
| YTL Power International Bhd | &nbsp;&nbsp; 1011840 | 964315 |
|  |  | 28573402 |
| **Mexico — 0.2%** | **Mexico — 0.2%** | **Mexico — 0.2%** |
| Alfa SAB de CV, Class A | &nbsp;&nbsp; 635800 | 465770 |
| America Movil SAB de CV, Series B, Class B | &nbsp;&nbsp; 4696510 | 4239680 |
| Arca Continental SAB de CV | &nbsp;&nbsp; 116300 | 1212134 |
| Cemex SAB de CV, NVS | &nbsp;&nbsp; 3883254 | 3390257 |
| Coca-Cola Femsa SAB de CV | &nbsp;&nbsp; 124900 | 1035614 |
| Fibra Uno Administracion SA de CV | &nbsp;&nbsp; 674500 | 960711 |
| Fomento Economico Mexicano SAB de CV | &nbsp;&nbsp; 529800 | 4782944 |
| Gruma SAB de CV, Class B | &nbsp;&nbsp; 42125 | 728038 |
| Grupo Aeroportuario del Centro Norte SAB de CV, <br> Class B<br>| &nbsp;&nbsp; 76200 | 1010735 |
| Grupo Aeroportuario del Pacifico SAB de CV, <br> Class B<br>| &nbsp;&nbsp; 97245 | 2234032 |
| Grupo Aeroportuario del Sureste SAB de CV, <br> Class B<br>| &nbsp;&nbsp; 49365 | 1496363 |
| Grupo Bimbo SAB de CV, Series A, Class A | &nbsp;&nbsp; 349800 | 1015004 |
| Grupo Carso SAB de CV, Series A1, Class A1 | &nbsp;&nbsp; 186400 | 1329255 |
| Grupo Comercial Chedraui SA de CV<sup>(b)</sup> | &nbsp;&nbsp; 69900 | 566203 |
| Grupo Financiero Banorte SAB de CV, Class O | &nbsp;&nbsp; 691400 | 6161578 |
| Grupo Financiero Inbursa SAB de CV, Class O | &nbsp;&nbsp; 581400 | 1499343 |
| Grupo Mexico SAB de CV, Series B, Class B | &nbsp;&nbsp; 887628 | 5556321 |
| Industrias Penoles SAB de CV<sup>(a)</sup> | &nbsp;&nbsp; 54400 | 1433893 |
| Kimberly-Clark de Mexico SAB de CV, Class A | &nbsp;&nbsp; 306900 | 571991 |
| Prologis Property Mexico SA de CV | &nbsp;&nbsp; 261150 | 981614 |
| Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp; 1329400 | 3918788 |
|  |  | 44590268 |
| **Netherlands — 1.0%** | **Netherlands — 1.0%** | **Netherlands — 1.0%** |
| ABN AMRO Bank NV, CVA<sup>(c)</sup> | &nbsp;&nbsp; 117604 | 3399747 |
| Adyen NV<sup>(a)(c)</sup> | &nbsp;&nbsp; 6650 | 11405751 |
| Aegon Ltd. | &nbsp;&nbsp; 413660 | 2956233 |
| AerCap Holdings NV | &nbsp;&nbsp; 51455 | 5518549 |
| Akzo Nobel NV | &nbsp;&nbsp; 45695 | 2869709 |
| ASM International NV | &nbsp;&nbsp; 12032 | 5824173 |
| ASML Holding NV | &nbsp;&nbsp; 101902 | 70625516 |
| ASR Nederland NV | &nbsp;&nbsp; 36397 | 2417631 |
| BE Semiconductor Industries NV | &nbsp;&nbsp; 20512 | 2771411 |
| Coca-Cola Europacific Partners PLC | &nbsp;&nbsp; 56386 | 5464931 |
| CVC Capital Partners PLC<sup>(c)</sup> | &nbsp;&nbsp; 50667 | 971581 |
| DSM-Firmenich AG | &nbsp;&nbsp; 47940 | 4606049 |
| EXOR NV | &nbsp;&nbsp; 20474 | 1973210 |
| Heineken Holding NV | &nbsp;&nbsp; 35834 | 2418476 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| Heineken NV | &nbsp;&nbsp; 72797 | $5713957 |
| IMCD NV | &nbsp;&nbsp; 13621 | 1493007 |
| ING Groep NV | &nbsp;&nbsp; 831697 | 19383054 |
| InPost SA<sup>(a)</sup> | &nbsp;&nbsp; 54211 | 778616 |
| JBS NV<sup>(a)</sup> | &nbsp;&nbsp; 105262 | 1452616 |
| JDE Peet's NV | &nbsp;&nbsp; 35172 | 1043028 |
| Koninklijke Ahold Delhaize NV | &nbsp;&nbsp; 229784 | 9075641 |
| Koninklijke KPN NV | &nbsp;&nbsp; 966234 | 4316648 |
| Koninklijke Philips NV | &nbsp;&nbsp; 215083 | 5616964 |
| NN Group NV | &nbsp;&nbsp; 66260 | 4461657 |
| Prosus NV | &nbsp;&nbsp; 336208 | 19206130 |
| Randstad NV<sup>(b)</sup> | &nbsp;&nbsp; 28404 | 1350026 |
| Universal Music Group NV | &nbsp;&nbsp; 289728 | 8334574 |
| Wolters Kluwer NV | &nbsp;&nbsp; 61825 | 9629795 |
|  |  | 215078680 |
| **New Zealand — 0.0%** | **New Zealand — 0.0%** | **New Zealand — 0.0%** |
| Auckland International Airport Ltd. | &nbsp;&nbsp; 389104 | 1726035 |
| Contact Energy Ltd. | &nbsp;&nbsp; 204491 | 1095940 |
| Fisher & Paykel Healthcare Corp. Ltd. | &nbsp;&nbsp; 161069 | 3491795 |
| Infratil Ltd. | &nbsp;&nbsp; 235198 | 1605956 |
| Meridian Energy Ltd. | &nbsp;&nbsp; 262386 | 881058 |
|  |  | 8800784 |
| **Norway — 0.1%** | **Norway — 0.1%** | **Norway — 0.1%** |
| Aker BP ASA | &nbsp;&nbsp; 92438 | 2223745 |
| DNB Bank ASA | &nbsp;&nbsp; 238937 | 6045042 |
| Equinor ASA | &nbsp;&nbsp; 209042 | 5369781 |
| Gjensidige Forsikring ASA | &nbsp;&nbsp; 33914 | 892061 |
| Kongsberg Gruppen ASA | &nbsp;&nbsp; 117151 | 3500838 |
| Mowi ASA | &nbsp;&nbsp; 100818 | 1877986 |
| Norsk Hydro ASA | &nbsp;&nbsp; 386397 | 2290171 |
| Orkla ASA | &nbsp;&nbsp; 219222 | 2305345 |
| Salmar ASA<sup>(b)</sup> | &nbsp;&nbsp; 17034 | 691990 |
| Telenor ASA | &nbsp;&nbsp; 175447 | 2691515 |
| Yara International ASA | &nbsp;&nbsp; 47497 | 1755828 |
|  |  | 29644302 |
| **Peru — 0.0%** | **Peru — 0.0%** | **Peru — 0.0%** |
| Cia. de Minas Buenaventura SAA, ADR | &nbsp;&nbsp; 50469 | 858478 |
| Credicorp Ltd. | &nbsp;&nbsp; 17290 | 4097730 |
| Southern Copper Corp. | &nbsp;&nbsp; 24503 | 2307202 |
|  |  | 7263410 |
| **Philippines — 0.0%** | **Philippines — 0.0%** | **Philippines — 0.0%** |
| Ayala Corp. | &nbsp;&nbsp; 51850 | 524433 |
| Ayala Land Inc. | &nbsp;&nbsp; 2321800 | 992002 |
| Bank of the Philippine Islands | &nbsp;&nbsp; 564038 | 1142918 |
| BDO Unibank Inc. | &nbsp;&nbsp; 601408 | 1468112 |
| International Container Terminal Services Inc. | &nbsp;&nbsp; 210280 | 1614616 |
| Jollibee Foods Corp. | &nbsp;&nbsp; 179700 | 667485 |
| Metropolitan Bank & Trust Co. | &nbsp;&nbsp; 517180 | 656738 |
| PLDT Inc. | &nbsp;&nbsp; 16515 | 372979 |
| SM Investments Corp. | &nbsp;&nbsp; 70920 | 992084 |
| SM Prime Holdings Inc. | &nbsp;&nbsp; 3103125 | 1234175 |
|  |  | 9665542 |
| **Poland — 0.1%** | **Poland — 0.1%** | **Poland — 0.1%** |
| Allegro.eu SA <sup>(a)(c)</sup> | &nbsp;&nbsp; 137767 | 1351412 |
| Bank Millennium SA<sup>(a)</sup> | &nbsp;&nbsp; 156427 | 608379 |
| Bank Polska Kasa Opieki SA | &nbsp;&nbsp; 56430 | 3064339 |
| Budimex SA<sup>(b)</sup> | &nbsp;&nbsp; 3320 | 496858 |
| CCC SA<sup>(a)</sup> | &nbsp;&nbsp; 13916 | 715016 |
| CD Projekt SA<sup>(b)</sup> | &nbsp;&nbsp; 16970 | 1133423 |
| Dino Polska SA<sup>(a)(c)</sup> | &nbsp;&nbsp; 135600 | 1788312 |
| KGHM Polska Miedz SA<sup>(a)</sup> | &nbsp;&nbsp; 42973 | 1452884 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Poland (continued)** | **Poland (continued)** | **Poland (continued)** |
| LPP SA | &nbsp;&nbsp; 303 | $1345732 |
| mBank SA<sup>(a)</sup> | &nbsp;&nbsp; 2468 | 583591 |
| ORLEN SA | &nbsp;&nbsp; 137091 | 3052809 |
| PGE Polska Grupa Energetyczna SA<sup>(a)</sup> | &nbsp;&nbsp; 176011 | 566711 |
| Powszechna Kasa Oszczednosci Bank Polski SA | &nbsp;&nbsp; 247903 | 5428208 |
| Powszechny Zaklad Ubezpieczen SA | &nbsp;&nbsp; 160269 | 2686265 |
| Santander Bank Polska SA | &nbsp;&nbsp; 9521 | 1388340 |
| Zabka Group SA<sup>(a)</sup> | &nbsp;&nbsp; 77131 | 426116 |
|  |  | 26088395 |
| **Portugal — 0.0%** | **Portugal — 0.0%** | **Portugal — 0.0%** |
| Banco Espirito Santo SA, Registered,NVS<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 3 |  |
| EDP Renovaveis SA | &nbsp;&nbsp; 78080 | 916714 |
| EDP SA | &nbsp;&nbsp; 802179 | 3467307 |
| Galp Energia SGPS SA | &nbsp;&nbsp; 123416 | 2356658 |
| Jeronimo Martins SGPS SA | &nbsp;&nbsp; 77748 | 1895314 |
|  |  | 8635993 |
| **Qatar — 0.1%** | **Qatar — 0.1%** | **Qatar — 0.1%** |
| Al Rayan Bank | &nbsp;&nbsp; 1481824 | 966929 |
| Commercial Bank PSQC (The) | &nbsp;&nbsp; 900003 | 1207407 |
| Dukhan Bank | &nbsp;&nbsp; 665203 | 667010 |
| Industries Qatar QSC | &nbsp;&nbsp; 453827 | 1654649 |
| Mesaieed Petrochemical Holding Co. | &nbsp;&nbsp; 1233545 | 458056 |
| Ooredoo QPSC | &nbsp;&nbsp; 424424 | 1566729 |
| Qatar Gas Transport Co. Ltd. | &nbsp;&nbsp; 909529 | 1200196 |
| Qatar Islamic Bank QPSC | &nbsp;&nbsp; 500447 | 3367816 |
| Qatar National Bank QPSC | &nbsp;&nbsp; 1161521 | 5968871 |
|  |  | 17057663 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| Alrosa PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 472000 | 58 |
| Mobile TeleSystems PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 482206 | 60 |
| Moscow Exchange MICEX-RTS PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 490370 | 61 |
| PhosAgro PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 511 | 5 |
| Polyus PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 97810 | 1 |
| Rosneft Oil Co. PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 352530 | 44 |
| Sberbank of Russia PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 2557600 | 315 |
| Severstal PAO<sup>(a)(d)</sup> | &nbsp;&nbsp; 47814 | 6 |
| TCS Group Holding PLC, GDR<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 35279 | 4 |
| X5 Retail Group NV, GDR<sup>(a)(d)</sup> | &nbsp;&nbsp; 24002 | 3 |
|  |  | 557 |
| **Saudi Arabia — 0.4%** | **Saudi Arabia — 0.4%** | **Saudi Arabia — 0.4%** |
| ACWA Power Co.<sup>(a)</sup> | &nbsp;&nbsp; 40406 | 2369790 |
| Ades Holding Co. | &nbsp;&nbsp; 102559 | 344021 |
| Al Rajhi Bank | &nbsp;&nbsp; 509876 | 12856048 |
| Al Rajhi Co. for Co-operative Insurance<sup>(a)</sup> | &nbsp;&nbsp; 7054 | 223063 |
| Alinma Bank | &nbsp;&nbsp; 375928 | 2585074 |
| Almarai Co. JSC | &nbsp;&nbsp; 118195 | 1507422 |
| Arab National Bank | &nbsp;&nbsp; 220060 | 1273012 |
| Arabian Internet & Communications Services Co. | &nbsp;&nbsp; 5210 | 330994 |
| Bank AlBilad | &nbsp;&nbsp; 177317 | 1227709 |
| Bank Al-Jazira<sup>(a)</sup> | &nbsp;&nbsp; 192869 | 644232 |
| Banque Saudi Fransi | &nbsp;&nbsp; 375732 | 1716616 |
| Bupa Arabia for Cooperative Insurance Co. | &nbsp;&nbsp; 19939 | 896195 |
| Co. for Cooperative Insurance (The) | &nbsp;&nbsp; 17265 | 617483 |
| Dar Al Arkan Real Estate Development Co.<sup>(a)</sup> | &nbsp;&nbsp; 168874 | 859035 |
| Dr Sulaiman Al Habib Medical Services Group Co. | &nbsp;&nbsp; 21563 | 1506088 |
| Elm Co. | &nbsp;&nbsp; 6162 | 1492906 |
| Etihad Etisalat Co. | &nbsp;&nbsp; 106307 | 1734422 |
| Jabal Omar Development Co.<sup>(a)</sup> | &nbsp;&nbsp; 149230 | 794320 |
| Makkah Construction & Development Co. | &nbsp;&nbsp; 25302 | 559853 |
| Mouwasat Medical Services Co. | &nbsp;&nbsp; 32345 | 653975 |
| Riyad Bank | &nbsp;&nbsp; 447836 | 3360339 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Saudi Arabia (continued)** | **Saudi Arabia (continued)** | **Saudi Arabia (continued)** |
| SABIC Agri-Nutrients Co. | &nbsp;&nbsp; 67858 | $2152425 |
| Sahara International Petrochemical Co. | &nbsp;&nbsp; 101323 | 482921 |
| SAL Saudi Logistics Services | &nbsp;&nbsp; 6161 | 282455 |
| Saudi Arabian Mining Co.<sup>(a)</sup> | &nbsp;&nbsp; 385145 | 5324840 |
| Saudi Arabian Oil Co.<sup>(c)</sup> | &nbsp;&nbsp; 1524677 | 9865651 |
| Saudi Awwal Bank | &nbsp;&nbsp; 255381 | 2201363 |
| Saudi Basic Industries Corp. | &nbsp;&nbsp; 238662 | 3477081 |
| Saudi Electricity Co. | &nbsp;&nbsp; 223911 | 880465 |
| Saudi Industrial Investment Group | &nbsp;&nbsp; 69721 | 333617 |
| Saudi Investment Bank (The) | &nbsp;&nbsp; 117622 | 450697 |
| Saudi Kayan Petrochemical Co.<sup>(a)</sup> | &nbsp;&nbsp; 195819 | 238172 |
| Saudi National Bank (The) | &nbsp;&nbsp; 797572 | 7959045 |
| Saudi Research & Media Group<sup>(a)</sup> | &nbsp;&nbsp; 7060 | 345659 |
| Saudi Tadawul Group Holding Co. | &nbsp;&nbsp; 12524 | 546121 |
| Saudi Telecom Co. | &nbsp;&nbsp; 475396 | 5321432 |
| Yanbu National Petrochemical Co. | &nbsp;&nbsp; 64223 | 521731 |
|  |  | 77936272 |
| **Singapore — 0.4%** | **Singapore — 0.4%** | **Singapore — 0.4%** |
| CapitaLand Ascendas REIT | &nbsp;&nbsp; 1147279 | 2456470 |
| CapitaLand Integrated Commercial Trust | &nbsp;&nbsp; 1774720 | 2996544 |
| CapitaLand Investment Ltd./Singapore | &nbsp;&nbsp; 841500 | 1792228 |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 564860 | 20732887 |
| Genting Singapore Ltd. | &nbsp;&nbsp; 2085800 | 1176565 |
| Grab Holdings Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 573363 | 2803745 |
| Keppel Ltd. | &nbsp;&nbsp; 428900 | 2786493 |
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 835100 | 10822193 |
| Sea Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 100392 | 15726407 |
| Sembcorp Industries Ltd. | &nbsp;&nbsp; 272400 | 1619714 |
| Singapore Airlines Ltd. | &nbsp;&nbsp; 318200 | 1662011 |
| Singapore Exchange Ltd. | &nbsp;&nbsp; 176600 | 2165399 |
| Singapore Technologies Engineering Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 432300 | 2908203 |
| Singapore Telecommunications Ltd. | &nbsp;&nbsp; 1993800 | 5941817 |
| United Overseas Bank Ltd. | &nbsp;&nbsp; 313800 | 8718223 |
| Wilmar International Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 425000 | 961927 |
| Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp; 597800 | 1172542 |
|  |  | 86443368 |
| **South Africa — 0.3%** | **South Africa — 0.3%** | **South Africa — 0.3%** |
| Absa Group Ltd. | &nbsp;&nbsp; 201117 | 1985191 |
| Anglogold Ashanti PLC | &nbsp;&nbsp; 128279 | 5832928 |
| Aspen Pharmacare Holdings Ltd. | &nbsp;&nbsp; 105329 | 678246 |
| Bid Corp. Ltd. | &nbsp;&nbsp; 102906 | 2587302 |
| Bidvest Group Ltd. (The) | &nbsp;&nbsp; 85142 | 1107594 |
| Capitec Bank Holdings Ltd. | &nbsp;&nbsp; 22925 | 4443974 |
| Clicks Group Ltd. | &nbsp;&nbsp; 54661 | 1145987 |
| Discovery Ltd. | &nbsp;&nbsp; 121357 | 1439087 |
| FirstRand Ltd. | &nbsp;&nbsp; 1271306 | 5398674 |
| Gold Fields Ltd. | &nbsp;&nbsp; 240979 | 5876736 |
| Harmony Gold Mining Co. Ltd. | &nbsp;&nbsp; 162826 | 2180146 |
| Impala Platinum Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 224703 | 2123762 |
| Kumba Iron Ore Ltd. | &nbsp;&nbsp; 23925 | 395619 |
| MTN Group Ltd. | &nbsp;&nbsp; 447978 | 3765266 |
| Naspers Ltd., Class N | &nbsp;&nbsp; 42882 | 13236906 |
| Nedbank Group Ltd. | &nbsp;&nbsp; 144762 | 1975351 |
| NEPI Rockcastle NV | &nbsp;&nbsp; 88615 | 677300 |
| Old Mutual Ltd. | &nbsp;&nbsp; 1454076 | 1019340 |
| OUTsurance Group Ltd. | &nbsp;&nbsp; 219456 | 930651 |
| Pepkor Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 905634 | 1360041 |
| Reinet Investments SCA | &nbsp;&nbsp; 31273 | 903876 |
| Remgro Ltd. | &nbsp;&nbsp; 98028 | 893109 |
| Sanlam Ltd. | &nbsp;&nbsp; 444206 | 2137115 |
| Sasol Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 159553 | 820756 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Africa (continued)** | **South Africa (continued)** | **South Africa (continued)** |
| Shoprite Holdings Ltd. | &nbsp;&nbsp; 126891 | $1849493 |
| Standard Bank Group Ltd. | &nbsp;&nbsp; 330716 | 4255479 |
| Valterra Platinum Ltd. | &nbsp;&nbsp; 53396 | 2398010 |
| Vodacom Group Ltd. | &nbsp;&nbsp; 119982 | 916056 |
| Woolworths Holdings Ltd./South Africa | &nbsp;&nbsp; 286667 | 786844 |
|  |  | 73120839 |
| **South Korea — 1.1%** | **South Korea — 1.1%** | **South Korea — 1.1%** |
| Alteogen Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 10743 | 3465522 |
| Amorepacific Corp. | &nbsp;&nbsp; 8146 | 784973 |
| Celltrion Inc.<sup>(b)</sup> | &nbsp;&nbsp; 41828 | 5362474 |
| CJ CheilJedang Corp.<sup>(b)</sup> | &nbsp;&nbsp; 2527 | 455025 |
| Coway Co. Ltd. | &nbsp;&nbsp; 17915 | 1397292 |
| DB Insurance Co. Ltd. | &nbsp;&nbsp; 8850 | 813443 |
| Doosan Bobcat Inc. | &nbsp;&nbsp; 15668 | 621128 |
| Doosan Enerbility Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 111967 | 5245498 |
| Ecopro BM Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 12314 | 974133 |
| Ecopro Co. Ltd. | &nbsp;&nbsp; 27249 | 958044 |
| Hana Financial Group Inc. | &nbsp;&nbsp; 79783 | 4877860 |
| Hanjin Kal Corp.<sup>(b)</sup> | &nbsp;&nbsp; 6952 | 543858 |
| Hankook Tire & Technology Co. Ltd. | &nbsp;&nbsp; 18903 | 602953 |
| Hanmi Semiconductor Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 11650 | 755628 |
| Hanwha Aerospace Co. Ltd. | &nbsp;&nbsp; 8646 | 6168507 |
| Hanwha Ocean Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 26783 | 2153035 |
| Hanwha Systems Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 19497 | 829606 |
| HD Hyundai Co. Ltd. | &nbsp;&nbsp; 11574 | 1184292 |
| HD Hyundai Electric Co. Ltd. | &nbsp;&nbsp; 6083 | 2164709 |
| HD Hyundai Heavy Industries Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 5270 | 1849556 |
| HD Korea Shipbuilding & Offshore Engineering <br> Co. Ltd.<br>| &nbsp;&nbsp; 11720 | 3011831 |
| HLB Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 35231 | 1214987 |
| HMM Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 73812 | 1240984 |
| HYBE Co. Ltd. | &nbsp;&nbsp; 4578 | 850875 |
| Hyundai Glovis Co. Ltd. | &nbsp;&nbsp; 11446 | 1209077 |
| Hyundai Mobis Co. Ltd. | &nbsp;&nbsp; 16676 | 3518963 |
| Hyundai Motor Co. | &nbsp;&nbsp; 36714 | 5585201 |
| Hyundai Rotem Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 19055 | 2754556 |
| Industrial Bank of Korea | &nbsp;&nbsp; 37236 | 519496 |
| Kakao Corp. | &nbsp;&nbsp; 88425 | 3667724 |
| KakaoBank Corp. | &nbsp;&nbsp; 42100 | 846538 |
| KB Financial Group Inc. | &nbsp;&nbsp; 95775 | 7609147 |
| Kia Corp. | &nbsp;&nbsp; 64847 | 4744904 |
| Korea Aerospace Industries Ltd. | &nbsp;&nbsp; 24015 | 1626301 |
| Korea Electric Power Corp. | &nbsp;&nbsp; 72087 | 1991176 |
| Korea Investment Holdings Co. Ltd. | &nbsp;&nbsp; 10808 | 1106458 |
| Korea Zinc Co. Ltd. | &nbsp;&nbsp; 1853 | 1062292 |
| Korean Air Lines Co. Ltd. | &nbsp;&nbsp; 35198 | 595915 |
| Krafton Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7411 | 1744962 |
| KT&G Corp. | &nbsp;&nbsp; 30018 | 2813401 |
| LG Chem Ltd. | &nbsp;&nbsp; 13566 | 2916756 |
| LG Corp. | &nbsp;&nbsp; 25388 | 1441397 |
| LG Display Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 107533 | 832587 |
| LG Electronics Inc. | &nbsp;&nbsp; 28902 | 1599704 |
| LG Energy Solution Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 11825 | 3232529 |
| LG H&H Co. Ltd. | &nbsp;&nbsp; 2907 | 658948 |
| LG Innotek Co. Ltd. | &nbsp;&nbsp; 4287 | 478324 |
| LG Uplus Corp. | &nbsp;&nbsp; 30970 | 326009 |
| LS Electric Co. Ltd. | &nbsp;&nbsp; 4461 | 984599 |
| Meritz Financial Group Inc. | &nbsp;&nbsp; 23957 | 1989571 |
| Mirae Asset Securities Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 64379 | 878719 |
| NAVER Corp. | &nbsp;&nbsp; 35818 | 6027994 |
| Orion Corp./Republic of Korea<sup>(b)</sup> | &nbsp;&nbsp; 7240 | 578077 |
| POSCO Future M Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 9256 | 941606 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| POSCO Holdings Inc. | &nbsp;&nbsp; 17555 | $3860507 |
| Posco International Corp.<sup>(b)</sup> | &nbsp;&nbsp; 13678 | 478226 |
| Samsung Biologics Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 4901 | 3744499 |
| Samsung C&T Corp. | &nbsp;&nbsp; 24500 | 2955798 |
| Samsung Electro-Mechanics Co. Ltd. | &nbsp;&nbsp; 13051 | 1386633 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 1212541 | 61795865 |
| Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp; 7882 | 2488263 |
| Samsung Heavy Industries Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 209792 | 2863539 |
| Samsung Life Insurance Co. Ltd. | &nbsp;&nbsp; 20252 | 1828035 |
| Samsung SDI Co. Ltd. | &nbsp;&nbsp; 15883 | 2279149 |
| Samsung SDS Co. Ltd. | &nbsp;&nbsp; 9873 | 1131129 |
| Samyang Foods Co. Ltd. | &nbsp;&nbsp; 1077 | 1112901 |
| Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp; 101296 | 4932497 |
| SK Biopharmaceuticals Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 8921 | 628283 |
| SK Hynix Inc. | &nbsp;&nbsp; 140517 | 27234416 |
| SK Inc. | &nbsp;&nbsp; 9380 | 1361338 |
| SK Innovation Co. Ltd. | &nbsp;&nbsp; 15163 | 1173182 |
| SK Square Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 25893 | 2788944 |
| SK Telecom Co. Ltd. | &nbsp;&nbsp; 14580 | 588908 |
| SKC Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 6217 | 447370 |
| S-Oil Corp.<sup>(b)</sup> | &nbsp;&nbsp; 11194 | 504928 |
| Woori Financial Group Inc. | &nbsp;&nbsp; 159813 | 2835590 |
| Yuhan Corp. | &nbsp;&nbsp; 15667 | 1319239 |
|  |  | 241548383 |
| **Spain — 0.7%** | **Spain — 0.7%** | **Spain — 0.7%** |
| Acciona SA | &nbsp;&nbsp; 4957 | 950727 |
| ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp; 51386 | 3546392 |
| Aena SME SA<sup>(c)</sup> | &nbsp;&nbsp; 165190 | 4448254 |
| Amadeus IT Group SA | &nbsp;&nbsp; 111808 | 8977484 |
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 1523663 | 25412042 |
| Banco de Sabadell SA | &nbsp;&nbsp; 1325853 | 4893591 |
| Banco Santander SA | &nbsp;&nbsp; 3978852 | 34181450 |
| Bankinter SA | &nbsp;&nbsp; 174224 | 2486912 |
| CaixaBank SA | &nbsp;&nbsp; 1045008 | 9831754 |
| Cellnex Telecom SA<sup>(c)</sup> | &nbsp;&nbsp; 136423 | 4814302 |
| Endesa SA | &nbsp;&nbsp; 80430 | 2326792 |
| Ferrovial SE | &nbsp;&nbsp; 132404 | 6787415 |
| Grifols SA<sup>(a)</sup> | &nbsp;&nbsp; 87324 | 1301139 |
| Iberdrola SA | &nbsp;&nbsp; 1553140 | 27298481 |
| Industria de Diseno Textil SA | &nbsp;&nbsp; 267710 | 12787710 |
| International Consolidated Airlines Group SA, <br> Class DI<br>| &nbsp;&nbsp; 321018 | 1609349 |
| Redeia Corp. SA | &nbsp;&nbsp; 116669 | 2261743 |
| Repsol SA | &nbsp;&nbsp; 326389 | 4948629 |
| Telefonica SA | &nbsp;&nbsp; 1011901 | 5222211 |
|  |  | 164086377 |
| **Sweden — 0.7%** | **Sweden — 0.7%** | **Sweden — 0.7%** |
| AddTech AB, Class B | &nbsp;&nbsp; 67099 | 2255746 |
| Alfa Laval AB | &nbsp;&nbsp; 80262 | 3487192 |
| Assa Abloy AB, Class B | &nbsp;&nbsp; 259886 | 8599688 |
| Atlas Copco AB, Class A | &nbsp;&nbsp; 712901 | 10856330 |
| Atlas Copco AB, Class B | &nbsp;&nbsp; 375759 | 5085204 |
| Beijer Ref AB, Class B | &nbsp;&nbsp; 113485 | 1905061 |
| Boliden AB<sup>(a)</sup> | &nbsp;&nbsp; 74466 | 2279346 |
| Epiroc AB, Class A | &nbsp;&nbsp; 210016 | 4274488 |
| Epiroc AB, Class B | &nbsp;&nbsp; 39912 | 715462 |
| EQT AB | &nbsp;&nbsp; 92941 | 3106469 |
| Essity AB, Class B | &nbsp;&nbsp; 148472 | 3660950 |
| Evolution AB<sup>(c)</sup> | &nbsp;&nbsp; 37416 | 3328567 |
| Fastighets AB Balder, Class B<sup>(a)</sup> | &nbsp;&nbsp; 186118 | 1256686 |
| H & M Hennes & Mauritz AB, Class B | &nbsp;&nbsp; 148546 | 2001158 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| Hexagon AB, Class B | &nbsp;&nbsp; 540592 | $5940067 |
| Holmen AB, Class B | &nbsp;&nbsp; 24032 | 893188 |
| Industrivarden AB, Class A | &nbsp;&nbsp; 16252 | 601290 |
| Industrivarden AB, Class C | &nbsp;&nbsp; 48250 | 1781856 |
| Indutrade AB | &nbsp;&nbsp; 67327 | 1634996 |
| Investment AB Latour, Class B | &nbsp;&nbsp; 39962 | 1020197 |
| Investor AB, Class B | &nbsp;&nbsp; 453488 | 13141864 |
| L E Lundbergforetagen AB, Class B | &nbsp;&nbsp; 16751 | 817066 |
| Lifco AB, Class B | &nbsp;&nbsp; 71500 | 2546907 |
| Nibe Industrier AB, Class B | &nbsp;&nbsp; 386089 | 1781573 |
| Nordea Bank Abp | &nbsp;&nbsp; 838280 | 12231999 |
| Saab AB, Class B | &nbsp;&nbsp; 84438 | 4592918 |
| Sagax AB, Class B | &nbsp;&nbsp; 57164 | 1209912 |
| Sandvik AB | &nbsp;&nbsp; 270126 | 6590982 |
| Securitas AB, Class B | &nbsp;&nbsp; 122768 | 1822041 |
| Skandinaviska Enskilda Banken AB, Class A | &nbsp;&nbsp; 415826 | 7273847 |
| Skanska AB, Class B | &nbsp;&nbsp; 83093 | 1938268 |
| SKF AB, Class B | &nbsp;&nbsp; 93006 | 2166336 |
| Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp; 172151 | 2158971 |
| Svenska Handelsbanken AB, Class A | &nbsp;&nbsp; 368295 | 4487445 |
| Swedbank AB, Class A | &nbsp;&nbsp; 219427 | 5842908 |
| Swedish Orphan Biovitrum AB<sup>(a)</sup> | &nbsp;&nbsp; 48029 | 1320629 |
| Tele2 AB, Class B | &nbsp;&nbsp; 129607 | 2003091 |
| Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp; 726929 | 5280107 |
| Telia Co. AB | &nbsp;&nbsp; 642068 | 2267598 |
| Trelleborg AB, Class B | &nbsp;&nbsp; 48628 | 1766888 |
| Volvo AB, Class B | &nbsp;&nbsp; 400576 | 11504457 |
|  |  | 157429748 |
| **Switzerland — 2.1%** | **Switzerland — 2.1%** | **Switzerland — 2.1%** |
| ABB Ltd., Registered | &nbsp;&nbsp; 409765 | 26756872 |
| Alcon AG | &nbsp;&nbsp; 127301 | 11160220 |
| Amrize Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 127504 | 6445447 |
| Avolta AG, Registered | &nbsp;&nbsp; 24763 | 1287268 |
| Baloise Holding AG, Registered | &nbsp;&nbsp; 11134 | 2668429 |
| Banque Cantonale Vaudoise, Registered | &nbsp;&nbsp; 8778 | 1015828 |
| Barry Callebaut AG, Registered<sup>(b)</sup> | &nbsp;&nbsp; 848 | 1032693 |
| BeOne Medicines Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 200534 | 4559022 |
| BKW AG | &nbsp;&nbsp; 5428 | 1211923 |
| Chocoladefabriken Lindt & Spruengli AG, <br> Participation Certificates, NVS<br>| &nbsp;&nbsp; 253 | 3721774 |
| Chocoladefabriken Lindt & Spruengli <br> AG, Registered<br>| &nbsp;&nbsp; 30 | 4386667 |
| Cie Financiere Richemont SA, Class A, Registered | &nbsp;&nbsp; 138198 | 22564441 |
| EMS-Chemie Holding AG, Registered | &nbsp;&nbsp; 1756 | 1381605 |
| Galderma Group AG | &nbsp;&nbsp; 29353 | 4523829 |
| Geberit AG, Registered | &nbsp;&nbsp; 9174 | 7028186 |
| Givaudan SA, Registered | &nbsp;&nbsp; 2380 | 9949226 |
| Helvetia Holding AG, Registered | &nbsp;&nbsp; 8981 | 2159764 |
| Holcim AG | &nbsp;&nbsp; 133342 | 10634014 |
| Julius Baer Group Ltd. | &nbsp;&nbsp; 58517 | 3959510 |
| Kuehne + Nagel International AG, Registered | &nbsp;&nbsp; 12858 | 2621475 |
| Logitech International SA, Registered | &nbsp;&nbsp; 42154 | 3908808 |
| Lonza Group AG, Registered | &nbsp;&nbsp; 18970 | 13221500 |
| Nestle SA, Registered | &nbsp;&nbsp; 675067 | 58985372 |
| Novartis AG, Registered | &nbsp;&nbsp; 490205 | 55827999 |
| Partners Group Holding AG | &nbsp;&nbsp; 5890 | 7917906 |
| Roche Holding AG, Bearer | &nbsp;&nbsp; 7757 | 2577923 |
| Roche Holding AG, NVS | &nbsp;&nbsp; 181494 | 56639382 |
| Sandoz Group AG | &nbsp;&nbsp; 106787 | 6107030 |
| Schindler Holding AG, Participation <br> Certificates, NVS<br>| &nbsp;&nbsp; 9167 | 3315116 |
| Schindler Holding AG, Registered | &nbsp;&nbsp; 7210 | 2528758 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| SGS SA | &nbsp;&nbsp; 40018 | $4066364 |
| SIG Group AG | &nbsp;&nbsp; 72135 | 1167056 |
| Sika AG, Registered | &nbsp;&nbsp; 39029 | 9210045 |
| Sonova Holding AG, Registered | &nbsp;&nbsp; 13097 | 3565108 |
| Straumann Holding AG | &nbsp;&nbsp; 26962 | 3285046 |
| Swatch Group AG (The), Bearer<sup>(b)</sup> | &nbsp;&nbsp; 7376 | 1304499 |
| Swiss Life Holding AG, Registered | &nbsp;&nbsp; 8008 | 8294667 |
| Swiss Prime Site AG, Registered | &nbsp;&nbsp; 25228 | 3489252 |
| Swiss Re AG | &nbsp;&nbsp; 76824 | 13751600 |
| Swisscom AG, Registered | &nbsp;&nbsp; 6620 | 4599803 |
| Temenos AG, Registered | &nbsp;&nbsp; 17894 | 1600522 |
| UBS Group AG, Registered | &nbsp;&nbsp; 856362 | 31825844 |
| VAT Group AG<sup>(c)</sup> | &nbsp;&nbsp; 7142 | 2501047 |
| Zurich Insurance Group AG | &nbsp;&nbsp; 37680 | 25701761 |
|  |  | 454460601 |
| **Taiwan — 2.0%** | **Taiwan — 2.0%** | **Taiwan — 2.0%** |
| Accton Technology Corp. | &nbsp;&nbsp; 141000 | 4164320 |
| Acer Inc. | &nbsp;&nbsp; 851000 | 909175 |
| Advantech Co. Ltd. | &nbsp;&nbsp; 131312 | 1460694 |
| Airtac International Group | &nbsp;&nbsp; 35393 | 1006630 |
| Alchip Technologies Ltd. | &nbsp;&nbsp; 21000 | 2684576 |
| ASE Technology Holding Co. Ltd. | &nbsp;&nbsp; 848873 | 4116512 |
| Asia Cement Corp. | &nbsp;&nbsp; 754000 | 1019233 |
| Asia Vital Components Co. Ltd. | &nbsp;&nbsp; 93000 | 2826666 |
| Asustek Computer Inc. | &nbsp;&nbsp; 190000 | 4170767 |
| AUO Corp. | &nbsp;&nbsp; 1790400 | 713781 |
| Catcher Technology Co. Ltd. | &nbsp;&nbsp; 155000 | 1094629 |
| Cathay Financial Holding Co. Ltd. | &nbsp;&nbsp; 2544264 | 5156806 |
| Chailease Holding Co. Ltd. | &nbsp;&nbsp; 332066 | 1281991 |
| Chang Hwa Commercial Bank Ltd. | &nbsp;&nbsp; 1682159 | 1039017 |
| Cheng Shin Rubber Industry Co. Ltd. | &nbsp;&nbsp; 413000 | 552464 |
| China Airlines Ltd. | &nbsp;&nbsp; 853000 | 584508 |
| China Steel Corp. | &nbsp;&nbsp; 3051305 | 1981524 |
| Chunghwa Telecom Co. Ltd. | &nbsp;&nbsp; 934140 | 4036679 |
| Compal Electronics Inc. | &nbsp;&nbsp; 1142000 | 1117564 |
| CTBC Financial Holding Co. Ltd. | &nbsp;&nbsp; 4416142 | 6068206 |
| Delta Electronics Inc. | &nbsp;&nbsp; 506000 | 9532077 |
| E Ink Holdings Inc. | &nbsp;&nbsp; 213000 | 1450362 |
| E.Sun Financial Holding Co. Ltd. | &nbsp;&nbsp; 3720244 | 3978776 |
| Eclat Textile Co. Ltd. | &nbsp;&nbsp; 82000 | 1096859 |
| Elite Material Co. Ltd. | &nbsp;&nbsp; 82690 | 3031135 |
| eMemory Technology Inc. | &nbsp;&nbsp; 18000 | 1218502 |
| Eva Airways Corp. | &nbsp;&nbsp; 729000 | 919196 |
| Evergreen Marine Corp. Taiwan Ltd. | &nbsp;&nbsp; 302000 | 1992866 |
| Far Eastern New Century Corp. | &nbsp;&nbsp; 778000 | 745669 |
| Far EasTone Telecommunications Co. Ltd. | &nbsp;&nbsp; 445000 | 1213693 |
| Feng TAY Enterprise Co. Ltd. | &nbsp;&nbsp; 152096 | 601484 |
| First Financial Holding Co. Ltd. | &nbsp;&nbsp; 2803670 | 2769561 |
| Formosa Chemicals & Fibre Corp. | &nbsp;&nbsp; 993000 | 953642 |
| Formosa Plastics Corp. | &nbsp;&nbsp; 1079160 | 1535098 |
| Fortune Electric Co. Ltd. | &nbsp;&nbsp; 50270 | 1106392 |
| Fubon Financial Holding Co. Ltd. | &nbsp;&nbsp; 2101210 | 5767126 |
| Gigabyte Technology Co. Ltd. | &nbsp;&nbsp; 134000 | 1215736 |
| Global Unichip Corp. | &nbsp;&nbsp; 24000 | 961134 |
| Globalwafers Co. Ltd. | &nbsp;&nbsp; 71000 | 805922 |
| Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp; 3209000 | 18870459 |
| Hotai Motor Co. Ltd. | &nbsp;&nbsp; 78000 | 1434859 |
| Hua Nan Financial Holdings Co. Ltd. | &nbsp;&nbsp; 2278062 | 2182816 |
| Innolux Corp. | &nbsp;&nbsp; 2247798 | 862099 |
| International Games System Co. Ltd. | &nbsp;&nbsp; 67000 | 1751895 |
| Inventec Corp. | &nbsp;&nbsp; 706000 | 1042709 |
| Jentech Precision Industrial Co. Ltd. | &nbsp;&nbsp; 24000 | 1141861 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| KGI Financial Holding Co. Ltd. | &nbsp;&nbsp; 4163000 | $2108790 |
| Largan Precision Co. Ltd. | &nbsp;&nbsp; 28000 | 2196128 |
| Lite-On Technology Corp. | &nbsp;&nbsp; 632000 | 2498609 |
| Lotes Co. Ltd. | &nbsp;&nbsp; 26000 | 1215757 |
| MediaTek Inc. | &nbsp;&nbsp; 396000 | 17932688 |
| Mega Financial Holding Co. Ltd. | &nbsp;&nbsp; 3066973 | 4362755 |
| Micro-Star International Co. Ltd. | &nbsp;&nbsp; 208000 | 993684 |
| Nan Ya Plastics Corp. | &nbsp;&nbsp; 1243830 | 1696456 |
| Nien Made Enterprise Co. Ltd. | &nbsp;&nbsp; 46000 | 656637 |
| Novatek Microelectronics Corp. | &nbsp;&nbsp; 161000 | 2544392 |
| Pegatron Corp. | &nbsp;&nbsp; 533000 | 1418937 |
| PharmaEssentia Corp.<sup>(a)</sup> | &nbsp;&nbsp; 74000 | 1221679 |
| Pou Chen Corp. | &nbsp;&nbsp; 575000 | 540735 |
| President Chain Store Corp. | &nbsp;&nbsp; 103000 | 882656 |
| Quanta Computer Inc. | &nbsp;&nbsp; 711000 | 6622366 |
| Realtek Semiconductor Corp. | &nbsp;&nbsp; 124000 | 2370987 |
| Ruentex Development Co. Ltd. | &nbsp;&nbsp; 445600 | 444810 |
| Shanghai Commercial & Savings Bank Ltd. (The) | &nbsp;&nbsp; 1045851 | 1501470 |
| Silergy Corp. | &nbsp;&nbsp; 100000 | 1075658 |
| SinoPac Financial Holdings Co. Ltd. | &nbsp;&nbsp; 2847034 | 2349113 |
| Synnex Technology International Corp. | &nbsp;&nbsp; 325000 | 720257 |
| Taishin Financial Holding Co. Ltd. | &nbsp;&nbsp; 5192433 | 2833953 |
| Taiwan Business Bank | &nbsp;&nbsp; 1780000 | 956385 |
| Taiwan Cooperative Financial Holding Co. Ltd. | &nbsp;&nbsp; 3156131 | 2678761 |
| Taiwan High Speed Rail Corp. | &nbsp;&nbsp; 789000 | 719054 |
| Taiwan Mobile Co. Ltd. | &nbsp;&nbsp; 358000 | 1262057 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 6345000 | 244277757 |
| TCC Group Holdings Co. Ltd. | &nbsp;&nbsp; 1699227 | 1378365 |
| Unimicron Technology Corp. | &nbsp;&nbsp; 388000 | 1761246 |
| Uni-President Enterprises Corp. | &nbsp;&nbsp; 1233600 | 3255795 |
| United Microelectronics Corp. | &nbsp;&nbsp; 2972000 | 4118220 |
| Vanguard International Semiconductor Corp. | &nbsp;&nbsp; 342737 | 1062180 |
| Voltronic Power Technology Corp. | &nbsp;&nbsp; 20000 | 785591 |
| Wan Hai Lines Ltd. | &nbsp;&nbsp; 234600 | 693809 |
| Wistron Corp. | &nbsp;&nbsp; 750000 | 3052396 |
| Wiwynn Corp. | &nbsp;&nbsp; 29000 | 2646730 |
| WPG Holdings Ltd. | &nbsp;&nbsp; 415000 | 919542 |
| Yageo Corp. | &nbsp;&nbsp; 117586 | 2066179 |
| Yang Ming Marine Transport Corp. | &nbsp;&nbsp; 525000 | 1065074 |
| Yuanta Financial Holding Co. Ltd. | &nbsp;&nbsp; 2647297 | 2745995 |
| Zhen Ding Technology Holding Ltd. | &nbsp;&nbsp; 198000 | 825792 |
|  |  | 448627115 |
| **Thailand — 0.1%** | **Thailand — 0.1%** | **Thailand — 0.1%** |
| Advanced Info Service PCL, NVDR | &nbsp;&nbsp; 367900 | 3268700 |
| Airports of Thailand PCL, NVDR<sup>(b)</sup> | &nbsp;&nbsp; 1636600 | 2045209 |
| Bangkok Dusit Medical Services PCL, NVDR | &nbsp;&nbsp; 3307100 | 2176004 |
| Central Pattana PCL, NVDR<sup>(b)</sup> | &nbsp;&nbsp; 1008200 | 1606891 |
| Charoen Pokphand Foods PCL, NVDR | &nbsp;&nbsp; 1540400 | 1074303 |
| CP ALL PCL, NVDR<sup>(b)</sup> | &nbsp;&nbsp; 1861100 | 2688988 |
| CP Axtra PCL<sup>(b)</sup> | &nbsp;&nbsp; 917691 | 577179 |
| Delta Electronics Thailand PCL, NVDR<sup>(b)</sup> | &nbsp;&nbsp; 891200 | 3944876 |
| Gulf Development PCL<sup>(a)(b)</sup> | &nbsp;&nbsp; 1162976 | 1671938 |
| PTT Exploration & Production PCL, NVDR<sup>(b)</sup> | &nbsp;&nbsp; 558700 | 2150843 |
| PTT PCL, NVDR<sup>(b)</sup> | &nbsp;&nbsp; 2554000 | 2596839 |
| Siam Cement PCL (The), NVDR<sup>(b)</sup> | &nbsp;&nbsp; 234400 | 1439509 |
| True Corp. PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 3093090 | 981338 |
|  |  | 26222617 |
| **Turkey — 0.1%** | **Turkey — 0.1%** | **Turkey — 0.1%** |
| Akbank TAS | &nbsp;&nbsp; 854694 | 1417047 |
| Aselsan Elektronik Sanayi Ve Ticaret A/S | &nbsp;&nbsp; 435627 | 2003566 |
| BIM Birlesik Magazalar A/S | &nbsp;&nbsp; 134200 | 1753751 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Turkey (continued)** | **Turkey (continued)** | **Turkey (continued)** |
| Coca-Cola Icecek A/S | &nbsp;&nbsp; 242284 | $302387 |
| Eregli Demir ve Celik Fabrikalari TAS | &nbsp;&nbsp; 897332 | 588463 |
| Ford Otomotiv Sanayi AS | &nbsp;&nbsp; 141790 | 331886 |
| Haci Omer Sabanci Holding AS | &nbsp;&nbsp; 236744 | 554665 |
| KOC Holding AS | &nbsp;&nbsp; 174031 | 766673 |
| Pegasus Hava Tasimaciligi AS<sup>(a)</sup> | &nbsp;&nbsp; 60235 | 373096 |
| Sasa Polyester Sanayi AS<sup>(a)</sup> | &nbsp;&nbsp; 6253149 | 479846 |
| Turk Hava Yollari AO | &nbsp;&nbsp; 145429 | 1029584 |
| Turkcell Iletisim Hizmetleri AS | &nbsp;&nbsp; 381536 | 874705 |
| Turkiye Is Bankasi AS, Class C | &nbsp;&nbsp; 2065879 | 752064 |
| Turkiye Petrol Rafinerileri AS | &nbsp;&nbsp; 265058 | 1101219 |
| Turkiye Sise ve Cam Fabrikalari AS<sup>(b)</sup> | &nbsp;&nbsp; 403394 | 364357 |
| Yapi ve Kredi Bankasi A/S<sup>(a)</sup> | &nbsp;&nbsp; 721997 | 597107 |
|  |  | 13290416 |
| **United Arab Emirates — 0.2%** | **United Arab Emirates — 0.2%** | **United Arab Emirates — 0.2%** |
| Abu Dhabi Commercial Bank PJSC | &nbsp;&nbsp; 735753 | 3255776 |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp; 368706 | 2420906 |
| Abu Dhabi National Oil Co. for Distribution PJSC | &nbsp;&nbsp; 774855 | 782650 |
| ADNOC Drilling Co. PJSC | &nbsp;&nbsp; 587411 | 933960 |
| Adnoc Gas PLC | &nbsp;&nbsp; 1586953 | 1437694 |
| Aldar Properties PJSC | &nbsp;&nbsp; 1040800 | 2689568 |
| Americana Restaurants International PLC - <br> Foreign Co.<br>| &nbsp;&nbsp; 933838 | 546617 |
| Dubai Electricity & Water Authority PJSC | &nbsp;&nbsp; 1550138 | 1167173 |
| Dubai Islamic Bank PJSC | &nbsp;&nbsp; 715845 | 1941416 |
| Emaar Development PJSC | &nbsp;&nbsp; 257029 | 1048920 |
| Emaar Properties PJSC | &nbsp;&nbsp; 1713870 | 7097651 |
| Emirates NBD Bank PJSC | &nbsp;&nbsp; 614944 | 4478499 |
| Emirates Telecommunications Group Co. PJSC | &nbsp;&nbsp; 902981 | 4656201 |
| First Abu Dhabi Bank PJSC | &nbsp;&nbsp; 1174949 | 5747963 |
| Multiply Group PJSC<sup>(a)</sup> | &nbsp;&nbsp; 851375 | 636064 |
| Salik Co. PJSC | &nbsp;&nbsp; 484030 | 842412 |
|  |  | 39683470 |
| **United Kingdom — 3.3%** | **United Kingdom — 3.3%** | **United Kingdom — 3.3%** |
| 3i Group PLC | &nbsp;&nbsp; 257794 | 14086410 |
| Admiral Group PLC | &nbsp;&nbsp; 51793 | 2334646 |
| Anglo American PLC, NVS | &nbsp;&nbsp; 278060 | 7824078 |
| Antofagasta PLC | &nbsp;&nbsp; 113069 | 2788463 |
| Ashtead Group PLC | &nbsp;&nbsp; 121392 | 8110359 |
| Associated British Foods PLC | &nbsp;&nbsp; 89650 | 2595859 |
| AstraZeneca PLC | &nbsp;&nbsp; 400785 | 58471179 |
| Auto Trader Group PLC<sup>(c)</sup> | &nbsp;&nbsp; 265482 | 2930865 |
| Aviva PLC | &nbsp;&nbsp; 790403 | 6753206 |
| BAE Systems PLC | &nbsp;&nbsp; 799913 | 19086417 |
| Barclays PLC | &nbsp;&nbsp; 3938349 | 19250721 |
| Barratt Redrow PLC | &nbsp;&nbsp; 265451 | 1307200 |
| BP PLC | &nbsp;&nbsp; 4143439 | 22209993 |
| British American Tobacco PLC | &nbsp;&nbsp; 518731 | 27792220 |
| BT Group PLC | &nbsp;&nbsp; 1738211 | 4747118 |
| Bunzl PLC | &nbsp;&nbsp; 82294 | 2442277 |
| Centrica PLC | &nbsp;&nbsp; 1159886 | 2521305 |
| Coca-Cola HBC AG, Class DI | &nbsp;&nbsp; 61558 | 3199304 |
| Compass Group PLC | &nbsp;&nbsp; 426270 | 14978898 |
| Croda International PLC | &nbsp;&nbsp; 27243 | 937640 |
| DCC PLC | &nbsp;&nbsp; 23190 | 1452414 |
| Diageo PLC | &nbsp;&nbsp; 557780 | 13519218 |
| Entain PLC | &nbsp;&nbsp; 154040 | 2068560 |
| Experian PLC | &nbsp;&nbsp; 239867 | 12638767 |
| Glencore PLC | &nbsp;&nbsp; 2580662 | 10357026 |
| GSK PLC | &nbsp;&nbsp; 1028484 | 18917916 |
| Haleon PLC | &nbsp;&nbsp; 2207950 | 10356761 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Halma PLC | &nbsp;&nbsp; 82682 | $3537838 |
| Hikma Pharmaceuticals PLC | &nbsp;&nbsp; 32996 | 852856 |
| HSBC Holdings PLC | &nbsp;&nbsp; 4636028 | 56480594 |
| Imperial Brands PLC | &nbsp;&nbsp; 212408 | 8279532 |
| Informa PLC | &nbsp;&nbsp; 284320 | 3251210 |
| InterContinental Hotels Group PLC | &nbsp;&nbsp; 36411 | 4188726 |
| Intertek Group PLC | &nbsp;&nbsp; 45865 | 2982141 |
| J Sainsbury PLC | &nbsp;&nbsp; 499899 | 1998892 |
| JD Sports Fashion PLC | &nbsp;&nbsp; 573150 | 643353 |
| Kingfisher PLC | &nbsp;&nbsp; 586521 | 2085553 |
| Land Securities Group PLC | &nbsp;&nbsp; 217717 | 1655725 |
| Legal & General Group PLC | &nbsp;&nbsp; 1554714 | 5259699 |
| Lloyds Banking Group PLC | &nbsp;&nbsp; 16210499 | 16623017 |
| London Stock Exchange Group PLC | &nbsp;&nbsp; 122885 | 14979063 |
| M&G PLC | &nbsp;&nbsp; 556348 | 1914891 |
| Marks & Spencer Group PLC | &nbsp;&nbsp; 517296 | 2375728 |
| Melrose Industries PLC | &nbsp;&nbsp; 325691 | 2198945 |
| Mondi PLC | &nbsp;&nbsp; 68915 | 931609 |
| National Grid PLC | &nbsp;&nbsp; 1264537 | 17769362 |
| NatWest Group PLC | &nbsp;&nbsp; 1977821 | 13729194 |
| Next PLC | &nbsp;&nbsp; 31926 | 5182260 |
| NMC Health PLC, NVS<sup>(a)(d)</sup> | &nbsp;&nbsp; 19275 |  |
| Pearson PLC | &nbsp;&nbsp; 186160 | 2632480 |
| Phoenix Group Holdings PLC | &nbsp;&nbsp; 181465 | 1586924 |
| Prudential PLC | &nbsp;&nbsp; 700489 | 8886527 |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp; 173573 | 13008560 |
| RELX PLC | &nbsp;&nbsp; 492616 | 25596857 |
| Rentokil Initial PLC | &nbsp;&nbsp; 635568 | 3170496 |
| Rio Tinto PLC | &nbsp;&nbsp; 302076 | 17991460 |
| Rolls-Royce Holdings PLC | &nbsp;&nbsp; 2174657 | 30864843 |
| Sage Group PLC (The) | &nbsp;&nbsp; 237376 | 3811463 |
| Schroders PLC | &nbsp;&nbsp; 112784 | 579726 |
| Segro PLC | &nbsp;&nbsp; 324177 | 2762874 |
| Severn Trent PLC | &nbsp;&nbsp; 83737 | 2936431 |
| Shell PLC | &nbsp;&nbsp; 1574811 | 56587845 |
| Smith & Nephew PLC | &nbsp;&nbsp; 232371 | 3551313 |
| Smiths Group PLC | &nbsp;&nbsp; 81742 | 2532054 |
| Spirax Group PLC | &nbsp;&nbsp; 15737 | 1315120 |
| SSE PLC | &nbsp;&nbsp; 262994 | 6446569 |
| Standard Chartered PLC | &nbsp;&nbsp; 543790 | 9748501 |
| Tesco PLC | &nbsp;&nbsp; 1791728 | 10066682 |
| Unilever PLC | &nbsp;&nbsp; 635253 | 36857663 |
| United Utilities Group PLC | &nbsp;&nbsp; 124348 | 1856248 |
| Vodafone Group PLC | &nbsp;&nbsp; 6069004 | 6579994 |
| Whitbread PLC | &nbsp;&nbsp; 40506 | 1627158 |
| Wise PLC, Class A<sup>(a)</sup> | &nbsp;&nbsp; 154594 | 2065218 |
| WPP PLC | &nbsp;&nbsp; 324963 | 1759475 |
|  |  | 715421489 |
| **United States — 65.0%** | **United States — 65.0%** | **United States — 65.0%** |
| 3M Co. | &nbsp;&nbsp; 138840 | 20717705 |
| Abbott Laboratories | &nbsp;&nbsp; 447999 | 56532994 |
| AbbVie Inc. | &nbsp;&nbsp; 456791 | 86342635 |
| Accenture PLC, Class A | &nbsp;&nbsp; 161520 | 43141992 |
| Adobe Inc.<sup>(a)</sup> | &nbsp;&nbsp; 109593 | 39200320 |
| Advanced Micro Devices Inc.<sup>(a)</sup> | &nbsp;&nbsp; 420034 | 74056195 |
| AECOM | &nbsp;&nbsp; 35270 | 3976340 |
| Aflac Inc. | &nbsp;&nbsp; 136045 | 13517431 |
| Agilent Technologies Inc. | &nbsp;&nbsp; 75876 | 8711324 |
| Air Products and Chemicals Inc. | &nbsp;&nbsp; 57080 | 16432190 |
| Airbnb Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 113408 | 15016353 |
| Akamai Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 38514 | 2939003 |
| Albertsons Companies Inc., Class A | &nbsp;&nbsp; 86713 | 1666624 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Alexandria Real Estate Equities Inc. | &nbsp;&nbsp; 43539 | $3327686 |
| Align Technology Inc.<sup>(a)</sup> | &nbsp;&nbsp; 18412 | 2375332 |
| Allegion PLC | &nbsp;&nbsp; 23602 | 3916044 |
| Alliant Energy Corp. | &nbsp;&nbsp; 71476 | 4646655 |
| Allstate Corp. (The) | &nbsp;&nbsp; 68106 | 13842544 |
| Alnylam Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 33832 | 13270264 |
| Alphabet Inc., Class A | &nbsp;&nbsp; 1508362 | 289454668 |
| Alphabet Inc., Class C, NVS | &nbsp;&nbsp; 1290895 | 248962010 |
| Altria Group Inc. | &nbsp;&nbsp; 430860 | 26687468 |
| Amazon.com Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2468855 | 577983644 |
| Amcor PLC | &nbsp;&nbsp; 597496 | 5586588 |
| Ameren Corp. | &nbsp;&nbsp; 69042 | 6982217 |
| American Electric Power Co. Inc. | &nbsp;&nbsp; 137244 | 15527786 |
| American Express Co. | &nbsp;&nbsp; 145649 | 43594202 |
| American Financial Group Inc./OH | &nbsp;&nbsp; 20084 | 2508492 |
| American Homes 4 Rent, Class A | &nbsp;&nbsp; 85184 | 2955033 |
| American International Group Inc. | &nbsp;&nbsp; 149201 | 11582474 |
| American Tower Corp. | &nbsp;&nbsp; 120688 | 25150172 |
| American Water Works Co. Inc. | &nbsp;&nbsp; 50374 | 7064450 |
| Ameriprise Financial Inc. | &nbsp;&nbsp; 25235 | 13076525 |
| AMETEK Inc. | &nbsp;&nbsp; 59078 | 10920568 |
| Amgen Inc. | &nbsp;&nbsp; 138794 | 40958109 |
| Amphenol Corp., Class A | &nbsp;&nbsp; 312832 | 33319736 |
| Analog Devices Inc. | &nbsp;&nbsp; 128057 | 28765444 |
| Annaly Capital Management Inc. | &nbsp;&nbsp; 154522 | 3141432 |
| Aon PLC, Class A | &nbsp;&nbsp; 50139 | 17834944 |
| Apollo Global Management Inc. | &nbsp;&nbsp; 102654 | 14917679 |
| Apple Inc. | &nbsp;&nbsp; 3885444 | 806501611 |
| Applied Materials Inc. | &nbsp;&nbsp; 209532 | 37728332 |
| AppLovin Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 60296 | 23557647 |
| Aptiv PLC<sup>(a)</sup> | &nbsp;&nbsp; 58752 | 4032737 |
| Arch Capital Group Ltd. | &nbsp;&nbsp; 95973 | 8259436 |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp; 122042 | 6612236 |
| Ares Management Corp., Class A | &nbsp;&nbsp; 52293 | 9701920 |
| Arista Networks Inc.<sup>(a)</sup> | &nbsp;&nbsp; 276675 | 34091893 |
| Arthur J Gallagher & Co. | &nbsp;&nbsp; 66651 | 19145500 |
| AT&T Inc. | &nbsp;&nbsp; 1851827 | 50758578 |
| Atlassian Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 41439 | 7947171 |
| Atmos Energy Corp. | &nbsp;&nbsp; 40751 | 6353896 |
| Autodesk Inc.<sup>(a)</sup> | &nbsp;&nbsp; 55455 | 16808965 |
| Automatic Data Processing Inc. | &nbsp;&nbsp; 105093 | 32526283 |
| AutoZone Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4413 | 16629861 |
| AvalonBay Communities Inc. | &nbsp;&nbsp; 37812 | 7043619 |
| Avantor Inc.<sup>(a)</sup> | &nbsp;&nbsp; 173130 | 2326867 |
| Avery Dennison Corp. | &nbsp;&nbsp; 22222 | 3728185 |
| Axon Enterprise Inc.<sup>(a)</sup> | &nbsp;&nbsp; 18934 | 14304448 |
| Baker Hughes Co., Class A | &nbsp;&nbsp; 257550 | 11602627 |
| Ball Corp. | &nbsp;&nbsp; 67551 | 3867970 |
| Bank of America Corp. | &nbsp;&nbsp; 1869595 | 88375756 |
| Bank of New York Mellon Corp. (The) | &nbsp;&nbsp; 185191 | 18787627 |
| Baxter International Inc. | &nbsp;&nbsp; 127264 | 2769265 |
| Becton Dickinson & Co. | &nbsp;&nbsp; 75115 | 13389249 |
| Bentley Systems Inc., Class B | &nbsp;&nbsp; 44268 | 2566659 |
| Berkshire Hathaway Inc., Class B<sup>(a)</sup> | &nbsp;&nbsp; 346333 | 163427616 |
| Best Buy Co. Inc. | &nbsp;&nbsp; 53426 | 3475896 |
| Biogen Inc.<sup>(a)</sup> | &nbsp;&nbsp; 36971 | 4732288 |
| BioMarin Pharmaceutical Inc.<sup>(a)</sup> | &nbsp;&nbsp; 48697 | 2817121 |
| Blackrock Inc.<sup>(f)</sup> | &nbsp;&nbsp; 38216 | 42267278 |
| Blackstone Inc. | &nbsp;&nbsp; 187439 | 32419449 |
| Block Inc.<sup>(a)</sup> | &nbsp;&nbsp; 144297 | 11148386 |
| Boeing Co. (The)<sup>(a)</sup> | &nbsp;&nbsp; 194532 | 43154979 |
| Booking Holdings Inc. | &nbsp;&nbsp; 8451 | 46514811 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Booz Allen Hamilton Holding Corp., Class A | &nbsp;&nbsp; 34923 | $3748286 |
| Boston Scientific Corp.<sup>(a)</sup> | &nbsp;&nbsp; 380582 | 39930663 |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 524140 | 22700503 |
| Broadcom Inc. | &nbsp;&nbsp; 1154986 | 339219388 |
| Broadridge Financial Solutions Inc. | &nbsp;&nbsp; 29983 | 7421092 |
| Brown & Brown Inc. | &nbsp;&nbsp; 75946 | 6939186 |
| Brown-Forman Corp., Class B  | &nbsp;&nbsp; 43403 | 1252177 |
| Builders FirstSource Inc.<sup>(a)</sup> | &nbsp;&nbsp; 31044 | 3946624 |
| Bunge Global SA | &nbsp;&nbsp; 35183 | 2806196 |
| Burlington Stores Inc.<sup>(a)</sup> | &nbsp;&nbsp; 16586 | 4527315 |
| BXP Inc. | &nbsp;&nbsp; 37758 | 2470506 |
| Cadence Design Systems Inc.<sup>(a)</sup> | &nbsp;&nbsp; 70941 | 25862960 |
| Camden Property Trust | &nbsp;&nbsp; 28889 | 3154679 |
| Capital One Financial Corp. | &nbsp;&nbsp; 164656 | 35401040 |
| Cardinal Health Inc. | &nbsp;&nbsp; 64126 | 9953638 |
| Carlisle Companies Inc. | &nbsp;&nbsp; 10985 | 3896489 |
| Carlyle Group Inc. (The) | &nbsp;&nbsp; 58692 | 3560257 |
| Carnival Corp.<sup>(a)</sup> | &nbsp;&nbsp; 261556 | 7786522 |
| Carrier Global Corp. | &nbsp;&nbsp; 198793 | 13641176 |
| Carvana Co., Class A<sup>(a)</sup> | &nbsp;&nbsp; 30877 | 12047279 |
| Caterpillar Inc. | &nbsp;&nbsp; 123069 | 53906683 |
| Cboe Global Markets Inc. | &nbsp;&nbsp; 26549 | 6399371 |
| CBRE Group Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 80046 | 12466364 |
| CDW Corp. | &nbsp;&nbsp; 33723 | 5880617 |
| Cencora Inc. | &nbsp;&nbsp; 47830 | 13683206 |
| Centene Corp.<sup>(a)</sup> | &nbsp;&nbsp; 124113 | 3235626 |
| CenterPoint Energy Inc. | &nbsp;&nbsp; 176311 | 6844393 |
| CF Industries Holdings Inc. | &nbsp;&nbsp; 41974 | 3896446 |
| CH Robinson Worldwide Inc. | &nbsp;&nbsp; 30410 | 3506881 |
| Charles Schwab Corp. (The) | &nbsp;&nbsp; 444687 | 43459261 |
| Charter Communications Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 24237 | 6528478 |
| Cheniere Energy Inc. | &nbsp;&nbsp; 56337 | 13288772 |
| Chevron Corp. | &nbsp;&nbsp; 506987 | 76879509 |
| Chipotle Mexican Grill Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 354421 | 15197572 |
| Chubb Ltd. | &nbsp;&nbsp; 98538 | 26215050 |
| Church & Dwight Co. Inc. | &nbsp;&nbsp; 62401 | 5851342 |
| Cigna Group (The) | &nbsp;&nbsp; 69220 | 18508044 |
| Cincinnati Financial Corp. | &nbsp;&nbsp; 40225 | 5933590 |
| Cintas Corp. | &nbsp;&nbsp; 92906 | 20676230 |
| Cisco Systems Inc. | &nbsp;&nbsp; 1024952 | 69778732 |
| Citigroup Inc. | &nbsp;&nbsp; 484829 | 45428477 |
| Citizens Financial Group Inc. | &nbsp;&nbsp; 122861 | 5862927 |
| Clorox Co. (The) | &nbsp;&nbsp; 32724 | 4108825 |
| Cloudflare Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 78681 | 16340470 |
| CME Group Inc. | &nbsp;&nbsp; 93333 | 25972707 |
| CMS Energy Corp. | &nbsp;&nbsp; 72246 | 5331755 |
| Coca-Cola Co. (The) | &nbsp;&nbsp; 1056535 | 71728161 |
| Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp; 127934 | 9180544 |
| Coinbase Global Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 51390 | 19413086 |
| Colgate-Palmolive Co. | &nbsp;&nbsp; 199855 | 16757842 |
| Comcast Corp., Class A | &nbsp;&nbsp; 965148 | 32071868 |
| Conagra Brands Inc. | &nbsp;&nbsp; 125723 | 2295702 |
| ConocoPhillips | &nbsp;&nbsp; 328611 | 31329773 |
| Consolidated Edison Inc. | &nbsp;&nbsp; 90896 | 9407736 |
| Constellation Brands Inc., Class A | &nbsp;&nbsp; 41798 | 6981938 |
| Constellation Energy Corp. | &nbsp;&nbsp; 81076 | 28201476 |
| Cooper Companies Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp; 52510 | 3711932 |
| Copart Inc.<sup>(a)</sup> | &nbsp;&nbsp; 235754 | 10686729 |
| Corning Inc. | &nbsp;&nbsp; 207509 | 13122869 |
| Corpay Inc.<sup>(a)</sup> | &nbsp;&nbsp; 17711 | 5721539 |
| Corteva Inc. | &nbsp;&nbsp; 176453 | 12727555 |
| CoStar Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 108599 | 10337539 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Costco Wholesale Corp. | &nbsp;&nbsp; 114455 | $107546496 |
| Coterra Energy Inc. | &nbsp;&nbsp; 191748 | 4676734 |
| CRH PLC | &nbsp;&nbsp; 177125 | 16906581 |
| Crowdstrike Holdings Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 63635 | 28926562 |
| Crown Castle Inc. | &nbsp;&nbsp; 111402 | 11707236 |
| Crown Holdings Inc. | &nbsp;&nbsp; 31352 | 3115135 |
| CSX Corp. | &nbsp;&nbsp; 491300 | 17460802 |
| Cummins Inc. | &nbsp;&nbsp; 35601 | 13087640 |
| CVS Health Corp. | &nbsp;&nbsp; 331438 | 20582300 |
| Danaher Corp. | &nbsp;&nbsp; 167282 | 32981319 |
| Darden Restaurants Inc. | &nbsp;&nbsp; 29585 | 5966407 |
| Datadog Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 72940 | 10210141 |
| DaVita Inc.<sup>(a)</sup> | &nbsp;&nbsp; 13651 | 1916191 |
| Deckers Outdoor Corp.<sup>(a)</sup> | &nbsp;&nbsp; 41236 | 4378026 |
| Deere & Co. | &nbsp;&nbsp; 66438 | 34838094 |
| Dell Technologies Inc., Class C | &nbsp;&nbsp; 83076 | 11023354 |
| Delta Air Lines Inc. | &nbsp;&nbsp; 39642 | 2109351 |
| Devon Energy Corp. | &nbsp;&nbsp; 159052 | 5283707 |
| Dexcom Inc.<sup>(a)</sup> | &nbsp;&nbsp; 103473 | 8357514 |
| Diamondback Energy Inc. | &nbsp;&nbsp; 49234 | 7319126 |
| Dick's Sporting Goods Inc. | &nbsp;&nbsp; 15233 | 3221932 |
| Digital Realty Trust Inc. | &nbsp;&nbsp; 86826 | 15319579 |
| DocuSign Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 53430 | 4041445 |
| Dollar General Corp. | &nbsp;&nbsp; 56542 | 5931256 |
| Dollar Tree Inc.<sup>(a)</sup> | &nbsp;&nbsp; 52249 | 5932874 |
| Dominion Energy Inc. | &nbsp;&nbsp; 214731 | 12551027 |
| Domino's Pizza Inc. | &nbsp;&nbsp; 9094 | 4212432 |
| DoorDash Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 91975 | 23016744 |
| Dover Corp. | &nbsp;&nbsp; 36780 | 6662329 |
| Dow Inc. | &nbsp;&nbsp; 179569 | 4182162 |
| DR Horton Inc. | &nbsp;&nbsp; 71867 | 10265482 |
| DraftKings Inc., Class A <sup>(a)</sup> | &nbsp;&nbsp; 114200 | 5143568 |
| DTE Energy Co. | &nbsp;&nbsp; 52794 | 7307218 |
| Duke Energy Corp. | &nbsp;&nbsp; 197542 | 24029009 |
| DuPont de Nemours Inc. | &nbsp;&nbsp; 108788 | 7821857 |
| Dynatrace Inc.<sup>(a)</sup> | &nbsp;&nbsp; 75945 | 3995466 |
| Eaton Corp. PLC | &nbsp;&nbsp; 100786 | 38774390 |
| eBay Inc. | &nbsp;&nbsp; 119180 | 10934765 |
| Ecolab Inc. | &nbsp;&nbsp; 66544 | 17418557 |
| Edison International | &nbsp;&nbsp; 98187 | 5117506 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | &nbsp;&nbsp; 154140 | 12224843 |
| Electronic Arts Inc. | &nbsp;&nbsp; 65046 | 9918865 |
| Elevance Health Inc. | &nbsp;&nbsp; 58071 | 16438739 |
| Eli Lilly & Co. | &nbsp;&nbsp; 208243 | 154114397 |
| EMCOR Group Inc. | &nbsp;&nbsp; 11732 | 7361713 |
| Emerson Electric Co. | &nbsp;&nbsp; 146004 | 21245042 |
| Entegris Inc. | &nbsp;&nbsp; 39071 | 3065511 |
| Entergy Corp. | &nbsp;&nbsp; 108299 | 9793479 |
| EOG Resources Inc. | &nbsp;&nbsp; 140226 | 16829925 |
| EQT Corp. | &nbsp;&nbsp; 150588 | 8094105 |
| Equifax Inc. | &nbsp;&nbsp; 32060 | 7701774 |
| Equinix Inc. | &nbsp;&nbsp; 25087 | 19697560 |
| Equitable Holdings Inc. | &nbsp;&nbsp; 81535 | 4186822 |
| Equity LifeStyle Properties Inc. | &nbsp;&nbsp; 49219 | 2949202 |
| Equity Residential | &nbsp;&nbsp; 88754 | 5609253 |
| Erie Indemnity Co., Class A, NVS | &nbsp;&nbsp; 6654 | 2370421 |
| Essential Utilities Inc. | &nbsp;&nbsp; 68814 | 2532355 |
| Essex Property Trust Inc. | &nbsp;&nbsp; 17808 | 4633285 |
| Estee Lauder Companies Inc. (The), Class A | &nbsp;&nbsp; 60444 | 5641843 |
| Everest Group Ltd. | &nbsp;&nbsp; 10540 | 3539332 |
| Evergy Inc. | &nbsp;&nbsp; 60694 | 4297135 |
| Eversource Energy | &nbsp;&nbsp; 96925 | 6406743 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Exelon Corp. | &nbsp;&nbsp; 259331 | $11654335 |
| Expand Energy Corp. | &nbsp;&nbsp; 52856 | 5538252 |
| Expedia Group Inc. | &nbsp;&nbsp; 33114 | 5967805 |
| Expeditors International of Washington Inc. | &nbsp;&nbsp; 36536 | 4246945 |
| Extra Space Storage Inc. | &nbsp;&nbsp; 55288 | 7428496 |
| Exxon Mobil Corp. | &nbsp;&nbsp; 1118483 | 124867442 |
| F5 Inc.<sup>(a)</sup> | &nbsp;&nbsp; 15745 | 4934798 |
| FactSet Research Systems Inc. | &nbsp;&nbsp; 9956 | 4011272 |
| Fair Isaac Corp.<sup>(a)</sup> | &nbsp;&nbsp; 6355 | 9130356 |
| Fastenal Co. | &nbsp;&nbsp; 299440 | 13813167 |
| FedEx Corp. | &nbsp;&nbsp; 59773 | 13358668 |
| Ferguson Enterprises Inc. | &nbsp;&nbsp; 52660 | 11760558 |
| Fidelity National Financial Inc. | &nbsp;&nbsp; 71807 | 4052069 |
| Fidelity National Information Services Inc. | &nbsp;&nbsp; 135748 | 10779749 |
| Fifth Third Bancorp | &nbsp;&nbsp; 171525 | 7130294 |
| First Citizens BancShares Inc./NC, Class A | &nbsp;&nbsp; 2653 | 5292098 |
| First Solar Inc.<sup>(a)</sup> | &nbsp;&nbsp; 26093 | 4559230 |
| FirstEnergy Corp. | &nbsp;&nbsp; 141558 | 6045942 |
| Fiserv Inc.<sup>(a)</sup> | &nbsp;&nbsp; 144080 | 20018475 |
| Flutter Entertainment PLC, Class DI<sup>(a)</sup> | &nbsp;&nbsp; 45882 | 13868293 |
| Ford Motor Co. | &nbsp;&nbsp; 989259 | 10951097 |
| Fortinet Inc.<sup>(a)</sup> | &nbsp;&nbsp; 169049 | 16887995 |
| Fortive Corp. | &nbsp;&nbsp; 87378 | 4188028 |
| Fox Corp., Class A, NVS | &nbsp;&nbsp; 56915 | 3173580 |
| Fox Corp., Class B | &nbsp;&nbsp; 36569 | 1870139 |
| Freeport-McMoRan Inc. | &nbsp;&nbsp; 367437 | 14785665 |
| Gaming and Leisure Properties Inc. | &nbsp;&nbsp; 66977 | 3052812 |
| Garmin Ltd. | &nbsp;&nbsp; 40781 | 8921252 |
| Gartner Inc.<sup>(a)</sup> | &nbsp;&nbsp; 19620 | 6644313 |
| GE HealthCare Technologies Inc., NVS<sup>(a)</sup> | &nbsp;&nbsp; 115903 | 8266202 |
| GE Vernova Inc. | &nbsp;&nbsp; 70504 | 46553086 |
| Gen Digital Inc. | &nbsp;&nbsp; 148800 | 4388112 |
| General Dynamics Corp. | &nbsp;&nbsp; 57437 | 17897944 |
| General Electric Co. | &nbsp;&nbsp; 276178 | 74866332 |
| General Mills Inc. | &nbsp;&nbsp; 143704 | 7038622 |
| General Motors Co. | &nbsp;&nbsp; 255149 | 13609648 |
| Genuine Parts Co. | &nbsp;&nbsp; 36682 | 4727576 |
| Gilead Sciences Inc. | &nbsp;&nbsp; 323044 | 36274611 |
| Global Payments Inc. | &nbsp;&nbsp; 65478 | 5234966 |
| GoDaddy Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 36549 | 5905587 |
| Goldman Sachs Group Inc. (The) | &nbsp;&nbsp; 81179 | 58740313 |
| Graco Inc. | &nbsp;&nbsp; 44119 | 3705114 |
| Halliburton Co. | &nbsp;&nbsp; 223453 | 5005347 |
| Hartford Insurance Group Inc. (The) | &nbsp;&nbsp; 74980 | 9326762 |
| HCA Healthcare Inc. | &nbsp;&nbsp; 47011 | 16641424 |
| Healthpeak Properties Inc. | &nbsp;&nbsp; 177587 | 3008324 |
| HEICO Corp. | &nbsp;&nbsp; 12664 | 4138595 |
| HEICO Corp., Class A | &nbsp;&nbsp; 19249 | 4967974 |
| Hershey Co. (The) | &nbsp;&nbsp; 37639 | 7005747 |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 335041 | 6931998 |
| Hilton Worldwide Holdings Inc. | &nbsp;&nbsp; 60513 | 16222325 |
| Hologic Inc.<sup>(a)</sup> | &nbsp;&nbsp; 63357 | 4233515 |
| Home Depot Inc. (The) | &nbsp;&nbsp; 255921 | 94053527 |
| Honeywell International Inc. | &nbsp;&nbsp; 167750 | 37299212 |
| Hormel Foods Corp. | &nbsp;&nbsp; 75205 | 2112508 |
| Howmet Aerospace Inc. | &nbsp;&nbsp; 97944 | 17607393 |
| HP Inc. | &nbsp;&nbsp; 249475 | 6186980 |
| Hubbell Inc., Class B | &nbsp;&nbsp; 13518 | 5913855 |
| HubSpot Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12597 | 6546031 |
| Humana Inc. | &nbsp;&nbsp; 31069 | 7763211 |
| Huntington Bancshares Inc./Ohio | &nbsp;&nbsp; 394010 | 6473584 |
| Hyatt Hotels Corp., Class A | &nbsp;&nbsp; 10035 | 1414634 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| IDEX Corp. | &nbsp;&nbsp; 20938 | $3423572 |
| IDEXX Laboratories Inc.<sup>(a)</sup> | &nbsp;&nbsp; 21488 | 11481253 |
| Illinois Tool Works Inc. | &nbsp;&nbsp; 70739 | 18107062 |
| Illumina Inc.<sup>(a)</sup> | &nbsp;&nbsp; 40899 | 4200736 |
| Incyte Corp.<sup>(a)</sup> | &nbsp;&nbsp; 44718 | 3348931 |
| Ingersoll Rand Inc.<sup>(b)</sup> | &nbsp;&nbsp; 107523 | 9099671 |
| Insulet Corp.<sup>(a)</sup> | &nbsp;&nbsp; 18425 | 5313770 |
| Intel Corp. | &nbsp;&nbsp; 1123759 | 22250428 |
| Interactive Brokers Group Inc., Class A | &nbsp;&nbsp; 112250 | 7359110 |
| Intercontinental Exchange Inc. | &nbsp;&nbsp; 148466 | 27440971 |
| International Business Machines Corp. | &nbsp;&nbsp; 239225 | 60559809 |
| International Flavors & Fragrances Inc. | &nbsp;&nbsp; 66210 | 4702896 |
| International Paper Co. | &nbsp;&nbsp; 125801 | 5879939 |
| Intuit Inc. | &nbsp;&nbsp; 72467 | 56896016 |
| Intuitive Surgical Inc.<sup>(a)</sup> | &nbsp;&nbsp; 92496 | 44498901 |
| Invitation Homes Inc. | &nbsp;&nbsp; 150492 | 4612580 |
| IQVIA Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 44204 | 8215755 |
| Iron Mountain Inc. | &nbsp;&nbsp; 76891 | 7486108 |
| J.M. Smucker Co. (The) | &nbsp;&nbsp; 25864 | 2776242 |
| Jabil Inc. | &nbsp;&nbsp; 27250 | 6081383 |
| Jack Henry & Associates Inc. | &nbsp;&nbsp; 19119 | 3246693 |
| Jacobs Solutions Inc. | &nbsp;&nbsp; 31426 | 4458407 |
| JB Hunt Transport Services Inc. | &nbsp;&nbsp; 21878 | 3151526 |
| Johnson & Johnson | &nbsp;&nbsp; 622443 | 102541260 |
| Johnson Controls International PLC | &nbsp;&nbsp; 174263 | 18297615 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 722683 | 214087612 |
| Kellanova | &nbsp;&nbsp; 69573 | 5554013 |
| Kenvue Inc. | &nbsp;&nbsp; 503003 | 10784384 |
| Keurig Dr Pepper Inc. | &nbsp;&nbsp; 323231 | 10553492 |
| KeyCorp | &nbsp;&nbsp; 231270 | 4144358 |
| Keysight Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 44631 | 7315467 |
| Kimberly-Clark Corp. | &nbsp;&nbsp; 85790 | 10691150 |
| Kimco Realty Corp. | &nbsp;&nbsp; 172552 | 3663279 |
| Kinder Morgan Inc. | &nbsp;&nbsp; 516433 | 14491110 |
| KKR & Co. Inc. | &nbsp;&nbsp; 162193 | 23774250 |
| KLA Corp. | &nbsp;&nbsp; 34491 | 30318624 |
| Kraft Heinz Co. (The) | &nbsp;&nbsp; 229688 | 6307232 |
| Kroger Co. (The) | &nbsp;&nbsp; 162054 | 11359985 |
| L3Harris Technologies Inc. | &nbsp;&nbsp; 48288 | 13270508 |
| Labcorp Holdings Inc. | &nbsp;&nbsp; 21682 | 5639055 |
| Lam Research Corp. | &nbsp;&nbsp; 334465 | 31720661 |
| Las Vegas Sands Corp. | &nbsp;&nbsp; 89868 | 4709083 |
| Leidos Holdings Inc. | &nbsp;&nbsp; 33660 | 5373819 |
| Lennar Corp., Class A | &nbsp;&nbsp; 62513 | 7012708 |
| Lennox International Inc. | &nbsp;&nbsp; 8321 | 5067489 |
| Liberty Media Corp.-Liberty Formula One, Class C, <br> NVS<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 51660 | 5184081 |
| Linde PLC | &nbsp;&nbsp; 122423 | 56346410 |
| Live Nation Entertainment Inc.<sup>(a)</sup> | &nbsp;&nbsp; 42111 | 6219795 |
| LKQ Corp. | &nbsp;&nbsp; 70452 | 2076220 |
| Lockheed Martin Corp. | &nbsp;&nbsp; 54118 | 22782596 |
| Loews Corp. | &nbsp;&nbsp; 47766 | 4324734 |
| Lowe's Companies Inc. | &nbsp;&nbsp; 144735 | 32358404 |
| LPL Financial Holdings Inc. | &nbsp;&nbsp; 20166 | 7980291 |
| Lululemon Athletica Inc.<sup>(a)</sup> | &nbsp;&nbsp; 28420 | 5699063 |
| LyondellBasell Industries NV, Class A | &nbsp;&nbsp; 64979 | 3764233 |
| M&T Bank Corp. | &nbsp;&nbsp; 43874 | 8279024 |
| Marathon Petroleum Corp. | &nbsp;&nbsp; 81544 | 13877973 |
| Markel Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3395 | 6818145 |
| Marriott International Inc./MD, Class A | &nbsp;&nbsp; 60973 | 16086507 |
| Marsh & McLennan Companies Inc. | &nbsp;&nbsp; 127625 | 25422900 |
| Martin Marietta Materials Inc. | &nbsp;&nbsp; 15823 | 9096326 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Marvell Technology Inc. | &nbsp;&nbsp; 225719 | $18141036 |
| Masco Corp. | &nbsp;&nbsp; 57917 | 3945885 |
| Mastercard Inc., Class A | &nbsp;&nbsp; 210069 | 118997786 |
| McCormick & Co. Inc./MD, NVS | &nbsp;&nbsp; 63064 | 4454210 |
| McDonald's Corp. | &nbsp;&nbsp; 184649 | 55407625 |
| McKesson Corp. | &nbsp;&nbsp; 32122 | 22277892 |
| Medtronic PLC | &nbsp;&nbsp; 329005 | 29689411 |
| MercadoLibre Inc.<sup>(a)</sup> | &nbsp;&nbsp; 11828 | 28078371 |
| Merck & Co. Inc. | &nbsp;&nbsp; 648977 | 50698083 |
| Meta Platforms Inc., Class A | &nbsp;&nbsp; 566289 | 437990564 |
| MetLife Inc. | &nbsp;&nbsp; 145680 | 11064396 |
| Mettler-Toledo International Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5472 | 6750697 |
| Microchip Technology Inc. | &nbsp;&nbsp; 138731 | 9376828 |
| Micron Technology Inc.<sup>(b)</sup> | &nbsp;&nbsp; 288265 | 31461242 |
| Microsoft Corp. | &nbsp;&nbsp; 1826335 | 974349722 |
| MicroStrategy Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 64538 | 25935241 |
| Mid-America Apartment Communities Inc. | &nbsp;&nbsp; 29732 | 4234729 |
| Molina Healthcare Inc.<sup>(a)</sup> | &nbsp;&nbsp; 15067 | 2378627 |
| Molson Coors Beverage Co., Class B | &nbsp;&nbsp; 48852 | 2380069 |
| Mondelez International Inc., Class A | &nbsp;&nbsp; 331628 | 21453015 |
| MongoDB Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 20600 | 4900534 |
| Monolithic Power Systems Inc. | &nbsp;&nbsp; 12556 | 8930329 |
| Monster Beverage Corp.<sup>(a)</sup> | &nbsp;&nbsp; 188614 | 11081072 |
| Moody's Corp. | &nbsp;&nbsp; 42493 | 21914915 |
| Morgan Stanley | &nbsp;&nbsp; 314667 | 44827461 |
| Motorola Solutions Inc. | &nbsp;&nbsp; 43511 | 19100459 |
| MSCI Inc., Class A | &nbsp;&nbsp; 20329 | 11411887 |
| Nasdaq Inc. | &nbsp;&nbsp; 112723 | 10846207 |
| Natera Inc.<sup>(a)</sup> | &nbsp;&nbsp; 31988 | 4275516 |
| NetApp Inc. | &nbsp;&nbsp; 52610 | 5478279 |
| Netflix Inc.<sup>(a)</sup> | &nbsp;&nbsp; 110456 | 128062686 |
| Neurocrine Biosciences Inc.<sup>(a)</sup> | &nbsp;&nbsp; 27191 | 3486702 |
| Newmont Corp. | &nbsp;&nbsp; 287102 | 17829034 |
| News Corp., Class A, NVS | &nbsp;&nbsp; 101672 | 2981023 |
| NextEra Energy Inc. | &nbsp;&nbsp; 529725 | 37642258 |
| Nike Inc., Class B | &nbsp;&nbsp; 306776 | 22913099 |
| NiSource Inc. | &nbsp;&nbsp; 108489 | 4605358 |
| Nordson Corp. | &nbsp;&nbsp; 12808 | 2743602 |
| Norfolk Southern Corp. | &nbsp;&nbsp; 58040 | 16135120 |
| Northern Trust Corp. | &nbsp;&nbsp; 50695 | 6590350 |
| Northrop Grumman Corp. | &nbsp;&nbsp; 34835 | 20086209 |
| NRG Energy Inc. | &nbsp;&nbsp; 51809 | 8662465 |
| Nucor Corp. | &nbsp;&nbsp; 60838 | 8704093 |
| Nutanix Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 65063 | 4890786 |
| Nvidia Corp. | &nbsp;&nbsp; 6310107 | 1122378732 |
| NVR Inc.<sup>(a)</sup> | &nbsp;&nbsp; 797 | 6016944 |
| NXP Semiconductors NV | &nbsp;&nbsp; 65602 | 14023740 |
| Occidental Petroleum Corp. | &nbsp;&nbsp; 182148 | 8003583 |
| Okta Inc.<sup>(a)</sup> | &nbsp;&nbsp; 42693 | 4175375 |
| Old Dominion Freight Line Inc. | &nbsp;&nbsp; 49282 | 7355338 |
| Omnicom Group Inc. | &nbsp;&nbsp; 52307 | 3768719 |
| ON Semiconductor Corp.<sup>(a)</sup> | &nbsp;&nbsp; 110469 | 6226033 |
| ONEOK Inc. | &nbsp;&nbsp; 160476 | 13176684 |
| Oracle Corp. | &nbsp;&nbsp; 434602 | 110288950 |
| O'Reilly Automotive Inc.<sup>(a)</sup> | &nbsp;&nbsp; 223677 | 21991923 |
| Otis Worldwide Corp. | &nbsp;&nbsp; 103339 | 8855119 |
| Owens Corning | &nbsp;&nbsp; 23156 | 3228641 |
| PACCAR Inc. | &nbsp;&nbsp; 134035 | 13237297 |
| Packaging Corp. of America | &nbsp;&nbsp; 22495 | 4358406 |
| Palantir Technologies Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 553266 | 87609671 |
| Palo Alto Networks Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 170555 | 29608348 |
| Parker-Hannifin Corp. | &nbsp;&nbsp; 33429 | 24466685 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Paychex Inc. | &nbsp;&nbsp; 82410 | $11894235 |
| Paycom Software Inc. | &nbsp;&nbsp; 12687 | 2937548 |
| PayPal Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 240751 | 16554039 |
| Pentair PLC | &nbsp;&nbsp; 46939 | 4797166 |
| PepsiCo Inc. | &nbsp;&nbsp; 354744 | 48926292 |
| Pfizer Inc. | &nbsp;&nbsp; 1464665 | 34112048 |
| PG&E Corp. | &nbsp;&nbsp; 564031 | 7907715 |
| Philip Morris International Inc. | &nbsp;&nbsp; 400521 | 65705470 |
| Phillips 66 | &nbsp;&nbsp; 103971 | 12848736 |
| Pinterest Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 153723 | 5933708 |
| PNC Financial Services Group Inc. (The) | &nbsp;&nbsp; 102286 | 19461957 |
| Pool Corp. | &nbsp;&nbsp; 10050 | 3096807 |
| PPG Industries Inc. | &nbsp;&nbsp; 58701 | 6192956 |
| PPL Corp. | &nbsp;&nbsp; 190995 | 6816612 |
| Principal Financial Group Inc. | &nbsp;&nbsp; 61277 | 4769189 |
| Procter & Gamble Co. (The) | &nbsp;&nbsp; 605222 | 91067754 |
| Progressive Corp. (The) | &nbsp;&nbsp; 151064 | 36563531 |
| Prologis Inc. | &nbsp;&nbsp; 239855 | 25611717 |
| Prudential Financial Inc. | &nbsp;&nbsp; 91833 | 9512062 |
| PTC Inc.<sup>(a)</sup> | &nbsp;&nbsp; 30398 | 6529794 |
| Public Service Enterprise Group Inc. | &nbsp;&nbsp; 125157 | 11237847 |
| Public Storage | &nbsp;&nbsp; 40413 | 10989911 |
| PulteGroup Inc. | &nbsp;&nbsp; 49892 | 5633805 |
| Pure Storage Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 82408 | 4904924 |
| Qualcomm Inc. | &nbsp;&nbsp; 287282 | 42161506 |
| Quanta Services Inc. | &nbsp;&nbsp; 37789 | 15347247 |
| Quest Diagnostics Inc. | &nbsp;&nbsp; 29235 | 4894231 |
| Raymond James Financial Inc. | &nbsp;&nbsp; 50191 | 8388422 |
| Realty Income Corp. | &nbsp;&nbsp; 230830 | 12956488 |
| Reddit Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 17713 | 2844531 |
| Regency Centers Corp. | &nbsp;&nbsp; 43422 | 3100331 |
| Regeneron Pharmaceuticals Inc. | &nbsp;&nbsp; 27500 | 15000150 |
| Regions Financial Corp. | &nbsp;&nbsp; 241619 | 6120209 |
| Reliance Inc. | &nbsp;&nbsp; 14926 | 4330480 |
| Republic Services Inc., Class A | &nbsp;&nbsp; 56481 | 13027343 |
| ResMed Inc. | &nbsp;&nbsp; 37888 | 10303263 |
| Revvity Inc.<sup>(b)</sup> | &nbsp;&nbsp; 33394 | 2935333 |
| Rivian Automotive Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 209540 | 2696780 |
| Robinhood Markets Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 190961 | 19678531 |
| ROBLOX Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 141806 | 19539449 |
| Rockwell Automation Inc. | &nbsp;&nbsp; 29130 | 10245312 |
| Rollins Inc. | &nbsp;&nbsp; 75890 | 4346220 |
| Roper Technologies Inc. | &nbsp;&nbsp; 27362 | 15060045 |
| Ross Stores Inc. | &nbsp;&nbsp; 85827 | 11718819 |
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp; 65140 | 20706052 |
| Royalty Pharma PLC, Class A | &nbsp;&nbsp; 100039 | 3681435 |
| RPM International Inc. | &nbsp;&nbsp; 32958 | 3869599 |
| RTX Corp. | &nbsp;&nbsp; 342428 | 53956380 |
| S&P Global Inc. | &nbsp;&nbsp; 81190 | 44743809 |
| Salesforce Inc. | &nbsp;&nbsp; 247685 | 63984466 |
| Samsara Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 70043 | 2663735 |
| SBA Communications Corp., Class A | &nbsp;&nbsp; 28970 | 6510138 |
| Schlumberger NV | &nbsp;&nbsp; 387911 | 13111392 |
| Seagate Technology Holdings PLC | &nbsp;&nbsp; 54260 | 8519363 |
| Sempra | &nbsp;&nbsp; 163379 | 13344797 |
| ServiceNow Inc.<sup>(a)</sup> | &nbsp;&nbsp; 53359 | 50323940 |
| Sherwin-Williams Co. (The) | &nbsp;&nbsp; 62078 | 20540369 |
| Simon Property Group Inc. | &nbsp;&nbsp; 85405 | 13988485 |
| Smurfit WestRock PLC | &nbsp;&nbsp; 138781 | 6159101 |
| Snap Inc., Class A, NVS<sup>(a)(b)</sup> | &nbsp;&nbsp; 270150 | 2547515 |
| Snap-on Inc. | &nbsp;&nbsp; 14128 | 4537772 |
| Snowflake Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 81562 | 18229107 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Solventum Corp.<sup>(a)</sup> | &nbsp;&nbsp; 38635 | $2756994 |
| Southern Co. (The) | &nbsp;&nbsp; 281624 | 26607836 |
| Spotify Technology SA<sup>(a)</sup> | &nbsp;&nbsp; 39520 | 24760861 |
| SS&C Technologies Holdings Inc. | &nbsp;&nbsp; 55386 | 4734395 |
| Starbucks Corp. | &nbsp;&nbsp; 291581 | 25997362 |
| State Street Corp. | &nbsp;&nbsp; 75646 | 8453440 |
| Steel Dynamics Inc. | &nbsp;&nbsp; 35905 | 4580042 |
| STERIS PLC | &nbsp;&nbsp; 25440 | 5761906 |
| Stryker Corp. | &nbsp;&nbsp; 88572 | 34784882 |
| Sun Communities Inc. | &nbsp;&nbsp; 34575 | 4288337 |
| Super Micro Computer Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 135663 | 8000047 |
| Synchrony Financial | &nbsp;&nbsp; 100467 | 6999536 |
| Synopsys Inc.<sup>(a)</sup> | &nbsp;&nbsp; 47352 | 29996071 |
| Sysco Corp. | &nbsp;&nbsp; 126514 | 10070514 |
| T Rowe Price Group Inc. | &nbsp;&nbsp; 56171 | 5698548 |
| Take-Two Interactive Software Inc.<sup>(a)</sup> | &nbsp;&nbsp; 45375 | 10106374 |
| Targa Resources Corp. | &nbsp;&nbsp; 56496 | 9401499 |
| Target Corp. | &nbsp;&nbsp; 118442 | 11903421 |
| TE Connectivity PLC | &nbsp;&nbsp; 78577 | 16167218 |
| Teledyne Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 11734 | 6465669 |
| Teradyne Inc. | &nbsp;&nbsp; 41676 | 4477253 |
| Tesla Inc.<sup>(a)</sup> | &nbsp;&nbsp; 748378 | 230702486 |
| Texas Instruments Inc. | &nbsp;&nbsp; 235476 | 42635285 |
| Texas Pacific Land Corp. | &nbsp;&nbsp; 5084 | 4921973 |
| Textron Inc. | &nbsp;&nbsp; 42501 | 3305303 |
| The Campbell's Co. | &nbsp;&nbsp; 54519 | 1740246 |
| Thermo Fisher Scientific Inc. | &nbsp;&nbsp; 97025 | 45376652 |
| TJX Companies Inc. (The) | &nbsp;&nbsp; 285582 | 35563526 |
| T-Mobile U.S. Inc. | &nbsp;&nbsp; 117668 | 28053228 |
| Toast Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 121257 | 5922192 |
| Tractor Supply Co. | &nbsp;&nbsp; 141589 | 8063494 |
| Trade Desk Inc. (The), Class A<sup>(a)</sup> | &nbsp;&nbsp; 115942 | 10082316 |
| Tradeweb Markets Inc., Class A | &nbsp;&nbsp; 29974 | 4152898 |
| Trane Technologies PLC | &nbsp;&nbsp; 58629 | 25684192 |
| TransDigm Group Inc. | &nbsp;&nbsp; 14534 | 23377358 |
| TransUnion | &nbsp;&nbsp; 51631 | 4914755 |
| Travelers Companies Inc. (The) | &nbsp;&nbsp; 58318 | 15176676 |
| Trimble Inc.<sup>(a)</sup> | &nbsp;&nbsp; 66549 | 5582796 |
| Truist Financial Corp. | &nbsp;&nbsp; 347881 | 15205879 |
| Twilio Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 40884 | 5274036 |
| Tyler Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10733 | 6274082 |
| Tyson Foods Inc., Class A | &nbsp;&nbsp; 70765 | 3701010 |
| U.S. Bancorp | &nbsp;&nbsp; 402330 | 18088757 |
| Uber Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 485768 | 42626142 |
| UDR Inc. | &nbsp;&nbsp; 82709 | 3249637 |
| U-Haul Holding Co. | &nbsp;&nbsp; 20687 | 1075724 |
| Ulta Beauty Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12414 | 6393334 |
| Union Pacific Corp. | &nbsp;&nbsp; 153741 | 34125890 |
| United Airlines Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 19012 | 1678950 |
| United Parcel Service Inc., Class B | &nbsp;&nbsp; 188470 | 16238575 |
| United Rentals Inc. | &nbsp;&nbsp; 16592 | 14649740 |
| United Therapeutics Corp.<sup>(a)</sup> | &nbsp;&nbsp; 11048 | 3034886 |
| UnitedHealth Group Inc. | &nbsp;&nbsp; 236247 | 58957801 |
| Universal Health Services Inc., Class B | &nbsp;&nbsp; 15799 | 2629744 |
| Valero Energy Corp. | &nbsp;&nbsp; 83111 | 11411971 |
| Veeva Systems Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 39288 | 11165650 |
| Ventas Inc. | &nbsp;&nbsp; 109339 | 7345394 |
| Veralto Corp. | &nbsp;&nbsp; 62954 | 6599468 |
| VeriSign Inc. | &nbsp;&nbsp; 22096 | 5940952 |
| Verisk Analytics Inc., Class A | &nbsp;&nbsp; 37210 | 10370799 |
| Verizon Communications Inc. | &nbsp;&nbsp; 1085446 | 46413671 |
| Vertex Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 66752 | 30496986 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Vertiv Holdings Co., Class A | &nbsp;&nbsp; 92766 | $13506730 |
| VICI Properties Inc., Class A | &nbsp;&nbsp; 260132 | 8480303 |
| Visa Inc., Class A | &nbsp;&nbsp; 444846 | 153680948 |
| Vistra Corp. | &nbsp;&nbsp; 89945 | 18757130 |
| Vulcan Materials Co. | &nbsp;&nbsp; 33629 | 9236877 |
| W R Berkley Corp. | &nbsp;&nbsp; 79050 | 5439431 |
| Walmart Inc. | &nbsp;&nbsp; 1138181 | 111518974 |
| Walt Disney Co. (The) | &nbsp;&nbsp; 465019 | 55388413 |
| Warner Bros Discovery Inc.<sup>(a)</sup> | &nbsp;&nbsp; 593961 | 7822466 |
| Waste Connections Inc.<sup>(b)</sup> | &nbsp;&nbsp; 67745 | 12645959 |
| Waste Management Inc. | &nbsp;&nbsp; 102981 | 23599126 |
| Waters Corp.<sup>(a)</sup> | &nbsp;&nbsp; 15104 | 4361431 |
| Watsco Inc. | &nbsp;&nbsp; 8881 | 4004265 |
| WEC Energy Group Inc. | &nbsp;&nbsp; 82216 | 8968121 |
| Wells Fargo & Co. | &nbsp;&nbsp; 840746 | 67789350 |
| Welltower Inc. | &nbsp;&nbsp; 165850 | 27376859 |
| West Pharmaceutical Services Inc. | &nbsp;&nbsp; 18604 | 4451193 |
| Western Digital Corp. | &nbsp;&nbsp; 86950 | 6842095 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp; 45842 | 8803956 |
| Weyerhaeuser Co. | &nbsp;&nbsp; 178624 | 4474531 |
| Williams Companies Inc. (The) | &nbsp;&nbsp; 317041 | 19006608 |
| Williams-Sonoma Inc. | &nbsp;&nbsp; 33817 | 6325470 |
| Willis Towers Watson PLC | &nbsp;&nbsp; 26965 | 8515817 |
| Workday Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 55335 | 12692742 |
| WP Carey Inc. | &nbsp;&nbsp; 59868 | 3841131 |
| WW Grainger Inc. | &nbsp;&nbsp; 11671 | 12132471 |
| Xcel Energy Inc. | &nbsp;&nbsp; 146746 | 10777026 |
| Xylem Inc./New York | &nbsp;&nbsp; 62984 | 9108746 |
| Yum! Brands Inc. | &nbsp;&nbsp; 70909 | 10221532 |
| Zebra Technologies Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 12926 | 4382173 |
| Zillow Group Inc., Class C <sup>(a)</sup> | &nbsp;&nbsp; 41556 | 3305780 |
| Zimmer Biomet Holdings Inc. | &nbsp;&nbsp; 51954 | 4761584 |
| Zoetis Inc. | &nbsp;&nbsp; 113088 | 16487100 |
| Zoom Video Communications Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 61739 | 4571773 |
| Zscaler Inc.<sup>(a)</sup> | &nbsp;&nbsp; 25726 | 7346317 |
|  |  | 14315501600 |
| **Total Common Stocks — 99.5%** <br>**(Cost: $14,675,859,819)** | **Total Common Stocks — 99.5%** <br>**(Cost: $14,675,859,819)** | 21923916611 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Brazil — 0.1%** | **Brazil — 0.1%** | **Brazil — 0.1%** |
| Banco Bradesco SA, Preference Shares, NVS | &nbsp;&nbsp; 1505062 | 4174195 |
| Cia Energetica de Minas Gerais, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 619587 | 1143009 |
| Cia Paranaense de Energia - Copel, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 271393 | 574818 |
| Gerdau SA, Preference Shares, NVS | &nbsp;&nbsp; 365868 | 1100306 |
| Itau Unibanco Holding SA, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 1392942 | 8746389 |
| Itausa SA, Preference Shares, NVS | &nbsp;&nbsp; 1542620 | 2851321 |
| Petroleo Brasileiro SA - Petrobras, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 1266772 | 7384064 |
|  |  | 25974102 |
| **Chile — 0.0%** | **Chile — 0.0%** | **Chile — 0.0%** |
| Sociedad Quimica y Minera de Chile SA, Class B, <br> Preference Shares<br>| &nbsp;&nbsp; 36887 | 1356605 |
| **Colombia — 0.0%** | **Colombia — 0.0%** | **Colombia — 0.0%** |
| Grupo Cibest SA, Preference Shares | &nbsp;&nbsp; 158477 | 1734041 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Germany — 0.1%** | **Germany — 0.1%** | **Germany — 0.1%** |
| Bayerische Motoren Werke AG, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 17254 | $1508437 |
| Dr Ing hc F Porsche AG, Preference Shares, <br> NVS<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 29257 | 1483519 |
| Henkel AG & Co. KGaA, Preference Shares, NVS | &nbsp;&nbsp; 42131 | 3246577 |
| Porsche Automobil Holding SE, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 36306 | 1457108 |
| Sartorius AG, Preference Shares, NVS | &nbsp;&nbsp; 6936 | 1477033 |
| Volkswagen AG, Preference Shares, NVS | &nbsp;&nbsp; 54569 | 5706046 |
|  |  | 14878720 |
| **South Korea — 0.0%** | **South Korea — 0.0%** | **South Korea — 0.0%** |
| Hyundai Motor Co. |  |  |
| Preference Shares, NVS | &nbsp;&nbsp; 2113 | 244625 |
| Series 2, Preference Shares, NVS | &nbsp;&nbsp; 7519 | 889847 |
| Samsung Electronics Co. Ltd., Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 218279 | 8987517 |
|  |  | 10121989 |
| **Total Preferred Stocks — 0.2%** <br>**(Cost: $51,513,696)** | **Total Preferred Stocks — 0.2%** <br>**(Cost: $51,513,696)** | 54065457 |
| **Warrants** | **Warrants** | **Warrants** |
| **Canada — 0.0%** | **Canada — 0.0%** | **Canada — 0.0%** |
| Constellation Software Inc., (Issued 08/29/23, <br> 1 Share for 1 Warrant, Expires 03/31/40, Strike <br> Price CAD 11.50)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 5990 |  |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** |  |
| **Total Long-Term Investments — 99.7%** <br>**(Cost: $14,727,373,515)** | **Total Long-Term Investments — 99.7%** <br>**(Cost: $14,727,373,515)** | 21977982068 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.9%** | **Money Market Funds — 0.9%** | **Money Market Funds — 0.9%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(f)(g)(h)</sup><br>| &nbsp;&nbsp; 174733986 | 174803880 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.30%<sup>(f)(g)</sup><br>| &nbsp;&nbsp; 26220000 | 26220000 |
| **Total Short-Term Securities — 0.9%** <br>**(Cost: $200,962,300)** | **Total Short-Term Securities — 0.9%** <br>**(Cost: $200,962,300)** | 201023880 |
| **Total Investments — 100.6%** <br>**(Cost: $14,928,335,815)** | **Total Investments — 100.6%** <br>**(Cost: $14,928,335,815)** | 22179005948 |
| **Liabilities in Excess of Other Assets — (0.6)%** | **Liabilities in Excess of Other Assets — (0.6)%** | (142612425)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $22036393523 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(d)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(e)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. 

<sup>(f)</sup> Affiliate of the Fund.

<sup>(g)</sup> Annualized 7-day yield as of period end.

<sup>(h)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 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>*07/31/24*<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>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<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>| $132771016 | $42040594 <br><sup>(a)</sup><br>| $— | $47039 | $(54769)<br>| $174803880 | 174733986 | $730352 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>|  | 26220000 <br><sup>(a)</sup><br>|  |  |  | 26220000 | 26220000 | 1332392 |  |
| BlackRock Inc. | 31631132 | 3155744 | &nbsp;&nbsp; (1521681)<br>| 832510 | 8169573 | 42267278 | 38216 | 762635 |  |
|  |  |  |  | $879549 | $8114804 | $243291158 |  | $2825379 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| MSCI EAFE Index | 93 | 09/19/25 | &nbsp;&nbsp; $12153 | $(102292) |
| MSCI Emerging Markets Index | 91 | 09/19/25 | &nbsp;&nbsp; 5634 | 88348 |
| S&P 500 E-Mini Index | 107 | 09/19/25 | &nbsp;&nbsp; 34102 | 1114794 |
|  |  |  |  | $1100850 |

---

**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; $1203142 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1203142 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $102292 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $102292 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts 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)

July 31, 2025

**iShares® MSCI ACWI ETF**

For the period ended July 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; $7098073 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7098073 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $925263 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $925263 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $49262916 |

---

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; $15239343803 | &nbsp;&nbsp; $6684572251 | &nbsp;&nbsp; $557 | &nbsp;&nbsp; $21923916611 |
| Preferred Stocks | &nbsp;&nbsp; 29064748 | &nbsp;&nbsp; 25000709 | &nbsp;&nbsp; — | &nbsp;&nbsp; 54065457 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 201023880 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 201023880 |
|  | &nbsp;&nbsp; $15469432431 | &nbsp;&nbsp; $6709572960 | &nbsp;&nbsp; $557 | &nbsp;&nbsp; $22179005948 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $1203142 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1203142 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; (102292)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (102292)<br>|
|  | &nbsp;&nbsp; $1100850 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1100850 |

---

&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

July 31, 2025

**iShares® MSCI ACWI Low Carbon Target 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%** |
| ANZ Group Holdings Ltd. | &nbsp;&nbsp; 48624 | $954173 |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp; 14421 | 645727 |
| ASX Ltd. | &nbsp;&nbsp; 2589 | 116050 |
| Brambles Ltd. | &nbsp;&nbsp; 47096 | 720542 |
| CAR Group Ltd. | &nbsp;&nbsp; 11690 | 284529 |
| Cochlear Ltd. | &nbsp;&nbsp; 1996 | 407489 |
| Commonwealth Bank of Australia | &nbsp;&nbsp; 16837 | 1911496 |
| Computershare Ltd. | &nbsp;&nbsp; 22573 | 607652 |
| CSL Ltd. | &nbsp;&nbsp; 7530 | 1302571 |
| Goodman Group | &nbsp;&nbsp; 44066 | 985248 |
| Macquarie Group Ltd. | &nbsp;&nbsp; 3865 | 535246 |
| National Australia Bank Ltd. | &nbsp;&nbsp; 24437 | 606444 |
| Pro Medicus Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1669 | 342737 |
| REA Group Ltd. | &nbsp;&nbsp; 719 | 109526 |
| Scentre Group | &nbsp;&nbsp; 350744 | 839414 |
| Sonic Healthcare Ltd. | &nbsp;&nbsp; 21832 | 385528 |
| Suncorp Group Ltd. | &nbsp;&nbsp; 19710 | 264208 |
| Telstra Group Ltd. | &nbsp;&nbsp; 168885 | 538250 |
| Transurban Group | &nbsp;&nbsp; 146555 | 1296986 |
| Vicinity Ltd. | &nbsp;&nbsp; 222775 | 350759 |
| Westpac Banking Corp. | &nbsp;&nbsp; 52094 | 1124716 |
| WiseTech Global Ltd. | &nbsp;&nbsp; 3777 | 286071 |
| Xero Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3630 | 418033 |
|  |  | 15033395 |
| **Austria — 0.1%** | **Austria — 0.1%** | **Austria — 0.1%** |
| Erste Group Bank AG | &nbsp;&nbsp; 1103 | 100862 |
| Verbund AG | &nbsp;&nbsp; 13519 | 1006618 |
|  |  | 1107480 |
| **Belgium — 0.3%** | **Belgium — 0.3%** | **Belgium — 0.3%** |
| Ageas SA | &nbsp;&nbsp; 8490 | 577254 |
| Anheuser-Busch InBev SA | &nbsp;&nbsp; 7146 | 410843 |
| Argenx SE<sup>(b)</sup> | &nbsp;&nbsp; 393 | 263950 |
| Elia Group SA, Class B | &nbsp;&nbsp; 3936 | 454109 |
| Sofina SA | &nbsp;&nbsp; 2692 | 824350 |
| UCB SA | &nbsp;&nbsp; 1652 | 354940 |
|  |  | 2885446 |
| **Brazil — 0.3%** | **Brazil — 0.3%** | **Brazil — 0.3%** |
| B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp; 15240 | 34238 |
| Banco do Brasil SA | &nbsp;&nbsp; 206166 | 725321 |
| BB Seguridade Participacoes SA | &nbsp;&nbsp; 53076 | 319430 |
| Caixa Seguridade Participacoes S/A | &nbsp;&nbsp; 18544 | 45635 |
| Engie Brasil Energia SA | &nbsp;&nbsp; 19865 | 141656 |
| Equatorial Energia SA | &nbsp;&nbsp; 76753 | 466997 |
| NU Holdings Ltd./Cayman Islands, Class A<sup>(b)</sup> | &nbsp;&nbsp; 40279 | 492209 |
| Rede D'Or Sao Luiz SA<sup>(c)</sup> | &nbsp;&nbsp; 41508 | 240914 |
| Telefonica Brasil SA | &nbsp;&nbsp; 19358 | 108828 |
| TIM SA/Brazil | &nbsp;&nbsp; 42700 | 157927 |
| TOTVS SA | &nbsp;&nbsp; 8475 | 66004 |
| XP Inc., Class A | &nbsp;&nbsp; 4099 | 66158 |
|  |  | 2865317 |
| **Canada — 3.0%** | **Canada — 3.0%** | **Canada — 3.0%** |
| Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 7317 | 908341 |
| Alamos Gold Inc., Class A | &nbsp;&nbsp; 23778 | 577804 |
| Bank of Montreal | &nbsp;&nbsp; 7739 | 854217 |
| Bank of Nova Scotia (The) | &nbsp;&nbsp; 11329 | 630306 |
| BCE Inc. | &nbsp;&nbsp; 17280 | 403067 |
| Brookfield Renewable Corp. | &nbsp;&nbsp; 20767 | 759428 |
| CAE Inc.<sup>(b)</sup> | &nbsp;&nbsp; 22730 | 648140 |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 9151 | 654030 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Canadian National Railway Co. | &nbsp;&nbsp; 6757 | $630933 |
| Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp; 14032 | 1031943 |
| CGI Inc. | &nbsp;&nbsp; 2297 | 221444 |
| Constellation Software Inc./Canada | &nbsp;&nbsp; 285 | 983242 |
| Dollarama Inc. | &nbsp;&nbsp; 9269 | 1266862 |
| Element Fleet Management Corp. | &nbsp;&nbsp; 17904 | 465690 |
| Fairfax Financial Holdings Ltd. | &nbsp;&nbsp; 351 | 620826 |
| Franco-Nevada Corp. | &nbsp;&nbsp; 6838 | 1089263 |
| Hydro One Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 45426 | 1606433 |
| Ivanhoe Mines Ltd., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 179821 | 1402905 |
| Manulife Financial Corp. | &nbsp;&nbsp; 42906 | 1327497 |
| Open Text Corp. | &nbsp;&nbsp; 10240 | 301376 |
| Power Corp. of Canada | &nbsp;&nbsp; 9966 | 401632 |
| Quebecor Inc., Class B | &nbsp;&nbsp; 11677 | 328500 |
| RB Global Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3068 | 332197 |
| Restaurant Brands International Inc. | &nbsp;&nbsp; 7338 | 497921 |
| Rogers Communications Inc., Class B, NVS | &nbsp;&nbsp; 49157 | 1641878 |
| Royal Bank of Canada | &nbsp;&nbsp; 21279 | 2730365 |
| Shopify Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 13248 | 1619381 |
| Stantec Inc. | &nbsp;&nbsp; 5127 | 560433 |
| Sun Life Financial Inc. | &nbsp;&nbsp; 1190 | 72554 |
| TC Energy Corp. | &nbsp;&nbsp; 18971 | 905832 |
| TELUS Corp. | &nbsp;&nbsp; 10530 | 169623 |
| Thomson Reuters Corp. | &nbsp;&nbsp; 5615 | 1126890 |
| TMX Group Ltd. | &nbsp;&nbsp; 1655 | 67294 |
| Toronto-Dominion Bank (The) | &nbsp;&nbsp; 21851 | 1591515 |
| Wheaton Precious Metals Corp. | &nbsp;&nbsp; 22860 | 2090661 |
| WSP Global Inc. | &nbsp;&nbsp; 2199 | 452782 |
|  |  | 30973205 |
| **Chile — 0.0%** | **Chile — 0.0%** | **Chile — 0.0%** |
| Banco de Chile | &nbsp;&nbsp; 266100 | 36656 |
| Banco de Credito e Inversiones SA | &nbsp;&nbsp; 383 | 15200 |
| Falabella SA | &nbsp;&nbsp; 13448 | 67060 |
|  |  | 118916 |
| **China — 3.5%** | **China — 3.5%** | **China — 3.5%** |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 201768 | 3033535 |
| Alibaba Health Information Technology Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 258000 | 159996 |
| Anhui Gujing Distillery Co. Ltd., Class B | &nbsp;&nbsp; 8400 | 113846 |
| ANTA Sports Products Ltd. | &nbsp;&nbsp; 6200 | 71164 |
| Autohome Inc., ADR | &nbsp;&nbsp; 4293 | 116297 |
| Baidu Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 38840 | 424961 |
| Bank of Beijing Co. Ltd., Class A | &nbsp;&nbsp; 245700 | 219708 |
| Bank of Changsha Co. Ltd., Class A | &nbsp;&nbsp; 56200 | 76939 |
| Bank of Chengdu Co. Ltd., Class A | &nbsp;&nbsp; 200 | 512 |
| Bank of Jiangsu Co. Ltd., Class A | &nbsp;&nbsp; 148600 | 232720 |
| Bank of Nanjing Co. Ltd., Class A | &nbsp;&nbsp; 141400 | 224975 |
| Bank of Ningbo Co. Ltd., Class A | &nbsp;&nbsp; 39900 | 153990 |
| Bank of Shanghai Co. Ltd., Class A | &nbsp;&nbsp; 201600 | 285882 |
| Bank of Suzhou Co. Ltd., Class A | &nbsp;&nbsp; 47500 | 56208 |
| Beijing Enterprises Water Group Ltd. | &nbsp;&nbsp; 80000 | 27378 |
| BOC Aviation Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 54200 | 492405 |
| CCOOP Group Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 262000 | 83630 |
| CGN Power Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 1312000 | 492882 |
| China CITIC Bank Corp. Ltd., Class H | &nbsp;&nbsp; 903000 | 838997 |
| China Construction Bank Corp., Class H | &nbsp;&nbsp; 671000 | 686301 |
| China Everbright Bank Co. Ltd., Class H | &nbsp;&nbsp; 754000 | 354316 |
| China Galaxy Securities Co. Ltd., Class H | &nbsp;&nbsp; 155795 | 210543 |
| China International Capital Corp. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 51200 | 130009 |
| China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 369000 | 1065897 |
| China Merchants Expressway Network & Technology <br> Holdings Co. Ltd., Class A<br>| &nbsp;&nbsp; 82565 | 128372 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI Low Carbon Target ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp; 294000 | $579011 |
| China Minsheng Banking Corp. Ltd., Class H | &nbsp;&nbsp; 1197500 | 720762 |
| China National Nuclear Power Co. Ltd., Class A | &nbsp;&nbsp; 219198 | 279238 |
| China Oilfield Services Ltd., Class H | &nbsp;&nbsp; 428000 | 380119 |
| China Pacific Insurance Group Co. Ltd., Class H | &nbsp;&nbsp; 122200 | 492150 |
| China Taiping Insurance Holdings Co. Ltd. | &nbsp;&nbsp; 172000 | 382184 |
| China Three Gorges Renewables Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 76800 | 46105 |
| China Tower Corp. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 148284 | 207496 |
| China Yangtze Power Co. Ltd., Class A | &nbsp;&nbsp; 218700 | 844656 |
| Chongqing Rural Commercial Bank Co. Ltd., Class H | &nbsp;&nbsp; 199000 | 157835 |
| Chow Tai Fook Jewellery Group Ltd. | &nbsp;&nbsp; 26400 | 44090 |
| CITIC Securities Co. Ltd., Class H | &nbsp;&nbsp; 48000 | 168652 |
| Cosco Shipping Energy Transportation Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 50900 | 70894 |
| Eastroc Beverage Group Co. Ltd., Class A | &nbsp;&nbsp; 3100 | 120871 |
| Far East Horizon Ltd. | &nbsp;&nbsp; 485000 | 494268 |
| Focus Media Information Technology Co. Ltd., Class A | &nbsp;&nbsp; 1400 | 1453 |
| Giant Biogene Holding Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 19800 | 141189 |
| Guotai Haitong Securities Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 253400 | 547022 |
| H World Group Ltd., ADR | &nbsp;&nbsp; 4589 | 143269 |
| Huaneng Lancang River Hydropower Inc., Class A | &nbsp;&nbsp; 78300 | 100828 |
| Huatai Securities Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 72000 | 165713 |
| Huaxia Bank Co. Ltd., Class A | &nbsp;&nbsp; 191400 | 210863 |
| Industrial Bank Co. Ltd., Class A | &nbsp;&nbsp; 112698 | 353319 |
| JD Health International Inc.<sup>(b)(c)</sup> | &nbsp;&nbsp; 85300 | 545446 |
| Jiangsu Expressway Co. Ltd., Class H | &nbsp;&nbsp; 292000 | 358050 |
| Jiangsu Hengli Hydraulic Co. Ltd., Class A | &nbsp;&nbsp; 16500 | 168167 |
| Kanzhun Ltd., ADR<sup>(b)</sup> | &nbsp;&nbsp; 1907 | 36157 |
| Kingsoft Corp. Ltd. | &nbsp;&nbsp; 3200 | 14551 |
| Kuaishou Technology<sup>(b)(c)</sup> | &nbsp;&nbsp; 41200 | 402279 |
| Kuang-Chi Technologies Co. Ltd., Class A | &nbsp;&nbsp; 32800 | 185357 |
| Kweichow Moutai Co. Ltd., Class A | &nbsp;&nbsp; 1500 | 295196 |
| Li Auto Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 58480 | 765603 |
| Luzhou Laojiao Co. Ltd., Class A | &nbsp;&nbsp; 11700 | 199131 |
| Meituan, Class B<sup>(b)(c)</sup> | &nbsp;&nbsp; 33400 | 515280 |
| MINISO Group Holding Ltd. | &nbsp;&nbsp; 15800 | 75209 |
| NARI Technology Co. Ltd., Class A | &nbsp;&nbsp; 116400 | 352967 |
| NetEase Inc. | &nbsp;&nbsp; 27200 | 711069 |
| New China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 126800 | 811382 |
| New Oriental Education & Technology Group Inc. | &nbsp;&nbsp; 43500 | 192909 |
| NIO Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 18774 | 89858 |
| Nongfu Spring Co. Ltd., Class H<sup>(a)(c)</sup> | &nbsp;&nbsp; 48200 | 278482 |
| PDD Holdings Inc., ADR<sup>(b)</sup> | &nbsp;&nbsp; 9947 | 1128487 |
| People's Insurance Co. Group of China Ltd. (The), <br> Class H<br>| &nbsp;&nbsp; 566151 | 434956 |
| Ping An Bank Co. Ltd., Class A | &nbsp;&nbsp; 178600 | 302679 |
| Ping An Insurance Group Co. of China Ltd., Class H | &nbsp;&nbsp; 245500 | 1685446 |
| Shanghai Baosight Software Co. Ltd., Class B | &nbsp;&nbsp; 174900 | 240410 |
| Shanghai International Airport Co. Ltd., Class A | &nbsp;&nbsp; 7800 | 34759 |
| Shanghai Rural Commercial Bank Co. Ltd., Class A | &nbsp;&nbsp; 155400 | 195896 |
| Shanjin International Gold Co. Ltd., Class A | &nbsp;&nbsp; 38400 | 95838 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1000 | 24788 |
| Shenzhen Inovance Technology Co. Ltd., Class A | &nbsp;&nbsp; 8300 | 72611 |
| Sichuan Chuantou Energy Co. Ltd., Class A | &nbsp;&nbsp; 72200 | 156067 |
| Smoore International Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 35000 | 94374 |
| TAL Education Group, ADR<sup>(b)</sup> | &nbsp;&nbsp; 12751 | 139496 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 82200 | 5755003 |
| Tencent Music Entertainment Group, ADR | &nbsp;&nbsp; 850 | 17842 |
| TravelSky Technology Ltd., Class H | &nbsp;&nbsp; 166000 | 263920 |
| Trip.com Group Ltd. | &nbsp;&nbsp; 5300 | 329037 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Wuliangye Yibin Co. Ltd., Class A | &nbsp;&nbsp; 13100 | $219793 |
| WuXi AppTec Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 7100 | 94708 |
| Wuxi Biologics Cayman Inc.<sup>(b)(c)</sup> | &nbsp;&nbsp; 64500 | 262259 |
| Xiaomi Corp., Class B<sup>(b)(c)</sup> | &nbsp;&nbsp; 115600 | 777751 |
| XPeng Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 29900 | 272090 |
| Yifeng Pharmacy Chain Co. Ltd., Class A | &nbsp;&nbsp; 17900 | 58723 |
| Zhejiang Expressway Co. Ltd., Class H | &nbsp;&nbsp; 402720 | 383715 |
| Zhejiang NHU Co. Ltd., Class A | &nbsp;&nbsp; 45000 | 139607 |
|  |  | 35510798 |
| **Colombia — 0.0%** | **Colombia — 0.0%** | **Colombia — 0.0%** |
| Interconexion Electrica SA ESP | &nbsp;&nbsp; 107918 | 541428 |
| **Denmark — 0.3%** | **Denmark — 0.3%** | **Denmark — 0.3%** |
| Danske Bank A/S | &nbsp;&nbsp; 17183 | 681675 |
| DSV A/S | &nbsp;&nbsp; 2544 | 570072 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp; 40293 | 1873945 |
| Novonesis Novozymes B, Class B | &nbsp;&nbsp; 3363 | 217578 |
|  |  | 3343270 |
| **Egypt — 0.0%** | **Egypt — 0.0%** | **Egypt — 0.0%** |
| Commercial International Bank - Egypt (CIB) | &nbsp;&nbsp; 106445 | 206220 |
| Eastern Co. SAE | &nbsp;&nbsp; 213595 | 149301 |
| Talaat Moustafa Group | &nbsp;&nbsp; 35826 | 39317 |
|  |  | 394838 |
| **Finland — 0.0%** | **Finland — 0.0%** | **Finland — 0.0%** |
| Sampo OYJ, Class A | &nbsp;&nbsp; 18055 | 193796 |
| **France — 2.3%** | **France — 2.3%** | **France — 2.3%** |
| Aeroports de Paris SA | &nbsp;&nbsp; 4203 | 510137 |
| Amundi SA<sup>(c)</sup> | &nbsp;&nbsp; 985 | 72792 |
| AXA SA | &nbsp;&nbsp; 35185 | 1708905 |
| BNP Paribas SA | &nbsp;&nbsp; 22636 | 2063910 |
| Bureau Veritas SA | &nbsp;&nbsp; 2649 | 81579 |
| Capgemini SE | &nbsp;&nbsp; 1710 | 254578 |
| Covivio SA/France | &nbsp;&nbsp; 6869 | 444712 |
| Credit Agricole SA | &nbsp;&nbsp; 25006 | 460223 |
| Dassault Systemes SE | &nbsp;&nbsp; 11127 | 365536 |
| Edenred SE | &nbsp;&nbsp; 10007 | 285781 |
| EssilorLuxottica SA | &nbsp;&nbsp; 4823 | 1434140 |
| Eurazeo SE | &nbsp;&nbsp; 659 | 38670 |
| Eurofins Scientific SE | &nbsp;&nbsp; 1621 | 124142 |
| Gecina SA | &nbsp;&nbsp; 3461 | 340122 |
| Getlink SE | &nbsp;&nbsp; 38998 | 707264 |
| Hermes International SCA | &nbsp;&nbsp; 634 | 1550439 |
| Klepierre SA | &nbsp;&nbsp; 25543 | 975025 |
| Legrand SA | &nbsp;&nbsp; 9223 | 1362299 |
| L'Oreal SA | &nbsp;&nbsp; 5034 | 2227459 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 3478 | 1867031 |
| Pernod Ricard SA | &nbsp;&nbsp; 1909 | 196185 |
| Publicis Groupe SA | &nbsp;&nbsp; 2749 | 251208 |
| Sanofi SA | &nbsp;&nbsp; 12997 | 1166749 |
| Schneider Electric SE | &nbsp;&nbsp; 11424 | 2956454 |
| Societe Generale SA | &nbsp;&nbsp; 16211 | 1034724 |
| Teleperformance SE | &nbsp;&nbsp; 1954 | 190498 |
| Unibail-Rodamco-Westfield, New | &nbsp;&nbsp; 5072 | 491676 |
|  |  | 23162238 |
| **Germany — 2.0%** | **Germany — 2.0%** | **Germany — 2.0%** |
| Allianz SE, Registered | &nbsp;&nbsp; 6509 | 2572211 |
| Commerzbank AG | &nbsp;&nbsp; 23299 | 849617 |
| CTS Eventim AG & Co. KGaA | &nbsp;&nbsp; 2178 | 245949 |
| Deutsche Bank AG, Registered | &nbsp;&nbsp; 54393 | 1791516 |
| Deutsche Boerse AG | &nbsp;&nbsp; 2006 | 580511 |
| Deutsche Telekom AG, Registered | &nbsp;&nbsp; 56292 | 2018963 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI Low Carbon Target ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| Fresenius Medical Care AG | &nbsp;&nbsp; 2424 | $122949 |
| Fresenius SE & Co. KGaA | &nbsp;&nbsp; 14762 | 704600 |
| Hannover Rueck SE | &nbsp;&nbsp; 2792 | 846935 |
| Infineon Technologies AG | &nbsp;&nbsp; 16102 | 632537 |
| Muenchener Rueckversicherungs-Gesellschaft AG in <br> Muenchen, Registered<br>| &nbsp;&nbsp; 1767 | 1156803 |
| Nemetschek SE | &nbsp;&nbsp; 372 | 55425 |
| Rheinmetall AG | &nbsp;&nbsp; 552 | 1092682 |
| SAP SE | &nbsp;&nbsp; 13645 | 3901863 |
| Scout24 SE<sup>(c)</sup> | &nbsp;&nbsp; 6527 | 872279 |
| Siemens AG, Registered | &nbsp;&nbsp; 10433 | 2657318 |
| Vonovia SE | &nbsp;&nbsp; 6030 | 187144 |
|  |  | 20289302 |
| **Greece — 0.0%** | **Greece — 0.0%** | **Greece — 0.0%** |
| Jumbo SA | &nbsp;&nbsp; 2280 | 77121 |
| **Hong Kong — 0.4%** | **Hong Kong — 0.4%** | **Hong Kong — 0.4%** |
| AIA Group Ltd. | &nbsp;&nbsp; 170200 | 1586973 |
| CK Asset Holdings Ltd. | &nbsp;&nbsp; 169500 | 776682 |
| Galaxy Entertainment Group Ltd. | &nbsp;&nbsp; 30000 | 146300 |
| Henderson Land Development Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 79000 | 276443 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 5800 | 313889 |
| Hongkong Land Holdings Ltd. | &nbsp;&nbsp; 25900 | 156695 |
| Link REIT | &nbsp;&nbsp; 25500 | 142080 |
| MTR Corp. Ltd. | &nbsp;&nbsp; 107000 | 384907 |
| Sands China Ltd. | &nbsp;&nbsp; 62400 | 151056 |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 36000 | 427589 |
|  |  | 4362614 |
| **India — 1.7%** | **India — 1.7%** | **India — 1.7%** |
| ABB India Ltd. | &nbsp;&nbsp; 2703 | 169257 |
| Adani Ports & Special Economic Zone Ltd. | &nbsp;&nbsp; 23794 | 371116 |
| Asian Paints Ltd. | &nbsp;&nbsp; 14215 | 388007 |
| Astral Ltd. | &nbsp;&nbsp; 141 | 2249 |
| Avenue Supermarts Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 11814 | 573696 |
| Axis Bank Ltd. | &nbsp;&nbsp; 5815 | 70618 |
| Bajaj Finance Ltd. | &nbsp;&nbsp; 8950 | 89566 |
| Bajaj Holdings & Investment Ltd. | &nbsp;&nbsp; 252 | 40013 |
| Bharat Electronics Ltd. | &nbsp;&nbsp; 373895 | 1624311 |
| Bharti Airtel Ltd. | &nbsp;&nbsp; 54163 | 1179082 |
| BSE Ltd. | &nbsp;&nbsp; 2298 | 63271 |
| Colgate-Palmolive India Ltd. | &nbsp;&nbsp; 8736 | 223374 |
| Container Corp. of India Ltd. | &nbsp;&nbsp; 22680 | 149086 |
| Dabur India Ltd. | &nbsp;&nbsp; 53482 | 322235 |
| DLF Ltd. | &nbsp;&nbsp; 10836 | 96372 |
| Eternal Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 87221 | 304411 |
| GMR Airports Infrastructure Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 160992 | 164323 |
| Godrej Consumer Products Ltd. | &nbsp;&nbsp; 22079 | 316351 |
| HCL Technologies Ltd. | &nbsp;&nbsp; 14029 | 233865 |
| HDFC Bank Ltd. | &nbsp;&nbsp; 56847 | 1304542 |
| Hindustan Unilever Ltd. | &nbsp;&nbsp; 24461 | 702510 |
| ICICI Bank Ltd. | &nbsp;&nbsp; 47298 | 796465 |
| Indian Hotels Co. Ltd., Class A | &nbsp;&nbsp; 29024 | 244123 |
| Info Edge India Ltd. | &nbsp;&nbsp; 7584 | 119759 |
| Infosys Ltd. | &nbsp;&nbsp; 38981 | 662948 |
| ITC Ltd. | &nbsp;&nbsp; 159253 | 746848 |
| Jio Financial Services Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 57342 | 214432 |
| Kotak Mahindra Bank Ltd. | &nbsp;&nbsp; 2688 | 60561 |
| Lodha Developers Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 4177 | 58404 |
| Mankind Pharma Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1327 | 38716 |
| Max Healthcare Institute Ltd. | &nbsp;&nbsp; 20077 | 284844 |
| NHPC Ltd. | &nbsp;&nbsp; 462299 | 436279 |
| Oberoi Realty Ltd. | &nbsp;&nbsp; 6209 | 114943 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Phoenix Mills Ltd. (The) | &nbsp;&nbsp; 4866 | $82118 |
| PI Industries Ltd. | &nbsp;&nbsp; 7962 | 385336 |
| Pidilite Industries Ltd. | &nbsp;&nbsp; 7833 | 256136 |
| Power Finance Corp. Ltd. | &nbsp;&nbsp; 54661 | 254439 |
| Power Grid Corp. of India Ltd. | &nbsp;&nbsp; 417771 | 1381054 |
| Punjab National Bank | &nbsp;&nbsp; 17952 | 21469 |
| Siemens Ltd. | &nbsp;&nbsp; 8553 | 294491 |
| Sona Blw Precision Forgings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 17258 | 87914 |
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp; 28378 | 551102 |
| Suzlon Energy Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 213764 | 149141 |
| Tata Communications Ltd. | &nbsp;&nbsp; 1541 | 30233 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp; 13348 | 460325 |
| Titan Co. Ltd. | &nbsp;&nbsp; 3340 | 127142 |
| Torrent Pharmaceuticals Ltd. | &nbsp;&nbsp; 4065 | 173029 |
| Trent Ltd. | &nbsp;&nbsp; 4101 | 233922 |
| Union Bank of India Ltd. | &nbsp;&nbsp; 6624 | 9837 |
| Varun Beverages Ltd. | &nbsp;&nbsp; 36524 | 217074 |
| Vodafone Idea Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1079636 | 84765 |
| Wipro Ltd. | &nbsp;&nbsp; 69154 | 194527 |
|  |  | 17160631 |
| **Indonesia — 0.1%** | **Indonesia — 0.1%** | **Indonesia — 0.1%** |
| Amman Mineral Internasional PT<sup>(b)</sup> | &nbsp;&nbsp; 664700 | 338809 |
| Bank Rakyat Indonesia Persero Tbk PT | &nbsp;&nbsp; 134137 | 30037 |
| Chandra Asri Pacific Tbk PT | &nbsp;&nbsp; 480000 | 269863 |
| GoTo Gojek Tokopedia Tbk PT<sup>(b)</sup> | &nbsp;&nbsp; 8738100 | 34338 |
| Telkom Indonesia Persero Tbk PT | &nbsp;&nbsp; 2334800 | 409979 |
|  |  | 1083026 |
| **Ireland — 0.0%** | **Ireland — 0.0%** | **Ireland — 0.0%** |
| Bank of Ireland Group PLC | &nbsp;&nbsp; 10989 | 147362 |
| **Israel — 0.2%** | **Israel — 0.2%** | **Israel — 0.2%** |
| Azrieli Group Ltd. | &nbsp;&nbsp; 4438 | 436030 |
| Bank Leumi Le-Israel BM | &nbsp;&nbsp; 29708 | 549562 |
| Check Point Software Technologies Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2156 | 401447 |
| CyberArk Software Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 216 | 88877 |
| Isracard Ltd. | &nbsp;&nbsp; 0 | 1 |
| Monday.com Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 327 | 85769 |
| Nice Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1449 | 226205 |
| Teva Pharmaceutical Industries Ltd., ADR<sup>(a)(b)</sup> | &nbsp;&nbsp; 20481 | 316431 |
| Wix.com Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 922 | 125420 |
|  |  | 2229742 |
| **Italy — 0.8%** | **Italy — 0.8%** | **Italy — 0.8%** |
| Banca Mediolanum SpA | &nbsp;&nbsp; 34378 | 606386 |
| Banco BPM SpA | &nbsp;&nbsp; 22180 | 282865 |
| BPER Banca SpA | &nbsp;&nbsp; 15738 | 154870 |
| Davide Campari-Milano NV | &nbsp;&nbsp; 24436 | 168311 |
| Ferrari NV | &nbsp;&nbsp; 3784 | 1659312 |
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 220500 | 1328570 |
| Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp; 9558 | 210432 |
| Moncler SpA | &nbsp;&nbsp; 2686 | 143251 |
| Poste Italiane SpA<sup>(c)</sup> | &nbsp;&nbsp; 20394 | 440610 |
| Telecom Italia SpA/Milano<sup>(b)</sup> | &nbsp;&nbsp; 303126 | 139296 |
| Tenaris SA | &nbsp;&nbsp; 37054 | 647154 |
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp; 100609 | 973487 |
| UniCredit SpA | &nbsp;&nbsp; 23962 | 1762975 |
|  |  | 8517519 |
| **Japan — 4.7%** | **Japan — 4.7%** | **Japan — 4.7%** |
| Advantest Corp. | &nbsp;&nbsp; 14600 | 970887 |
| Capcom Co. Ltd. | &nbsp;&nbsp; 5600 | 142552 |
| Central Japan Railway Co. | &nbsp;&nbsp; 78400 | 1827675 |
| Chiba Bank Ltd. (The) | &nbsp;&nbsp; 23200 | 216240 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI Low Carbon Target ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 10900 | $522513 |
| Concordia Financial Group Ltd. | &nbsp;&nbsp; 21600 | 143235 |
| Dai-ichi Life Holdings Inc. | &nbsp;&nbsp; 49300 | 390071 |
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 23100 | 566687 |
| Daiwa Securities Group Inc. | &nbsp;&nbsp; 105600 | 735172 |
| Disco Corp. | &nbsp;&nbsp; 2700 | 797921 |
| East Japan Railway Co. | &nbsp;&nbsp; 18600 | 398675 |
| FANUC Corp. | &nbsp;&nbsp; 23800 | 662519 |
| Fast Retailing Co. Ltd. | &nbsp;&nbsp; 4000 | 1220119 |
| Fujitsu Ltd. | &nbsp;&nbsp; 6500 | 141595 |
| Hikari Tsushin Inc. | &nbsp;&nbsp; 2500 | 672147 |
| Hoya Corp. | &nbsp;&nbsp; 6900 | 870522 |
| Hulic Co. Ltd. | &nbsp;&nbsp; 40800 | 389138 |
| Japan Exchange Group Inc. | &nbsp;&nbsp; 26200 | 256036 |
| Japan Post Bank Co. Ltd. | &nbsp;&nbsp; 92000 | 1026839 |
| Japan Post Holdings Co. Ltd. | &nbsp;&nbsp; 113600 | 1052012 |
| Japan Tobacco Inc. | &nbsp;&nbsp; 53200 | 1519372 |
| KDDI Corp. | &nbsp;&nbsp; 36300 | 595741 |
| Keyence Corp. | &nbsp;&nbsp; 4500 | 1627791 |
| Kobe Bussan Co. Ltd. | &nbsp;&nbsp; 3000 | 79888 |
| Konami Group Corp. | &nbsp;&nbsp; 1600 | 217214 |
| Lasertec Corp. | &nbsp;&nbsp; 4100 | 413070 |
| M3 Inc. | &nbsp;&nbsp; 20300 | 249666 |
| Makita Corp. | &nbsp;&nbsp; 5200 | 160982 |
| Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp; 34000 | 636562 |
| Mitsubishi HC Capital Inc. | &nbsp;&nbsp; 161600 | 1194487 |
| Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp; 191900 | 2644913 |
| Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp; 39000 | 348594 |
| Mizuho Financial Group Inc. | &nbsp;&nbsp; 46200 | 1355123 |
| MS&AD Insurance Group Holdings Inc. | &nbsp;&nbsp; 31400 | 670894 |
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 47600 | 708482 |
| NEC Corp. | &nbsp;&nbsp; 2800 | 80404 |
| Nexon Co. Ltd. | &nbsp;&nbsp; 18100 | 331195 |
| Nintendo Co. Ltd. | &nbsp;&nbsp; 13300 | 1111599 |
| Nippon Building Fund Inc. | &nbsp;&nbsp; 79 | 72469 |
| Nomura Holdings Inc. | &nbsp;&nbsp; 185200 | 1223486 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 6500 | 257208 |
| NTT Inc. | &nbsp;&nbsp; 383500 | 387282 |
| Obic Co. Ltd. | &nbsp;&nbsp; 6000 | 213615 |
| Ono Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 9300 | 104000 |
| Oriental Land Co. Ltd./Japan | &nbsp;&nbsp; 34900 | 718609 |
| ORIX Corp. | &nbsp;&nbsp; 69100 | 1552196 |
| Rakuten Group Inc.<sup>(b)</sup> | &nbsp;&nbsp; 60400 | 305607 |
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 20200 | 1198489 |
| Renesas Electronics Corp. | &nbsp;&nbsp; 20100 | 244477 |
| Resona Holdings Inc. | &nbsp;&nbsp; 28600 | 260374 |
| Sanrio Co. Ltd. | &nbsp;&nbsp; 9100 | 373392 |
| SBI Holdings Inc. | &nbsp;&nbsp; 23000 | 854401 |
| SCREEN Holdings Co. Ltd. | &nbsp;&nbsp; 2500 | 195025 |
| SCSK Corp. | &nbsp;&nbsp; 5300 | 164909 |
| Secom Co. Ltd. | &nbsp;&nbsp; 10000 | 359132 |
| Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp; 29900 | 860429 |
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 31400 | 525144 |
| SMC Corp. | &nbsp;&nbsp; 3500 | 1217907 |
| SoftBank Corp. | &nbsp;&nbsp; 364700 | 526932 |
| SoftBank Group Corp. | &nbsp;&nbsp; 23300 | 1779163 |
| Sompo Holdings Inc. | &nbsp;&nbsp; 16700 | 492433 |
| Sony Group Corp. | &nbsp;&nbsp; 77000 | 1852104 |
| Sumitomo Mitsui Financial Group Inc. | &nbsp;&nbsp; 60500 | 1526210 |
| Sumitomo Mitsui Trust Group Inc. | &nbsp;&nbsp; 2200 | 57672 |
| Sumitomo Realty & Development Co. Ltd. | &nbsp;&nbsp; 20000 | 730583 |
| Sysmex Corp. | &nbsp;&nbsp; 8600 | 139714 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 21475 | $589914 |
| Tokio Marine Holdings Inc. | &nbsp;&nbsp; 38500 | 1545886 |
| Tokyo Electron Ltd. | &nbsp;&nbsp; 4600 | 731302 |
| Trend Micro Inc./Japan | &nbsp;&nbsp; 2200 | 134153 |
|  |  | 48142749 |
| **Kuwait — 0.1%** | **Kuwait — 0.1%** | **Kuwait — 0.1%** |
| Mabanee Co. KPSC | &nbsp;&nbsp; 58463 | 169192 |
| National Bank of Kuwait SAKP | &nbsp;&nbsp; 108802 | 372405 |
|  |  | 541597 |
| **Malaysia — 0.1%** | **Malaysia — 0.1%** | **Malaysia — 0.1%** |
| Gamuda Bhd | &nbsp;&nbsp; 278300 | 335907 |
| IHH Healthcare Bhd | &nbsp;&nbsp; 255500 | 398376 |
| Sunway Bhd | &nbsp;&nbsp; 91900 | 101560 |
|  |  | 835843 |
| **Mexico — 0.3%** | **Mexico — 0.3%** | **Mexico — 0.3%** |
| America Movil SAB de CV, Series B, Class B | &nbsp;&nbsp; 231544 | 209022 |
| Fibra Uno Administracion SA de CV | &nbsp;&nbsp; 568466 | 809683 |
| Grupo Aeroportuario del Centro Norte SAB de CV, <br> Class B<br>| &nbsp;&nbsp; 9789 | 129844 |
| Grupo Aeroportuario del Pacifico SAB de CV, Class B | &nbsp;&nbsp; 9310 | 213881 |
| Grupo Aeroportuario del Sureste SAB de CV, Class B | &nbsp;&nbsp; 8030 | 243407 |
| Grupo Financiero Banorte SAB de CV, Class O | &nbsp;&nbsp; 42502 | 378767 |
| Grupo Mexico SAB de CV, Series B, Class B | &nbsp;&nbsp; 24224 | 151636 |
| Prologis Property Mexico SA de CV | &nbsp;&nbsp; 68898 | 258975 |
| Promotora y Operadora de Infraestructura SAB de CV | &nbsp;&nbsp; 45910 | 541112 |
| Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp; 88507 | 260900 |
|  |  | 3197227 |
| **Netherlands — 1.1%** | **Netherlands — 1.1%** | **Netherlands — 1.1%** |
| ABN AMRO Bank NV, CVA<sup>(c)</sup> | &nbsp;&nbsp; 20171 | 583112 |
| Adyen NV<sup>(b)(c)</sup> | &nbsp;&nbsp; 275 | 471666 |
| AerCap Holdings NV | &nbsp;&nbsp; 13430 | 1440368 |
| ASM International NV | &nbsp;&nbsp; 41 | 19846 |
| ASML Holding NV | &nbsp;&nbsp; 4720 | 3271304 |
| BE Semiconductor Industries NV | &nbsp;&nbsp; 1161 | 156865 |
| EXOR NV | &nbsp;&nbsp; 14053 | 1354378 |
| ING Groep NV | &nbsp;&nbsp; 11951 | 278523 |
| InPost SA<sup>(b)</sup> | &nbsp;&nbsp; 6307 | 90585 |
| Koninklijke KPN NV | &nbsp;&nbsp; 60877 | 271968 |
| NN Group NV | &nbsp;&nbsp; 13337 | 898055 |
| Prosus NV | &nbsp;&nbsp; 27712 | 1583068 |
| Wolters Kluwer NV | &nbsp;&nbsp; 3979 | 619765 |
|  |  | 11039503 |
| **New Zealand — 0.0%** | **New Zealand — 0.0%** | **New Zealand — 0.0%** |
| Auckland International Airport Ltd. | &nbsp;&nbsp; 119839 | 531596 |
| **Norway — 0.4%** | **Norway — 0.4%** | **Norway — 0.4%** |
| DNB Bank ASA | &nbsp;&nbsp; 50198 | 1269996 |
| Gjensidige Forsikring ASA | &nbsp;&nbsp; 15251 | 401157 |
| Mowi ASA | &nbsp;&nbsp; 39249 | 731110 |
| Salmar ASA<sup>(a)</sup> | &nbsp;&nbsp; 16169 | 656850 |
| Telenor ASA | &nbsp;&nbsp; 72204 | 1107674 |
|  |  | 4166787 |
| **Peru — 0.2%** | **Peru — 0.2%** | **Peru — 0.2%** |
| Southern Copper Corp. | &nbsp;&nbsp; 17724 | 1668892 |
| **Philippines — 0.1%** | **Philippines — 0.1%** | **Philippines — 0.1%** |
| International Container Terminal Services Inc. | &nbsp;&nbsp; 46900 | 360118 |
| SM Investments Corp. | &nbsp;&nbsp; 18160 | 254036 |
|  |  | 614154 |
| **Poland — 0.2%** | **Poland — 0.2%** | **Poland — 0.2%** |
| Allegro.eu SA <sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 39472 | 387197 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI Low Carbon Target ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Poland (continued)** | **Poland (continued)** | **Poland (continued)** |
| CD Projekt SA | &nbsp;&nbsp; 2072 | $138389 |
| Powszechna Kasa Oszczednosci Bank Polski SA | &nbsp;&nbsp; 22905 | 501539 |
| Powszechny Zaklad Ubezpieczen SA | &nbsp;&nbsp; 53893 | 903299 |
|  |  | 1930424 |
| **Portugal — 0.1%** | **Portugal — 0.1%** | **Portugal — 0.1%** |
| EDP Renovaveis SA | &nbsp;&nbsp; 58096 | 682088 |
| **Qatar — 0.1%** | **Qatar — 0.1%** | **Qatar — 0.1%** |
| Barwa Real Estate Co. | &nbsp;&nbsp; 506208 | 389595 |
| Commercial Bank PSQC (The) | &nbsp;&nbsp; 83433 | 111930 |
| Mesaieed Petrochemical Holding Co. | &nbsp;&nbsp; 1052373 | 390781 |
| Qatar National Bank QPSC | &nbsp;&nbsp; 24791 | 127397 |
|  |  | 1019703 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| Alrosa PJSC<sup>(b)(d)</sup> | &nbsp;&nbsp; 184910 | 23 |
| Mobile TeleSystems PJSC<sup>(b)(d)</sup> | &nbsp;&nbsp; 73304 | 9 |
| Moscow Exchange MICEX-RTS PJSC<sup>(b)(d)</sup> | &nbsp;&nbsp; 152460 | 19 |
| Ozon Holdings PLC, ADR<sup>(b)(d)</sup> | &nbsp;&nbsp; 5270 | 1 |
| Polyus PJSC<sup>(b)(d)</sup> | &nbsp;&nbsp; 14300 |  |
| Sberbank of Russia PJSC<sup>(b)(d)</sup> | &nbsp;&nbsp; 292860 | 36 |
| TCS Group Holding PLC, GDR<sup>(b)(d)(e)</sup> | &nbsp;&nbsp; 4185 |  |
| United Co. RUSAL International PJSC<sup>(b)(d)</sup> | &nbsp;&nbsp; 509950 | 63 |
| VK Co. Ltd.<sup>(b)(d)</sup> | &nbsp;&nbsp; 22940 | 3 |
| VTB Bank PJSC<sup>(b)(d)</sup> | &nbsp;&nbsp; 4498 |  |
|  |  | 154 |
| **Saudi Arabia — 0.6%** | **Saudi Arabia — 0.6%** | **Saudi Arabia — 0.6%** |
| Ades Holding Co. | &nbsp;&nbsp; 81888 | 274683 |
| Al Rajhi Bank | &nbsp;&nbsp; 38404 | 968321 |
| Alinma Bank | &nbsp;&nbsp; 44297 | 304609 |
| Arabian Internet & Communications Services Co. | &nbsp;&nbsp; 3402 | 216131 |
| Dallah Healthcare Co. | &nbsp;&nbsp; 8595 | 311319 |
| Dar Al Arkan Real Estate Development Co.<sup>(b)</sup> | &nbsp;&nbsp; 49935 | 254011 |
| Dr Sulaiman Al Habib Medical Services Group Co. | &nbsp;&nbsp; 12478 | 871538 |
| Elm Co. | &nbsp;&nbsp; 1327 | 321501 |
| Etihad Etisalat Co. | &nbsp;&nbsp; 1981 | 32320 |
| Mouwasat Medical Services Co. | &nbsp;&nbsp; 23693 | 479043 |
| Nahdi Medical Co. | &nbsp;&nbsp; 9926 | 327594 |
| SAL Saudi Logistics Services | &nbsp;&nbsp; 5338 | 244724 |
| Saudi Investment Bank (The) | &nbsp;&nbsp; 74003 | 283560 |
| Saudi National Bank (The) | &nbsp;&nbsp; 43608 | 435168 |
| Saudi Research & Media Group<sup>(b)</sup> | &nbsp;&nbsp; 484 | 23697 |
| Saudi Telecom Co. | &nbsp;&nbsp; 54416 | 609115 |
|  |  | 5957334 |
| **Singapore — 0.4%** | **Singapore — 0.4%** | **Singapore — 0.4%** |
| CapitaLand Ascendas REIT | &nbsp;&nbsp; 270102 | 578323 |
| CapitaLand Integrated Commercial Trust | &nbsp;&nbsp; 326235 | 550835 |
| CapitaLand Investment Ltd./Singapore | &nbsp;&nbsp; 46700 | 99462 |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 3000 | 110113 |
| Genting Singapore Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1305600 | 736467 |
| Grab Holdings Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 61855 | 302471 |
| Keppel Ltd. | &nbsp;&nbsp; 189900 | 1233749 |
| Sea Ltd., ADR<sup>(b)</sup> | &nbsp;&nbsp; 2355 | 368911 |
| Singapore Telecommunications Ltd. | &nbsp;&nbsp; 158600 | 472651 |
| United Overseas Bank Ltd. | &nbsp;&nbsp; 2100 | 58344 |
|  |  | 4511326 |
| **South Africa — 0.2%** | **South Africa — 0.2%** | **South Africa — 0.2%** |
| Aspen Pharmacare Holdings Ltd. | &nbsp;&nbsp; 45522 | 293130 |
| Capitec Bank Holdings Ltd. | &nbsp;&nbsp; 105 | 20354 |
| Clicks Group Ltd. | &nbsp;&nbsp; 3284 | 68850 |
| FirstRand Ltd. | &nbsp;&nbsp; 85646 | 363701 |
| MTN Group Ltd. | &nbsp;&nbsp; 12695 | 106702 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Africa (continued)** | **South Africa (continued)** | **South Africa (continued)** |
| Naspers Ltd., Class N | &nbsp;&nbsp; 3568 | $1101378 |
| NEPI Rockcastle NV | &nbsp;&nbsp; 76703 | 586254 |
|  |  | 2540369 |
| **South Korea — 1.1%** | **South Korea — 1.1%** | **South Korea — 1.1%** |
| Alteogen Inc.<sup>(b)</sup> | &nbsp;&nbsp; 631 | 203551 |
| Celltrion Inc. | &nbsp;&nbsp; 2244 | 287687 |
| Hana Financial Group Inc. | &nbsp;&nbsp; 10353 | 632973 |
| Hanjin Kal Corp.<sup>(a)</sup> | &nbsp;&nbsp; 2991 | 233987 |
| Hanmi Semiconductor Co. Ltd. | &nbsp;&nbsp; 1536 | 99626 |
| Hanwha Systems Co. Ltd. | &nbsp;&nbsp; 7080 | 301257 |
| HD Hyundai Electric Co. Ltd. | &nbsp;&nbsp; 211 | 75087 |
| HLB Inc.<sup>(b)</sup> | &nbsp;&nbsp; 5630 | 194158 |
| Industrial Bank of Korea | &nbsp;&nbsp; 60456 | 843449 |
| Kakao Corp. | &nbsp;&nbsp; 9356 | 388072 |
| KakaoBank Corp. | &nbsp;&nbsp; 5958 | 119802 |
| KB Financial Group Inc. | &nbsp;&nbsp; 7663 | 608811 |
| Korea Investment Holdings Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6575 | 673109 |
| Krafton Inc.<sup>(b)</sup> | &nbsp;&nbsp; 970 | 228392 |
| KT&G Corp. | &nbsp;&nbsp; 1513 | 141804 |
| Meritz Financial Group Inc. | &nbsp;&nbsp; 1611 | 133790 |
| Mirae Asset Securities Co. Ltd. | &nbsp;&nbsp; 33738 | 460495 |
| NAVER Corp. | &nbsp;&nbsp; 3738 | 629087 |
| NH Investment & Securities Co. Ltd. | &nbsp;&nbsp; 19510 | 282837 |
| Samsung Biologics Co. Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 177 | 135233 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 18037 | 919237 |
| Samsung Life Insurance Co. Ltd. | &nbsp;&nbsp; 2107 | 190187 |
| Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp; 10950 | 533198 |
| SK Hynix Inc. | &nbsp;&nbsp; 6012 | 1165221 |
| SK Square Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 11131 | 1198924 |
| Woori Financial Group Inc. | &nbsp;&nbsp; 56460 | 1001780 |
|  |  | 11681754 |
| **Spain — 0.8%** | **Spain — 0.8%** | **Spain — 0.8%** |
| Aena SME SA<sup>(c)</sup> | &nbsp;&nbsp; 43260 | 1164910 |
| Amadeus IT Group SA | &nbsp;&nbsp; 17473 | 1402973 |
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 75003 | 1250919 |
| Banco de Sabadell SA | &nbsp;&nbsp; 45459 | 167785 |
| Banco Santander SA | &nbsp;&nbsp; 267247 | 2295861 |
| Ferrovial SE | &nbsp;&nbsp; 13800 | 707428 |
| Industria de Diseno Textil SA | &nbsp;&nbsp; 20958 | 1001101 |
| Redeia Corp. SA | &nbsp;&nbsp; 9559 | 185310 |
| Telefonica SA | &nbsp;&nbsp; 33600 | 173403 |
|  |  | 8349690 |
| **Sweden — 0.7%** | **Sweden — 0.7%** | **Sweden — 0.7%** |
| Alfa Laval AB | &nbsp;&nbsp; 2321 | 100842 |
| Atlas Copco AB, Class A | &nbsp;&nbsp; 55100 | 839084 |
| Atlas Copco AB, Class B | &nbsp;&nbsp; 81836 | 1107499 |
| Evolution AB<sup>(c)</sup> | &nbsp;&nbsp; 5243 | 466423 |
| Hexagon AB, Class B | &nbsp;&nbsp; 75337 | 827809 |
| Industrivarden AB, Class C | &nbsp;&nbsp; 18327 | 676810 |
| Investor AB, Class B | &nbsp;&nbsp; 31042 | 899582 |
| Nordea Bank Abp | &nbsp;&nbsp; 71833 | 1048171 |
| Svenska Handelsbanken AB, Class A | &nbsp;&nbsp; 41177 | 501716 |
| Swedbank AB, Class A | &nbsp;&nbsp; 10144 | 270115 |
|  |  | 6738051 |
| **Switzerland — 2.0%** | **Switzerland — 2.0%** | **Switzerland — 2.0%** |
| ABB Ltd., Registered | &nbsp;&nbsp; 23818 | 1555270 |
| Alcon AG | &nbsp;&nbsp; 9487 | 831706 |
| Cie Financiere Richemont SA, Class A, Registered | &nbsp;&nbsp; 8691 | 1419033 |
| EMS-Chemie Holding AG, Registered | &nbsp;&nbsp; 142 | 111724 |
| Geberit AG, Registered | &nbsp;&nbsp; 871 | 667272 |
| Givaudan SA, Registered | &nbsp;&nbsp; 371 | 1550909 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI Low Carbon Target ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| Julius Baer Group Ltd. | &nbsp;&nbsp; 4483 | $303339 |
| Logitech International SA, Registered | &nbsp;&nbsp; 2583 | 239513 |
| Lonza Group AG, Registered | &nbsp;&nbsp; 691 | 481606 |
| Novartis AG, Registered | &nbsp;&nbsp; 28989 | 3301472 |
| Roche Holding AG, NVS | &nbsp;&nbsp; 9404 | 2934735 |
| Sandoz Group AG | &nbsp;&nbsp; 3258 | 186321 |
| SGS SA | &nbsp;&nbsp; 4493 | 456549 |
| Sonova Holding AG, Registered | &nbsp;&nbsp; 331 | 90101 |
| Straumann Holding AG | &nbsp;&nbsp; 2357 | 287177 |
| Swiss Prime Site AG, Registered | &nbsp;&nbsp; 2757 | 381317 |
| Swisscom AG, Registered | &nbsp;&nbsp; 550 | 382159 |
| Temenos AG, Registered | &nbsp;&nbsp; 3136 | 280498 |
| UBS Group AG, Registered | &nbsp;&nbsp; 58498 | 2174020 |
| VAT Group AG<sup>(c)</sup> | &nbsp;&nbsp; 2578 | 902786 |
| Zurich Insurance Group AG | &nbsp;&nbsp; 2321 | 1583168 |
|  |  | 20120675 |
| **Taiwan — 2.1%** | **Taiwan — 2.1%** | **Taiwan — 2.1%** |
| Accton Technology Corp. | &nbsp;&nbsp; 2000 | 59068 |
| Airtac International Group | &nbsp;&nbsp; 14000 | 398181 |
| Alchip Technologies Ltd. | &nbsp;&nbsp; 1000 | 127837 |
| Asia Vital Components Co. Ltd. | &nbsp;&nbsp; 5000 | 151971 |
| Catcher Technology Co. Ltd. | &nbsp;&nbsp; 54000 | 381355 |
| Cathay Financial Holding Co. Ltd. | &nbsp;&nbsp; 697103 | 1412914 |
| Chailease Holding Co. Ltd. | &nbsp;&nbsp; 95237 | 367677 |
| Chunghwa Telecom Co. Ltd. | &nbsp;&nbsp; 16000 | 69140 |
| CTBC Financial Holding Co. Ltd. | &nbsp;&nbsp; 161400 | 221779 |
| Delta Electronics Inc. | &nbsp;&nbsp; 23000 | 433276 |
| E Ink Holdings Inc. | &nbsp;&nbsp; 47000 | 320033 |
| Elite Material Co. Ltd. | &nbsp;&nbsp; 6000 | 219940 |
| eMemory Technology Inc. | &nbsp;&nbsp; 1000 | 67695 |
| Fortune Electric Co. Ltd. | &nbsp;&nbsp; 10450 | 229994 |
| Fubon Financial Holding Co. Ltd. | &nbsp;&nbsp; 278714 | 764978 |
| Global Unichip Corp. | &nbsp;&nbsp; 1000 | 40047 |
| International Games System Co. Ltd. | &nbsp;&nbsp; 5000 | 130738 |
| Jentech Precision Industrial Co. Ltd. | &nbsp;&nbsp; 3000 | 142733 |
| KGI Financial Holding Co. Ltd. | &nbsp;&nbsp; 849542 | 430340 |
| Largan Precision Co. Ltd. | &nbsp;&nbsp; 6000 | 470599 |
| Lotes Co. Ltd. | &nbsp;&nbsp; 6000 | 280559 |
| MediaTek Inc. | &nbsp;&nbsp; 20000 | 905691 |
| Ruentex Development Co. Ltd. | &nbsp;&nbsp; 379000 | 378328 |
| Silergy Corp. | &nbsp;&nbsp; 6000 | 64540 |
| Taiwan High Speed Rail Corp. | &nbsp;&nbsp; 457000 | 416486 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 320000 | 12319761 |
| Yageo Corp. | &nbsp;&nbsp; 23779 | 417836 |
| Yuanta Financial Holding Co. Ltd. | &nbsp;&nbsp; 150000 | 155592 |
|  |  | 21379088 |
| **Thailand — 0.1%** | **Thailand — 0.1%** | **Thailand — 0.1%** |
| Airports of Thailand PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 471800 | 589594 |
| Bangkok Dusit Medical Services PCL, NVDR | &nbsp;&nbsp; 115200 | 75799 |
| Delta Electronics Thailand PCL, NVDR | &nbsp;&nbsp; 76800 | 339954 |
|  |  | 1005347 |
| **Turkey — 0.1%** | **Turkey — 0.1%** | **Turkey — 0.1%** |
| Aselsan Elektronik Sanayi Ve Ticaret A/S | &nbsp;&nbsp; 253880 | 1167663 |
| Turkcell Iletisim Hizmetleri AS | &nbsp;&nbsp; 86958 | 199359 |
|  |  | 1367022 |
| **United Arab Emirates — 0.2%** | **United Arab Emirates — 0.2%** | **United Arab Emirates — 0.2%** |
| ADNOC Drilling Co. PJSC | &nbsp;&nbsp; 555965 | 883962 |
| Emaar Development PJSC | &nbsp;&nbsp; 47831 | 195196 |
| Emaar Properties PJSC | &nbsp;&nbsp; 175761 | 727879 |
| Multiply Group PJSC<sup>(b)</sup> | &nbsp;&nbsp; 321693 | 240337 |
|  |  | 2047374 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom — 2.8%** | **United Kingdom — 2.8%** | **United Kingdom — 2.8%** |
| 3i Group PLC | &nbsp;&nbsp; 19199 | $1049074 |
| Antofagasta PLC | &nbsp;&nbsp; 34723 | 856325 |
| Ashtead Group PLC | &nbsp;&nbsp; 23861 | 1594185 |
| AstraZeneca PLC | &nbsp;&nbsp; 19245 | 2807685 |
| Auto Trader Group PLC<sup>(c)</sup> | &nbsp;&nbsp; 5431 | 59957 |
| Barclays PLC | &nbsp;&nbsp; 271717 | 1328158 |
| British American Tobacco PLC | &nbsp;&nbsp; 57931 | 3103788 |
| BT Group PLC | &nbsp;&nbsp; 62902 | 171788 |
| Compass Group PLC | &nbsp;&nbsp; 3920 | 137747 |
| Croda International PLC | &nbsp;&nbsp; 13399 | 461162 |
| Diageo PLC | &nbsp;&nbsp; 37471 | 908205 |
| Experian PLC | &nbsp;&nbsp; 12630 | 665484 |
| GSK PLC | &nbsp;&nbsp; 47255 | 869208 |
| Haleon PLC | &nbsp;&nbsp; 69544 | 326208 |
| HSBC Holdings PLC | &nbsp;&nbsp; 232120 | 2827911 |
| Imperial Brands PLC | &nbsp;&nbsp; 11337 | 441909 |
| Informa PLC | &nbsp;&nbsp; 93855 | 1073235 |
| Intertek Group PLC | &nbsp;&nbsp; 21 | 1365 |
| Legal & General Group PLC | &nbsp;&nbsp; 16429 | 55580 |
| Lloyds Banking Group PLC | &nbsp;&nbsp; 863541 | 885516 |
| London Stock Exchange Group PLC | &nbsp;&nbsp; 4003 | 487946 |
| NatWest Group PLC | &nbsp;&nbsp; 135385 | 939785 |
| Next PLC | &nbsp;&nbsp; 1979 | 321233 |
| Pearson PLC | &nbsp;&nbsp; 16631 | 235178 |
| Prudential PLC | &nbsp;&nbsp; 33633 | 426674 |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp; 2507 | 187889 |
| RELX PLC | &nbsp;&nbsp; 32408 | 1683955 |
| Segro PLC | &nbsp;&nbsp; 8776 | 74795 |
| Severn Trent PLC | &nbsp;&nbsp; 27439 | 962212 |
| Spirax Group PLC | &nbsp;&nbsp; 3040 | 254049 |
| Standard Chartered PLC | &nbsp;&nbsp; 28023 | 502367 |
| Unilever PLC | &nbsp;&nbsp; 9981 | 579102 |
| United Utilities Group PLC | &nbsp;&nbsp; 90976 | 1358076 |
| Vodafone Group PLC | &nbsp;&nbsp; 538453 | 583789 |
| Whitbread PLC | &nbsp;&nbsp; 11055 | 444088 |
|  |  | 28665628 |
| **United States — 64.5%** | **United States — 64.5%** | **United States — 64.5%** |
| Abbott Laboratories | &nbsp;&nbsp; 9112 | 1149844 |
| AbbVie Inc. | &nbsp;&nbsp; 22796 | 4308900 |
| Accenture PLC, Class A | &nbsp;&nbsp; 7692 | 2054533 |
| Adobe Inc.<sup>(b)</sup> | &nbsp;&nbsp; 5172 | 1849973 |
| Advanced Micro Devices Inc.<sup>(b)</sup> | &nbsp;&nbsp; 20481 | 3611005 |
| AECOM | &nbsp;&nbsp; 2822 | 318152 |
| Aflac Inc. | &nbsp;&nbsp; 14088 | 1399784 |
| Agilent Technologies Inc. | &nbsp;&nbsp; 3521 | 404246 |
| Airbnb Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 8020 | 1061928 |
| Akamai Technologies Inc.<sup>(b)</sup> | &nbsp;&nbsp; 6177 | 471367 |
| Alexandria Real Estate Equities Inc. | &nbsp;&nbsp; 2528 | 193215 |
| Align Technology Inc.<sup>(b)</sup> | &nbsp;&nbsp; 689 | 88888 |
| Allegion PLC | &nbsp;&nbsp; 1416 | 234943 |
| Allstate Corp. (The) | &nbsp;&nbsp; 1394 | 283331 |
| Alnylam Pharmaceuticals Inc.<sup>(b)</sup> | &nbsp;&nbsp; 1268 | 497360 |
| Alphabet Inc., Class A | &nbsp;&nbsp; 73308 | 14067805 |
| Alphabet Inc., Class C, NVS | &nbsp;&nbsp; 57145 | 11020985 |
| Altria Group Inc. | &nbsp;&nbsp; 56819 | 3519369 |
| Amazon.com Inc.<sup>(b)</sup> | &nbsp;&nbsp; 117144 | 27424582 |
| American Express Co. | &nbsp;&nbsp; 7375 | 2207411 |
| American Homes 4 Rent, Class A | &nbsp;&nbsp; 3599 | 124849 |
| American International Group Inc. | &nbsp;&nbsp; 14612 | 1134330 |
| American Tower Corp. | &nbsp;&nbsp; 5577 | 1162191 |
| American Water Works Co. Inc. | &nbsp;&nbsp; 15450 | 2166708 |
| Ameriprise Financial Inc. | &nbsp;&nbsp; 671 | 347706 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI Low Carbon Target ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| AMETEK Inc. | &nbsp;&nbsp; 16056 | $2967952 |
| Amgen Inc. | &nbsp;&nbsp; 8511 | 2511596 |
| Amphenol Corp., Class A | &nbsp;&nbsp; 21786 | 2320427 |
| Analog Devices Inc. | &nbsp;&nbsp; 7838 | 1760650 |
| Annaly Capital Management Inc. | &nbsp;&nbsp; 31468 | 639744 |
| Aon PLC, Class A | &nbsp;&nbsp; 3050 | 1084916 |
| Apollo Global Management Inc. | &nbsp;&nbsp; 5952 | 864945 |
| Apple Inc. | &nbsp;&nbsp; 183724 | 38135590 |
| Applied Materials Inc. | &nbsp;&nbsp; 5821 | 1048129 |
| AppLovin Corp., Class A<sup>(b)</sup> | &nbsp;&nbsp; 2899 | 1132639 |
| Arch Capital Group Ltd. | &nbsp;&nbsp; 6648 | 572127 |
| Arista Networks Inc.<sup>(b)</sup> | &nbsp;&nbsp; 15270 | 1881569 |
| Arthur J Gallagher & Co. | &nbsp;&nbsp; 2921 | 839057 |
| AT&T Inc. | &nbsp;&nbsp; 116853 | 3202941 |
| Atlassian Corp., Class A<sup>(b)</sup> | &nbsp;&nbsp; 1582 | 303396 |
| Autodesk Inc.<sup>(b)</sup> | &nbsp;&nbsp; 2553 | 773840 |
| Automatic Data Processing Inc. | &nbsp;&nbsp; 9685 | 2997508 |
| AvalonBay Communities Inc. | &nbsp;&nbsp; 2439 | 454337 |
| Axon Enterprise Inc.<sup>(b)</sup> | &nbsp;&nbsp; 2360 | 1782956 |
| Baker Hughes Co., Class A | &nbsp;&nbsp; 20589 | 927534 |
| Bank of America Corp. | &nbsp;&nbsp; 90808 | 4292494 |
| Bank of New York Mellon Corp. (The) | &nbsp;&nbsp; 17574 | 1782882 |
| Becton Dickinson & Co. | &nbsp;&nbsp; 4359 | 776992 |
| Bentley Systems Inc., Class B | &nbsp;&nbsp; 1271 | 73693 |
| Berkshire Hathaway Inc., Class B<sup>(b)</sup> | &nbsp;&nbsp; 9685 | 4570158 |
| Biogen Inc.<sup>(b)</sup> | &nbsp;&nbsp; 2804 | 358912 |
| Blackrock Inc.<sup>(f)</sup> | &nbsp;&nbsp; 1782 | 1970910 |
| Blackstone Inc. | &nbsp;&nbsp; 6945 | 1201207 |
| Block Inc.<sup>(b)</sup> | &nbsp;&nbsp; 5467 | 422380 |
| Booking Holdings Inc. | &nbsp;&nbsp; 374 | 2058518 |
| Booz Allen Hamilton Holding Corp., Class A | &nbsp;&nbsp; 1041 | 111731 |
| Boston Scientific Corp.<sup>(b)</sup> | &nbsp;&nbsp; 23043 | 2417672 |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 38297 | 1658643 |
| Broadcom Inc. | &nbsp;&nbsp; 55057 | 16170241 |
| Broadridge Financial Solutions Inc. | &nbsp;&nbsp; 3806 | 942023 |
| Brown-Forman Corp., Class B  | &nbsp;&nbsp; 14782 | 426461 |
| BXP Inc. | &nbsp;&nbsp; 934 | 61112 |
| Cadence Design Systems Inc.<sup>(b)</sup> | &nbsp;&nbsp; 3387 | 1234799 |
| Capital One Financial Corp. | &nbsp;&nbsp; 6704 | 1441360 |
| Carlyle Group Inc. (The) | &nbsp;&nbsp; 2724 | 165238 |
| Carvana Co., Class A<sup>(b)</sup> | &nbsp;&nbsp; 1407 | 548969 |
| Cboe Global Markets Inc. | &nbsp;&nbsp; 1800 | 433872 |
| CDW Corp. | &nbsp;&nbsp; 996 | 173682 |
| Charles Schwab Corp. (The) | &nbsp;&nbsp; 22176 | 2167261 |
| Charter Communications Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 1652 | 444983 |
| Cheniere Energy Inc. | &nbsp;&nbsp; 828 | 195309 |
| Chipotle Mexican Grill Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 22241 | 953694 |
| Chubb Ltd. | &nbsp;&nbsp; 7213 | 1918947 |
| Church & Dwight Co. Inc. | &nbsp;&nbsp; 8329 | 781010 |
| Cigna Group (The) | &nbsp;&nbsp; 475 | 127006 |
| Cincinnati Financial Corp. | &nbsp;&nbsp; 28 | 4130 |
| Cintas Corp. | &nbsp;&nbsp; 6495 | 1445462 |
| Cisco Systems Inc. | &nbsp;&nbsp; 53998 | 3676184 |
| Citigroup Inc. | &nbsp;&nbsp; 30190 | 2828803 |
| Cloudflare Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 2324 | 482648 |
| CME Group Inc. | &nbsp;&nbsp; 7131 | 1984415 |
| Coca-Cola Co. (The) | &nbsp;&nbsp; 68391 | 4643065 |
| Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp; 5184 | 372004 |
| Coinbase Global Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 2657 | 1003708 |
| Colgate-Palmolive Co. | &nbsp;&nbsp; 15666 | 1313594 |
| Comcast Corp., Class A | &nbsp;&nbsp; 66720 | 2217106 |
| Constellation Brands Inc., Class A | &nbsp;&nbsp; 5808 | 970168 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Constellation Energy Corp. | &nbsp;&nbsp; 2860 | $994822 |
| Cooper Companies Inc. (The)<sup>(b)</sup> | &nbsp;&nbsp; 6987 | 493911 |
| Copart Inc.<sup>(b)</sup> | &nbsp;&nbsp; 18103 | 820609 |
| Corpay Inc.<sup>(b)</sup> | &nbsp;&nbsp; 1336 | 431595 |
| Corteva Inc. | &nbsp;&nbsp; 8361 | 603079 |
| CoStar Group Inc.<sup>(b)</sup> | &nbsp;&nbsp; 6921 | 658810 |
| Costco Wholesale Corp. | &nbsp;&nbsp; 4219 | 3964341 |
| Crowdstrike Holdings Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 2692 | 1223702 |
| Crown Castle Inc. | &nbsp;&nbsp; 8063 | 847341 |
| CSX Corp. | &nbsp;&nbsp; 34635 | 1230928 |
| CVS Health Corp. | &nbsp;&nbsp; 2150 | 133515 |
| Danaher Corp. | &nbsp;&nbsp; 9592 | 1891159 |
| Darden Restaurants Inc. | &nbsp;&nbsp; 292 | 58888 |
| Datadog Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 1337 | 187153 |
| DaVita Inc.<sup>(b)</sup> | &nbsp;&nbsp; 2137 | 299971 |
| Deckers Outdoor Corp.<sup>(b)</sup> | &nbsp;&nbsp; 3691 | 391873 |
| Deere & Co. | &nbsp;&nbsp; 230 | 120605 |
| Dexcom Inc.<sup>(b)</sup> | &nbsp;&nbsp; 3547 | 286491 |
| Digital Realty Trust Inc. | &nbsp;&nbsp; 3939 | 694997 |
| DocuSign Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 1444 | 109224 |
| Dollar General Corp. | &nbsp;&nbsp; 1394 | 146231 |
| Dollar Tree Inc.<sup>(b)</sup> | &nbsp;&nbsp; 5708 | 648143 |
| DoorDash Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 5477 | 1370619 |
| DR Horton Inc. | &nbsp;&nbsp; 1318 | 188263 |
| DraftKings Inc., Class A <sup>(b)</sup> | &nbsp;&nbsp; 6199 | 279203 |
| Eaton Corp. PLC | &nbsp;&nbsp; 4781 | 1839346 |
| eBay Inc. | &nbsp;&nbsp; 11178 | 1025582 |
| Ecolab Inc. | &nbsp;&nbsp; 5511 | 1442559 |
| Edison International | &nbsp;&nbsp; 24679 | 1286270 |
| Edwards Lifesciences Corp.<sup>(b)</sup> | &nbsp;&nbsp; 4544 | 360385 |
| Electronic Arts Inc. | &nbsp;&nbsp; 4956 | 755740 |
| Elevance Health Inc. | &nbsp;&nbsp; 3569 | 1010313 |
| Eli Lilly & Co. | &nbsp;&nbsp; 9787 | 7243065 |
| Emerson Electric Co. | &nbsp;&nbsp; 9685 | 1409264 |
| Equifax Inc. | &nbsp;&nbsp; 2581 | 620034 |
| Equinix Inc. | &nbsp;&nbsp; 1234 | 968900 |
| Equitable Holdings Inc. | &nbsp;&nbsp; 15649 | 803576 |
| Equity Residential | &nbsp;&nbsp; 3182 | 201102 |
| Erie Indemnity Co., Class A, NVS | &nbsp;&nbsp; 143 | 50942 |
| Essex Property Trust Inc. | &nbsp;&nbsp; 506 | 131651 |
| Estee Lauder Companies Inc. (The), Class A | &nbsp;&nbsp; 4670 | 435898 |
| Eversource Energy | &nbsp;&nbsp; 12241 | 809130 |
| Exelon Corp. | &nbsp;&nbsp; 38410 | 1726145 |
| Extra Space Storage Inc. | &nbsp;&nbsp; 1687 | 226665 |
| F5 Inc.<sup>(b)</sup> | &nbsp;&nbsp; 3274 | 1026137 |
| Fair Isaac Corp.<sup>(b)</sup> | &nbsp;&nbsp; 275 | 395098 |
| Fastenal Co. | &nbsp;&nbsp; 28219 | 1301742 |
| Fidelity National Financial Inc. | &nbsp;&nbsp; 3663 | 206703 |
| Fidelity National Information Services Inc. | &nbsp;&nbsp; 12902 | 1024548 |
| First Citizens BancShares Inc./NC, Class A | &nbsp;&nbsp; 57 | 113701 |
| First Solar Inc.<sup>(b)</sup> | &nbsp;&nbsp; 2370 | 414110 |
| Fiserv Inc.<sup>(b)</sup> | &nbsp;&nbsp; 11613 | 1613510 |
| Flutter Entertainment PLC, Class DI<sup>(b)</sup> | &nbsp;&nbsp; 1740 | 525932 |
| Fortinet Inc.<sup>(b)</sup> | &nbsp;&nbsp; 6522 | 651548 |
| Fortive Corp. | &nbsp;&nbsp; 18514 | 887376 |
| Freeport-McMoRan Inc. | &nbsp;&nbsp; 45687 | 1838445 |
| Gaming and Leisure Properties Inc. | &nbsp;&nbsp; 11999 | 546914 |
| Garmin Ltd. | &nbsp;&nbsp; 5358 | 1172116 |
| Gartner Inc.<sup>(b)</sup> | &nbsp;&nbsp; 873 | 295641 |
| Gen Digital Inc. | &nbsp;&nbsp; 20718 | 610974 |
| Gilead Sciences Inc. | &nbsp;&nbsp; 18962 | 2129243 |
| Global Payments Inc. | &nbsp;&nbsp; 9433 | 754168 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI Low Carbon Target ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| GoDaddy Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 2321 | $375027 |
| Goldman Sachs Group Inc. (The) | &nbsp;&nbsp; 4659 | 3371206 |
| Graco Inc. | &nbsp;&nbsp; 24654 | 2070443 |
| Halliburton Co. | &nbsp;&nbsp; 179160 | 4013184 |
| Hartford Insurance Group Inc. (The) | &nbsp;&nbsp; 1805 | 224524 |
| HCA Healthcare Inc. | &nbsp;&nbsp; 3001 | 1062324 |
| Healthpeak Properties Inc. | &nbsp;&nbsp; 6596 | 111736 |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 10519 | 217638 |
| Hilton Worldwide Holdings Inc. | &nbsp;&nbsp; 4000 | 1072320 |
| Home Depot Inc. (The) | &nbsp;&nbsp; 13204 | 4852602 |
| Hubbell Inc., Class B | &nbsp;&nbsp; 2556 | 1118199 |
| HubSpot Inc.<sup>(b)</sup> | &nbsp;&nbsp; 37 | 19227 |
| Humana Inc. | &nbsp;&nbsp; 254 | 63467 |
| IDEX Corp. | &nbsp;&nbsp; 9701 | 1586211 |
| IDEXX Laboratories Inc.<sup>(b)</sup> | &nbsp;&nbsp; 1629 | 870391 |
| Illinois Tool Works Inc. | &nbsp;&nbsp; 1198 | 306652 |
| Illumina Inc.<sup>(b)</sup> | &nbsp;&nbsp; 326 | 33483 |
| Ingersoll Rand Inc. | &nbsp;&nbsp; 31450 | 2661614 |
| Insulet Corp.<sup>(b)</sup> | &nbsp;&nbsp; 473 | 136413 |
| Intel Corp. | &nbsp;&nbsp; 49415 | 978417 |
| Interactive Brokers Group Inc., Class A | &nbsp;&nbsp; 4335 | 284203 |
| Intercontinental Exchange Inc. | &nbsp;&nbsp; 8439 | 1559780 |
| International Business Machines Corp. | &nbsp;&nbsp; 12883 | 3261331 |
| Intuit Inc. | &nbsp;&nbsp; 3268 | 2565805 |
| Intuitive Surgical Inc.<sup>(b)</sup> | &nbsp;&nbsp; 5072 | 2440089 |
| Invitation Homes Inc. | &nbsp;&nbsp; 6489 | 198888 |
| IQVIA Holdings Inc.<sup>(b)</sup> | &nbsp;&nbsp; 3298 | 612966 |
| Iron Mountain Inc. | &nbsp;&nbsp; 3693 | 359550 |
| Jack Henry & Associates Inc. | &nbsp;&nbsp; 1970 | 334536 |
| Jacobs Solutions Inc. | &nbsp;&nbsp; 3224 | 457389 |
| Johnson & Johnson | &nbsp;&nbsp; 39112 | 6443311 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 35199 | 10427352 |
| Kenvue Inc. | &nbsp;&nbsp; 36247 | 777136 |
| Keurig Dr Pepper Inc. | &nbsp;&nbsp; 10985 | 358660 |
| Keysight Technologies Inc.<sup>(b)</sup> | &nbsp;&nbsp; 3068 | 502876 |
| Kimco Realty Corp. | &nbsp;&nbsp; 8544 | 181389 |
| Kinder Morgan Inc. | &nbsp;&nbsp; 35977 | 1009515 |
| KKR & Co. Inc. | &nbsp;&nbsp; 7039 | 1031777 |
| KLA Corp. | &nbsp;&nbsp; 2592 | 2278446 |
| L3Harris Technologies Inc. | &nbsp;&nbsp; 17672 | 4856619 |
| Labcorp Holdings Inc. | &nbsp;&nbsp; 2909 | 756573 |
| Lam Research Corp. | &nbsp;&nbsp; 15061 | 1428385 |
| Las Vegas Sands Corp. | &nbsp;&nbsp; 11756 | 616014 |
| Leidos Holdings Inc. | &nbsp;&nbsp; 1678 | 267893 |
| Liberty Media Corp.-Liberty Formula One, Class C, <br> NVS<sup>(b)</sup><br>| &nbsp;&nbsp; 6350 | 637223 |
| Linde PLC | &nbsp;&nbsp; 312 | 143601 |
| Lowe's Companies Inc. | &nbsp;&nbsp; 5410 | 1209514 |
| Lululemon Athletica Inc.<sup>(b)</sup> | &nbsp;&nbsp; 2016 | 404268 |
| M&T Bank Corp. | &nbsp;&nbsp; 1782 | 336263 |
| Marriott International Inc./MD, Class A | &nbsp;&nbsp; 1515 | 399702 |
| Marsh & McLennan Companies Inc. | &nbsp;&nbsp; 7049 | 1404161 |
| Marvell Technology Inc. | &nbsp;&nbsp; 14031 | 1127671 |
| Mastercard Inc., Class A | &nbsp;&nbsp; 10258 | 5810849 |
| McDonald's Corp. | &nbsp;&nbsp; 12543 | 3763778 |
| Medtronic PLC | &nbsp;&nbsp; 4361 | 393537 |
| MercadoLibre Inc.<sup>(b)</sup> | &nbsp;&nbsp; 643 | 1526411 |
| Merck & Co. Inc. | &nbsp;&nbsp; 38746 | 3026838 |
| Meta Platforms Inc., Class A | &nbsp;&nbsp; 26440 | 20449754 |
| MetLife Inc. | &nbsp;&nbsp; 12212 | 927501 |
| Mettler-Toledo International Inc.<sup>(b)</sup> | &nbsp;&nbsp; 176 | 217128 |
| Microchip Technology Inc. | &nbsp;&nbsp; 9168 | 619665 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Micron Technology Inc.<sup>(a)</sup> | &nbsp;&nbsp; 16239 | $1772324 |
| Microsoft Corp. | &nbsp;&nbsp; 85670 | 45704945 |
| MicroStrategy Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 3215 | 1291980 |
| Mid-America Apartment Communities Inc. | &nbsp;&nbsp; 340 | 48426 |
| Molina Healthcare Inc.<sup>(b)</sup> | &nbsp;&nbsp; 218 | 34416 |
| MongoDB Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 210 | 49957 |
| Monolithic Power Systems Inc. | &nbsp;&nbsp; 676 | 480798 |
| Monster Beverage Corp.<sup>(b)</sup> | &nbsp;&nbsp; 14773 | 867914 |
| Moody's Corp. | &nbsp;&nbsp; 1280 | 660134 |
| Morgan Stanley | &nbsp;&nbsp; 13398 | 1908679 |
| Motorola Solutions Inc. | &nbsp;&nbsp; 3761 | 1651004 |
| Natera Inc.<sup>(b)</sup> | &nbsp;&nbsp; 1380 | 184451 |
| NetApp Inc. | &nbsp;&nbsp; 7251 | 755047 |
| Netflix Inc.<sup>(b)</sup> | &nbsp;&nbsp; 5369 | 6224819 |
| Newmont Corp. | &nbsp;&nbsp; 11264 | 699494 |
| NextEra Energy Inc. | &nbsp;&nbsp; 20022 | 1422763 |
| Nike Inc., Class B | &nbsp;&nbsp; 12681 | 947144 |
| Nordson Corp. | &nbsp;&nbsp; 299 | 64049 |
| Norfolk Southern Corp. | &nbsp;&nbsp; 2725 | 757550 |
| Northern Trust Corp. | &nbsp;&nbsp; 7670 | 997100 |
| Nutanix Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 1937 | 145604 |
| Nvidia Corp. | &nbsp;&nbsp; 293944 | 52283819 |
| NXP Semiconductors NV | &nbsp;&nbsp; 2921 | 624422 |
| Okta Inc.<sup>(b)</sup> | &nbsp;&nbsp; 1694 | 165673 |
| Old Dominion Freight Line Inc. | &nbsp;&nbsp; 2197 | 327902 |
| Omnicom Group Inc. | &nbsp;&nbsp; 5877 | 423438 |
| ONEOK Inc. | &nbsp;&nbsp; 69122 | 5675607 |
| Oracle Corp. | &nbsp;&nbsp; 21100 | 5354547 |
| Otis Worldwide Corp. | &nbsp;&nbsp; 11104 | 951502 |
| Palantir Technologies Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 25490 | 4036342 |
| Palo Alto Networks Inc.<sup>(b)</sup> | &nbsp;&nbsp; 7097 | 1232039 |
| Paychex Inc. | &nbsp;&nbsp; 8001 | 1154784 |
| Paycom Software Inc. | &nbsp;&nbsp; 1417 | 328092 |
| PayPal Holdings Inc.<sup>(b)</sup> | &nbsp;&nbsp; 13651 | 938643 |
| Pentair PLC | &nbsp;&nbsp; 3568 | 364650 |
| PepsiCo Inc. | &nbsp;&nbsp; 7292 | 1005713 |
| Pfizer Inc. | &nbsp;&nbsp; 100485 | 2340296 |
| PG&E Corp. | &nbsp;&nbsp; 5895 | 82648 |
| Philip Morris International Inc. | &nbsp;&nbsp; 26928 | 4417538 |
| Pinterest Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 7287 | 281278 |
| PNC Financial Services Group Inc. (The) | &nbsp;&nbsp; 5377 | 1023082 |
| Principal Financial Group Inc. | &nbsp;&nbsp; 1223 | 95186 |
| Procter & Gamble Co. (The) | &nbsp;&nbsp; 36749 | 5529622 |
| Progressive Corp. (The) | &nbsp;&nbsp; 6353 | 1537680 |
| Prologis Inc. | &nbsp;&nbsp; 12335 | 1317131 |
| Prudential Financial Inc. | &nbsp;&nbsp; 2301 | 238338 |
| PTC Inc.<sup>(b)</sup> | &nbsp;&nbsp; 2652 | 569676 |
| Public Service Enterprise Group Inc. | &nbsp;&nbsp; 10659 | 957072 |
| Public Storage | &nbsp;&nbsp; 2619 | 712211 |
| Pure Storage Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 4896 | 291410 |
| Qualcomm Inc. | &nbsp;&nbsp; 15540 | 2280650 |
| Quanta Services Inc. | &nbsp;&nbsp; 1869 | 759057 |
| Quest Diagnostics Inc. | &nbsp;&nbsp; 4235 | 708981 |
| Realty Income Corp. | &nbsp;&nbsp; 11248 | 631350 |
| Reddit Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 417 | 66966 |
| Regency Centers Corp. | &nbsp;&nbsp; 2974 | 212344 |
| Regeneron Pharmaceuticals Inc. | &nbsp;&nbsp; 1216 | 663279 |
| Reliance Inc. | &nbsp;&nbsp; 4739 | 1374926 |
| ResMed Inc. | &nbsp;&nbsp; 260 | 70704 |
| Revvity Inc. | &nbsp;&nbsp; 1598 | 140464 |
| Rivian Automotive Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 12557 | 161609 |
| Robinhood Markets Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 8850 | 911993 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI Low Carbon Target ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| ROBLOX Corp., Class A<sup>(b)</sup> | &nbsp;&nbsp; 6707 | $924158 |
| Rockwell Automation Inc. | &nbsp;&nbsp; 960 | 337642 |
| Rollins Inc. | &nbsp;&nbsp; 2125 | 121699 |
| Roper Technologies Inc. | &nbsp;&nbsp; 3236 | 1781094 |
| Ross Stores Inc. | &nbsp;&nbsp; 1130 | 154290 |
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp; 2736 | 869692 |
| Royalty Pharma PLC, Class A | &nbsp;&nbsp; 23079 | 849307 |
| S&P Global Inc. | &nbsp;&nbsp; 2558 | 1409714 |
| Salesforce Inc. | &nbsp;&nbsp; 11180 | 2888129 |
| Samsara Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 881 | 33504 |
| SBA Communications Corp., Class A | &nbsp;&nbsp; 2166 | 486744 |
| Schlumberger NV | &nbsp;&nbsp; 19829 | 670220 |
| Seagate Technology Holdings PLC | &nbsp;&nbsp; 2946 | 462551 |
| Sempra | &nbsp;&nbsp; 5714 | 466720 |
| ServiceNow Inc.<sup>(b)</sup> | &nbsp;&nbsp; 2276 | 2146541 |
| Sherwin-Williams Co. (The) | &nbsp;&nbsp; 3837 | 1269587 |
| Simon Property Group Inc. | &nbsp;&nbsp; 7476 | 1224494 |
| Snap Inc., Class A, NVS<sup>(a)(b)</sup> | &nbsp;&nbsp; 8049 | 75902 |
| Snap-on Inc. | &nbsp;&nbsp; 2057 | 660688 |
| Snowflake Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 3376 | 754536 |
| Solventum Corp.<sup>(b)</sup> | &nbsp;&nbsp; 1269 | 90556 |
| Spotify Technology SA<sup>(b)</sup> | &nbsp;&nbsp; 2067 | 1295058 |
| SS&C Technologies Holdings Inc. | &nbsp;&nbsp; 15300 | 1307844 |
| Starbucks Corp. | &nbsp;&nbsp; 17199 | 1533463 |
| State Street Corp. | &nbsp;&nbsp; 8606 | 961721 |
| STERIS PLC | &nbsp;&nbsp; 1965 | 445053 |
| Stryker Corp. | &nbsp;&nbsp; 3527 | 1385159 |
| Super Micro Computer Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 7625 | 449646 |
| Synchrony Financial | &nbsp;&nbsp; 10795 | 752088 |
| Synopsys Inc.<sup>(b)</sup> | &nbsp;&nbsp; 2496 | 1581141 |
| T Rowe Price Group Inc. | &nbsp;&nbsp; 2231 | 226335 |
| Take-Two Interactive Software Inc.<sup>(b)</sup> | &nbsp;&nbsp; 1872 | 416951 |
| TE Connectivity PLC | &nbsp;&nbsp; 6610 | 1360008 |
| Teradyne Inc. | &nbsp;&nbsp; 4563 | 490203 |
| Tesla Inc.<sup>(b)</sup> | &nbsp;&nbsp; 36455 | 11237983 |
| Texas Instruments Inc. | &nbsp;&nbsp; 12573 | 2276467 |
| Texas Pacific Land Corp. | &nbsp;&nbsp; 1600 | 1549008 |
| Thermo Fisher Scientific Inc. | &nbsp;&nbsp; 4427 | 2070419 |
| TJX Companies Inc. (The) | &nbsp;&nbsp; 6481 | 807079 |
| T-Mobile U.S. Inc. | &nbsp;&nbsp; 7879 | 1878432 |
| Toast Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 3295 | 160928 |
| Tractor Supply Co. | &nbsp;&nbsp; 10666 | 607429 |
| Trade Desk Inc. (The), Class A<sup>(b)</sup> | &nbsp;&nbsp; 6470 | 562631 |
| Tradeweb Markets Inc., Class A | &nbsp;&nbsp; 1264 | 175127 |
| Trane Technologies PLC | &nbsp;&nbsp; 1764 | 772773 |
| TransDigm Group Inc. | &nbsp;&nbsp; 1149 | 1848121 |
| TransUnion | &nbsp;&nbsp; 6587 | 627017 |
| Travelers Companies Inc. (The) | &nbsp;&nbsp; 2880 | 749491 |
| Trimble Inc.<sup>(b)</sup> | &nbsp;&nbsp; 10149 | 851400 |
| Truist Financial Corp. | &nbsp;&nbsp; 12010 | 524957 |
| Twilio Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 1705 | 219945 |
| Tyler Technologies Inc.<sup>(b)</sup> | &nbsp;&nbsp; 835 | 488108 |
| U.S. Bancorp | &nbsp;&nbsp; 13518 | 607769 |
| Uber Technologies Inc.<sup>(b)</sup> | &nbsp;&nbsp; 23354 | 2049314 |
| Ulta Beauty Inc.<sup>(b)</sup> | &nbsp;&nbsp; 1030 | 530460 |
| Union Pacific Corp. | &nbsp;&nbsp; 9370 | 2079859 |
| United Rentals Inc. | &nbsp;&nbsp; 2707 | 2390119 |
| United Therapeutics Corp.<sup>(b)</sup> | &nbsp;&nbsp; 459 | 126087 |
| UnitedHealth Group Inc. | &nbsp;&nbsp; 12012 | 2997715 |
| Veeva Systems Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 3660 | 1040172 |
| Ventas Inc. | &nbsp;&nbsp; 650 | 43667 |
| Veralto Corp. | &nbsp;&nbsp; 2245 | 235343 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| VeriSign Inc. | &nbsp;&nbsp; 1497 | $402498 |
| Verisk Analytics Inc., Class A | &nbsp;&nbsp; 5004 | 1394665 |
| Verizon Communications Inc. | &nbsp;&nbsp; 68353 | 2922774 |
| Vertex Pharmaceuticals Inc.<sup>(b)</sup> | &nbsp;&nbsp; 2883 | 1317156 |
| Vertiv Holdings Co., Class A | &nbsp;&nbsp; 8405 | 1223768 |
| VICI Properties Inc., Class A | &nbsp;&nbsp; 22625 | 737575 |
| Visa Inc., Class A | &nbsp;&nbsp; 21971 | 7590321 |
| Vulcan Materials Co. | &nbsp;&nbsp; 2585 | 710022 |
| Walmart Inc. | &nbsp;&nbsp; 53418 | 5233896 |
| Walt Disney Co. (The) | &nbsp;&nbsp; 22457 | 2674853 |
| Warner Bros Discovery Inc.<sup>(b)</sup> | &nbsp;&nbsp; 10187 | 134163 |
| Waters Corp.<sup>(b)</sup> | &nbsp;&nbsp; 348 | 100488 |
| Wells Fargo & Co. | &nbsp;&nbsp; 42916 | 3460317 |
| Welltower Inc. | &nbsp;&nbsp; 6997 | 1154995 |
| West Pharmaceutical Services Inc. | &nbsp;&nbsp; 995 | 238064 |
| Western Digital Corp. | &nbsp;&nbsp; 3299 | 259598 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp; 5580 | 1071639 |
| Williams Companies Inc. (The) | &nbsp;&nbsp; 41051 | 2461007 |
| Willis Towers Watson PLC | &nbsp;&nbsp; 1429 | 451293 |
| Workday Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 1895 | 434675 |
| WP Carey Inc. | &nbsp;&nbsp; 1081 | 69357 |
| WW Grainger Inc. | &nbsp;&nbsp; 391 | 406460 |
| Xylem Inc./New York | &nbsp;&nbsp; 8552 | 1236790 |
| Yum! Brands Inc. | &nbsp;&nbsp; 4068 | 586402 |
| Zebra Technologies Corp., Class A<sup>(b)</sup> | &nbsp;&nbsp; 1064 | 360717 |
| Zillow Group Inc., Class C <sup>(b)</sup> | &nbsp;&nbsp; 3857 | 306824 |
| Zoetis Inc. | &nbsp;&nbsp; 7351 | 1071702 |
| Zoom Video Communications Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 1793 | 132772 |
|  |  | 661058386 |
| **Total Common Stocks — 99.5%** <br>**(Cost: $727,430,861)** | **Total Common Stocks — 99.5%** <br>**(Cost: $727,430,861)** | 1019790205 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Brazil — 0.1%** | **Brazil — 0.1%** | **Brazil — 0.1%** |
| Banco Bradesco SA, Preference Shares, NVS | &nbsp;&nbsp; 197824 | 548653 |
| Itau Unibanco Holding SA, Preference Shares, NVS | &nbsp;&nbsp; 25753 | 161705 |
|  |  | 710358 |
| **Germany — 0.0%** | **Germany — 0.0%** | **Germany — 0.0%** |
| Dr Ing hc F Porsche AG, Preference Shares, NVS<sup>(a)(c)</sup> | &nbsp;&nbsp; 10856 | 550469 |
| **Total Preferred Stocks — 0.1%** <br>**(Cost: $1,404,329)** | **Total Preferred Stocks — 0.1%** <br>**(Cost: $1,404,329)** | 1260827 |
| **Warrants** | **Warrants** | **Warrants** |
| **Canada — 0.0%** | **Canada — 0.0%** | **Canada — 0.0%** |
| Constellation Software Inc., (Issued 08/29/23, 1 Share <br> for 1 Warrant, Expires 03/31/40, Strike Price <br> CAD 11.50)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 555 |  |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** |  |
| **Total Long-Term Investments — 99.6%** <br>**(Cost: $728,835,190)** | **Total Long-Term Investments — 99.6%** <br>**(Cost: $728,835,190)** | 1021051032 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.0%** | **Money Market Funds — 1.0%** | **Money Market Funds — 1.0%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(f)(g)(h)</sup><br>| &nbsp;&nbsp; 7864298 | 7867443 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI Low Carbon Target 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> 4.30%<sup>(f)(g)</sup><br>| &nbsp;&nbsp; 1850000 | $1850000 |
| **Total Short-Term Securities — 1.0%** <br>**(Cost: $9,717,267)** | **Total Short-Term Securities — 1.0%** <br>**(Cost: $9,717,267)** | 9717443 |
| **Total Investments — 100.6%** <br>**(Cost: $738,552,457)** | **Total Investments — 100.6%** <br>**(Cost: $738,552,457)** | 1030768475 |
| **Liabilities in Excess of Other Assets — (0.6)%** | **Liabilities in Excess of Other Assets — (0.6)%** | (5904486)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1024863989 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All or a portion of this security is on loan.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(d)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(e)</sup> 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 July 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>*07/31/24*<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>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<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>| $8738118 | $— | &nbsp;&nbsp; $(871518 )<sup>(a)</sup><br>| $2515 | $(1672)<br>| $7867443 | 7864298 | $28956 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 1170000 | 680000 <br><sup>(a)</sup><br>|  |  |  | 1850000 | 1850000 | 66240 |  |
| BlackRock Inc. | 1518098 | 320795 | &nbsp;&nbsp; (255178)<br>| 46067 | 341128 | 1970910 | 1782 | 38680 |  |
|  |  |  |  | $48582 | $339456 | $11688353 |  | $133876 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| MSCI EAFE Index | 6 | 09/19/25 | &nbsp;&nbsp; $784 | $(19350) |
| MSCI Emerging Markets Index | 7 | 09/19/25 | &nbsp;&nbsp; 434 | 4256 |
| S&P 500 E-Mini Index | 6 | 09/19/25 | &nbsp;&nbsp; 1912 | 57198 |
|  |  |  |  | $42104 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI Low Carbon Target 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; $61454 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $61454 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $19350 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $19350 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts 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 July 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; $323544 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $323544 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $34455 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $34455 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $2864911 |

---

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; $710989065 | &nbsp;&nbsp; $308800986 | &nbsp;&nbsp; $154 | &nbsp;&nbsp; $1019790205 |
| Preferred Stocks | &nbsp;&nbsp; 710358 | &nbsp;&nbsp; 550469 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1260827 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 9717443 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9717443 |
|  | &nbsp;&nbsp; $721416866 | &nbsp;&nbsp; $309351455 | &nbsp;&nbsp; $154 | &nbsp;&nbsp; $1030768475 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $61454 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $61454 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI ACWI Low Carbon Target ETF**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $(19350)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(19350)<br>|
|  | &nbsp;&nbsp; $42104 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $42104 |

---

&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

July 31, 2025

**iShares® MSCI All Country Asia ex Japan ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **China — 32.8%** | **China — 32.8%** | **China — 32.8%** |
| 360 Security Technology Inc., Class A | &nbsp;&nbsp; 132800 | $207667 |
| 37 Interactive Entertainment Network Technology <br> Group Co. Ltd., Class A<br>| &nbsp;&nbsp; 66449 | 152591 |
| AAC Technologies Holdings Inc. | &nbsp;&nbsp; 249000 | 1258987 |
| Advanced Micro-Fabrication Equipment Inc./China, <br> Class A<br>| &nbsp;&nbsp; 13800 | 377235 |
| AECC Aviation Power Co. Ltd., Class A | &nbsp;&nbsp; 67491 | 396202 |
| Agricultural Bank of China Ltd., Class A | &nbsp;&nbsp; 1792800 | 1565600 |
| Agricultural Bank of China Ltd., Class H | &nbsp;&nbsp; 9794000 | 6416207 |
| Aier Eye Hospital Group Co. Ltd., Class A | &nbsp;&nbsp; 228960 | 406786 |
| Air China Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 332019 | 334229 |
| Akeso Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 217000 | 4231296 |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 6076040 | 91351836 |
| Alibaba Health Information Technology Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 2000000 | 1240276 |
| Aluminum Corp. of China Ltd., Class A | &nbsp;&nbsp; 448299 | 459801 |
| Aluminum Corp. of China Ltd., Class H | &nbsp;&nbsp; 1334000 | 1054349 |
| Angel Yeast Co. Ltd., Class A | &nbsp;&nbsp; 33298 | 158363 |
| Anhui Conch Cement Co. Ltd., Class A | &nbsp;&nbsp; 99680 | 325254 |
| Anhui Conch Cement Co. Ltd., Class H | &nbsp;&nbsp; 415000 | 1201479 |
| Anhui Gujing Distillery Co. Ltd., Class A | &nbsp;&nbsp; 35 | 668 |
| Anhui Gujing Distillery Co. Ltd., Class B | &nbsp;&nbsp; 50310 | 681859 |
| Anhui Jianghuai Automobile Group Corp. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 46100 | 315738 |
| Anhui Yingjia Distillery Co. Ltd., Class A | &nbsp;&nbsp; 17000 | 96581 |
| ANTA Sports Products Ltd. | &nbsp;&nbsp; 464800 | 5335013 |
| APT Medical Inc., Class A | &nbsp;&nbsp; 2901 | 114233 |
| Autohome Inc., ADR | &nbsp;&nbsp; 23572 | 638565 |
| Avary Holding Shenzhen Co. Ltd., Class A | &nbsp;&nbsp; 50400 | 368467 |
| AviChina Industry & Technology Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 833000 | 492380 |
| Baidu Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 796820 | 8718274 |
| Bank of Beijing Co. Ltd., Class A | &nbsp;&nbsp; 514600 | 460162 |
| Bank of Chengdu Co. Ltd., Class A | &nbsp;&nbsp; 83000 | 212433 |
| Bank of China Ltd., Class A | &nbsp;&nbsp; 863200 | 664465 |
| Bank of China Ltd., Class H | &nbsp;&nbsp; 25066000 | 14468427 |
| Bank of Communications Co. Ltd., Class A | &nbsp;&nbsp; 1125986 | 1193920 |
| Bank of Communications Co. Ltd., Class H | &nbsp;&nbsp; 3154100 | 2841426 |
| Bank of Hangzhou Co. Ltd., Class A | &nbsp;&nbsp; 166060 | 369249 |
| Bank of Jiangsu Co. Ltd., Class A | &nbsp;&nbsp; 431600 | 675920 |
| Bank of Nanjing Co. Ltd., Class A | &nbsp;&nbsp; 265600 | 422584 |
| Bank of Ningbo Co. Ltd., Class A | &nbsp;&nbsp; 132825 | 512625 |
| Bank of Shanghai Co. Ltd., Class A | &nbsp;&nbsp; 448241 | 635635 |
| Baoshan Iron & Steel Co. Ltd., Class A | &nbsp;&nbsp; 564495 | 574067 |
| Beijing Enterprises Holdings Ltd. | &nbsp;&nbsp; 166000 | 694555 |
| Beijing Enterprises Water Group Ltd. | &nbsp;&nbsp; 1660000 | 568094 |
| Beijing Kingsoft Office Software Inc., Class A | &nbsp;&nbsp; 10200 | 441762 |
| Beijing New Building Materials PLC, Class A | &nbsp;&nbsp; 17226 | 62239 |
| Beijing Tong Ren Tang Co. Ltd., Class A | &nbsp;&nbsp; 33200 | 165621 |
| Beijing Wantai Biological Pharmacy Enterprise Co. <br> Ltd., Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 25333 | 205312 |
| Beijing-Shanghai High Speed Railway Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1062400 | 794381 |
| Bethel Automotive Safety Systems Co. Ltd., Class A | &nbsp;&nbsp; 23320 | 151848 |
| Bilibili Inc., Class Z<sup>(a)</sup> | &nbsp;&nbsp; 81448 | 1863454 |
| BOC Aviation Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 83200 | 755869 |
| BOE Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 962800 | 538584 |
| Bosideng International Holdings Ltd. | &nbsp;&nbsp; 1464000 | 835499 |
| BYD Co. Ltd., Class A | &nbsp;&nbsp; 114750 | 1664510 |
| BYD Co. Ltd., Class H | &nbsp;&nbsp; 1288000 | 18805893 |
| BYD Electronic International Co. Ltd. | &nbsp;&nbsp; 260000 | 1081859 |
| C&D International Investment Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 214000 | 431735 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Caitong Securities Co. Ltd., Class A | &nbsp;&nbsp; 177208 | $198516 |
| Cambricon Technologies Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 8525 | 835007 |
| CGN Power Co. Ltd., Class A | &nbsp;&nbsp; 336000 | 171320 |
| CGN Power Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 3818000 | 1434316 |
| Changjiang Securities Co. Ltd., Class A | &nbsp;&nbsp; 266400 | 271573 |
| Chaozhou Three-Circle Group Co. Ltd., Class A | &nbsp;&nbsp; 33297 | 152486 |
| China CITIC Bank Corp. Ltd., Class H | &nbsp;&nbsp; 2828200 | 2627741 |
| China Coal Energy Co. Ltd., Class H | &nbsp;&nbsp; 666000 | 818319 |
| China Communications Services Corp. Ltd., <br> Class H<br>| &nbsp;&nbsp; 996000 | 580109 |
| China Construction Bank Corp., Class A | &nbsp;&nbsp; 379600 | 495215 |
| China Construction Bank Corp., Class H | &nbsp;&nbsp; 34034390 | 34810482 |
| China CSSC Holdings Ltd., Class A | &nbsp;&nbsp; 99600 | 473482 |
| China Eastern Airlines Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 282295 | 148191 |
| China Energy Engineering Corp. Ltd., Class A | &nbsp;&nbsp; 763600 | 273967 |
| China Everbright Bank Co. Ltd., Class A | &nbsp;&nbsp; 1045800 | 587048 |
| China Everbright Bank Co. Ltd., Class H | &nbsp;&nbsp; 1162000 | 546041 |
| China Feihe Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1328000 | 789497 |
| China Galaxy Securities Co. Ltd., Class A | &nbsp;&nbsp; 166051 | 394923 |
| China Galaxy Securities Co. Ltd., Class H | &nbsp;&nbsp; 1209500 | 1634531 |
| China Gas Holdings Ltd. | &nbsp;&nbsp; 1062400 | 1115943 |
| China Greatwall Technology Group Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 115000 | 240138 |
| China Hongqiao Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 996000 | 2627344 |
| China International Capital Corp. Ltd., Class A | &nbsp;&nbsp; 49800 | 249332 |
| China International Capital Corp. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 597600 | 1517448 |
| China Jushi Co. Ltd., Class A | &nbsp;&nbsp; 99671 | 170930 |
| China Life Insurance Co. Ltd., Class A | &nbsp;&nbsp; 66490 | 376681 |
| China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 2656000 | 7672147 |
| China Literature Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 166000 | 652360 |
| China Longyuan Power Group Corp. Ltd., Class H | &nbsp;&nbsp; 1214000 | 1094714 |
| China Mengniu Dairy Co. Ltd. | &nbsp;&nbsp; 1105000 | 2299522 |
| China Merchants Bank Co. Ltd., Class A | &nbsp;&nbsp; 448204 | 2761230 |
| China Merchants Bank Co. Ltd., Class H | &nbsp;&nbsp; 1412446 | 9165563 |
| China Merchants Energy Shipping Co. Ltd., Class A | &nbsp;&nbsp; 149400 | 125277 |
| China Merchants Expressway Network & <br> Technology Holdings Co. Ltd., Class A<br>| &nbsp;&nbsp; 149400 | 232286 |
| China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp; 332180 | 654204 |
| China Merchants Securities Co. Ltd., Class A | &nbsp;&nbsp; 199265 | 492720 |
| China Merchants Shekou Industrial Zone Holdings <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 145060 | 174809 |
| China Minsheng Banking Corp. Ltd., Class A | &nbsp;&nbsp; 1029298 | 697293 |
| China Minsheng Banking Corp. Ltd., Class H | &nbsp;&nbsp; 2075020 | 1248931 |
| China National Building Material Co. Ltd., Class H | &nbsp;&nbsp; 1328000 | 790086 |
| China National Chemical Engineering Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 182656 | 202073 |
| China National Nuclear Power Co. Ltd., Class A | &nbsp;&nbsp; 398400 | 507525 |
| China National Software & Service Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 23050 | 150898 |
| China Northern Rare Earth Group High-Tech Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 99600 | 517583 |
| China Oilfield Services Ltd., Class H | &nbsp;&nbsp; 664000 | 589718 |
| China Overseas Land & Investment Ltd. | &nbsp;&nbsp; 1328260 | 2297224 |
| China Pacific Insurance Group Co. Ltd., Class A | &nbsp;&nbsp; 149498 | 775205 |
| China Pacific Insurance Group Co. Ltd., Class H | &nbsp;&nbsp; 929600 | 3743886 |
| China Petroleum & Chemical Corp., Class A | &nbsp;&nbsp; 730492 | 608123 |
| China Petroleum & Chemical Corp., Class H | &nbsp;&nbsp; 8304000 | 4872972 |
| China Power International Development Ltd. | &nbsp;&nbsp; 1660000 | 650712 |
| China Railway Group Ltd., Class A | &nbsp;&nbsp; 448200 | 353361 |
| China Railway Group Ltd., Class H | &nbsp;&nbsp; 1494000 | 751678 |
| China Resources Beer Holdings Co. Ltd. | &nbsp;&nbsp; 581000 | 1931762 |
| China Resources Gas Group Ltd. | &nbsp;&nbsp; 315400 | 798373 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI All Country Asia ex Japan ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| China Resources Land Ltd. | &nbsp;&nbsp; 1162055 | $4261218 |
| China Resources Microelectronics Ltd., Class A | &nbsp;&nbsp; 28396 | 183012 |
| China Resources Mixc Lifestyle Services Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 233000 | 1082020 |
| China Resources Pharmaceutical Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 664000 | 463687 |
| China Resources Power Holdings Co. Ltd. | &nbsp;&nbsp; 664000 | 1645451 |
| China Resources Sanjiu Medical & Pharmaceutical <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 42990 | 186533 |
| China Ruyi Holdings Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 2756000 | 1102400 |
| China Shenhua Energy Co. Ltd., Class A | &nbsp;&nbsp; 132818 | 701757 |
| China Shenhua Energy Co. Ltd., Class H | &nbsp;&nbsp; 1221500 | 5294162 |
| China Southern Airlines Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 315400 | 247555 |
| China State Construction Engineering Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 896400 | 702710 |
| China State Construction International Holdings Ltd. | &nbsp;&nbsp; 664000 | 1017242 |
| China Taiping Insurance Holdings Co. Ltd. | &nbsp;&nbsp; 564590 | 1254521 |
| China Three Gorges Renewables Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 713800 | 428516 |
| China Tourism Group Duty Free Corp. Ltd., Class A | &nbsp;&nbsp; 33298 | 299356 |
| China Tower Corp. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 1564200 | 2188808 |
| China United Network Communications Ltd., <br> Class A<br>| &nbsp;&nbsp; 657800 | 488048 |
| China Vanke Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 216007 | 192552 |
| China Vanke Co. Ltd., Class H<sup>(a)(c)</sup> | &nbsp;&nbsp; 763684 | 484547 |
| China Yangtze Power Co. Ltd., Class A | &nbsp;&nbsp; 514648 | 1987658 |
| China Zheshang Bank Co. Ltd., Class A | &nbsp;&nbsp; 481400 | 226149 |
| Chongqing Brewery Co. Ltd., Class A | &nbsp;&nbsp; 18296 | 140050 |
| Chongqing Changan Automobile Co. Ltd., Class A | &nbsp;&nbsp; 166078 | 295590 |
| Chongqing Rural Commercial Bank Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 188700 | 177345 |
| Chongqing Rural Commercial Bank Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 793000 | 628961 |
| Chongqing Zhifei Biological Products Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 49800 | 165356 |
| Chow Tai Fook Jewellery Group Ltd. | &nbsp;&nbsp; 730800 | 1220503 |
| CITIC Ltd. | &nbsp;&nbsp; 1494000 | 2241259 |
| CITIC Securities Co. Ltd., Class A | &nbsp;&nbsp; 265817 | 1066980 |
| CITIC Securities Co. Ltd., Class H | &nbsp;&nbsp; 581025 | 2041485 |
| CMOC Group Ltd., Class A | &nbsp;&nbsp; 531200 | 656937 |
| CMOC Group Ltd., Class H | &nbsp;&nbsp; 1035000 | 1174863 |
| Contemporary Amperex Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 93098 | 3399974 |
| Contemporary Amperex Technology Co. Ltd., <br> Class H<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 30000 | 1552357 |
| Cosco Shipping Energy Transportation Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 83000 | 115604 |
| Cosco Shipping Holdings Co. Ltd., Class A | &nbsp;&nbsp; 315612 | 682508 |
| Cosco Shipping Holdings Co. Ltd., Class H | &nbsp;&nbsp; 996399 | 1821358 |
| CRRC Corp. Ltd., Class A | &nbsp;&nbsp; 630800 | 644245 |
| CRRC Corp. Ltd., Class H | &nbsp;&nbsp; 1494000 | 1035279 |
| CSC Financial Co. Ltd., Class A | &nbsp;&nbsp; 116299 | 411510 |
| CSPC Innovation Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp; 32380 | 241606 |
| CSPC Pharmaceutical Group Ltd. | &nbsp;&nbsp; 2989440 | 3757111 |
| Daqin Railway Co. Ltd., Class A | &nbsp;&nbsp; 381800 | 345931 |
| Dong-E-E-Jiao Co. Ltd., Class A | &nbsp;&nbsp; 16600 | 118813 |
| Dongfang Electric Corp. Ltd., Class A | &nbsp;&nbsp; 83088 | 232180 |
| Dongxing Securities Co. Ltd., Class A | &nbsp;&nbsp; 132898 | 204936 |
| East Money Information Co. Ltd., Class A | &nbsp;&nbsp; 413614 | 1327670 |
| Eastroc Beverage Group Co. Ltd., Class A | &nbsp;&nbsp; 10800 | 421098 |
| Ecovacs Robotics Co. Ltd., Class A | &nbsp;&nbsp; 16600 | 182956 |
| ENN Energy Holdings Ltd. | &nbsp;&nbsp; 287300 | 2341500 |
| Eoptolink Technology Inc. Ltd., Class A | &nbsp;&nbsp; 23360 | 606656 |
| Eve Energy Co. Ltd., Class A | &nbsp;&nbsp; 49816 | 304710 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Everbright Securities Co. Ltd., Class A | &nbsp;&nbsp; 100693 | $253285 |
| Far East Horizon Ltd. | &nbsp;&nbsp; 664000 | 676688 |
| Flat Glass Group Co. Ltd., Class A | &nbsp;&nbsp; 49800 | 112066 |
| Focus Media Information Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 382940 | 397458 |
| Foshan Haitian Flavouring & Food Co. Ltd., Class A | &nbsp;&nbsp; 115492 | 613057 |
| Fosun International Ltd. | &nbsp;&nbsp; 830000 | 572796 |
| Founder Securities Co. Ltd., Class A | &nbsp;&nbsp; 182600 | 204995 |
| Foxconn Industrial Internet Co. Ltd., Class A | &nbsp;&nbsp; 265600 | 1265481 |
| Fuyao Glass Industry Group Co. Ltd., Class A | &nbsp;&nbsp; 49899 | 377689 |
| Fuyao Glass Industry Group Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 199200 | 1436146 |
| Ganfeng Lithium Group Co. Ltd., Class A | &nbsp;&nbsp; 16657 | 82960 |
| GCL Technology Holdings Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 7792000 | 1154514 |
| GD Power Development Co. Ltd., Class A | &nbsp;&nbsp; 464800 | 295065 |
| Geely Automobile Holdings Ltd. | &nbsp;&nbsp; 2158000 | 4840432 |
| Genscript Biotech Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 406000 | 880575 |
| GF Securities Co. Ltd., Class A | &nbsp;&nbsp; 132800 | 352574 |
| Giant Biogene Holding Co. Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 99600 | 710222 |
| GigaDevice Semiconductor Inc., Class A | &nbsp;&nbsp; 16735 | 279953 |
| GoerTek Inc., Class A | &nbsp;&nbsp; 83297 | 264040 |
| Goldwind Science & Technology Co. Ltd., Class A | &nbsp;&nbsp; 99613 | 133015 |
| Goneo Group Co. Ltd., Class A | &nbsp;&nbsp; 34659 | 226348 |
| Gotion High-tech Co. Ltd., Class A | &nbsp;&nbsp; 16600 | 67131 |
| Great Wall Motor Co. Ltd., Class A | &nbsp;&nbsp; 50000 | 149642 |
| Great Wall Motor Co. Ltd., Class H | &nbsp;&nbsp; 830000 | 1354500 |
| Gree Electric Appliances Inc. of Zhuhai, Class A | &nbsp;&nbsp; 66400 | 419642 |
| GRG Banking Equipment Co. Ltd., Class A | &nbsp;&nbsp; 116260 | 212853 |
| Guangdong Haid Group Co. Ltd., Class A | &nbsp;&nbsp; 33599 | 262896 |
| Guangdong Investment Ltd. | &nbsp;&nbsp; 996000 | 886529 |
| Guanghui Energy Co. Ltd., Class A | &nbsp;&nbsp; 216900 | 162721 |
| Guangzhou Automobile Group Co. Ltd., Class A | &nbsp;&nbsp; 116200 | 121350 |
| Guangzhou Baiyunshan Pharmaceutical Holdings <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 49800 | 185330 |
| Guangzhou Haige Communications Group Inc. Co., <br> Class A<br>| &nbsp;&nbsp; 116211 | 212868 |
| Guangzhou Tinci Materials Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 49800 | 130046 |
| Guosen Securities Co. Ltd., Class A | &nbsp;&nbsp; 215800 | 396181 |
| Guotai Haitong Securities Co. Ltd. | &nbsp;&nbsp; 271938 | 763715 |
| Guotai Haitong Securities Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 750576 | 1620290 |
| Guoyuan Securities Co. Ltd., Class A | &nbsp;&nbsp; 166030 | 195278 |
| H World Group Ltd., ADR | &nbsp;&nbsp; 73538 | 2295856 |
| Haidilao International Holding Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 600000 | 1063618 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 149400 | 513278 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 830000 | 2614812 |
| Hainan Airlines Holding Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 741800 | 152039 |
| Haitian International Holdings Ltd. | &nbsp;&nbsp; 166000 | 449985 |
| Hangzhou First Applied Material Co. Ltd., Class A | &nbsp;&nbsp; 69852 | 141388 |
| Hangzhou Silan Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 49800 | 176098 |
| Hangzhou Tigermed Consulting Co. Ltd., Class A | &nbsp;&nbsp; 17690 | 166444 |
| Hansoh Pharmaceutical Group Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 400000 | 1797068 |
| Henan Shenhuo Coal Industry & Electricity Power <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 50400 | 123302 |
| Henan Shuanghui Investment & Development Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 83098 | 284314 |
| Hengan International Group Co. Ltd. | &nbsp;&nbsp; 249000 | 743864 |
| Hengli Petrochemical Co. Ltd., Class A | &nbsp;&nbsp; 199299 | 426399 |
| Hisense Home Appliances Group Co. Ltd., Class H | &nbsp;&nbsp; 166136 | 476430 |
| Hithink RoyalFlush Information Network Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 16688 | 653271 |
| Hoshine Silicon Industry Co. Ltd., Class A | &nbsp;&nbsp; 16600 | 121042 |
| Hua Hong Semiconductor Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 212000 | 1091514 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI All Country Asia ex Japan ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Huadian Power International Corp. Ltd., Class A | &nbsp;&nbsp; 275200 | $202294 |
| Huadong Medicine Co. Ltd., Class A | &nbsp;&nbsp; 49887 | 306677 |
| Huagong Tech Co. Ltd., Class A | &nbsp;&nbsp; 33200 | 231572 |
| Huaibei Mining Holdings Co. Ltd., Class A | &nbsp;&nbsp; 67200 | 114365 |
| Hualan Biological Engineering Inc., Class A | &nbsp;&nbsp; 50080 | 115051 |
| Huaneng Power International Inc., Class A | &nbsp;&nbsp; 332000 | 337264 |
| Huaneng Power International Inc., Class H | &nbsp;&nbsp; 1332000 | 904195 |
| Huatai Securities Co. Ltd., Class A | &nbsp;&nbsp; 215800 | 598566 |
| Huatai Securities Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 431600 | 993358 |
| Huaxia Bank Co. Ltd., Class A | &nbsp;&nbsp; 348699 | 384157 |
| Huayu Automotive Systems Co. Ltd., Class A | &nbsp;&nbsp; 83200 | 202345 |
| Huizhou Desay Sv Automotive Co. Ltd., Class A | &nbsp;&nbsp; 16600 | 233102 |
| Hundsun Technologies Inc., Class A | &nbsp;&nbsp; 47735 | 238467 |
| Hygon Information Technology Co. Ltd., Class A | &nbsp;&nbsp; 34020 | 653591 |
| IEIT Systems Co. Ltd., Class A | &nbsp;&nbsp; 33248 | 256003 |
| Iflytek Co. Ltd., Class A | &nbsp;&nbsp; 49800 | 335944 |
| Imeik Technology Development Co. Ltd., Class A | &nbsp;&nbsp; 5740 | 147211 |
| Industrial & Commercial Bank of China Ltd., <br> Class A<br>| &nbsp;&nbsp; 1394400 | 1461360 |
| Industrial & Commercial Bank of China Ltd., <br> Class H<br>| &nbsp;&nbsp; 22752350 | 17433413 |
| Industrial Bank Co. Ltd., Class A | &nbsp;&nbsp; 464825 | 1457272 |
| Industrial Securities Co. Ltd., Class A | &nbsp;&nbsp; 308386 | 277624 |
| Ingenic Semiconductor Co. Ltd., Class A | &nbsp;&nbsp; 17000 | 156500 |
| Inner Mongolia BaoTou Steel Union Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1209696 | 450721 |
| Inner Mongolia Dian Tou Energy Corp. Ltd., <br> Class A <br>| &nbsp;&nbsp; 51300 | 143086 |
| Inner Mongolia Junzheng Energy & Chemical <br> Industry Group Co. Ltd., Class A<br>| &nbsp;&nbsp; 315400 | 233007 |
| Inner Mongolia Yili Industrial Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 132891 | 504619 |
| Inner Mongolia Yitai Coal Co. Ltd., Class B | &nbsp;&nbsp; 347825 | 713733 |
| Innovent Biologics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 431000 | 5334961 |
| J&T Global Express Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 787600 | 1036052 |
| JA Solar Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 83032 | 127029 |
| JCET Group Co. Ltd., Class A | &nbsp;&nbsp; 34000 | 164694 |
| JD Health International Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 390200 | 2495109 |
| JD Logistics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 713800 | 1237028 |
| JD.com Inc., Class A | &nbsp;&nbsp; 863232 | 13606205 |
| Jiangsu Eastern Shenghong Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 166000 | 205261 |
| Jiangsu Expressway Co. Ltd., Class H | &nbsp;&nbsp; 332000 | 407097 |
| Jiangsu Hengli Hydraulic Co. Ltd., Class A | &nbsp;&nbsp; 33265 | 339034 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | &nbsp;&nbsp; 132810 | 1157902 |
| Jiangsu King's Luck Brewery JSC Ltd., Class A | &nbsp;&nbsp; 33200 | 180810 |
| Jiangsu Yanghe Distillery Co. Ltd., Class A | &nbsp;&nbsp; 33200 | 310212 |
| Jiangsu Yoke Technology Co. Ltd., Class A | &nbsp;&nbsp; 17000 | 129723 |
| Jiangsu Yuyue Medical Equipment & Supply Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 33200 | 160314 |
| Jiangsu Zhongtian Technology Co. Ltd., Class A | &nbsp;&nbsp; 83200 | 159471 |
| Jiangxi Copper Co. Ltd., Class A | &nbsp;&nbsp; 33200 | 103172 |
| Jiangxi Copper Co. Ltd., Class H | &nbsp;&nbsp; 498000 | 995367 |
| Jinko Solar Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 212768 | 153957 |
| Kanzhun Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 101758 | 1929332 |
| KE Holdings Inc., Class A<sup>(c)</sup> | &nbsp;&nbsp; 732454 | 4479704 |
| Kingdee International Software Group Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 996000 | 2311727 |
| Kingsoft Corp. Ltd. | &nbsp;&nbsp; 332000 | 1509688 |
| Kuaishou Technology<sup>(a)(b)</sup> | &nbsp;&nbsp; 946200 | 9238745 |
| Kuang-Chi Technologies Co. Ltd., Class A | &nbsp;&nbsp; 34000 | 192138 |
| Kunlun Energy Co. Ltd. | &nbsp;&nbsp; 1328000 | 1279329 |
| Kunlun Tech Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 36000 | 178701 |
| Kweichow Moutai Co. Ltd., Class A | &nbsp;&nbsp; 27272 | 5367050 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| LB Group Co. Ltd., Class A | &nbsp;&nbsp; 66400 | $156666 |
| Legend Biotech Corp., ADR<sup>(a)(c)</sup> | &nbsp;&nbsp; 23572 | 920958 |
| Lenovo Group Ltd. | &nbsp;&nbsp; 2908000 | 3728780 |
| Lens Technology Co. Ltd., Class A | &nbsp;&nbsp; 83086 | 261321 |
| Li Auto Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 448236 | 5868174 |
| Li Ning Co. Ltd. | &nbsp;&nbsp; 830000 | 1758512 |
| Lingyi iTech Guangdong Co., Class A | &nbsp;&nbsp; 149400 | 185306 |
| Longfor Group Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 747000 | 929760 |
| LONGi Green Energy Technology Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 182628 | 398342 |
| Luxshare Precision Industry Co. Ltd., Class A | &nbsp;&nbsp; 133030 | 671515 |
| Luzhou Laojiao Co. Ltd., Class A | &nbsp;&nbsp; 33200 | 565056 |
| Mango Excellent Media Co. Ltd., Class A | &nbsp;&nbsp; 50550 | 154054 |
| Maxscend Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 16664 | 171159 |
| Meituan, Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 1759850 | 27150155 |
| Metallurgical Corp. of China Ltd., Class A | &nbsp;&nbsp; 581008 | 243745 |
| Midea Group Co. Ltd., Class A | &nbsp;&nbsp; 80500 | 781819 |
| Midea Group Co. Ltd., Class H | &nbsp;&nbsp; 116200 | 1125887 |
| MINISO Group Holding Ltd. | &nbsp;&nbsp; 166960 | 794741 |
| MMG Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1331200 | 647257 |
| Montage Technology Co. Ltd., Class A | &nbsp;&nbsp; 33200 | 389900 |
| Muyuan Foods Co. Ltd., Class A | &nbsp;&nbsp; 116236 | 745985 |
| NARI Technology Co. Ltd., Class A | &nbsp;&nbsp; 199267 | 604249 |
| NAURA Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 16065 | 744276 |
| NetEase Inc. | &nbsp;&nbsp; 614270 | 16058393 |
| New China Life Insurance Co. Ltd., Class A | &nbsp;&nbsp; 50199 | 463321 |
| New China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 332000 | 2124438 |
| New Hope Liuhe Co. Ltd., Class A | &nbsp;&nbsp; 116272 | 154795 |
| New Oriental Education & Technology Group Inc. | &nbsp;&nbsp; 448580 | 1989310 |
| Ninestar Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 50300 | 163819 |
| Ningbo Deye Technology Co. Ltd., Class A | &nbsp;&nbsp; 23192 | 164071 |
| Ningbo Orient Wires & Cables Co. Ltd., Class A | &nbsp;&nbsp; 16600 | 108925 |
| Ningbo Tuopu Group Co. Ltd., Class A | &nbsp;&nbsp; 35280 | 223794 |
| Ningxia Baofeng Energy Group Co. Ltd., Class A | &nbsp;&nbsp; 215800 | 464370 |
| NIO Inc., Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 551442 | 2639381 |
| Nongfu Spring Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 697600 | 4030485 |
| OmniVision Integrated Circuits Group Inc. | &nbsp;&nbsp; 33210 | 555602 |
| Oppein Home Group Inc., Class A | &nbsp;&nbsp; 16600 | 118524 |
| Orient Overseas International Ltd. | &nbsp;&nbsp; 83000 | 1493359 |
| Orient Securities Co. Ltd., Class A | &nbsp;&nbsp; 149413 | 232613 |
| PDD Holdings Inc., ADR<sup>(a)(c)</sup> | &nbsp;&nbsp; 244995 | 27794683 |
| People's Insurance Co. Group of China Ltd. (The), <br> Class A<br>| &nbsp;&nbsp; 201600 | 228275 |
| People's Insurance Co. Group of China Ltd. (The), <br> Class H<br>| &nbsp;&nbsp; 3154000 | 2423117 |
| PetroChina Co. Ltd., Class A | &nbsp;&nbsp; 481400 | 591874 |
| PetroChina Co. Ltd., Class H | &nbsp;&nbsp; 7504000 | 7333143 |
| Pharmaron Beijing Co. Ltd., Class A | &nbsp;&nbsp; 42250 | 181003 |
| PICC Property & Casualty Co. Ltd., Class H | &nbsp;&nbsp; 2331814 | 4839870 |
| Ping An Bank Co. Ltd., Class A | &nbsp;&nbsp; 415038 | 703377 |
| Ping An Insurance Group Co. of China Ltd., Class A | &nbsp;&nbsp; 249099 | 2023709 |
| Ping An Insurance Group Co. of China Ltd., Class H | &nbsp;&nbsp; 2367500 | 16253742 |
| Poly Developments and Holdings Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 249295 | 275474 |
| Pop Mart International Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 199200 | 6213818 |
| Postal Savings Bank of China Co. Ltd., Class A | &nbsp;&nbsp; 664000 | 528263 |
| Postal Savings Bank of China Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 2988000 | 2110754 |
| Power Construction Corp. of China Ltd., Class A | &nbsp;&nbsp; 381800 | 361048 |
| Qifu Technology Inc. | &nbsp;&nbsp; 37682 | 1293623 |
| Qinghai Salt Lake Industry Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 132800 | 331596 |
| Range Intelligent Computing Technology Group Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 33600 | 230925 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI All Country Asia ex Japan ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Rockchip Electronics Co. Ltd., Class A | &nbsp;&nbsp; 8700 | $194611 |
| Rongsheng Petrochemical Co. Ltd., Class A | &nbsp;&nbsp; 265668 | 336190 |
| SAIC Motor Corp. Ltd., Class A | &nbsp;&nbsp; 166098 | 394654 |
| Sanan Optoelectronics Co. Ltd., Class A | &nbsp;&nbsp; 41600 | 71950 |
| Sany Heavy Industry Co. Ltd., Class A | &nbsp;&nbsp; 215899 | 596141 |
| Satellite Chemical Co. Ltd., Class A | &nbsp;&nbsp; 83091 | 224037 |
| SDIC Power Holdings Co. Ltd., Class A | &nbsp;&nbsp; 144000 | 314435 |
| Seres Group Co. Ltd., Class A | &nbsp;&nbsp; 33800 | 592643 |
| SF Holding Co. Ltd., Class A | &nbsp;&nbsp; 116295 | 740517 |
| SG Micro Corp., Class A | &nbsp;&nbsp; 21520 | 212081 |
| Shaanxi Coal Industry Co. Ltd., Class A | &nbsp;&nbsp; 215899 | 602059 |
| Shandong Gold Mining Co. Ltd., Class A | &nbsp;&nbsp; 83080 | 338101 |
| Shandong Gold Mining Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 290500 | 898346 |
| Shandong Hualu Hengsheng Chemical Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 66420 | 220511 |
| Shandong Nanshan Aluminum Co. Ltd., Class A | &nbsp;&nbsp; 448200 | 243630 |
| Shandong Sun Paper Industry JSC Ltd., Class A | &nbsp;&nbsp; 83000 | 160098 |
| Shandong Weigao Group Medical Polymer Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 930800 | 819341 |
| Shanghai Baosight Software Co. Ltd., Class A | &nbsp;&nbsp; 49847 | 170529 |
| Shanghai Baosight Software Co. Ltd., Class B | &nbsp;&nbsp; 265605 | 365090 |
| Shanghai Electric Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 298800 | 322728 |
| Shanghai Fosun Pharmaceutical Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 66400 | 254181 |
| Shanghai International Airport Co. Ltd., Class A | &nbsp;&nbsp; 33200 | 147949 |
| Shanghai M&G Stationery Inc., Class A | &nbsp;&nbsp; 16900 | 72086 |
| Shanghai Pharmaceuticals Holding Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 83000 | 219115 |
| Shanghai Pudong Development Bank Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 597695 | 1060298 |
| Shanghai Putailai New Energy Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 51260 | 124279 |
| Shanghai Rural Commercial Bank Co. Ltd., Class A | &nbsp;&nbsp; 218400 | 275313 |
| Shanghai United Imaging Healthcare Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 20020 | 370073 |
| Shanjin International Gold Co. Ltd., Class A | &nbsp;&nbsp; 50021 | 124841 |
| Shanxi Coking Coal Energy Group Co. Ltd., Class A | &nbsp;&nbsp; 149400 | 145901 |
| Shanxi Lu'an Environmental Energy Development <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 33200 | 63086 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 33280 | 824959 |
| Shengyi Technology Co. Ltd., Class A | &nbsp;&nbsp; 49800 | 294628 |
| Shennan Circuits Co. Ltd., Class A | &nbsp;&nbsp; 21486 | 421444 |
| Shenwan Hongyuan Group Co. Ltd., Class A | &nbsp;&nbsp; 680697 | 499121 |
| Shenzhen Inovance Technology Co. Ltd., Class A | &nbsp;&nbsp; 33500 | 293067 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 33275 | 1064684 |
| Shenzhen New Industries Biomedical Engineering <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 18000 | 138415 |
| Shenzhen Salubris Pharmaceuticals Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 33200 | 229540 |
| Shenzhen Transsion Holdings Co. Ltd., Class A | &nbsp;&nbsp; 27505 | 289843 |
| Shenzhou International Group Holdings Ltd. | &nbsp;&nbsp; 298800 | 2150392 |
| Sichuan Biokin Pharmaceutical Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 4133 | 175766 |
| Sichuan Chuantou Energy Co. Ltd., Class A | &nbsp;&nbsp; 83000 | 179412 |
| Sichuan Kelun Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp; 33200 | 173682 |
| Sichuan Road & Bridge Group Co. Ltd., Class A | &nbsp;&nbsp; 132800 | 152888 |
| Sieyuan Electric Co. Ltd., Class A | &nbsp;&nbsp; 16800 | 181452 |
| Sino Biopharmaceutical Ltd. | &nbsp;&nbsp; 3656250 | 3501595 |
| Sinopharm Group Co. Ltd., Class H | &nbsp;&nbsp; 464800 | 1117206 |
| Sinotruk Hong Kong Ltd. | &nbsp;&nbsp; 255000 | 777126 |
| Smoore International Holdings Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 664000 | 1790411 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| SooChow Securities Co. Ltd., Class A | &nbsp;&nbsp; 158357 | $209469 |
| Southwest Securities Co. Ltd., Class A | &nbsp;&nbsp; 332000 | 208455 |
| Spring Airlines Co. Ltd., Class A | &nbsp;&nbsp; 17000 | 123024 |
| Sungrow Power Supply Co. Ltd., Class A | &nbsp;&nbsp; 46880 | 466780 |
| Sunny Optical Technology Group Co. Ltd. | &nbsp;&nbsp; 249000 | 2307067 |
| Sunwoda Electronic Co. Ltd., Class A | &nbsp;&nbsp; 51499 | 153210 |
| SUPCON Technology Co. Ltd., Class A | &nbsp;&nbsp; 30659 | 202588 |
| Suzhou Dongshan Precision Manufacturing Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 33200 | 267081 |
| Suzhou TFC Optical Communication Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 23192 | 336670 |
| TAL Education Group, ADR<sup>(a)(c)</sup> | &nbsp;&nbsp; 149068 | 1630804 |
| TBEA Co. Ltd., Class A | &nbsp;&nbsp; 151606 | 283784 |
| TCL Technology Group Corp., Class A | &nbsp;&nbsp; 459750 | 280046 |
| TCL Zhonghuan Renewable Energy Technology Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 107098 | 120816 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 2278400 | 159515791 |
| Tencent Music Entertainment Group, ADR | &nbsp;&nbsp; 264404 | 5549840 |
| Tianqi Lithium Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 33600 | 177563 |
| Tianshui Huatian Technology Co. Ltd., Class A | &nbsp;&nbsp; 133000 | 184231 |
| Tingyi Cayman Islands Holding Corp. | &nbsp;&nbsp; 666000 | 984523 |
| Tongcheng Travel Holdings Ltd. | &nbsp;&nbsp; 464800 | 1164616 |
| Tongling Nonferrous Metals Group Co. Ltd., Class A | &nbsp;&nbsp; 397400 | 191133 |
| Tongwei Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 99600 | 281638 |
| TravelSky Technology Ltd., Class H | &nbsp;&nbsp; 334000 | 531020 |
| Trina Solar Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 33396 | 71629 |
| Trip.com Group Ltd. | &nbsp;&nbsp; 215830 | 13399253 |
| Tsingtao Brewery Co. Ltd., Class A | &nbsp;&nbsp; 16600 | 156063 |
| Tsingtao Brewery Co. Ltd., Class H | &nbsp;&nbsp; 234000 | 1486590 |
| Unigroup Guoxin Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 16699 | 160469 |
| Unisplendour Corp. Ltd., Class A | &nbsp;&nbsp; 83020 | 283193 |
| Victory Giant Technology Huizhou Co. Ltd., Class A | &nbsp;&nbsp; 18400 | 486403 |
| Vipshop Holdings Ltd., ADR | &nbsp;&nbsp; 118842 | 1793326 |
| Wanhua Chemical Group Co. Ltd., Class A | &nbsp;&nbsp; 66499 | 573284 |
| Want Want China Holdings Ltd. | &nbsp;&nbsp; 1828000 | 1321231 |
| Weichai Power Co. Ltd., Class A | &nbsp;&nbsp; 166000 | 347601 |
| Weichai Power Co. Ltd., Class H | &nbsp;&nbsp; 664600 | 1408863 |
| Wens Foodstuff Group Co. Ltd., Class A | &nbsp;&nbsp; 166098 | 398046 |
| Western Securities Co. Ltd., Class A | &nbsp;&nbsp; 199299 | 231015 |
| Western Superconducting Technologies Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 33200 | 250593 |
| Wingtech Technology Co. Ltd., Class A | &nbsp;&nbsp; 33200 | 169809 |
| Wuhan Guide Infrared Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 99760 | 162251 |
| Wuliangye Yibin Co. Ltd., Class A | &nbsp;&nbsp; 83099 | 1394245 |
| WUS Printed Circuit Kunshan Co. Ltd., Class A | &nbsp;&nbsp; 49850 | 386396 |
| WuXi AppTec Co. Ltd., Class A | &nbsp;&nbsp; 49864 | 660868 |
| WuXi AppTec Co. Ltd., Class H<sup>(b)(c)</sup> | &nbsp;&nbsp; 116574 | 1555006 |
| Wuxi Biologics Cayman Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1245000 | 5062209 |
| XCMG Construction Machinery Co. Ltd., Class A | &nbsp;&nbsp; 282298 | 327929 |
| Xiamen C & D Inc., Class A | &nbsp;&nbsp; 83000 | 116671 |
| Xiaomi Corp., Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 6054000 | 40731011 |
| Xinjiang Daqo New Energy Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 38748 | 138817 |
| Xinyi Solar Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1660000 | 642626 |
| XPeng Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 436202 | 3969436 |
| Yadea Group Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 382000 | 601109 |
| Yankuang Energy Group Co. Ltd., Class A | &nbsp;&nbsp; 129720 | 226629 |
| Yankuang Energy Group Co. Ltd., Class H | &nbsp;&nbsp; 1164700 | 1327913 |
| Yantai Jereh Oilfield Services Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 33301 | 179481 |
| Yealink Network Technology Corp. Ltd., Class A | &nbsp;&nbsp; 16927 | 78498 |
| Yifeng Pharmacy Chain Co. Ltd., Class A | &nbsp;&nbsp; 30484 | 100007 |
| Yihai Kerry Arawana Holdings Co. Ltd., Class A | &nbsp;&nbsp; 33200 | 138902 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI All Country Asia ex Japan ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Yonyou Network Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 83290 | $182227 |
| YTO Express Group Co. Ltd., Class A | &nbsp;&nbsp; 83000 | 169288 |
| Yum China Holdings Inc. | &nbsp;&nbsp; 133877 | 6249378 |
| Yunnan Aluminium Co. Ltd., Class A | &nbsp;&nbsp; 68000 | 146110 |
| Yunnan Baiyao Group Co. Ltd., Class A | &nbsp;&nbsp; 33915 | 263504 |
| Yunnan Energy New Material Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 24500 | 100217 |
| Yutong Bus Co. Ltd., Class A | &nbsp;&nbsp; 50400 | 173985 |
| Zangge Mining Co. Ltd., Class A | &nbsp;&nbsp; 16600 | 105565 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 16602 | 458207 |
| Zhaojin Mining Industry Co. Ltd., Class H | &nbsp;&nbsp; 581000 | 1442755 |
| Zhejiang China Commodities City Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 119000 | 350804 |
| Zhejiang Chint Electrics Co. Ltd., Class A | &nbsp;&nbsp; 66400 | 208983 |
| Zhejiang Dahua Technology Co. Ltd., Class A | &nbsp;&nbsp; 99600 | 224056 |
| Zhejiang Expressway Co. Ltd., Class H | &nbsp;&nbsp; 665400 | 633999 |
| Zhejiang Huayou Cobalt Co. Ltd., Class A | &nbsp;&nbsp; 49800 | 304081 |
| Zhejiang Jingsheng Mechanical & Electrical Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 16600 | 64010 |
| Zhejiang Juhua Co. Ltd., Class A | &nbsp;&nbsp; 67200 | 248674 |
| Zhejiang Leapmotor Technology Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 182637 | 1404380 |
| Zhejiang NHU Co. Ltd., Class A | &nbsp;&nbsp; 99812 | 309655 |
| Zhejiang Sanhua Intelligent Controls Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 16600 | 60673 |
| Zhejiang Supor Co. Ltd., Class A | &nbsp;&nbsp; 18299 | 131530 |
| Zhejiang Zheneng Electric Power Co. Ltd., Class A | &nbsp;&nbsp; 252000 | 181258 |
| Zheshang Securities Co. Ltd., Class A | &nbsp;&nbsp; 116200 | 182720 |
| Zhongji Innolight Co. Ltd., Class A | &nbsp;&nbsp; 23658 | 707704 |
| Zhongjin Gold Corp. Ltd., Class A | &nbsp;&nbsp; 100800 | 200045 |
| Zhongsheng Group Holdings Ltd. | &nbsp;&nbsp; 332000 | 558461 |
| Zhuzhou CRRC Times Electric Co. Ltd., Class H | &nbsp;&nbsp; 199200 | 808032 |
| Zijin Mining Group Co. Ltd., Class A | &nbsp;&nbsp; 448200 | 1186020 |
| Zijin Mining Group Co. Ltd., Class H | &nbsp;&nbsp; 1992000 | 5282104 |
| Zoomlion Heavy Industry Science and Technology <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 166037 | 168948 |
| ZTE Corp., Class A | &nbsp;&nbsp; 83000 | 393433 |
| ZTE Corp., Class H | &nbsp;&nbsp; 265600 | 838025 |
| ZTO Express Cayman Inc. | &nbsp;&nbsp; 149424 | 2912963 |
|  |  | 914567345 |
| **Hong Kong — 4.9%** | **Hong Kong — 4.9%** | **Hong Kong — 4.9%** |
| AIA Group Ltd. | &nbsp;&nbsp; 3785200 | 35293832 |
| BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 1328000 | 5963058 |
| CK Asset Holdings Ltd. | &nbsp;&nbsp; 664132 | 3043185 |
| CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 920132 | 5989140 |
| CK Infrastructure Holdings Ltd. | &nbsp;&nbsp; 235500 | 1658624 |
| CLP Holdings Ltd. | &nbsp;&nbsp; 581000 | 5042949 |
| Futu Holdings Ltd., ADR | &nbsp;&nbsp; 21746 | 3341925 |
| Galaxy Entertainment Group Ltd. | &nbsp;&nbsp; 788000 | 3842810 |
| Hang Seng Bank Ltd. | &nbsp;&nbsp; 265600 | 3868915 |
| Henderson Land Development Co. Ltd. | &nbsp;&nbsp; 498166 | 1743220 |
| HKT Trust & HKT Ltd., Class SS | &nbsp;&nbsp; 1328640 | 2092046 |
| Hong Kong & China Gas Co. Ltd. | &nbsp;&nbsp; 3984763 | 3556653 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 413858 | 22397497 |
| Hongkong Land Holdings Ltd. | &nbsp;&nbsp; 398400 | 2410320 |
| Jardine Matheson Holdings Ltd. | &nbsp;&nbsp; 49800 | 2704207 |
| Link REIT | &nbsp;&nbsp; 929600 | 5179503 |
| MTR Corp. Ltd. | &nbsp;&nbsp; 582000 | 2093610 |
| Power Assets Holdings Ltd. | &nbsp;&nbsp; 499500 | 3288757 |
| Sands China Ltd. | &nbsp;&nbsp; 863200 | 2089606 |
| Sino Land Co. Ltd. | &nbsp;&nbsp; 1329200 | 1532168 |
| SITC International Holdings Co. Ltd. | &nbsp;&nbsp; 498000 | 1614535 |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 498000 | 5914978 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| Swire Pacific Ltd., Class A | &nbsp;&nbsp; 155000 | $1401097 |
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp; 498000 | 5954909 |
| WH Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2988000 | 2991400 |
| Wharf Holdings Ltd. (The) | &nbsp;&nbsp; 346000 | 985108 |
| Wharf Real Estate Investment Co. Ltd. | &nbsp;&nbsp; 607000 | 1927111 |
|  |  | 137921163 |
| **India — 19.0%** | **India — 19.0%** | **India — 19.0%** |
| ABB India Ltd. | &nbsp;&nbsp; 19422 | 1216170 |
| Adani Enterprises Ltd. | &nbsp;&nbsp; 57104 | 1576686 |
| Adani Ports & Special Economic Zone Ltd. | &nbsp;&nbsp; 190371 | 2969227 |
| Adani Power Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 210439 | 1402373 |
| Alkem Laboratories Ltd. | &nbsp;&nbsp; 14953 | 856731 |
| Ambuja Cements Ltd. | &nbsp;&nbsp; 220448 | 1484273 |
| APL Apollo Tubes Ltd. | &nbsp;&nbsp; 61918 | 1126789 |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp; 35856 | 3056931 |
| Ashok Leyland Ltd. | &nbsp;&nbsp; 1035634 | 1423232 |
| Asian Paints Ltd. | &nbsp;&nbsp; 131592 | 3591887 |
| Astral Ltd. | &nbsp;&nbsp; 45640 | 727942 |
| AU Small Finance Bank Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 127156 | 1071418 |
| Aurobindo Pharma Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 93857 | 1213499 |
| Avenue Supermarts Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 56661 | 2751497 |
| Axis Bank Ltd. | &nbsp;&nbsp; 808421 | 9817526 |
| Bajaj Auto Ltd. | &nbsp;&nbsp; 23414 | 2131782 |
| Bajaj Finance Ltd. | &nbsp;&nbsp; 986404 | 9871306 |
| Bajaj Finserv Ltd. | &nbsp;&nbsp; 136120 | 3012002 |
| Bajaj Holdings & Investment Ltd. | &nbsp;&nbsp; 9794 | 1555118 |
| Balkrishna Industries Ltd. | &nbsp;&nbsp; 29050 | 883981 |
| Bank of Baroda | &nbsp;&nbsp; 365532 | 987697 |
| Bharat Electronics Ltd. | &nbsp;&nbsp; 1291314 | 5609853 |
| Bharat Forge Ltd. | &nbsp;&nbsp; 91798 | 1221827 |
| Bharat Heavy Electricals Ltd. | &nbsp;&nbsp; 384456 | 1040092 |
| Bharat Petroleum Corp. Ltd. | &nbsp;&nbsp; 543027 | 2029257 |
| Bharti Airtel Ltd. | &nbsp;&nbsp; 911734 | 19847661 |
| Bosch Ltd. | &nbsp;&nbsp; 2672 | 1228547 |
| Britannia Industries Ltd. | &nbsp;&nbsp; 37112 | 2441790 |
| BSE Ltd. | &nbsp;&nbsp; 46686 | 1285401 |
| Canara Bank | &nbsp;&nbsp; 672718 | 818682 |
| CG Power & Industrial Solutions Ltd. | &nbsp;&nbsp; 223768 | 1680135 |
| Cholamandalam Investment and Finance Co. Ltd. | &nbsp;&nbsp; 150110 | 2460844 |
| Cipla Ltd. | &nbsp;&nbsp; 193722 | 3421170 |
| Coal India Ltd. | &nbsp;&nbsp; 633788 | 2710360 |
| Colgate-Palmolive India Ltd. | &nbsp;&nbsp; 47476 | 1213930 |
| Container Corp. of India Ltd. | &nbsp;&nbsp; 100845 | 662902 |
| Coromandel International Ltd. | &nbsp;&nbsp; 41685 | 1274667 |
| Cummins India Ltd. | &nbsp;&nbsp; 48156 | 1944931 |
| Dabur India Ltd. | &nbsp;&nbsp; 192726 | 1161195 |
| Divi's Laboratories Ltd. | &nbsp;&nbsp; 41832 | 3132567 |
| Dixon Technologies India Ltd. | &nbsp;&nbsp; 12984 | 2480776 |
| DLF Ltd. | &nbsp;&nbsp; 278342 | 2475481 |
| Dr Reddy's Laboratories Ltd. | &nbsp;&nbsp; 205508 | 2965007 |
| Eicher Motors Ltd. | &nbsp;&nbsp; 47808 | 2974742 |
| Eternal Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1719289 | 6000511 |
| FSN E-Commerce Ventures Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 404526 | 965082 |
| GAIL India Ltd. | &nbsp;&nbsp; 844110 | 1700384 |
| GMR Airports Infrastructure Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 953520 | 973252 |
| Godrej Consumer Products Ltd. | &nbsp;&nbsp; 147076 | 2107326 |
| Godrej Properties Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 54012 | 1287855 |
| Grasim Industries Ltd. | &nbsp;&nbsp; 95616 | 2987373 |
| Havells India Ltd. | &nbsp;&nbsp; 91466 | 1562214 |
| HCL Technologies Ltd. | &nbsp;&nbsp; 334988 | 5584284 |
| HDFC Asset Management Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 35026 | 2251026 |
| HDFC Bank Ltd. | &nbsp;&nbsp; 1995758 | 45799250 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI All Country Asia ex Japan ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| HDFC Life Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 344948 | $2963857 |
| Hero MotoCorp Ltd. | &nbsp;&nbsp; 41850 | 2027327 |
| Hindalco Industries Ltd. | &nbsp;&nbsp; 478454 | 3704007 |
| Hindustan Aeronautics Ltd. | &nbsp;&nbsp; 70550 | 3630929 |
| Hindustan Petroleum Corp. Ltd. | &nbsp;&nbsp; 341904 | 1623306 |
| Hindustan Unilever Ltd. | &nbsp;&nbsp; 288135 | 8275117 |
| Hyundai Motor India Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 58812 | 1442100 |
| ICICI Bank Ltd. | &nbsp;&nbsp; 1859959 | 31320396 |
| ICICI Lombard General Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 84826 | 1861543 |
| ICICI Prudential Life Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 125052 | 876961 |
| IDFC First Bank Ltd. | &nbsp;&nbsp; 1253592 | 979444 |
| Indian Hotels Co. Ltd., Class A | &nbsp;&nbsp; 309922 | 2606774 |
| Indian Oil Corp. Ltd. | &nbsp;&nbsp; 1011770 | 1671479 |
| Indian Railway Catering & Tourism Corp. Ltd. | &nbsp;&nbsp; 81672 | 673284 |
| Indus Towers Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 451188 | 1860725 |
| IndusInd Bank Ltd. | &nbsp;&nbsp; 202003 | 1832692 |
| Info Edge India Ltd. | &nbsp;&nbsp; 132800 | 2097050 |
| Infosys Ltd. | &nbsp;&nbsp; 1167264 | 19851598 |
| InterGlobe Aviation Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 67832 | 4552098 |
| ITC Ltd. | &nbsp;&nbsp; 1047792 | 4913824 |
| Jindal Stainless Ltd. | &nbsp;&nbsp; 119072 | 939952 |
| Jindal Steel & Power Ltd. | &nbsp;&nbsp; 136120 | 1492310 |
| Jio Financial Services Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1007526 | 3767669 |
| JSW Energy Ltd. | &nbsp;&nbsp; 153660 | 899129 |
| JSW Steel Ltd. | &nbsp;&nbsp; 221610 | 2643532 |
| Jubilant Foodworks Ltd. | &nbsp;&nbsp; 131970 | 983297 |
| Kalyan Jewellers India Ltd. | &nbsp;&nbsp; 147397 | 993923 |
| Kotak Mahindra Bank Ltd. | &nbsp;&nbsp; 386988 | 8718972 |
| Larsen & Toubro Ltd. | &nbsp;&nbsp; 241022 | 9967621 |
| Lodha Developers Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 105742 | 1478515 |
| LTIMindtree Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 26062 | 1507582 |
| Lupin Ltd. | &nbsp;&nbsp; 82668 | 1806888 |
| Mahindra & Mahindra Ltd. | &nbsp;&nbsp; 329808 | 12014437 |
| Mankind Pharma Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 44158 | 1288341 |
| Marico Ltd. | &nbsp;&nbsp; 184426 | 1490085 |
| Maruti Suzuki India Ltd. | &nbsp;&nbsp; 44322 | 6357500 |
| Max Healthcare Institute Ltd. | &nbsp;&nbsp; 275228 | 3904818 |
| Mphasis Ltd. | &nbsp;&nbsp; 37018 | 1168782 |
| MRF Ltd. | &nbsp;&nbsp; 830 | 1396652 |
| Muthoot Finance Ltd. | &nbsp;&nbsp; 44488 | 1323065 |
| Nestle India Ltd. | &nbsp;&nbsp; 118586 | 3035796 |
| NHPC Ltd. | &nbsp;&nbsp; 1109710 | 1047252 |
| NMDC Ltd. | &nbsp;&nbsp; 1118121 | 898686 |
| NTPC Ltd. | &nbsp;&nbsp; 1544241 | 5860885 |
| Oberoi Realty Ltd. | &nbsp;&nbsp; 45478 | 841905 |
| Oil & Natural Gas Corp. Ltd. | &nbsp;&nbsp; 1089956 | 2986195 |
| Oil India Ltd. | &nbsp;&nbsp; 179642 | 898599 |
| Oracle Financial Services Software Ltd. | &nbsp;&nbsp; 7802 | 749048 |
| Page Industries Ltd. | &nbsp;&nbsp; 2158 | 1199811 |
| PB Fintech Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 122241 | 2508508 |
| Persistent Systems Ltd. | &nbsp;&nbsp; 38346 | 2240977 |
| Petronet LNG Ltd. | &nbsp;&nbsp; 265600 | 870756 |
| Phoenix Mills Ltd. (The) | &nbsp;&nbsp; 71990 | 1214898 |
| PI Industries Ltd. | &nbsp;&nbsp; 27058 | 1309523 |
| Pidilite Industries Ltd. | &nbsp;&nbsp; 55278 | 1807567 |
| Polycab India Ltd. | &nbsp;&nbsp; 18758 | 1453728 |
| Power Finance Corp. Ltd. | &nbsp;&nbsp; 534852 | 2489654 |
| Power Grid Corp. of India Ltd. | &nbsp;&nbsp; 1608208 | 5316361 |
| Prestige Estates Projects Ltd. | &nbsp;&nbsp; 62211 | 1149411 |
| Punjab National Bank | &nbsp;&nbsp; 824263 | 985767 |
| Rail Vikas Nigam Ltd. | &nbsp;&nbsp; 187746 | 740307 |
| REC Ltd. | &nbsp;&nbsp; 473598 | 2122817 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Reliance Industries Ltd. | &nbsp;&nbsp; 2144861 | $33872685 |
| Samvardhana Motherson International Ltd. | &nbsp;&nbsp; 1730700 | 1904884 |
| SBI Cards & Payment Services Ltd. | &nbsp;&nbsp; 101094 | 931786 |
| SBI Life Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 159734 | 3341709 |
| Shree Cement Ltd. | &nbsp;&nbsp; 3320 | 1163804 |
| Shriram Finance Ltd. | &nbsp;&nbsp; 503644 | 3607145 |
| Siemens Ltd. | &nbsp;&nbsp; 32038 | 1103109 |
| Solar Industries India Ltd. | &nbsp;&nbsp; 9744 | 1574720 |
| Sona Blw Precision Forgings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 155090 | 790041 |
| SRF Ltd. | &nbsp;&nbsp; 48804 | 1688492 |
| State Bank of India | &nbsp;&nbsp; 626831 | 5679365 |
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp; 336814 | 6540938 |
| Sundaram Finance Ltd. | &nbsp;&nbsp; 23352 | 1242090 |
| Supreme Industries Ltd. | &nbsp;&nbsp; 23315 | 1139701 |
| Suzlon Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3418604 | 2385122 |
| Tata Communications Ltd. | &nbsp;&nbsp; 42330 | 830489 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp; 315280 | 10872885 |
| Tata Consumer Products Ltd. | &nbsp;&nbsp; 206786 | 2525089 |
| Tata Elxsi Ltd. | &nbsp;&nbsp; 12284 | 851080 |
| Tata Motors Ltd. | &nbsp;&nbsp; 706910 | 5343295 |
| Tata Power Co. Ltd. (The) | &nbsp;&nbsp; 557082 | 2516345 |
| Tata Steel Ltd. | &nbsp;&nbsp; 2622966 | 4710402 |
| Tech Mahindra Ltd. | &nbsp;&nbsp; 191564 | 3178058 |
| Thermax Ltd. | &nbsp;&nbsp; 14360 | 643738 |
| Titan Co. Ltd. | &nbsp;&nbsp; 126742 | 4824613 |
| Torrent Pharmaceuticals Ltd. | &nbsp;&nbsp; 40956 | 1743316 |
| Torrent Power Ltd. | &nbsp;&nbsp; 59620 | 885330 |
| Trent Ltd. | &nbsp;&nbsp; 64242 | 3664383 |
| Tube Investments of India Ltd. | &nbsp;&nbsp; 36828 | 1188961 |
| TVS Motor Co. Ltd. | &nbsp;&nbsp; 85490 | 2722975 |
| UltraTech Cement Ltd. | &nbsp;&nbsp; 42816 | 5961435 |
| Union Bank of India Ltd. | &nbsp;&nbsp; 554920 | 824118 |
| United Spirits Ltd. | &nbsp;&nbsp; 106738 | 1629634 |
| UPL Ltd. | &nbsp;&nbsp; 155210 | 1241733 |
| Varun Beverages Ltd. | &nbsp;&nbsp; 481382 | 2861006 |
| Vedanta Ltd. | &nbsp;&nbsp; 473930 | 2288778 |
| Vodafone Idea Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 9281724 | 728730 |
| Voltas Ltd. | &nbsp;&nbsp; 79057 | 1193232 |
| Wipro Ltd. | &nbsp;&nbsp; 933916 | 2627065 |
| Yes Bank Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5016188 | 1078768 |
| Zydus Lifesciences Ltd. | &nbsp;&nbsp; 90636 | 998149 |
|  |  | 529563671 |
| **Indonesia — 1.3%** | **Indonesia — 1.3%** | **Indonesia — 1.3%** |
| Alamtri Resources Indonesia Tbk PT | &nbsp;&nbsp; 3917600 | 439152 |
| Amman Mineral Internasional PT<sup>(a)</sup> | &nbsp;&nbsp; 2307400 | 1176121 |
| Astra International Tbk PT | &nbsp;&nbsp; 7270800 | 2247553 |
| Bank Central Asia Tbk PT | &nbsp;&nbsp; 19310800 | 9678485 |
| Bank Mandiri Persero Tbk PT | &nbsp;&nbsp; 13047604 | 3551959 |
| Bank Negara Indonesia Persero Tbk PT | &nbsp;&nbsp; 5343030 | 1295731 |
| Bank Rakyat Indonesia Persero Tbk PT | &nbsp;&nbsp; 24086667 | 5393738 |
| Barito Pacific Tbk PT | &nbsp;&nbsp; 8748563 | 1392129 |
| Chandra Asri Pacific Tbk PT | &nbsp;&nbsp; 3046000 | 1712503 |
| Charoen Pokphand Indonesia Tbk PT | &nbsp;&nbsp; 2822000 | 843424 |
| GoTo Gojek Tokopedia Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 322125510 | 1265841 |
| Indofood CBP Sukses Makmur Tbk PT | &nbsp;&nbsp; 796800 | 473322 |
| Indofood Sukses Makmur Tbk PT | &nbsp;&nbsp; 1577000 | 814293 |
| Kalbe Farma Tbk PT | &nbsp;&nbsp; 7688800 | 665006 |
| Sumber Alfaria Trijaya Tbk PT | &nbsp;&nbsp; 6474000 | 909932 |
| Telkom Indonesia Persero Tbk PT | &nbsp;&nbsp; 16749400 | 2941110 |
| United Tractors Tbk PT | &nbsp;&nbsp; 530243 | 776975 |
|  |  | 35577274 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI All Country Asia ex Japan ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Malaysia — 1.4%** | **Malaysia — 1.4%** | **Malaysia — 1.4%** |
| AMMB Holdings Bhd | &nbsp;&nbsp; 869600 | $1027506 |
| Axiata Group Bhd | &nbsp;&nbsp; 1012600 | 639479 |
| CELCOMDIGI Bhd | &nbsp;&nbsp; 1259000 | 1133543 |
| CIMB Group Holdings Bhd<sup>(c)</sup> | &nbsp;&nbsp; 2827600 | 4322316 |
| Gamuda Bhd | &nbsp;&nbsp; 1581400 | 1908743 |
| Genting Bhd<sup>(c)</sup> | &nbsp;&nbsp; 697200 | 510137 |
| Hong Leong Bank Bhd | &nbsp;&nbsp; 220900 | 982031 |
| IHH Healthcare Bhd | &nbsp;&nbsp; 747000 | 1164725 |
| IOI Corp. Bhd | &nbsp;&nbsp; 896400 | 791577 |
| Kuala Lumpur Kepong Bhd | &nbsp;&nbsp; 193600 | 888790 |
| Malayan Banking Bhd | &nbsp;&nbsp; 1909000 | 4198692 |
| Maxis Bhd | &nbsp;&nbsp; 879800 | 707888 |
| MISC Bhd | &nbsp;&nbsp; 348600 | 608805 |
| MR DIY Group M Bhd<sup>(b)</sup> | &nbsp;&nbsp; 1093200 | 421439 |
| Nestle Malaysia Bhd | &nbsp;&nbsp; 27800 | 573348 |
| Petronas Chemicals Group Bhd | &nbsp;&nbsp; 857300 | 775848 |
| Petronas Dagangan Bhd | &nbsp;&nbsp; 116200 | 586922 |
| Petronas Gas Bhd | &nbsp;&nbsp; 299000 | 1260497 |
| PPB Group Bhd | &nbsp;&nbsp; 249020 | 549742 |
| Press Metal Aluminium Holdings Bhd | &nbsp;&nbsp; 1377800 | 1720741 |
| Public Bank Bhd | &nbsp;&nbsp; 5086550 | 5009583 |
| QL Resources Bhd | &nbsp;&nbsp; 721850 | 719311 |
| RHB Bank Bhd | &nbsp;&nbsp; 498145 | 715182 |
| SD Guthrie Bhd | &nbsp;&nbsp; 780200 | 871543 |
| Sime Darby Bhd | &nbsp;&nbsp; 830000 | 316401 |
| Sunway Bhd | &nbsp;&nbsp; 813400 | 898900 |
| Telekom Malaysia Bhd | &nbsp;&nbsp; 464800 | 733812 |
| Tenaga Nasional Bhd<sup>(c)</sup> | &nbsp;&nbsp; 925200 | 2818110 |
| YTL Corp. Bhd | &nbsp;&nbsp; 1489320 | 862144 |
| YTL Power International Bhd | &nbsp;&nbsp; 1042840 | 993859 |
|  |  | 38711614 |
| **Philippines — 0.5%** | **Philippines — 0.5%** | **Philippines — 0.5%** |
| Ayala Corp. | &nbsp;&nbsp; 91308 | 923528 |
| Ayala Land Inc. | &nbsp;&nbsp; 2373800 | 1014219 |
| Bank of the Philippine Islands | &nbsp;&nbsp; 639102 | 1295022 |
| BDO Unibank Inc. | &nbsp;&nbsp; 867469 | 2117600 |
| International Container Terminal Services Inc. | &nbsp;&nbsp; 352480 | 2706487 |
| Jollibee Foods Corp. | &nbsp;&nbsp; 184260 | 684423 |
| Manila Electric Co. | &nbsp;&nbsp; 92960 | 855775 |
| Metropolitan Bank & Trust Co. | &nbsp;&nbsp; 713800 | 906415 |
| PLDT Inc. | &nbsp;&nbsp; 26565 | 599952 |
| SM Investments Corp. | &nbsp;&nbsp; 84660 | 1184289 |
| SM Prime Holdings Inc. | &nbsp;&nbsp; 3635425 | 1445881 |
|  |  | 13733591 |
| **Singapore — 4.2%** | **Singapore — 4.2%** | **Singapore — 4.2%** |
| CapitaLand Ascendas REIT | &nbsp;&nbsp; 1294814 | 2772361 |
| CapitaLand Integrated Commercial Trust | &nbsp;&nbsp; 2112091 | 3566182 |
| CapitaLand Investment Ltd./Singapore | &nbsp;&nbsp; 846600 | 1803090 |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 740250 | 27170483 |
| Genting Singapore Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1859200 | 1048744 |
| Grab Holdings Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 829834 | 4057888 |
| Keppel Ltd. | &nbsp;&nbsp; 531200 | 3451120 |
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 1195275 | 15489758 |
| Sea Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 134808 | 21117673 |
| Sembcorp Industries Ltd. | &nbsp;&nbsp; 315400 | 1875396 |
| Singapore Airlines Ltd. | &nbsp;&nbsp; 515000 | 2689929 |
| Singapore Exchange Ltd. | &nbsp;&nbsp; 309700 | 3797418 |
| Singapore Technologies Engineering Ltd. | &nbsp;&nbsp; 564800 | 3799568 |
| Singapore Telecommunications Ltd. | &nbsp;&nbsp; 2656000 | 7915271 |
| United Overseas Bank Ltd. | &nbsp;&nbsp; 445900 | 12388323 |
| Wilmar International Ltd. | &nbsp;&nbsp; 597600 | 1352582 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Singapore (continued)** | **Singapore (continued)** | **Singapore (continued)** |
| Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp; 929600 | $1823343 |
|  |  | 116119129 |
| **South Korea — 11.8%** | **South Korea — 11.8%** | **South Korea — 11.8%** |
| Alteogen Inc.<sup>(a)</sup> | &nbsp;&nbsp; 14263 | 4601019 |
| Amorepacific Corp. | &nbsp;&nbsp; 10624 | 1023760 |
| Celltrion Inc.<sup>(c)</sup> | &nbsp;&nbsp; 57508 | 7372697 |
| CJ CheilJedang Corp. | &nbsp;&nbsp; 2990 | 538395 |
| Coway Co. Ltd. | &nbsp;&nbsp; 19754 | 1540726 |
| DB Insurance Co. Ltd. | &nbsp;&nbsp; 15458 | 1420814 |
| Doosan Bobcat Inc. | &nbsp;&nbsp; 19256 | 763368 |
| Doosan Enerbility Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 158709 | 7435296 |
| Ecopro BM Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 17596 | 1391981 |
| Ecopro Co. Ltd. | &nbsp;&nbsp; 36768 | 1292721 |
| Hana Financial Group Inc. | &nbsp;&nbsp; 100547 | 6147351 |
| Hanjin Kal Corp. | &nbsp;&nbsp; 8584 | 671529 |
| Hankook Tire & Technology Co. Ltd. | &nbsp;&nbsp; 28220 | 900139 |
| Hanmi Semiconductor Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 15438 | 1001320 |
| Hanwha Aerospace Co. Ltd. | &nbsp;&nbsp; 12122 | 8648467 |
| Hanwha Ocean Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 37682 | 3029185 |
| Hanwha Systems Co. Ltd. | &nbsp;&nbsp; 26728 | 1137289 |
| HD Hyundai Co. Ltd. | &nbsp;&nbsp; 16217 | 1659380 |
| HD Hyundai Electric Co. Ltd. | &nbsp;&nbsp; 8072 | 2872519 |
| HD Hyundai Heavy Industries Co. Ltd. | &nbsp;&nbsp; 8134 | 2854703 |
| HD Korea Shipbuilding & Offshore Engineering <br> Co. Ltd.<br>| &nbsp;&nbsp; 14940 | 3839314 |
| HLB Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 42496 | 1465530 |
| HMM Co. Ltd. | &nbsp;&nbsp; 91632 | 1540587 |
| HYBE Co. Ltd. | &nbsp;&nbsp; 7969 | 1481132 |
| Hyundai Glovis Co. Ltd. | &nbsp;&nbsp; 13078 | 1381470 |
| Hyundai Mobis Co. Ltd. | &nbsp;&nbsp; 21248 | 4483745 |
| Hyundai Motor Co. | &nbsp;&nbsp; 47310 | 7197142 |
| Hyundai Rotem Co. Ltd. | &nbsp;&nbsp; 27301 | 3946583 |
| Industrial Bank of Korea | &nbsp;&nbsp; 101924 | 1421988 |
| Kakao Corp. | &nbsp;&nbsp; 110997 | 4603974 |
| KakaoBank Corp.<sup>(c)</sup> | &nbsp;&nbsp; 60922 | 1225007 |
| KB Financial Group Inc. | &nbsp;&nbsp; 131638 | 10458397 |
| Kia Corp. | &nbsp;&nbsp; 85656 | 6267515 |
| Korea Aerospace Industries Ltd. | &nbsp;&nbsp; 26228 | 1776166 |
| Korea Electric Power Corp. | &nbsp;&nbsp; 91300 | 2521875 |
| Korea Investment Holdings Co. Ltd. | &nbsp;&nbsp; 14442 | 1478485 |
| Korea Zinc Co. Ltd. | &nbsp;&nbsp; 1530 | 877122 |
| Korean Air Lines Co. Ltd. | &nbsp;&nbsp; 67064 | 1135419 |
| Krafton Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10193 | 2400000 |
| KT&G Corp. | &nbsp;&nbsp; 34362 | 3220538 |
| LG Chem Ltd. | &nbsp;&nbsp; 17596 | 3783225 |
| LG Corp. | &nbsp;&nbsp; 31706 | 1800099 |
| LG Display Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 111718 | 864990 |
| LG Electronics Inc. | &nbsp;&nbsp; 36114 | 1998883 |
| LG Energy Solution Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 16766 | 4583220 |
| LG H&H Co. Ltd. | &nbsp;&nbsp; 3486 | 790193 |
| LG Innotek Co. Ltd. | &nbsp;&nbsp; 5148 | 574390 |
| LG Uplus Corp. | &nbsp;&nbsp; 69388 | 730419 |
| LS Electric Co. Ltd. | &nbsp;&nbsp; 5306 | 1171102 |
| Meritz Financial Group Inc. | &nbsp;&nbsp; 29391 | 2440852 |
| Mirae Asset Securities Co. Ltd. | &nbsp;&nbsp; 80676 | 1101159 |
| NAVER Corp. | &nbsp;&nbsp; 50298 | 8464907 |
| NH Investment & Securities Co. Ltd. | &nbsp;&nbsp; 49966 | 724359 |
| Orion Corp./Republic of Korea<sup>(c)</sup> | &nbsp;&nbsp; 7564 | 603946 |
| POSCO Future M Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 12609 | 1282704 |
| POSCO Holdings Inc. | &nbsp;&nbsp; 25743 | 5661124 |
| Posco International Corp.<sup>(c)</sup> | &nbsp;&nbsp; 19277 | 673985 |
| Samsung Biologics Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 6142 | 4692657 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI All Country Asia ex Japan ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| Samsung C&T Corp. | &nbsp;&nbsp; 29650 | $3577119 |
| Samsung Electro-Mechanics Co. Ltd. | &nbsp;&nbsp; 19042 | 2023160 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 1672794 | 85252170 |
| Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp; 10956 | 3458692 |
| Samsung Heavy Industries Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 249996 | 3412300 |
| Samsung Life Insurance Co. Ltd. | &nbsp;&nbsp; 28552 | 2577230 |
| Samsung SDI Co. Ltd. | &nbsp;&nbsp; 22183 | 3183175 |
| Samsung SDS Co. Ltd. | &nbsp;&nbsp; 15438 | 1768700 |
| Samyang Foods Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1501 | 1551035 |
| Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp; 150384 | 7322782 |
| SK Biopharmaceuticals Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 11787 | 830128 |
| SK Hynix Inc. | &nbsp;&nbsp; 192404 | 37290937 |
| SK Inc. | &nbsp;&nbsp; 12284 | 1782801 |
| SK Innovation Co. Ltd. | &nbsp;&nbsp; 24260 | 1877029 |
| SK Square Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 32890 | 3542593 |
| SK Telecom Co. Ltd. | &nbsp;&nbsp; 16782 | 677850 |
| SKC Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 6972 | 501699 |
| S-Oil Corp. | &nbsp;&nbsp; 13281 | 599066 |
| Woori Financial Group Inc. | &nbsp;&nbsp; 235222 | 4173586 |
| Yuhan Corp. | &nbsp;&nbsp; 20418 | 1719296 |
|  |  | 328088210 |
| **Switzerland — 0.2%** | **Switzerland — 0.2%** | **Switzerland — 0.2%** |
| BeOne Medicines Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 299630 | 6811912 |
| **Taiwan — 21.8%** | **Taiwan — 21.8%** | **Taiwan — 21.8%** |
| Accton Technology Corp. | &nbsp;&nbsp; 180000 | 5316154 |
| Acer Inc. | &nbsp;&nbsp; 996830 | 1064975 |
| Advantech Co. Ltd. | &nbsp;&nbsp; 166927 | 1856869 |
| Airtac International Group | &nbsp;&nbsp; 49109 | 1396734 |
| Alchip Technologies Ltd. | &nbsp;&nbsp; 29000 | 3707272 |
| ASE Technology Holding Co. Ltd. | &nbsp;&nbsp; 1175110 | 5698561 |
| Asia Cement Corp. | &nbsp;&nbsp; 840448 | 1136091 |
| Asia Vital Components Co. Ltd. | &nbsp;&nbsp; 123000 | 3738494 |
| Asustek Computer Inc. | &nbsp;&nbsp; 255100 | 5599804 |
| AUO Corp. | &nbsp;&nbsp; 2324264 | 926618 |
| Catcher Technology Co. Ltd. | &nbsp;&nbsp; 228000 | 1610164 |
| Cathay Financial Holding Co. Ltd. | &nbsp;&nbsp; 3333374 | 6756203 |
| Chailease Holding Co. Ltd. | &nbsp;&nbsp; 514802 | 1987471 |
| Chang Hwa Commercial Bank Ltd. | &nbsp;&nbsp; 2212982 | 1366889 |
| Cheng Shin Rubber Industry Co. Ltd. | &nbsp;&nbsp; 664303 | 888628 |
| China Airlines Ltd. | &nbsp;&nbsp; 996000 | 682497 |
| China Steel Corp. | &nbsp;&nbsp; 4153484 | 2697282 |
| Chunghwa Telecom Co. Ltd. | &nbsp;&nbsp; 1328110 | 5739133 |
| Compal Electronics Inc. | &nbsp;&nbsp; 1330000 | 1301541 |
| CTBC Financial Holding Co. Ltd. | &nbsp;&nbsp; 5976456 | 8212228 |
| Delta Electronics Inc. | &nbsp;&nbsp; 664000 | 12508496 |
| E Ink Holdings Inc. | &nbsp;&nbsp; 325000 | 2212994 |
| E.Sun Financial Holding Co. Ltd. | &nbsp;&nbsp; 5198254 | 5559498 |
| Eclat Textile Co. Ltd. | &nbsp;&nbsp; 60208 | 805362 |
| Elite Material Co. Ltd. | &nbsp;&nbsp; 107000 | 3922257 |
| eMemory Technology Inc. | &nbsp;&nbsp; 23000 | 1556974 |
| Eva Airways Corp. | &nbsp;&nbsp; 996000 | 1255856 |
| Evergreen Marine Corp. Taiwan Ltd. | &nbsp;&nbsp; 364376 | 2404479 |
| Far Eastern New Century Corp. | &nbsp;&nbsp; 996040 | 954648 |
| Far EasTone Telecommunications Co. Ltd. | &nbsp;&nbsp; 664000 | 1810993 |
| Feng TAY Enterprise Co. Ltd. | &nbsp;&nbsp; 191100 | 755731 |
| First Financial Holding Co. Ltd. | &nbsp;&nbsp; 3984832 | 3936353 |
| Formosa Chemicals & Fibre Corp. | &nbsp;&nbsp; 996740 | 957234 |
| Formosa Plastics Corp. | &nbsp;&nbsp; 1494400 | 2125774 |
| Fortune Electric Co. Ltd. | &nbsp;&nbsp; 57640 | 1268599 |
| Fubon Financial Holding Co. Ltd. | &nbsp;&nbsp; 2822239 | 7746111 |
| Gigabyte Technology Co. Ltd. | &nbsp;&nbsp; 184000 | 1669369 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| Global Unichip Corp. | &nbsp;&nbsp; 31000 | $1241465 |
| Globalwafers Co. Ltd. | &nbsp;&nbsp; 95000 | 1078346 |
| Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp; 4482516 | 26359343 |
| Hotai Motor Co. Ltd. | &nbsp;&nbsp; 107980 | 1986359 |
| Hua Nan Financial Holdings Co. Ltd. | &nbsp;&nbsp; 3185060 | 3051893 |
| Innolux Corp. | &nbsp;&nbsp; 2606103 | 999520 |
| International Games System Co. Ltd. | &nbsp;&nbsp; 89000 | 2327144 |
| Inventec Corp. | &nbsp;&nbsp; 830460 | 1226527 |
| Jentech Precision Industrial Co. Ltd. | &nbsp;&nbsp; 31000 | 1474903 |
| KGI Financial Holding Co. Ltd. | &nbsp;&nbsp; 5644763 | 2859385 |
| Largan Precision Co. Ltd. | &nbsp;&nbsp; 36000 | 2823593 |
| Lite-On Technology Corp. | &nbsp;&nbsp; 717371 | 2836123 |
| Lotes Co. Ltd. | &nbsp;&nbsp; 31000 | 1449556 |
| MediaTek Inc. | &nbsp;&nbsp; 539391 | 24426087 |
| Mega Financial Holding Co. Ltd. | &nbsp;&nbsp; 4150395 | 5903917 |
| Micro-Star International Co. Ltd. | &nbsp;&nbsp; 263000 | 1256437 |
| Nan Ya Plastics Corp. | &nbsp;&nbsp; 1725000 | 2352723 |
| Nien Made Enterprise Co. Ltd. | &nbsp;&nbsp; 68000 | 970680 |
| Novatek Microelectronics Corp. | &nbsp;&nbsp; 207000 | 3271361 |
| Pegatron Corp. | &nbsp;&nbsp; 664000 | 1767681 |
| PharmaEssentia Corp.<sup>(a)</sup> | &nbsp;&nbsp; 88000 | 1452808 |
| Pou Chen Corp. | &nbsp;&nbsp; 830000 | 780540 |
| President Chain Store Corp. | &nbsp;&nbsp; 166000 | 1422534 |
| Quanta Computer Inc. | &nbsp;&nbsp; 982000 | 9146503 |
| Realtek Semiconductor Corp. | &nbsp;&nbsp; 170642 | 3262822 |
| Ruentex Development Co. Ltd. | &nbsp;&nbsp; 498898 | 498014 |
| Shanghai Commercial & Savings Bank Ltd. (The) | &nbsp;&nbsp; 1328982 | 1907946 |
| Silergy Corp. | &nbsp;&nbsp; 132000 | 1419869 |
| SinoPac Financial Holdings Co. Ltd. | &nbsp;&nbsp; 3911113 | 3227094 |
| Synnex Technology International Corp. | &nbsp;&nbsp; 498950 | 1105760 |
| Taishin Financial Holding Co. Ltd. | &nbsp;&nbsp; 7599785 | 4147850 |
| Taiwan Business Bank | &nbsp;&nbsp; 2334608 | 1254373 |
| Taiwan Cooperative Financial Holding Co. Ltd. | &nbsp;&nbsp; 3782067 | 3210024 |
| Taiwan High Speed Rail Corp. | &nbsp;&nbsp; 498000 | 453851 |
| Taiwan Mobile Co. Ltd. | &nbsp;&nbsp; 664000 | 2340799 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 8705670 | 335161788 |
| TCC Group Holdings Co. Ltd. | &nbsp;&nbsp; 2373464 | 1925287 |
| Unimicron Technology Corp. | &nbsp;&nbsp; 498000 | 2260569 |
| Uni-President Enterprises Corp. | &nbsp;&nbsp; 1660694 | 4383008 |
| United Microelectronics Corp. | &nbsp;&nbsp; 4029000 | 5582876 |
| Vanguard International Semiconductor Corp. | &nbsp;&nbsp; 368018 | 1140529 |
| Voltronic Power Technology Corp. | &nbsp;&nbsp; 23000 | 903429 |
| Wan Hai Lines Ltd. | &nbsp;&nbsp; 246875 | 730111 |
| Wistron Corp. | &nbsp;&nbsp; 1052000 | 4281493 |
| Wiwynn Corp. | &nbsp;&nbsp; 40000 | 3650661 |
| WPG Holdings Ltd. | &nbsp;&nbsp; 533100 | 1181223 |
| Yageo Corp. | &nbsp;&nbsp; 150683 | 2647747 |
| Yang Ming Marine Transport Corp. | &nbsp;&nbsp; 664000 | 1347065 |
| Yuanta Financial Holding Co. Ltd. | &nbsp;&nbsp; 3558712 | 3691390 |
| Zhen Ding Technology Holding Ltd. | &nbsp;&nbsp; 231097 | 963828 |
|  |  | 608279170 |
| **Thailand — 1.3%** | **Thailand — 1.3%** | **Thailand — 1.3%** |
| Advanced Info Service PCL, NVDR | &nbsp;&nbsp; 398600 | 3541462 |
| Airports of Thailand PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 1427700 | 1784153 |
| Bangkok Dusit Medical Services PCL, NVDR | &nbsp;&nbsp; 3999900 | 2631853 |
| Bumrungrad Hospital PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 199200 | 1036005 |
| Central Pattana PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 713800 | 1137670 |
| Charoen Pokphand Foods PCL, NVDR | &nbsp;&nbsp; 1361200 | 949326 |
| CP ALL PCL, NVDR | &nbsp;&nbsp; 1928500 | 2786370 |
| CP Axtra PCL<sup>(c)</sup> | &nbsp;&nbsp; 699960 | 440238 |
| Delta Electronics Thailand PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 1095600 | 4849647 |
| Gulf Development PCL<sup>(a)(c)</sup> | &nbsp;&nbsp; 1575141 | 2264482 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI All Country Asia ex Japan ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Thailand (continued)** | **Thailand (continued)** | **Thailand (continued)** |
| Home Product Center PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 2158143 | $470532 |
| Kasikornbank PCL, NVDR | &nbsp;&nbsp; 215800 | 1067096 |
| Krung Thai Bank PCL, NVDR | &nbsp;&nbsp; 1560475 | 1049172 |
| Minor International PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 1278220 | 972106 |
| PTT Exploration & Production PCL, NVDR | &nbsp;&nbsp; 464884 | 1789677 |
| PTT Oil & Retail Business PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 1062400 | 449792 |
| PTT PCL, NVDR | &nbsp;&nbsp; 3452800 | 3510715 |
| SCB X PCL, NVDR | &nbsp;&nbsp; 398400 | 1539074 |
| Siam Cement PCL (The), NVDR<sup>(c)</sup> | &nbsp;&nbsp; 282200 | 1733061 |
| TMBThanachart Bank PCL, NVDR | &nbsp;&nbsp; 8231700 | 485567 |
| True Corp. PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 3651356 | 1158458 |
|  |  | 35646456 |
| **Total Common Stocks — 99.2%** <br>**(Cost: $2,110,467,209)** | **Total Common Stocks — 99.2%** <br>**(Cost: $2,110,467,209)** | 2765019535 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **South Korea — 0.5%** | **South Korea — 0.5%** | **South Korea — 0.5%** |
| Hyundai Motor Co. |  |  |
| Preference Shares, NVS | &nbsp;&nbsp; 8466 | 980121 |
| Series 2, Preference Shares, NVS | &nbsp;&nbsp; 13280 | 1571640 |
| Samsung Electronics Co. Ltd., Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 290171 | 11947630 |
|  |  | 14499391 |
| **Total Preferred Stocks — 0.5%** <br>**(Cost: $4,500,423)** | **Total Preferred Stocks — 0.5%** <br>**(Cost: $4,500,423)** | 14499391 |
| **Rights** | **Rights** | **Rights** |
| **China — 0.0%** | **China — 0.0%** | **China — 0.0%** |
| Kangmei Pharmaceutical Co. Ltd., (Expires <br> 12/31/49)<sup>(d)</sup><br>| &nbsp;&nbsp; 36923 |  |
| **Total Rights — 0.0%** <br>**(Cost: $—)** | **Total Rights — 0.0%** <br>**(Cost: $—)** |  |
| **Total Long-Term Investments — 99.7%** <br>**(Cost: $2,114,967,632)** | **Total Long-Term Investments — 99.7%** <br>**(Cost: $2,114,967,632)** | 2779518926 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.5%** | **Money Market Funds — 2.5%** | **Money Market Funds — 2.5%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp; 43866991 | $43884537 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.30%<sup>(e)(f)</sup><br>| &nbsp;&nbsp; 24710000 | 24710000 |
| **Total Short-Term Securities — 2.5%** <br>**(Cost: $68,594,537)** | **Total Short-Term Securities — 2.5%** <br>**(Cost: $68,594,537)** | 68594537 |
| **Total Investments — 102.2%** <br>**(Cost: $2,183,562,169)** | **Total Investments — 102.2%** <br>**(Cost: $2,183,562,169)** | 2848113463 |
| **Liabilities in Excess of Other Assets — (2.2)%** | **Liabilities in Excess of Other Assets — (2.2)%** | (60641646)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $2787471817 |

---

&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 July 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>*07/31/24*<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>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<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>| $19644699<br> $24238858 <br><sup>(a)</sup><br>| $— | $14161 | $(13181)<br>| $43884537 | 43866991 | $562963 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| 16890000<br> 7820000 <br><sup>(a)</sup><br>|  |  |  | 24710000 | 24710000 | 1081891 |  |
|  |  |  | $14161 | $(13181) | $68594537 |  | $1644854 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI All Country Asia ex Japan ETF**

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| MSCI China Index | 22 | 09/19/25 | &nbsp;&nbsp; $692 | $67 |
| MSCI Emerging Markets Index | 97 | 09/19/25 | &nbsp;&nbsp; 6006 | (51537) |
|  |  |  |  | $(51470) |

---

**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; $67 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $67 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $51537 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $51537 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts 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 July 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; $966981 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $966981 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(50909)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(50909)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $6848616 |

---

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; $100507264 | &nbsp;&nbsp; $2664512271 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2765019535 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 14499391 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14499391 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI All Country Asia ex Japan ETF**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Long-Term Investments (continued) |  |  |  |  |
| Rights | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 68594537 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 68594537 |
|  | &nbsp;&nbsp; $169101801 | &nbsp;&nbsp; $2679011662 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2848113463 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $67 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $67 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; (51537)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (51537)<br>|
|  | &nbsp;&nbsp; $(51537)<br>| &nbsp;&nbsp; $67 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(51470)<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

July 31, 2025

**iShares® MSCI Europe Financials ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Austria — 1.0%** | **Austria — 1.0%** | **Austria — 1.0%** |
| Erste Group Bank AG | &nbsp;&nbsp; 433595 | $39649604 |
| **Belgium — 1.6%** | **Belgium — 1.6%** | **Belgium — 1.6%** |
| Ageas SA | &nbsp;&nbsp; 211572 | 14385260 |
| Groupe Bruxelles Lambert NV | &nbsp;&nbsp; 116612 | 9748767 |
| KBC Group NV | &nbsp;&nbsp; 323413 | 33733231 |
| Sofina SA | &nbsp;&nbsp; 21734 | 6655428 |
|  |  | 64522686 |
| **Denmark — 1.2%** | **Denmark — 1.2%** | **Denmark — 1.2%** |
| Danske Bank A/S | &nbsp;&nbsp; 974349 | 38653859 |
| Tryg A/S | &nbsp;&nbsp; 479940 | 11577072 |
|  |  | 50230931 |
| **Finland — 0.9%** | **Finland — 0.9%** | **Finland — 0.9%** |
| Sampo OYJ, Class A | &nbsp;&nbsp; 3405625 | 36554856 |
| **France — 9.3%** | **France — 9.3%** | **France — 9.3%** |
| Amundi SA<sup>(a)</sup> | &nbsp;&nbsp; 86838 | 6417367 |
| AXA SA | &nbsp;&nbsp; 2498121 | 121331583 |
| BNP Paribas SA | &nbsp;&nbsp; 1434901 | 130831730 |
| Credit Agricole SA | &nbsp;&nbsp; 1493866 | 27493876 |
| Edenred SE | &nbsp;&nbsp; 338222 | 9658972 |
| Eurazeo SE | &nbsp;&nbsp; 57785 | 3390811 |
| Euronext NV<sup>(a)</sup> | &nbsp;&nbsp; 110131 | 17751894 |
| Societe Generale SA | &nbsp;&nbsp; 1016019 | 64850974 |
|  |  | 381727207 |
| **Germany — 14.3%** | **Germany — 14.3%** | **Germany — 14.3%** |
| Allianz SE, Registered | &nbsp;&nbsp; 544458 | 215157622 |
| Commerzbank AG | &nbsp;&nbsp; 1253012 | 45692109 |
| Deutsche Bank AG, Registered | &nbsp;&nbsp; 2609506 | 85948058 |
| Deutsche Boerse AG | &nbsp;&nbsp; 265699 | 76889897 |
| Hannover Rueck SE | &nbsp;&nbsp; 85172 | 25836361 |
| Muenchener Rueckversicherungs-Gesellschaft AG in <br> Muenchen, Registered<br>| &nbsp;&nbsp; 188589 | 123463674 |
| Talanx AG<sup>(b)</sup> | &nbsp;&nbsp; 91265 | 12096905 |
|  |  | 585084626 |
| **Ireland — 1.0%** | **Ireland — 1.0%** | **Ireland — 1.0%** |
| AIB Group PLC | &nbsp;&nbsp; 2960398 | 23353543 |
| Bank of Ireland Group PLC | &nbsp;&nbsp; 1389548 | 18633796 |
|  |  | 41987339 |
| **Italy — 10.5%** | **Italy — 10.5%** | **Italy — 10.5%** |
| Banca Mediolanum SpA | &nbsp;&nbsp; 315388 | 5563060 |
| Banco BPM SpA | &nbsp;&nbsp; 1602946 | 20442608 |
| BPER Banca SpA | &nbsp;&nbsp; 2061825 | 20289422 |
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp; 861332 | 18341217 |
| Generali | &nbsp;&nbsp; 1217423 | 45416900 |
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 21336241 | 128556385 |
| Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp; 703879 | 15496845 |
| Nexi SpA<sup>(a)</sup> | &nbsp;&nbsp; 699098 | 3992013 |
| Poste Italiane SpA<sup>(a)</sup> | &nbsp;&nbsp; 643290 | 13898221 |
| UniCredit SpA | &nbsp;&nbsp; 1976555 | 145422594 |
| Unipol Gruppo SpA | &nbsp;&nbsp; 501304 | 10055006 |
|  |  | 427474271 |
| **Netherlands — 6.2%** | **Netherlands — 6.2%** | **Netherlands — 6.2%** |
| ABN AMRO Bank NV, CVA<sup>(a)</sup> | &nbsp;&nbsp; 647336 | 18713470 |
| Adyen NV<sup>(a)(b)</sup> | &nbsp;&nbsp; 35494 | 60877555 |
| Aegon Ltd. | &nbsp;&nbsp; 1863261 | 13315846 |
| ASR Nederland NV | &nbsp;&nbsp; 208624 | 13857622 |
| CVC Capital Partners PLC<sup>(a)</sup> | &nbsp;&nbsp; 297660 | 5707874 |
| EXOR NV | &nbsp;&nbsp; 124451 | 11994140 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| ING Groep NV | &nbsp;&nbsp; 4437518 | $103418253 |
| NN Group NV | &nbsp;&nbsp; 379407 | 25547597 |
|  |  | 253432357 |
| **Norway — 1.0%** | **Norway — 1.0%** | **Norway — 1.0%** |
| DNB Bank ASA | &nbsp;&nbsp; 1259920 | 31875639 |
| Gjensidige Forsikring ASA | &nbsp;&nbsp; 284417 | 7481196 |
|  |  | 39356835 |
| **Spain — 10.1%** | **Spain — 10.1%** | **Spain — 10.1%** |
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 8125677 | 135522121 |
| Banco de Sabadell SA | &nbsp;&nbsp; 7598468 | 28045189 |
| Banco Santander SA | &nbsp;&nbsp; 21363555 | 183529640 |
| Bankinter SA | &nbsp;&nbsp; 950902 | 13573386 |
| CaixaBank SA | &nbsp;&nbsp; 5563784 | 52345778 |
|  |  | 413016114 |
| **Sweden — 6.6%** | **Sweden — 6.6%** | **Sweden — 6.6%** |
| EQT AB | &nbsp;&nbsp; 524393 | 17527363 |
| Industrivarden AB, Class A | &nbsp;&nbsp; 169443 | 6269040 |
| Industrivarden AB, Class C | &nbsp;&nbsp; 217823 | 8044129 |
| Investor AB, Class B | &nbsp;&nbsp; 2440317 | 70719212 |
| L E Lundbergforetagen AB, Class B | &nbsp;&nbsp; 106518 | 5195643 |
| Nordea Bank Abp | &nbsp;&nbsp; 4431932 | 64669783 |
| Skandinaviska Enskilda Banken AB, Class A | &nbsp;&nbsp; 2234452 | 39086210 |
| Svenska Handelsbanken AB, Class A | &nbsp;&nbsp; 2061595 | 25119248 |
| Swedbank AB, Class A | &nbsp;&nbsp; 1197597 | 31889644 |
|  |  | 268520272 |
| **Switzerland — 12.9%** | **Switzerland — 12.9%** | **Switzerland — 12.9%** |
| Baloise Holding AG, Registered | &nbsp;&nbsp; 57906 | 13878036 |
| Banque Cantonale Vaudoise, Registered | &nbsp;&nbsp; 42332 | 4898839 |
| Helvetia Holding AG, Registered | &nbsp;&nbsp; 51992 | 12503112 |
| Julius Baer Group Ltd. | &nbsp;&nbsp; 291486 | 19723186 |
| Partners Group Holding AG | &nbsp;&nbsp; 32031 | 43059161 |
| Swiss Life Holding AG, Registered | &nbsp;&nbsp; 40471 | 41919763 |
| Swiss Re AG | &nbsp;&nbsp; 425259 | 76121938 |
| UBS Group AG, Registered | &nbsp;&nbsp; 4637150 | 172335077 |
| Zurich Insurance Group AG | &nbsp;&nbsp; 206348 | 140751248 |
|  |  | 525190360 |
| **United Kingdom — 23.0%** | **United Kingdom — 23.0%** | **United Kingdom — 23.0%** |
| 3i Group PLC | &nbsp;&nbsp; 1372295 | 74985104 |
| Admiral Group PLC | &nbsp;&nbsp; 368257 | 16599729 |
| Aviva PLC | &nbsp;&nbsp; 4305759 | 36788420 |
| Barclays PLC | &nbsp;&nbsp; 20150312 | 98495091 |
| HSBC Holdings PLC | &nbsp;&nbsp; 24917383 | 303567748 |
| Legal & General Group PLC | &nbsp;&nbsp; 8279645 | 28010578 |
| Lloyds Banking Group PLC | &nbsp;&nbsp; 84801922 | 86959927 |
| London Stock Exchange Group PLC | &nbsp;&nbsp; 671974 | 81910249 |
| M&G PLC | &nbsp;&nbsp; 3246276 | 11173340 |
| NatWest Group PLC | &nbsp;&nbsp; 11381130 | 79002976 |
| Phoenix Group Holdings PLC | &nbsp;&nbsp; 984149 | 8606452 |
| Prudential PLC | &nbsp;&nbsp; 3680671 | 46693642 |
| Schroders PLC | &nbsp;&nbsp; 1022376 | 5255163 |
| Standard Chartered PLC | &nbsp;&nbsp; 2847646 | 51049633 |
| Wise PLC, Class A<sup>(b)</sup> | &nbsp;&nbsp; 938047 | 12531350 |
|  |  | 941629402 |
| **Total Long-Term Investments — 99.6%** <br>**(Cost: $3,130,012,011)** | **Total Long-Term Investments — 99.6%** <br>**(Cost: $3,130,012,011)** | 4068376860 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI Europe Financials 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> 4.30%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 1840000 | $1840000 |
| **Total Short-Term Securities — 0.1%** <br>**(Cost: $1,840,000)** | **Total Short-Term Securities — 0.1%** <br>**(Cost: $1,840,000)** | 1840000 |
| **Total Investments — 99.7%** <br>**(Cost: $3,131,852,011)** | **Total Investments — 99.7%** <br>**(Cost: $3,131,852,011)** | 4070216860 |
| **Other Assets Less Liabilities — 0.3%** | **Other Assets Less Liabilities — 0.3%** | 14106756 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $4084323616 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Affiliate of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(d)</sup> Annualized 7-day yield as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 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>*07/31/24*<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>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<sup>(a)</sup><br>| $—<br> $4152 <br><sup>(b)</sup><br>| $— | $(4152)<br>| $— | $— |  | $4550 <br><sup>(c)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 1550000<br> 290000 <br><sup>(b)</sup><br>|  |  |  | 1840000 | 1840000 | 78653 |  |
|  |  |  | $(4152) | $— | $1840000 |  | $83203 | $— |

---

&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 |  |  |  |  |
| Euro STOXX 50 Index | 157 | 09/19/25 | &nbsp;&nbsp; $9568 | $87007 |
| FTSE 100 Index | 42 | 09/19/25 | &nbsp;&nbsp; 5044 | 134464 |
|  |  |  |  | $221471 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI Europe Financials 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; $221471 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $221471 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts 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 July 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; $1001265 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1001265 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $168778 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $168778 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $18139250 |

---

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; $4068376860 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4068376860 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 1840000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1840000 |
|  | &nbsp;&nbsp; $1840000 | &nbsp;&nbsp; $4068376860 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4070216860 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $87007 | &nbsp;&nbsp; $134464 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $221471 |

---

&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

July 31, 2025

**iShares® MSCI Europe 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 — 0.1%** | **Australia — 0.1%** | **Australia — 0.1%** |
| Greatland Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 50313 | $160799 |
| **Austria — 2.5%** | **Austria — 2.5%** | **Austria — 2.5%** |
| ANDRITZ AG | &nbsp;&nbsp; 6845 | 476350 |
| BAWAG Group AG<sup>(b)</sup> | &nbsp;&nbsp; 7999 | 1009533 |
| CA Immobilien Anlagen AG | &nbsp;&nbsp; 3690 | 98274 |
| CPI Europe AG<sup>(a)(c)</sup> | &nbsp;&nbsp; 3630 | 75403 |
| DO & CO AG | &nbsp;&nbsp; 792 | 178676 |
| EVN AG | &nbsp;&nbsp; 3578 | 96689 |
| Lenzing AG<sup>(a)(c)</sup> | &nbsp;&nbsp; 1995 | 55805 |
| Oesterreichische Post AG | &nbsp;&nbsp; 3468 | 120966 |
| Palfinger AG | &nbsp;&nbsp; 1578 | 65630 |
| Porr AG | &nbsp;&nbsp; 1882 | 63272 |
| Raiffeisen Bank International AG | &nbsp;&nbsp; 13498 | 389747 |
| SBO AG | &nbsp;&nbsp; 970 | 32100 |
| UNIQA Insurance Group AG | &nbsp;&nbsp; 12526 | 180458 |
| Vienna Insurance Group AG Wiener <br> Versicherung Gruppe<br>| &nbsp;&nbsp; 3902 | 205888 |
| voestalpine AG | &nbsp;&nbsp; 10877 | 299450 |
| Wienerberger AG | &nbsp;&nbsp; 11122 | 372836 |
|  |  | 3721077 |
| **Belgium — 3.3%** | **Belgium — 3.3%** | **Belgium — 3.3%** |
| Ackermans & van Haaren NV | &nbsp;&nbsp; 2369 | 581107 |
| Aedifica SA | &nbsp;&nbsp; 4833 | 355651 |
| Azelis Group NV | &nbsp;&nbsp; 17439 | 270943 |
| Barco NV | &nbsp;&nbsp; 6780 | 105672 |
| Bekaert SA | &nbsp;&nbsp; 3587 | 147739 |
| Cofinimmo SA | &nbsp;&nbsp; 3915 | 339831 |
| Colruyt Group NV | &nbsp;&nbsp; 3226 | 137804 |
| Deme Group NV | &nbsp;&nbsp; 774 | 115844 |
| Fagron | &nbsp;&nbsp; 6615 | 163568 |
| Galapagos NV<sup>(a)(c)</sup> | &nbsp;&nbsp; 4601 | 150563 |
| KBC Ancora | &nbsp;&nbsp; 3896 | 283224 |
| Kinepolis Group NV | &nbsp;&nbsp; 1356 | 56112 |
| Melexis NV | &nbsp;&nbsp; 2035 | 155646 |
| Montea NV | &nbsp;&nbsp; 1879 | 139891 |
| Ontex Group NV<sup>(a)(c)</sup> | &nbsp;&nbsp; 6745 | 52296 |
| Proximus SADP | &nbsp;&nbsp; 13770 | 114411 |
| Recticel SA | &nbsp;&nbsp; 4207 | 51193 |
| Retail Estates NV | &nbsp;&nbsp; 1198 | 89007 |
| Shurgard Self Storage Ltd. | &nbsp;&nbsp; 3515 | 139483 |
| Solvay SA | &nbsp;&nbsp; 7537 | 236154 |
| Tessenderlo Group SA | &nbsp;&nbsp; 2173 | 64644 |
| Umicore SA | &nbsp;&nbsp; 20049 | 316850 |
| Vastned NV | &nbsp;&nbsp; 841 | 28434 |
| VGP NV | &nbsp;&nbsp; 1395 | 146698 |
| Warehouses De Pauw CVA | &nbsp;&nbsp; 18326 | 427658 |
| Xior Student Housing NV | &nbsp;&nbsp; 3709 | 130891 |
|  |  | 4801314 |
| **China — 0.0%** | **China — 0.0%** | **China — 0.0%** |
| Boshiwa International Holding Ltd.<sup>(d)</sup> | &nbsp;&nbsp; 20000 |  |
| **Denmark — 4.0%** | **Denmark — 4.0%** | **Denmark — 4.0%** |
| ALK-Abello A/S<sup>(a)</sup> | &nbsp;&nbsp; 13371 | 387944 |
| Alm Brand A/S | &nbsp;&nbsp; 77961 | 215262 |
| Ambu A/S, Class B | &nbsp;&nbsp; 19183 | 280031 |
| Bavarian Nordic A/S<sup>(a)</sup> | &nbsp;&nbsp; 7988 | 289135 |
| cBrain A/S<sup>(c)</sup> | &nbsp;&nbsp; 1127 | 36873 |
| Chemometec A/S | &nbsp;&nbsp; 1762 | 135993 |
| D/S Norden A/S | &nbsp;&nbsp; 2140 | 74422 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Denmark (continued)** | **Denmark (continued)** | **Denmark (continued)** |
| DFDS A/S<sup>(a)</sup> | &nbsp;&nbsp; 3154 | $56624 |
| FLSmidth & Co. A/S | &nbsp;&nbsp; 4422 | 260130 |
| GN Store Nord A/S<sup>(a)(c)</sup> | &nbsp;&nbsp; 13834 | 198180 |
| Gubra AS<sup>(c)</sup> | &nbsp;&nbsp; 645 | 35926 |
| H Lundbeck A/S | &nbsp;&nbsp; 27843 | 145055 |
| ISS A/S | &nbsp;&nbsp; 15061 | 432949 |
| Jyske Bank A/S, Registered | &nbsp;&nbsp; 4595 | 461303 |
| Matas A/S | &nbsp;&nbsp; 3585 | 73536 |
| Netcompany Group A/S<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 4116 | 150933 |
| NKT A/S<sup>(a)</sup> | &nbsp;&nbsp; 5475 | 481651 |
| NTG Nordic Transport Group A/S, Class A<sup>(a)</sup> | &nbsp;&nbsp; 1038 | 31109 |
| Per Aarsleff Holding A/S | &nbsp;&nbsp; 1769 | 190516 |
| Ringkjoebing Landbobank A/S | &nbsp;&nbsp; 2566 | 565678 |
| Royal Unibrew A/S | &nbsp;&nbsp; 5093 | 381698 |
| Scandinavian Tobacco Group A/S, Class A<sup>(b)</sup> | &nbsp;&nbsp; 4819 | 63141 |
| Schouw & Co. A/S | &nbsp;&nbsp; 1302 | 122628 |
| Sydbank A/S | &nbsp;&nbsp; 5268 | 390291 |
| TORM PLC, Class A<sup>(c)</sup> | &nbsp;&nbsp; 5865 | 108230 |
| Zealand Pharma A/S<sup>(a)</sup> | &nbsp;&nbsp; 6498 | 336192 |
|  |  | 5905430 |
| **Finland — 2.6%** | **Finland — 2.6%** | **Finland — 2.6%** |
| Citycon OYJ | &nbsp;&nbsp; 8293 | 35717 |
| Finnair OYJ | &nbsp;&nbsp; 8834 | 28958 |
| Harvia OYJ | &nbsp;&nbsp; 1714 | 99366 |
| Hiab OYJ, Class B | &nbsp;&nbsp; 3939 | 268814 |
| Huhtamaki OYJ | &nbsp;&nbsp; 9947 | 342370 |
| Kalmar OYJ, Class B | &nbsp;&nbsp; 3939 | 177759 |
| Kemira OYJ | &nbsp;&nbsp; 11656 | 248056 |
| Kempower OYJ<sup>(a)(c)</sup> | &nbsp;&nbsp; 2252 | 40937 |
| Kojamo OYJ<sup>(a)</sup> | &nbsp;&nbsp; 13887 | 176545 |
| Konecranes OYJ | &nbsp;&nbsp; 6811 | 567575 |
| Mandatum OYJ | &nbsp;&nbsp; 43612 | 295825 |
| Marimekko OYJ | &nbsp;&nbsp; 3250 | 48364 |
| Metsa Board OYJ, Class B<sup>(c)</sup> | &nbsp;&nbsp; 16479 | 60625 |
| Nokian Renkaat OYJ<sup>(c)</sup> | &nbsp;&nbsp; 12721 | 114205 |
| Outokumpu OYJ<sup>(c)</sup> | &nbsp;&nbsp; 37532 | 141222 |
| Puuilo OYJ | &nbsp;&nbsp; 7845 | 122396 |
| QT Group OYJ<sup>(a)</sup> | &nbsp;&nbsp; 1915 | 131776 |
| Revenio Group OYJ | &nbsp;&nbsp; 2298 | 68813 |
| TietoEVRY OYJ | &nbsp;&nbsp; 10959 | 188647 |
| Tokmanni Group Corp.<sup>(c)</sup> | &nbsp;&nbsp; 4680 | 45828 |
| Valmet OYJ | &nbsp;&nbsp; 14958 | 539712 |
| YIT OYJ<sup>(a)</sup> | &nbsp;&nbsp; 14863 | 51494 |
|  |  | 3795004 |
| **France — 7.7%** | **France — 7.7%** | **France — 7.7%** |
| Air France-KLM, NVS<sup>(a)</sup> | &nbsp;&nbsp; 12077 | 158505 |
| Altarea SCA | &nbsp;&nbsp; 556 | 68624 |
| Alten SA | &nbsp;&nbsp; 3042 | 247239 |
| Antin Infrastructure Partners SA | &nbsp;&nbsp; 3578 | 52247 |
| Aperam SA | &nbsp;&nbsp; 4476 | 131657 |
| Assystem SA | &nbsp;&nbsp; 637 | 35195 |
| Aubay | &nbsp;&nbsp; 725 | 41500 |
| Beneteau SACA<sup>(c)</sup> | &nbsp;&nbsp; 3690 | 34256 |
| Canal+ SA, NVS<sup>(a)</sup> | &nbsp;&nbsp; 71262 | 225425 |
| Carmila SA | &nbsp;&nbsp; 5911 | 116135 |
| Cie. des Alpes | &nbsp;&nbsp; 2078 | 54542 |
| Clariane SE<sup>(a)</sup> | &nbsp;&nbsp; 10575 | 54828 |
| Coface SA | &nbsp;&nbsp; 10624 | 197529 |
| Derichebourg SA | &nbsp;&nbsp; 9540 | 62734 |
| Elior Group SA<sup>(a)(b)</sup> | &nbsp;&nbsp; 11939 | 35455 |
| Elis SA | &nbsp;&nbsp; 16773 | 462433 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI Europe Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **France (continued)** | **France (continued)** | **France (continued)** |
| Emeis SA<sup>(a)</sup> | &nbsp;&nbsp; 7456 | $115965 |
| Equasens | &nbsp;&nbsp; 603 | 33079 |
| Eramet SA<sup>(c)</sup> | &nbsp;&nbsp; 861 | 47612 |
| Esso SA Francaise | &nbsp;&nbsp; 248 | 27275 |
| Etablissements Maurel et Prom SA | &nbsp;&nbsp; 6080 | 37339 |
| Eutelsat Communications SACA<sup>(a)(c)</sup> | &nbsp;&nbsp; 11798 | 42221 |
| Exail Technologies SA, NVS<sup>(a)</sup> | &nbsp;&nbsp; 965 | 130409 |
| Exosens SAS | &nbsp;&nbsp; 2571 | 120101 |
| Fnac Darty SA | &nbsp;&nbsp; 1191 | 40318 |
| Forvia SE<sup>(a)</sup> | &nbsp;&nbsp; 16985 | 215934 |
| Gaztransport Et Technigaz SA | &nbsp;&nbsp; 3587 | 674662 |
| Havas NV | &nbsp;&nbsp; 67670 | 108700 |
| ICADE | &nbsp;&nbsp; 3559 | 84582 |
| ID Logistics Group SACA<sup>(a)</sup> | &nbsp;&nbsp; 330 | 165658 |
| Imerys SA | &nbsp;&nbsp; 3404 | 83801 |
| Interparfums SA | &nbsp;&nbsp; 2554 | 93785 |
| IPSOS SA | &nbsp;&nbsp; 3516 | 157877 |
| JCDecaux SE | &nbsp;&nbsp; 7587 | 124735 |
| Kaufman & Broad SA | &nbsp;&nbsp; 1156 | 41186 |
| LISI SA | &nbsp;&nbsp; 1620 | 87561 |
| Louis Hachette Group, NVS | &nbsp;&nbsp; 69437 | 129383 |
| Manitou BF SA | &nbsp;&nbsp; 1275 | 28128 |
| Mercialys SA | &nbsp;&nbsp; 9813 | 121325 |
| Mersen SA | &nbsp;&nbsp; 2188 | 59920 |
| Metropole Television SA | &nbsp;&nbsp; 2539 | 37088 |
| Nexans SA | &nbsp;&nbsp; 3321 | 477295 |
| Nexity SA<sup>(a)</sup> | &nbsp;&nbsp; 3618 | 47143 |
| Opmobility | &nbsp;&nbsp; 6067 | 92897 |
| Peugeot Invest SA | &nbsp;&nbsp; 495 | 42763 |
| Pierre Et Vacances SA, NVS<sup>(a)</sup> | &nbsp;&nbsp; 15139 | 29332 |
| Planisware SA, NVS | &nbsp;&nbsp; 2084 | 50487 |
| Pluxee NV, NVS | &nbsp;&nbsp; 9053 | 183579 |
| Quadient SA | &nbsp;&nbsp; 2442 | 44889 |
| Remy Cointreau SA | &nbsp;&nbsp; 2364 | 140347 |
| Rubis SCA | &nbsp;&nbsp; 7864 | 249020 |
| SCOR SE | &nbsp;&nbsp; 15423 | 502436 |
| SEB SA | &nbsp;&nbsp; 2534 | 185102 |
| Seche Environnement SACA, NVS | &nbsp;&nbsp; 225 | 26140 |
| SES SA, Class A | &nbsp;&nbsp; 37066 | 254892 |
| Societe BIC SA | &nbsp;&nbsp; 2100 | 127687 |
| SOITEC<sup>(a)</sup> | &nbsp;&nbsp; 2751 | 119157 |
| Sopra Steria Group | &nbsp;&nbsp; 1458 | 314151 |
| SPIE SA | &nbsp;&nbsp; 14469 | 851520 |
| Technip Energies NV | &nbsp;&nbsp; 13658 | 589771 |
| Television Francaise 1 SA | &nbsp;&nbsp; 4375 | 41831 |
| Trigano SA | &nbsp;&nbsp; 892 | 152117 |
| Ubisoft Entertainment SA<sup>(a)</sup> | &nbsp;&nbsp; 9946 | 104895 |
| Valeo SE | &nbsp;&nbsp; 22424 | 243961 |
| Vallourec SACA | &nbsp;&nbsp; 16706 | 312220 |
| Verallia SA<sup>(b)</sup> | &nbsp;&nbsp; 7364 | 236929 |
| Vicat SACA | &nbsp;&nbsp; 1642 | 106342 |
| Virbac SACA | &nbsp;&nbsp; 433 | 171478 |
| Vivendi SE | &nbsp;&nbsp; 68337 | 259052 |
| Voltalia SA<sup>(a)(c)</sup> | &nbsp;&nbsp; 4065 | 34367 |
| VusionGroup | &nbsp;&nbsp; 643 | 165286 |
| Wavestone | &nbsp;&nbsp; 767 | 50747 |
| Wendel SE | &nbsp;&nbsp; 2485 | 232859 |
| Worldline SA<sup>(a)(b)</sup> | &nbsp;&nbsp; 19857 | 72338 |
| X-Fab Silicon Foundries SE<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 5772 | 41990 |
|  |  | 11341968 |
| **Germany — 8.8%** | **Germany — 8.8%** | **Germany — 8.8%** |
| 1&1 AG | &nbsp;&nbsp; 3610 | 75891 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| Adesso SE | &nbsp;&nbsp; 360 | $33318 |
| Aixtron SE | &nbsp;&nbsp; 11319 | 190602 |
| AlzChem Group AG | &nbsp;&nbsp; 611 | 103425 |
| Aroundtown SA<sup>(a)</sup> | &nbsp;&nbsp; 77735 | 280320 |
| Atoss Software SE | &nbsp;&nbsp; 963 | 129169 |
| Aurubis AG | &nbsp;&nbsp; 3200 | 319183 |
| Auto1 Group SE<sup>(a)(b)</sup> | &nbsp;&nbsp; 13353 | 400295 |
| Bechtle AG<sup>(c)</sup> | &nbsp;&nbsp; 8326 | 361380 |
| Befesa SA<sup>(b)</sup> | &nbsp;&nbsp; 3380 | 101352 |
| Bilfinger SE | &nbsp;&nbsp; 3666 | 394408 |
| CANCOM SE | &nbsp;&nbsp; 2499 | 73208 |
| Carl Zeiss Meditec AG, Bearer<sup>(c)</sup> | &nbsp;&nbsp; 3649 | 201213 |
| Ceconomy AG<sup>(a)</sup> | &nbsp;&nbsp; 15192 | 76761 |
| Cewe Stiftung & Co. KGaA | &nbsp;&nbsp; 542 | 62070 |
| CureVac NV<sup>(a)</sup> | &nbsp;&nbsp; 10863 | 57295 |
| Dermapharm Holding SE | &nbsp;&nbsp; 1598 | 61200 |
| Deutsche Pfandbriefbank AG<sup>(b)</sup> | &nbsp;&nbsp; 13286 | 82715 |
| Deutz AG | &nbsp;&nbsp; 13188 | 115651 |
| Douglas AG, NVS | &nbsp;&nbsp; 3198 | 38101 |
| Duerr AG | &nbsp;&nbsp; 5228 | 134374 |
| Eckert & Ziegler SE | &nbsp;&nbsp; 1542 | 117305 |
| Elmos Semiconductor SE | &nbsp;&nbsp; 751 | 74957 |
| Energiekontor AG | &nbsp;&nbsp; 731 | 41081 |
| Evotec SE<sup>(a)(c)</sup> | &nbsp;&nbsp; 14179 | 113282 |
| Fielmann Group AG | &nbsp;&nbsp; 2601 | 164805 |
| flatexDEGIRO AG | &nbsp;&nbsp; 8375 | 253120 |
| Formycon AG<sup>(a)(c)</sup> | &nbsp;&nbsp; 656 | 20929 |
| Fraport AG Frankfurt Airport Services Worldwide<sup>(a)</sup> | &nbsp;&nbsp; 3753 | 279283 |
| Freenet AG | &nbsp;&nbsp; 12080 | 391789 |
| Friedrich Vorwerk Group SE | &nbsp;&nbsp; 701 | 68132 |
| Gerresheimer AG<sup>(c)</sup> | &nbsp;&nbsp; 3514 | 173254 |
| GFT Technologies SE<sup>(c)</sup> | &nbsp;&nbsp; 1714 | 35508 |
| Grand City Properties SA<sup>(a)</sup> | &nbsp;&nbsp; 7212 | 90929 |
| Grenke AG | &nbsp;&nbsp; 2724 | 55477 |
| Hamborner REIT AG | &nbsp;&nbsp; 7273 | 47136 |
| HelloFresh SE<sup>(a)</sup> | &nbsp;&nbsp; 16152 | 169962 |
| Hensoldt AG | &nbsp;&nbsp; 6457 | 708134 |
| Hornbach Holding AG & Co. KGaA | &nbsp;&nbsp; 1084 | 127461 |
| Hugo Boss AG<sup>(c)</sup> | &nbsp;&nbsp; 4666 | 217310 |
| Hypoport SE<sup>(a)(c)</sup> | &nbsp;&nbsp; 425 | 90692 |
| IONOS Group SE<sup>(a)</sup> | &nbsp;&nbsp; 4962 | 235330 |
| Jenoptik AG | &nbsp;&nbsp; 5373 | 113865 |
| JOST Werke SE<sup>(b)</sup> | &nbsp;&nbsp; 1246 | 73349 |
| K+S AG, Registered | &nbsp;&nbsp; 17246 | 260893 |
| KION Group AG | &nbsp;&nbsp; 7376 | 453438 |
| Kloeckner & Co. SE | &nbsp;&nbsp; 5283 | 38524 |
| Kontron AG | &nbsp;&nbsp; 4202 | 135557 |
| Krones AG | &nbsp;&nbsp; 1440 | 213229 |
| Lanxess AG | &nbsp;&nbsp; 8306 | 228099 |
| MBB SE | &nbsp;&nbsp; 161 | 32229 |
| Mutares SE & Co. KGaA<sup>(c)</sup> | &nbsp;&nbsp; 1448 | 49885 |
| Nagarro SE | &nbsp;&nbsp; 680 | 43005 |
| Nordex SE<sup>(a)</sup> | &nbsp;&nbsp; 13171 | 323294 |
| Norma Group SE | &nbsp;&nbsp; 3015 | 53666 |
| Northern Data AG<sup>(a)(c)</sup> | &nbsp;&nbsp; 1260 | 30446 |
| Patrizia SE<sup>(c)</sup> | &nbsp;&nbsp; 4111 | 36683 |
| Pfeiffer Vacuum Technology AG | &nbsp;&nbsp; 369 | 65439 |
| PNE AG<sup>(c)</sup> | &nbsp;&nbsp; 2713 | 46781 |
| ProSiebenSat.1 Media SE<sup>(c)</sup> | &nbsp;&nbsp; 12982 | 118332 |
| Puma SE<sup>(c)</sup> | &nbsp;&nbsp; 10621 | 224512 |
| Redcare Pharmacy NV<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 1548 | 171349 |
| RENK Group AG | &nbsp;&nbsp; 7652 | 594005 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI Europe Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| RTL Group SA<sup>(a)(c)</sup> | &nbsp;&nbsp; 3989 | $157235 |
| SAF-Holland SE | &nbsp;&nbsp; 4511 | 81375 |
| Salzgitter AG | &nbsp;&nbsp; 2479 | 64276 |
| Schaeffler AG<sup>(c)</sup> | &nbsp;&nbsp; 18945 | 109532 |
| Schott Pharma AG & Co. KGaA<sup>(c)</sup> | &nbsp;&nbsp; 3782 | 102073 |
| Secunet Security Networks AG<sup>(c)</sup> | &nbsp;&nbsp; 160 | 39776 |
| SGL Carbon SE<sup>(a)(c)</sup> | &nbsp;&nbsp; 5923 | 23194 |
| Siltronic AG | &nbsp;&nbsp; 1364 | 58974 |
| Sixt SE | &nbsp;&nbsp; 1399 | 145064 |
| SMA Solar Technology AG<sup>(a)</sup> | &nbsp;&nbsp; 1575 | 36053 |
| Stabilus SE | &nbsp;&nbsp; 2441 | 69976 |
| Stroeer SE & Co. KGaA | &nbsp;&nbsp; 3407 | 183066 |
| Suedzucker AG<sup>(c)</sup> | &nbsp;&nbsp; 6087 | 69706 |
| SUESS MicroTec SE | &nbsp;&nbsp; 1860 | 67424 |
| TAG Immobilien AG | &nbsp;&nbsp; 17919 | 288102 |
| Takkt AG | &nbsp;&nbsp; 2160 | 13259 |
| TeamViewer SE<sup>(a)(b)</sup> | &nbsp;&nbsp; 14771 | 151062 |
| thyssenkrupp AG<sup>(c)</sup> | &nbsp;&nbsp; 50372 | 583064 |
| Thyssenkrupp Nucera AG & Co. KGaa<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 2446 | 29172 |
| United Internet AG, Registered | &nbsp;&nbsp; 7852 | 225062 |
| Verbio SE<sup>(c)</sup> | &nbsp;&nbsp; 2265 | 29349 |
| Vossloh AG | &nbsp;&nbsp; 971 | 95233 |
| Wacker Chemie AG<sup>(c)</sup> | &nbsp;&nbsp; 1848 | 137548 |
| Wacker Neuson SE | &nbsp;&nbsp; 3123 | 81697 |
| Wuestenrot & Wuerttembergische AG | &nbsp;&nbsp; 2345 | 37529 |
|  |  | 12953188 |
| **Hong Kong — 0.0%** | **Hong Kong — 0.0%** | **Hong Kong — 0.0%** |
| Peace Mark Holdings Ltd.<sup>(a)(d)</sup> | &nbsp;&nbsp; 30000 |  |
| **Ireland — 0.6%** | **Ireland — 0.6%** | **Ireland — 0.6%** |
| Cairn Homes PLC | &nbsp;&nbsp; 64013 | 159253 |
| Dalata Hotel Group PLC | &nbsp;&nbsp; 17924 | 130502 |
| Glanbia PLC | &nbsp;&nbsp; 19584 | 284553 |
| Glenveagh Properties PLC<sup>(a)(b)</sup> | &nbsp;&nbsp; 55286 | 117918 |
| Irish Residential Properties REIT PLC | &nbsp;&nbsp; 53280 | 59344 |
| Uniphar PLC | &nbsp;&nbsp; 23227 | 105292 |
|  |  | 856862 |
| **Italy — 7.0%** | **Italy — 7.0%** | **Italy — 7.0%** |
| A2A SpA | &nbsp;&nbsp; 159063 | 387597 |
| ACEA SpA | &nbsp;&nbsp; 5386 | 119528 |
| Amplifon SpA | &nbsp;&nbsp; 12615 | 212360 |
| Ariston Holding NV | &nbsp;&nbsp; 8260 | 43002 |
| Arnoldo Mondadori Editore SpA | &nbsp;&nbsp; 13367 | 30814 |
| Ascopiave SpA | &nbsp;&nbsp; 7273 | 25122 |
| Azimut Holding SpA | &nbsp;&nbsp; 11751 | 399446 |
| Banca Generali SpA | &nbsp;&nbsp; 5908 | 329975 |
| Banca IFIS SpA | &nbsp;&nbsp; 3126 | 86573 |
| Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp; 83351 | 709602 |
| Banca Popolare di Sondrio SpA | &nbsp;&nbsp; 9207 | 126073 |
| Banco di Desio e della Brianza SpA | &nbsp;&nbsp; 3338 | 28560 |
| BFF Bank SpA<sup>(a)(b)</sup> | &nbsp;&nbsp; 18277 | 216988 |
| Bio On SpA<sup>(a)(c)(d)</sup> | &nbsp;&nbsp; 801 |  |
| Brembo NV | &nbsp;&nbsp; 15179 | 145517 |
| Brunello Cucinelli SpA | &nbsp;&nbsp; 3476 | 389808 |
| Buzzi SpA | &nbsp;&nbsp; 8878 | 463605 |
| Carel Industries SpA<sup>(b)</sup> | &nbsp;&nbsp; 5149 | 139871 |
| Cembre SpA | &nbsp;&nbsp; 634 | 43049 |
| Cementir Holding NV | &nbsp;&nbsp; 4861 | 72215 |
| CIR SpA-Compagnie Industriali<sup>(a)</sup> | &nbsp;&nbsp; 50105 | 38610 |
| Credito Emiliano SpA | &nbsp;&nbsp; 8576 | 129999 |
| d'Amico International Shipping SA | &nbsp;&nbsp; 4913 | 20247 |
| Danieli & C Officine Meccaniche SpA | &nbsp;&nbsp; 994 | 42714 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| De' Longhi SpA | &nbsp;&nbsp; 7746 | $254057 |
| El.En. SpA | &nbsp;&nbsp; 5096 | 67867 |
| Enav SpA<sup>(b)</sup> | &nbsp;&nbsp; 27641 | 121262 |
| ERG SpA | &nbsp;&nbsp; 5473 | 118569 |
| Ferretti SpA<sup>(c)</sup> | &nbsp;&nbsp; 13009 | 39248 |
| Fila SpA | &nbsp;&nbsp; 3105 | 30608 |
| Fincantieri SpA<sup>(a)</sup> | &nbsp;&nbsp; 9858 | 190776 |
| GVS SpA<sup>(a)(b)</sup> | &nbsp;&nbsp; 8464 | 47457 |
| Hera SpA | &nbsp;&nbsp; 84057 | 359676 |
| Industrie De Nora SpA | &nbsp;&nbsp; 3291 | 24720 |
| Intercos SpA, NVS | &nbsp;&nbsp; 5317 | 70993 |
| Interpump Group SpA | &nbsp;&nbsp; 7720 | 316738 |
| Iren SpA | &nbsp;&nbsp; 59330 | 169901 |
| Italgas SpA | &nbsp;&nbsp; 62363 | 517449 |
| Iveco Group NV | &nbsp;&nbsp; 17871 | 369390 |
| Juventus Football Club SpA, NVS<sup>(a)(c)</sup> | &nbsp;&nbsp; 11526 | 36435 |
| Lottomatica Group SpA | &nbsp;&nbsp; 25586 | 690258 |
| LU-VE SpA, NVS | &nbsp;&nbsp; 834 | 30848 |
| Maire SpA | &nbsp;&nbsp; 15041 | 208927 |
| MARR SpA | &nbsp;&nbsp; 3220 | 37719 |
| MFE-MediaForEurope NV, Class A | &nbsp;&nbsp; 17569 | 55680 |
| MFE-MediaForEurope NV, Class B | &nbsp;&nbsp; 5555 | 24963 |
| NewPrinces SpA, NVS<sup>(a)</sup> | &nbsp;&nbsp; 1998 | 52069 |
| OVS SpA<sup>(b)</sup> | &nbsp;&nbsp; 15844 | 65589 |
| Pharmanutra SpA | &nbsp;&nbsp; 360 | 18850 |
| Piaggio & C SpA | &nbsp;&nbsp; 18228 | 39349 |
| Pirelli & C SpA<sup>(b)</sup> | &nbsp;&nbsp; 40893 | 275675 |
| RAI Way SpA<sup>(b)</sup> | &nbsp;&nbsp; 9925 | 66258 |
| Reply SpA | &nbsp;&nbsp; 2295 | 359475 |
| Saipem SpA<sup>(c)</sup> | &nbsp;&nbsp; 131322 | 351028 |
| Salvatore Ferragamo SpA<sup>(a)(c)</sup> | &nbsp;&nbsp; 5025 | 28418 |
| Sanlorenzo SpA/Ameglia | &nbsp;&nbsp; 1626 | 54801 |
| Sesa SpA<sup>(c)</sup> | &nbsp;&nbsp; 773 | 58208 |
| SOL SpA | &nbsp;&nbsp; 4151 | 221697 |
| Tamburi Investment Partners SpA | &nbsp;&nbsp; 10327 | 90940 |
| Technogym SpA<sup>(b)</sup> | &nbsp;&nbsp; 11485 | 177205 |
| Technoprobe SpA<sup>(a)</sup> | &nbsp;&nbsp; 16893 | 138603 |
| Webuild SpA | &nbsp;&nbsp; 51957 | 233840 |
| Wiit SpA | &nbsp;&nbsp; 1222 | 21752 |
| Zignago Vetro SpA<sup>(c)</sup> | &nbsp;&nbsp; 2930 | 26205 |
|  |  | 10264778 |
| **Netherlands — 2.9%** | **Netherlands — 2.9%** | **Netherlands — 2.9%** |
| Aalberts NV | &nbsp;&nbsp; 10058 | 321476 |
| Allfunds Group PLC | &nbsp;&nbsp; 31199 | 216028 |
| AMG Critical Materials NV | &nbsp;&nbsp; 3150 | 88694 |
| Arcadis NV | &nbsp;&nbsp; 7356 | 367121 |
| Basic-Fit NV<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 5106 | 144145 |
| Brunel International NV | &nbsp;&nbsp; 1994 | 20716 |
| Corbion NV | &nbsp;&nbsp; 5230 | 99254 |
| Eurocommercial Properties NV | &nbsp;&nbsp; 4480 | 136743 |
| Flow Traders Ltd. | &nbsp;&nbsp; 3539 | 106000 |
| Fugro NV | &nbsp;&nbsp; 11398 | 163389 |
| Just Eat Takeaway.com NV<sup>(a)(b)</sup> | &nbsp;&nbsp; 18023 | 411689 |
| Koninklijke BAM Groep NV | &nbsp;&nbsp; 27601 | 240963 |
| Koninklijke Heijmans NV | &nbsp;&nbsp; 2547 | 162338 |
| Koninklijke Vopak NV | &nbsp;&nbsp; 5969 | 285145 |
| OCI NV | &nbsp;&nbsp; 10629 | 88533 |
| Pharming Group NV<sup>(a)</sup> | &nbsp;&nbsp; 72315 | 79476 |
| Pharvaris NV<sup>(a)</sup> | &nbsp;&nbsp; 2219 | 44114 |
| PostNL NV<sup>(c)</sup> | &nbsp;&nbsp; 30825 | 33612 |
| SBM Offshore NV | &nbsp;&nbsp; 14292 | 372725 |
| Signify NV<sup>(b)</sup> | &nbsp;&nbsp; 12992 | 310802 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI Europe Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| Sligro Food Group NV | &nbsp;&nbsp; 2130 | $26923 |
| TKH Group NV | &nbsp;&nbsp; 3795 | 156101 |
| TomTom NV<sup>(a)(c)</sup> | &nbsp;&nbsp; 5694 | 34281 |
| Van Lanschot Kempen NV | &nbsp;&nbsp; 2865 | 186613 |
| Wereldhave NV | &nbsp;&nbsp; 4015 | 82180 |
|  |  | 4179061 |
| **Norway — 4.6%** | **Norway — 4.6%** | **Norway — 4.6%** |
| Aker ASA, Class A | &nbsp;&nbsp; 2222 | 153238 |
| Aker Solutions ASA | &nbsp;&nbsp; 30783 | 91047 |
| Atea ASA | &nbsp;&nbsp; 8023 | 110815 |
| Austevoll Seafood ASA | &nbsp;&nbsp; 9018 | 82984 |
| AutoStore Holdings Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 122282 | 85908 |
| Bakkafrost P/F | &nbsp;&nbsp; 5142 | 205393 |
| BlueNord ASA | &nbsp;&nbsp; 2461 | 117499 |
| BW LPG Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 9707 | 129042 |
| BW Offshore Ltd. | &nbsp;&nbsp; 10246 | 34637 |
| Cadeler AS<sup>(a)</sup> | &nbsp;&nbsp; 22690 | 119446 |
| DNO ASA | &nbsp;&nbsp; 43443 | 59326 |
| DOF Group ASA | &nbsp;&nbsp; 14717 | 134753 |
| Elkem ASA<sup>(b)(c)</sup> | &nbsp;&nbsp; 30454 | 70759 |
| Elopak ASA | &nbsp;&nbsp; 13382 | 64977 |
| Entra ASA<sup>(a)(b)</sup> | &nbsp;&nbsp; 4609 | 56617 |
| Europris ASA<sup>(b)</sup> | &nbsp;&nbsp; 16346 | 153117 |
| Flex LNG Ltd. | &nbsp;&nbsp; 3393 | 84672 |
| Frontline PLC<sup>(c)</sup> | &nbsp;&nbsp; 14691 | 270524 |
| Golden Ocean Group Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 11116 | 92036 |
| Grieg Seafood ASA<sup>(a)(c)</sup> | &nbsp;&nbsp; 5630 | 37469 |
| Hexagon Composites ASA<sup>(a)(c)</sup> | &nbsp;&nbsp; 17147 | 28332 |
| Hoegh Autoliners ASA | &nbsp;&nbsp; 10686 | 107385 |
| Kitron ASA | &nbsp;&nbsp; 19667 | 119618 |
| Leroy Seafood Group ASA | &nbsp;&nbsp; 27015 | 122893 |
| MPC Container Ships ASA | &nbsp;&nbsp; 37492 | 69064 |
| NORBIT ASA | &nbsp;&nbsp; 3543 | 70408 |
| Norconsult Norge A/S | &nbsp;&nbsp; 10457 | 43897 |
| Nordic Semiconductor ASA<sup>(a)</sup> | &nbsp;&nbsp; 17577 | 238960 |
| Norwegian Air Shuttle ASA<sup>(a)</sup> | &nbsp;&nbsp; 48842 | 79889 |
| Odfjell Drilling Ltd. | &nbsp;&nbsp; 9872 | 70145 |
| Odfjell SE, Class A | &nbsp;&nbsp; 2050 | 25146 |
| Paratus Energy Services Ltd. | &nbsp;&nbsp; 8240 | 31418 |
| Protector Forsikring ASA | &nbsp;&nbsp; 5429 | 265063 |
| Scatec ASA<sup>(a)(b)</sup> | &nbsp;&nbsp; 12960 | 128586 |
| SpareBank 1 Nord Norge | &nbsp;&nbsp; 9569 | 136932 |
| SpareBank 1 Oestlandet | &nbsp;&nbsp; 4781 | 89095 |
| SpareBank 1 SMN | &nbsp;&nbsp; 13298 | 247094 |
| SpareBank 1 Sor-Norge ASA | &nbsp;&nbsp; 20980 | 367453 |
| Stolt-Nielsen Ltd. | &nbsp;&nbsp; 2317 | 67801 |
| Storebrand ASA | &nbsp;&nbsp; 43405 | 616363 |
| Subsea 7 SA | &nbsp;&nbsp; 22996 | 445639 |
| TGS ASA | &nbsp;&nbsp; 19548 | 143616 |
| TOMRA Systems ASA | &nbsp;&nbsp; 22847 | 317347 |
| Vend Marketplaces ASA, Class A | &nbsp;&nbsp; 7166 | 282856 |
| Vend Marketplaces ASA, Class B | &nbsp;&nbsp; 10135 | 380810 |
| Wallenius Wilhelmsen ASA | &nbsp;&nbsp; 11097 | 99276 |
| Wilh Wilhelmsen Holding ASA, Class A | &nbsp;&nbsp; 1023 | 47149 |
|  |  | 6796494 |
| **Portugal — 0.9%** | **Portugal — 0.9%** | **Portugal — 0.9%** |
| Altri SGPS SA<sup>(c)</sup> | &nbsp;&nbsp; 7245 | 39429 |
| Banco Comercial Portugues SA, Class R | &nbsp;&nbsp; 848683 | 696891 |
| Corticeira Amorim SGPS SA | &nbsp;&nbsp; 3870 | 34397 |
| CTT-Correios de Portugal SA | &nbsp;&nbsp; 7931 | 66838 |
| Mota-Engil SGPS SA | &nbsp;&nbsp; 9720 | 49667 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Portugal (continued)** | **Portugal (continued)** | **Portugal (continued)** |
| Navigator Co. SA (The) | &nbsp;&nbsp; 21794 | $76973 |
| NOS SGPS SA | &nbsp;&nbsp; 20992 | 86532 |
| REN - Redes Energeticas Nacionais SGPS SA | &nbsp;&nbsp; 40545 | 137590 |
| Semapa-Sociedade de Investimento e Gestao | &nbsp;&nbsp; 1732 | 33918 |
| Sonae SGPS SA | &nbsp;&nbsp; 79433 | 114580 |
|  |  | 1336815 |
| **Singapore — 0.0%** | **Singapore — 0.0%** | **Singapore — 0.0%** |
| Jurong Technologies Industrial Corp. Ltd.<sup>(a)(d)</sup> | &nbsp;&nbsp; 60000 | 1 |
| **Spain — 3.2%** | **Spain — 3.2%** | **Spain — 3.2%** |
| Acerinox SA | &nbsp;&nbsp; 19080 | 220174 |
| Aedas Homes SA<sup>(b)</sup> | &nbsp;&nbsp; 855 | 20575 |
| Almirall SA | &nbsp;&nbsp; 7988 | 96153 |
| Atresmedia Corp. de Medios de Comunicacion SA | &nbsp;&nbsp; 9000 | 50860 |
| Audax Renovables SA | &nbsp;&nbsp; 15713 | 25922 |
| CIE Automotive SA | &nbsp;&nbsp; 4285 | 128652 |
| Construcciones y Auxiliar de Ferrocarriles SA | &nbsp;&nbsp; 1969 | 119235 |
| Distribuidora Internacional de Alimentacion SA<sup>(a)</sup> | &nbsp;&nbsp; 1417 | 46410 |
| eDreams ODIGEO SA<sup>(a)</sup> | &nbsp;&nbsp; 9135 | 86461 |
| Enagas SA | &nbsp;&nbsp; 23589 | 353304 |
| Ence Energia y Celulosa SA | &nbsp;&nbsp; 12245 | 38533 |
| Fluidra SA | &nbsp;&nbsp; 9781 | 243944 |
| Gestamp Automocion SA<sup>(b)</sup> | &nbsp;&nbsp; 14582 | 54814 |
| Grenergy Renovables SA<sup>(a)</sup> | &nbsp;&nbsp; 1350 | 100049 |
| Indra Sistemas SA<sup>(c)</sup> | &nbsp;&nbsp; 8065 | 334085 |
| Inmobiliaria Colonial SOCIMI SA | &nbsp;&nbsp; 32043 | 212203 |
| Laboratorios Farmaceuticos Rovi SA | &nbsp;&nbsp; 2082 | 128516 |
| Linea Directa Aseguradora SA Cia de Seguros <br> y Reaseguros<br>| &nbsp;&nbsp; 57675 | 88857 |
| Logista Integral SA | &nbsp;&nbsp; 6108 | 193321 |
| Melia Hotels International SA | &nbsp;&nbsp; 11522 | 102306 |
| Merlin Properties SOCIMI SA | &nbsp;&nbsp; 39936 | 552956 |
| Neinor Homes SA<sup>(b)</sup> | &nbsp;&nbsp; 3600 | 69972 |
| Pharma Mar SA | &nbsp;&nbsp; 1423 | 129709 |
| Prosegur Cash SA<sup>(b)</sup> | &nbsp;&nbsp; 33726 | 28905 |
| Prosegur Cia. de Seguridad SA | &nbsp;&nbsp; 13748 | 40714 |
| Sacyr SA | &nbsp;&nbsp; 55690 | 228037 |
| Solaria Energia y Medio Ambiente SA<sup>(a)(c)</sup> | &nbsp;&nbsp; 8223 | 105732 |
| Talgo SA<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 6819 | 23586 |
| Tecnicas Reunidas SA<sup>(a)</sup> | &nbsp;&nbsp; 4837 | 119120 |
| Unicaja Banco SA<sup>(b)</sup> | &nbsp;&nbsp; 105013 | 275911 |
| Vidrala SA | &nbsp;&nbsp; 2216 | 238545 |
| Viscofan SA | &nbsp;&nbsp; 4107 | 281032 |
|  |  | 4738593 |
| **Sweden — 11.1%** | **Sweden — 11.1%** | **Sweden — 11.1%** |
| AAK AB | &nbsp;&nbsp; 18392 | 473123 |
| AcadeMedia AB<sup>(b)</sup> | &nbsp;&nbsp; 8109 | 74252 |
| AddLife AB, Class B | &nbsp;&nbsp; 12023 | 211727 |
| Addnode Group AB, Class B | &nbsp;&nbsp; 12449 | 142434 |
| AFRY AB | &nbsp;&nbsp; 9979 | 154461 |
| Alimak Group AB<sup>(b)</sup> | &nbsp;&nbsp; 7176 | 123006 |
| Alleima AB | &nbsp;&nbsp; 19538 | 138074 |
| Ambea AB<sup>(b)</sup> | &nbsp;&nbsp; 8055 | 101336 |
| AQ Group AB | &nbsp;&nbsp; 6199 | 126338 |
| Arjo AB, Class B | &nbsp;&nbsp; 21406 | 74595 |
| Asmodee Group AB, Class B<sup>(a)</sup> | &nbsp;&nbsp; 13657 | 171991 |
| Atrium Ljungberg AB, Class B | &nbsp;&nbsp; 27036 | 87444 |
| Attendo AB<sup>(b)</sup> | &nbsp;&nbsp; 10921 | 76309 |
| Avanza Bank Holding AB | &nbsp;&nbsp; 12746 | 469557 |
| Axfood AB | &nbsp;&nbsp; 10986 | 327364 |
| Betsson AB, Class B | &nbsp;&nbsp; 11810 | 199971 |
| Better Collective A/S<sup>(a)(c)</sup> | &nbsp;&nbsp; 3888 | 54889 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI Europe Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| Bilia AB, Class A | &nbsp;&nbsp; 6192 | $72752 |
| Billerud Aktiebolag | &nbsp;&nbsp; 22925 | 194650 |
| BioArctic AB, Class B<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 3692 | 80835 |
| BioGaia AB, Class B | &nbsp;&nbsp; 8776 | 87811 |
| BoneSupport Holding AB<sup>(a)(b)</sup> | &nbsp;&nbsp; 5762 | 194593 |
| Boozt AB<sup>(a)(b)</sup> | &nbsp;&nbsp; 5637 | 50185 |
| Bravida Holding AB<sup>(b)</sup> | &nbsp;&nbsp; 20863 | 195777 |
| Bufab AB | &nbsp;&nbsp; 13397 | 132860 |
| Bure Equity AB | &nbsp;&nbsp; 5517 | 162869 |
| Camurus AB<sup>(a)</sup> | &nbsp;&nbsp; 3587 | 248880 |
| Castellum AB | &nbsp;&nbsp; 42884 | 488172 |
| Catena AB | &nbsp;&nbsp; 4597 | 207666 |
| Cibus Nordic Real Estate AB publ | &nbsp;&nbsp; 6723 | 119155 |
| Clas Ohlson AB, Class B | &nbsp;&nbsp; 3964 | 137925 |
| Cloetta AB, Class B | &nbsp;&nbsp; 19176 | 61671 |
| Corem Property Group AB, Class B | &nbsp;&nbsp; 59153 | 26384 |
| Creades AB, Class A | &nbsp;&nbsp; 5280 | 42162 |
| Dios Fastigheter AB | &nbsp;&nbsp; 10530 | 69180 |
| Dometic Group AB<sup>(b)</sup> | &nbsp;&nbsp; 31221 | 157711 |
| Electrolux AB, Class B<sup>(a)</sup> | &nbsp;&nbsp; 22800 | 138866 |
| Electrolux Professional AB, Class B | &nbsp;&nbsp; 24469 | 166260 |
| Elekta AB, Class B | &nbsp;&nbsp; 36873 | 181825 |
| Embracer Group AB<sup>(a)</sup> | &nbsp;&nbsp; 14108 | 145941 |
| Engcon AB | &nbsp;&nbsp; 4246 | 33271 |
| Fabege AB | &nbsp;&nbsp; 21790 | 182636 |
| FastPartner AB, Class A | &nbsp;&nbsp; 5445 | 27786 |
| Getinge AB, Class B | &nbsp;&nbsp; 23180 | 457533 |
| Granges AB | &nbsp;&nbsp; 10627 | 142499 |
| Hemnet Group AB | &nbsp;&nbsp; 8806 | 253599 |
| Hexatronic Group AB<sup>(a)(c)</sup> | &nbsp;&nbsp; 17019 | 36148 |
| Hexpol AB | &nbsp;&nbsp; 26820 | 230947 |
| HMS Networks AB<sup>(a)</sup> | &nbsp;&nbsp; 3382 | 142111 |
| Hoist Finance AB<sup>(b)</sup> | &nbsp;&nbsp; 4895 | 48229 |
| Hufvudstaden AB, Class A | &nbsp;&nbsp; 11218 | 135745 |
| Husqvarna AB, Class B | &nbsp;&nbsp; 36012 | 195045 |
| Instalco AB | &nbsp;&nbsp; 25521 | 66826 |
| Intea Fastigheter AB<sup>(a)</sup> | &nbsp;&nbsp; 6803 | 53094 |
| INVISIO AB | &nbsp;&nbsp; 3756 | 121698 |
| Inwido AB | &nbsp;&nbsp; 5181 | 96331 |
| JM AB | &nbsp;&nbsp; 6178 | 88531 |
| Kinnevik AB, Class B | &nbsp;&nbsp; 24826 | 222589 |
| Lindab International AB | &nbsp;&nbsp; 7183 | 150976 |
| Loomis AB, Class B | &nbsp;&nbsp; 7184 | 284050 |
| Medicover AB, Class B | &nbsp;&nbsp; 6756 | 189259 |
| MEKO AB | &nbsp;&nbsp; 4110 | 35981 |
| Mildef Group AB | &nbsp;&nbsp; 4052 | 71319 |
| Millicom International Cellular SA | &nbsp;&nbsp; 10471 | 420411 |
| MIPS AB | &nbsp;&nbsp; 2638 | 111802 |
| Modern Times Group MTG AB, Class B<sup>(a)</sup> | &nbsp;&nbsp; 8445 | 86820 |
| Munters Group AB<sup>(b)</sup> | &nbsp;&nbsp; 13116 | 184585 |
| Mycronic AB | &nbsp;&nbsp; 15856 | 344057 |
| NCAB Group AB<sup>(a)</sup> | &nbsp;&nbsp; 17925 | 96867 |
| NCC AB, Class B | &nbsp;&nbsp; 8537 | 161650 |
| New Wave Group AB, Class B | &nbsp;&nbsp; 9328 | 111712 |
| Nolato AB, Class B | &nbsp;&nbsp; 19359 | 114517 |
| Nordnet AB publ | &nbsp;&nbsp; 14064 | 379814 |
| Norion Bank AB<sup>(a)</sup> | &nbsp;&nbsp; 4938 | 31552 |
| NP3 Fastigheter AB | &nbsp;&nbsp; 3429 | 90898 |
| Nyfosa AB | &nbsp;&nbsp; 16908 | 146581 |
| Pandox AB, Class B | &nbsp;&nbsp; 11006 | 196527 |
| Paradox Interactive AB | &nbsp;&nbsp; 3807 | 65095 |
| Peab AB, Class B | &nbsp;&nbsp; 17438 | 131144 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| Platzer Fastigheter Holding AB, Class B | &nbsp;&nbsp; 6177 | $44017 |
| Polestar Automotive Holding U.K. PLC, Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 41993 | 44932 |
| Ratos AB, Class B | &nbsp;&nbsp; 21044 | 74498 |
| RaySearch Laboratories AB | &nbsp;&nbsp; 2896 | 99255 |
| Rusta AB | &nbsp;&nbsp; 5761 | 45053 |
| Samhallsbyggnadsbolaget i Norden AB<sup>(c)</sup> | &nbsp;&nbsp; 105866 | 53080 |
| Scandic Hotels Group AB<sup>(b)</sup> | &nbsp;&nbsp; 15674 | 129974 |
| Sdiptech AB, Class B<sup>(a)</sup> | &nbsp;&nbsp; 3195 | 64225 |
| Sectra AB, Class B | &nbsp;&nbsp; 13819 | 512353 |
| Sinch AB<sup>(a)(b)</sup> | &nbsp;&nbsp; 64194 | 220375 |
| SkiStar AB | &nbsp;&nbsp; 4238 | 66856 |
| SSAB AB, Class A | &nbsp;&nbsp; 23059 | 132973 |
| SSAB AB, Class B | &nbsp;&nbsp; 64025 | 361848 |
| Storskogen Group AB, Class B | &nbsp;&nbsp; 143056 | 166035 |
| Storytel AB | &nbsp;&nbsp; 5467 | 47597 |
| Surgical Science Sweden AB<sup>(a)</sup> | &nbsp;&nbsp; 3806 | 57673 |
| Svolder AB, Class B | &nbsp;&nbsp; 8521 | 47953 |
| Sweco AB, Class B | &nbsp;&nbsp; 20276 | 319844 |
| SwedenCare AB | &nbsp;&nbsp; 5426 | 21035 |
| Synsam AB | &nbsp;&nbsp; 13304 | 72578 |
| Thule Group AB<sup>(b)</sup> | &nbsp;&nbsp; 10995 | 310958 |
| Troax Group AB | &nbsp;&nbsp; 4219 | 58945 |
| Truecaller AB, Class B | &nbsp;&nbsp; 27378 | 136761 |
| VBG Group AB, Class B | &nbsp;&nbsp; 1766 | 50740 |
| Vimian Group AB<sup>(a)</sup> | &nbsp;&nbsp; 18240 | 61867 |
| Vitec Software Group AB, Class B | &nbsp;&nbsp; 3475 | 134717 |
| Vitrolife AB | &nbsp;&nbsp; 7517 | 110462 |
| Wallenstam AB, Class B | &nbsp;&nbsp; 38934 | 176458 |
| Wihlborgs Fastigheter AB | &nbsp;&nbsp; 28052 | 275669 |
| Xvivo Perfusion AB<sup>(a)</sup> | &nbsp;&nbsp; 2547 | 51917 |
| Yubico AB<sup>(a)(c)</sup> | &nbsp;&nbsp; 4824 | 66384 |
|  |  | 16328268 |
| **Switzerland — 10.8%** | **Switzerland — 10.8%** | **Switzerland — 10.8%** |
| Accelleron Industries AG | &nbsp;&nbsp; 9626 | 876754 |
| Adecco Group AG, Registered | &nbsp;&nbsp; 17038 | 536495 |
| Allreal Holding AG, Registered | &nbsp;&nbsp; 1531 | 346288 |
| ALSO Holding AG, Registered | &nbsp;&nbsp; 589 | 177895 |
| ams-OSRAM AG<sup>(a)</sup> | &nbsp;&nbsp; 9957 | 131241 |
| Arbonia AG | &nbsp;&nbsp; 5187 | 35131 |
| Aryzta AG<sup>(a)</sup> | &nbsp;&nbsp; 2417 | 226843 |
| Autoneum Holding AG | &nbsp;&nbsp; 256 | 45511 |
| Bachem Holding AG | &nbsp;&nbsp; 3423 | 288376 |
| Basilea Pharmaceutica Ag Allschwil, Registered<sup>(a)</sup> | &nbsp;&nbsp; 1274 | 90348 |
| Belimo Holding AG, Registered | &nbsp;&nbsp; 1002 | 1166055 |
| Bossard Holding AG, Class A, Registered | &nbsp;&nbsp; 588 | 124618 |
| Bucher Industries AG, Registered | &nbsp;&nbsp; 675 | 318768 |
| Burckhardt Compression Holding AG | &nbsp;&nbsp; 328 | 292114 |
| Burkhalter Holding AG | &nbsp;&nbsp; 745 | 133973 |
| Bystronic AG, Registered | &nbsp;&nbsp; 156 | 77304 |
| Cembra Money Bank AG | &nbsp;&nbsp; 3027 | 339721 |
| Clariant AG, Registered | &nbsp;&nbsp; 21975 | 225528 |
| Comet Holding AG, Registered | &nbsp;&nbsp; 742 | 186821 |
| COSMO Pharmaceuticals NV | &nbsp;&nbsp; 836 | 59971 |
| Daetwyler Holding AG, Bearer | &nbsp;&nbsp; 776 | 138201 |
| DKSH Holding AG | &nbsp;&nbsp; 3626 | 250739 |
| dormakaba Holding AG | &nbsp;&nbsp; 321 | 309869 |
| Dottikon Es Holding AG<sup>(a)</sup> | &nbsp;&nbsp; 361 | 140338 |
| EFG International AG | &nbsp;&nbsp; 9600 | 190278 |
| Emmi AG, Registered | &nbsp;&nbsp; 219 | 199345 |
| Flughafen Zurich AG, Registered | &nbsp;&nbsp; 2033 | 572974 |
| Forbo Holding AG, Registered | &nbsp;&nbsp; 96 | 91057 |
| Galenica AG<sup>(b)</sup> | &nbsp;&nbsp; 5111 | 542429 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI Europe Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| Georg Fischer AG | &nbsp;&nbsp; 7942 | $621292 |
| Hiag Immobilien Holding AG | &nbsp;&nbsp; 452 | 60113 |
| Huber + Suhner AG, Registered | &nbsp;&nbsp; 1473 | 196684 |
| Implenia AG, Registered | &nbsp;&nbsp; 1187 | 79896 |
| Inficon Holding AG | &nbsp;&nbsp; 1738 | 209127 |
| Interroll Holding AG, Registered | &nbsp;&nbsp; 74 | 208382 |
| Intershop Holding AG | &nbsp;&nbsp; 569 | 105329 |
| Kardex Holding AG, Registered | &nbsp;&nbsp; 630 | 242592 |
| Komax Holding AG, Registered<sup>(a)(c)</sup> | &nbsp;&nbsp; 405 | 55436 |
| Kuros Biosciences AG<sup>(a)</sup> | &nbsp;&nbsp; 2669 | 98010 |
| Landis+Gyr Group AG | &nbsp;&nbsp; 2630 | 214751 |
| LEM Holding SA, Registered<sup>(a)</sup> | &nbsp;&nbsp; 51 | 41456 |
| Medacta Group SA<sup>(b)</sup> | &nbsp;&nbsp; 720 | 130593 |
| Medmix AG<sup>(b)</sup> | &nbsp;&nbsp; 2430 | 35517 |
| Metall Zug AG, Class B, Registered | &nbsp;&nbsp; 18 | 22108 |
| Mobilezone Holding AG, Registered | &nbsp;&nbsp; 3875 | 54054 |
| Mobimo Holding AG, Registered | &nbsp;&nbsp; 741 | 290215 |
| Montana Aerospace AG<sup>(a)(b)</sup> | &nbsp;&nbsp; 2880 | 100310 |
| OC Oerlikon Corp. AG Pfaffikon, Registered | &nbsp;&nbsp; 18586 | 90803 |
| PolyPeptide Group AG<sup>(a)(b)</sup> | &nbsp;&nbsp; 1559 | 43362 |
| PSP Swiss Property AG, Registered | &nbsp;&nbsp; 4652 | 789278 |
| R&S Group Holding AG | &nbsp;&nbsp; 2448 | 111806 |
| Rieter Holding AG, Registered<sup>(c)</sup> | &nbsp;&nbsp; 253 | 19292 |
| Schweiter Technologies AG | &nbsp;&nbsp; 104 | 48004 |
| Sensirion Holding AG<sup>(a)(b)</sup> | &nbsp;&nbsp; 976 | 96696 |
| SFS Group AG | &nbsp;&nbsp; 1770 | 228730 |
| Siegfried Holding AG | &nbsp;&nbsp; 4170 | 466232 |
| SKAN Group AG | &nbsp;&nbsp; 1284 | 117754 |
| Softwareone Holding AG | &nbsp;&nbsp; 17749 | 144857 |
| Stadler Rail AG | &nbsp;&nbsp; 5519 | 145849 |
| Sulzer AG, Registered | &nbsp;&nbsp; 1904 | 366350 |
| Sunrise Communications AG, Class A | &nbsp;&nbsp; 6791 | 361811 |
| Swissquote Group Holding SA, Registered | &nbsp;&nbsp; 1094 | 726903 |
| Tecan Group AG, Registered | &nbsp;&nbsp; 1294 | 256201 |
| TX Group AG | &nbsp;&nbsp; 317 | 86185 |
| u-blox Holding AG<sup>(a)</sup> | &nbsp;&nbsp; 742 | 92395 |
| Untrade Real Gold Mining<sup>(a)(d)</sup> | &nbsp;&nbsp; 27000 |  |
| Valiant Holding AG, Registered | &nbsp;&nbsp; 1594 | 250892 |
| Vetropack Holding AG, Class A, Registered | &nbsp;&nbsp; 1385 | 51086 |
| Vontobel Holding AG, Registered | &nbsp;&nbsp; 2881 | 210065 |
| Ypsomed Holding AG, Registered | &nbsp;&nbsp; 411 | 196646 |
| Zehnder Group AG, Registered | &nbsp;&nbsp; 930 | 81939 |
|  |  | 15863986 |
| **United Kingdom — 28.8%** | **United Kingdom — 28.8%** | **United Kingdom — 28.8%** |
| 4imprint Group PLC | &nbsp;&nbsp; 2914 | 138026 |
| AB Dynamics PLC | &nbsp;&nbsp; 1809 | 34522 |
| Aberdeen Group PLC | &nbsp;&nbsp; 188158 | 496499 |
| Advanced Medical Solutions Group PLC | &nbsp;&nbsp; 22599 | 60638 |
| AG Barr PLC | &nbsp;&nbsp; 11135 | 101153 |
| Airtel Africa PLC<sup>(b)</sup> | &nbsp;&nbsp; 92993 | 250334 |
| AJ Bell PLC | &nbsp;&nbsp; 33441 | 236848 |
| Alfa Financial Software Holdings PLC<sup>(b)</sup> | &nbsp;&nbsp; 13458 | 40701 |
| Alpha Group International PLC | &nbsp;&nbsp; 3665 | 200862 |
| Alphawave IP Group PLC<sup>(a)</sup> | &nbsp;&nbsp; 37353 | 85031 |
| AO World PLC<sup>(a)</sup> | &nbsp;&nbsp; 33757 | 41505 |
| Ashmore Group PLC | &nbsp;&nbsp; 43342 | 100055 |
| Ashtead Technology Holdings PLC | &nbsp;&nbsp; 8203 | 36258 |
| ASOS PLC<sup>(a)</sup> | &nbsp;&nbsp; 4618 | 18906 |
| Assura PLC | &nbsp;&nbsp; 329466 | 216956 |
| Aston Martin Lagonda Global Holdings PLC<sup>(a)(b)</sup> | &nbsp;&nbsp; 28710 | 26408 |
| Atalaya Mining PLC | &nbsp;&nbsp; 11520 | 69433 |
| Auction Technology Group PLC<sup>(a)</sup> | &nbsp;&nbsp; 9690 | 63026 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| B&M European Value Retail SA | &nbsp;&nbsp; 102393 | $302660 |
| Babcock International Group PLC | &nbsp;&nbsp; 25704 | 352410 |
| Bakkavor Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 20547 | 63768 |
| Balfour Beatty PLC | &nbsp;&nbsp; 51725 | 369652 |
| Baltic Classifieds Group PLC | &nbsp;&nbsp; 47011 | 222265 |
| Beazley PLC | &nbsp;&nbsp; 64205 | 756510 |
| Bellway PLC | &nbsp;&nbsp; 12038 | 393979 |
| Berkeley Group Holdings PLC | &nbsp;&nbsp; 10053 | 483467 |
| Big Yellow Group PLC | &nbsp;&nbsp; 19061 | 235015 |
| Bodycote PLC | &nbsp;&nbsp; 17965 | 151013 |
| boohoo Group PLC<sup>(a)</sup> | &nbsp;&nbsp; 77407 | 17808 |
| Breedon Group PLC | &nbsp;&nbsp; 28099 | 134557 |
| Bridgepoint Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 25335 | 109677 |
| British Land Co. PLC (The) | &nbsp;&nbsp; 101165 | 464948 |
| Burberry Group PLC<sup>(a)</sup> | &nbsp;&nbsp; 36615 | 621096 |
| Bytes Technology Group PLC | &nbsp;&nbsp; 22756 | 109800 |
| C&C Group PLC | &nbsp;&nbsp; 39892 | 93355 |
| Carnival PLC<sup>(a)</sup> | &nbsp;&nbsp; 14154 | 385144 |
| Cerillion PLC | &nbsp;&nbsp; 2211 | 44383 |
| Chemring Group PLC | &nbsp;&nbsp; 27785 | 201222 |
| Clarkson PLC | &nbsp;&nbsp; 2925 | 133188 |
| CMC Markets PLC<sup>(b)</sup> | &nbsp;&nbsp; 11117 | 33401 |
| Coats Group PLC | &nbsp;&nbsp; 194025 | 189617 |
| Cohort PLC | &nbsp;&nbsp; 3537 | 67985 |
| Computacenter PLC | &nbsp;&nbsp; 6455 | 195091 |
| Conduit Holdings Ltd. | &nbsp;&nbsp; 14873 | 59820 |
| ConvaTec Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 167538 | 516189 |
| Craneware PLC | &nbsp;&nbsp; 3061 | 90524 |
| Cranswick PLC | &nbsp;&nbsp; 5504 | 385462 |
| Crest Nicholson Holdings PLC | &nbsp;&nbsp; 23134 | 55682 |
| Currys PLC<sup>(a)</sup> | &nbsp;&nbsp; 103977 | 155031 |
| CVS Group PLC | &nbsp;&nbsp; 7302 | 118208 |
| Deliveroo PLC<sup>(a)(b)</sup> | &nbsp;&nbsp; 98760 | 230843 |
| Derwent London PLC | &nbsp;&nbsp; 10827 | 275964 |
| Diploma PLC | &nbsp;&nbsp; 13687 | 968902 |
| DiscoverIE Group PLC | &nbsp;&nbsp; 9865 | 90025 |
| Diversified Energy Co. PLC | &nbsp;&nbsp; 5643 | 84640 |
| Domino's Pizza Group PLC | &nbsp;&nbsp; 36008 | 113980 |
| Dowlais Group PLC | &nbsp;&nbsp; 134108 | 123910 |
| Dr. Martens PLC | &nbsp;&nbsp; 57132 | 61002 |
| Drax Group PLC | &nbsp;&nbsp; 36253 | 338586 |
| Dunelm Group PLC | &nbsp;&nbsp; 13401 | 214971 |
| easyJet PLC | &nbsp;&nbsp; 31024 | 201168 |
| Elementis PLC | &nbsp;&nbsp; 61536 | 140810 |
| Empiric Student Property PLC | &nbsp;&nbsp; 67078 | 85397 |
| Endeavour Mining PLC | &nbsp;&nbsp; 19735 | 598658 |
| Energean PLC | &nbsp;&nbsp; 14005 | 169328 |
| Ferrexpo PLC<sup>(a)</sup> | &nbsp;&nbsp; 29746 | 18085 |
| Fevertree Drinks PLC | &nbsp;&nbsp; 10720 | 134470 |
| Firstgroup PLC | &nbsp;&nbsp; 60189 | 178372 |
| Foresight Group Holdings Ltd. | &nbsp;&nbsp; 7076 | 43267 |
| Frasers Group PLC<sup>(a)</sup> | &nbsp;&nbsp; 11355 | 102808 |
| Future PLC | &nbsp;&nbsp; 9677 | 90505 |
| Games Workshop Group PLC | &nbsp;&nbsp; 3350 | 717778 |
| Gamma Communications PLC | &nbsp;&nbsp; 8867 | 127407 |
| GB Group PLC | &nbsp;&nbsp; 26788 | 82531 |
| Genuit Group PLC | &nbsp;&nbsp; 25301 | 129959 |
| Genus PLC | &nbsp;&nbsp; 6707 | 219660 |
| GlobalData PLC | &nbsp;&nbsp; 28906 | 54017 |
| Grafton Group PLC | &nbsp;&nbsp; 17605 | 206389 |
| Grainger PLC | &nbsp;&nbsp; 71653 | 193719 |
| Great Portland Estates PLC | &nbsp;&nbsp; 35668 | 159921 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI Europe Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Greencore Group PLC | &nbsp;&nbsp; 44044 | $149488 |
| Greggs PLC | &nbsp;&nbsp; 10441 | 217115 |
| Hammerson PLC | &nbsp;&nbsp; 49330 | 192767 |
| Harbour Energy PLC | &nbsp;&nbsp; 59576 | 156681 |
| Hays PLC | &nbsp;&nbsp; 160793 | 135162 |
| HBX Group International PLC<sup>(a)</sup> | &nbsp;&nbsp; 7543 | 73498 |
| Helios Towers PLC<sup>(a)</sup> | &nbsp;&nbsp; 76832 | 120433 |
| Hill & Smith PLC | &nbsp;&nbsp; 8178 | 220109 |
| Hilton Food Group PLC | &nbsp;&nbsp; 8241 | 92510 |
| Hiscox Ltd. | &nbsp;&nbsp; 34596 | 589006 |
| Hochschild Mining PLC | &nbsp;&nbsp; 33396 | 122733 |
| Hollywood Bowl Group PLC | &nbsp;&nbsp; 17940 | 58283 |
| Home REIT PLC<sup>(a)(d)</sup> | &nbsp;&nbsp; 61201 | 9214 |
| Howden Joinery Group PLC | &nbsp;&nbsp; 55955 | 647767 |
| Hunting PLC | &nbsp;&nbsp; 14863 | 61831 |
| Ibstock PLC<sup>(b)</sup> | &nbsp;&nbsp; 39179 | 77716 |
| ICG PLC | &nbsp;&nbsp; 29511 | 844976 |
| IG Group Holdings PLC | &nbsp;&nbsp; 35373 | 526733 |
| IMI PLC | &nbsp;&nbsp; 25819 | 754300 |
| Inchcape PLC | &nbsp;&nbsp; 33333 | 308492 |
| IntegraFin Holdings PLC | &nbsp;&nbsp; 30396 | 143910 |
| International Workplace Group PLC | &nbsp;&nbsp; 77328 | 225622 |
| Investec PLC | &nbsp;&nbsp; 62605 | 464244 |
| IP Group PLC<sup>(a)</sup> | &nbsp;&nbsp; 98799 | 72938 |
| ITV PLC | &nbsp;&nbsp; 342216 | 371198 |
| J D Wetherspoon PLC | &nbsp;&nbsp; 8840 | 87616 |
| JET2 PLC | &nbsp;&nbsp; 10652 | 228159 |
| John Wood Group PLC<sup>(a)(d)</sup> | &nbsp;&nbsp; 50898 | 11156 |
| Johnson Matthey PLC | &nbsp;&nbsp; 16162 | 376588 |
| Johnson Service Group PLC | &nbsp;&nbsp; 42492 | 79237 |
| JTC PLC<sup>(b)</sup> | &nbsp;&nbsp; 15190 | 187779 |
| Judges Scientific PLC | &nbsp;&nbsp; 589 | 46672 |
| Jupiter Fund Management PLC | &nbsp;&nbsp; 46148 | 78498 |
| Just Group PLC | &nbsp;&nbsp; 106761 | 297497 |
| Kainos Group PLC | &nbsp;&nbsp; 8968 | 87504 |
| Keller Group PLC | &nbsp;&nbsp; 7408 | 129392 |
| Kier Group PLC | &nbsp;&nbsp; 45237 | 118254 |
| Lancashire Holdings Ltd. | &nbsp;&nbsp; 24773 | 204805 |
| Lion Finance Group PLC | &nbsp;&nbsp; 3586 | 359512 |
| LondonMetric Property PLC | &nbsp;&nbsp; 234917 | 591208 |
| Man Group PLC/Jersey | &nbsp;&nbsp; 120623 | 261962 |
| Marshalls PLC | &nbsp;&nbsp; 24687 | 67488 |
| Me Group International PLC | &nbsp;&nbsp; 23049 | 67538 |
| Metro Bank Holdings PLC<sup>(a)</sup> | &nbsp;&nbsp; 33459 | 57002 |
| Mitchells & Butlers PLC<sup>(a)</sup> | &nbsp;&nbsp; 27471 | 100115 |
| Mitie Group PLC | &nbsp;&nbsp; 122253 | 226691 |
| Mobico Group PLC<sup>(a)</sup> | &nbsp;&nbsp; 48874 | 23384 |
| Molten Ventures PLC<sup>(a)</sup> | &nbsp;&nbsp; 16384 | 76770 |
| MONY Group PLC | &nbsp;&nbsp; 50614 | 133914 |
| Moonpig Group PLC | &nbsp;&nbsp; 31830 | 89958 |
| Morgan Advanced Materials PLC | &nbsp;&nbsp; 28172 | 86316 |
| Morgan Sindall Group PLC | &nbsp;&nbsp; 4611 | 279746 |
| NCC Group PLC | &nbsp;&nbsp; 30755 | 61012 |
| Ninety One PLC | &nbsp;&nbsp; 27864 | 69292 |
| Ocado Group PLC<sup>(a)</sup> | &nbsp;&nbsp; 55609 | 230475 |
| OSB Group PLC | &nbsp;&nbsp; 37586 | 274932 |
| Oxford Instruments PLC | &nbsp;&nbsp; 5948 | 142651 |
| Oxford Nanopore Technologies PLC<sup>(a)</sup> | &nbsp;&nbsp; 48421 | 129792 |
| Pagegroup PLC | &nbsp;&nbsp; 29434 | 102953 |
| Pan African Resources PLC | &nbsp;&nbsp; 206217 | 144885 |
| Paragon Banking Group PLC | &nbsp;&nbsp; 20027 | 238832 |
| Penno Group PLC | &nbsp;&nbsp; 47767 | 315569 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Persimmon PLC | &nbsp;&nbsp; 32391 | $488415 |
| Pets at Home Group PLC | &nbsp;&nbsp; 46562 | 140255 |
| Playtech PLC | &nbsp;&nbsp; 25006 | 131436 |
| Plus500 Ltd. | &nbsp;&nbsp; 7387 | 327847 |
| Polar Capital Holdings PLC | &nbsp;&nbsp; 8531 | 53402 |
| Premier Foods PLC | &nbsp;&nbsp; 66433 | 169153 |
| Primary Health Properties PLC | &nbsp;&nbsp; 130907 | 165800 |
| PRS REIT PLC (The) | &nbsp;&nbsp; 51040 | 71176 |
| QinetiQ Group PLC | &nbsp;&nbsp; 50524 | 331240 |
| Quilter PLC<sup>(b)</sup> | &nbsp;&nbsp; 142492 | 318404 |
| Raspberry PI Holdings PLC<sup>(a)</sup> | &nbsp;&nbsp; 8869 | 48273 |
| Rathbones Group PLC | &nbsp;&nbsp; 4733 | 119319 |
| Renew Holdings PLC | &nbsp;&nbsp; 8067 | 90083 |
| Renishaw PLC | &nbsp;&nbsp; 4125 | 162068 |
| RHI Magnesita NV | &nbsp;&nbsp; 1632 | 51383 |
| Rightmove PLC | &nbsp;&nbsp; 79084 | 853434 |
| Rotork PLC | &nbsp;&nbsp; 86006 | 368898 |
| RS Group PLC | &nbsp;&nbsp; 48180 | 354554 |
| RWS Holdings PLC | &nbsp;&nbsp; 28139 | 33334 |
| Safestore Holdings PLC | &nbsp;&nbsp; 21713 | 192538 |
| Savills PLC | &nbsp;&nbsp; 13694 | 177052 |
| Senior PLC | &nbsp;&nbsp; 41716 | 111286 |
| Serco Group PLC | &nbsp;&nbsp; 104061 | 286736 |
| Serica Energy PLC | &nbsp;&nbsp; 27292 | 60661 |
| Shaftesbury Capital PLC | &nbsp;&nbsp; 148482 | 309419 |
| SigmaRoc PLC<sup>(a)</sup> | &nbsp;&nbsp; 101927 | 154838 |
| Sirius Real Estate Ltd. | &nbsp;&nbsp; 154891 | 212944 |
| Softcat PLC | &nbsp;&nbsp; 13201 | 283926 |
| Spectris PLC | &nbsp;&nbsp; 10126 | 531713 |
| Spire Healthcare Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 29088 | 83285 |
| Spirent Communications PLC | &nbsp;&nbsp; 58569 | 150594 |
| SSP Group PLC | &nbsp;&nbsp; 82185 | 184696 |
| St. James's Place PLC | &nbsp;&nbsp; 54540 | 938681 |
| SThree PLC | &nbsp;&nbsp; 12746 | 35550 |
| Supermarket Income REIT PLC | &nbsp;&nbsp; 125733 | 132347 |
| Target Healthcare REIT PLC | &nbsp;&nbsp; 64407 | 84388 |
| Tate & Lyle PLC | &nbsp;&nbsp; 38400 | 271133 |
| Taylor Wimpey PLC | &nbsp;&nbsp; 358167 | 481908 |
| TBC Bank Group PLC | &nbsp;&nbsp; 4350 | 278047 |
| Telecom Plus PLC | &nbsp;&nbsp; 6937 | 169007 |
| THG PLC<sup>(a)</sup> | &nbsp;&nbsp; 62528 | 24929 |
| TP ICAP Group PLC | &nbsp;&nbsp; 76466 | 308677 |
| Trainline PLC<sup>(a)(b)</sup> | &nbsp;&nbsp; 43119 | 154836 |
| Travis Perkins PLC | &nbsp;&nbsp; 21905 | 156939 |
| Tritax Big Box REIT PLC | &nbsp;&nbsp; 228037 | 424176 |
| Trustpilot Group PLC<sup>(a)(b)</sup> | &nbsp;&nbsp; 35606 | 117425 |
| TUI AG<sup>(a)</sup> | &nbsp;&nbsp; 46357 | 418235 |
| UNITE Group PLC (The) | &nbsp;&nbsp; 39672 | 391142 |
| Vesuvius PLC | &nbsp;&nbsp; 20322 | 95652 |
| Victrex PLC | &nbsp;&nbsp; 9078 | 82184 |
| Vistry Group PLC<sup>(a)</sup> | &nbsp;&nbsp; 33351 | 255603 |
| Volex PLC | &nbsp;&nbsp; 13696 | 67201 |
| Volution Group PLC | &nbsp;&nbsp; 20398 | 180489 |
| Watches of Switzerland Group PLC<sup>(a)(b)</sup> | &nbsp;&nbsp; 22430 | 103158 |
| Weir Group PLC (The) | &nbsp;&nbsp; 26314 | 924434 |
| WH Smith PLC | &nbsp;&nbsp; 12895 | 174061 |
| Workspace Group PLC | &nbsp;&nbsp; 13434 | 70523 |
| XPS Pensions Group PLC | &nbsp;&nbsp; 19097 | 93316 |
| Yellow Cake PLC<sup>(a)(b)</sup> | &nbsp;&nbsp; 22395 | 144404 |
| YouGov PLC | &nbsp;&nbsp; 11998 | 49471 |
| Young & Co's Brewery PLC, Series A, Class A | &nbsp;&nbsp; 3292 | 39259 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI Europe Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Zigup PLC | &nbsp;&nbsp; 20327 | $89968 |
|  |  | 42364345 |
| **Total Common Stocks — 98.9%** <br>**(Cost: $157,550,575)** | **Total Common Stocks — 98.9%** <br>**(Cost: $157,550,575)** | 145407983 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Germany — 0.5%** | **Germany — 0.5%** | **Germany — 0.5%** |
| Draegerwerk AG & Co. KGaA, Preference Shares, NVS | &nbsp;&nbsp; 902 | 71969 |
| Einhell Germany AG, Preference Shares, NVS | &nbsp;&nbsp; 541 | 45934 |
| FUCHS SE, Preference Shares, NVS | &nbsp;&nbsp; 6622 | 303024 |
| Jungheinrich AG, Preference Shares, NVS | &nbsp;&nbsp; 4937 | 189275 |
| Sixt SE, Preference Shares, NVS | &nbsp;&nbsp; 1697 | 118346 |
| STO SE & Co. KGaA, Preference Shares, NVS | &nbsp;&nbsp; 252 | 35879 |
|  |  | 764427 |
| **Italy — 0.1%** | **Italy — 0.1%** | **Italy — 0.1%** |
| Danieli & C Officine Meccaniche SpA, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 3631 | 118051 |
| **Total Preferred Stocks — 0.6%** <br>**(Cost: $889,697)** | **Total Preferred Stocks — 0.6%** <br>**(Cost: $889,697)** | 882478 |
| **Warrants** | **Warrants** | **Warrants** |
| **Italy — 0.0%** | **Italy — 0.0%** | **Italy — 0.0%** |
| Webuild SpA, ((Issued/Exercisable 08/02/21, 1 Share for <br> 1 Warrant, Expires 08/31/30, Strike Price EUR <br> 0.01)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 5910 |  |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** |  |
| **Total Long-Term Investments — 99.5%** <br>**(Cost: $158,440,272)** | **Total Long-Term Investments — 99.5%** <br>**(Cost: $158,440,272)** | 146290461 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 3.5%** | **Money Market Funds — 3.5%** | **Money Market Funds — 3.5%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.44%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp; 5014412 | $5016418 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(e)(f)</sup><br>| &nbsp;&nbsp; 120000 | 120000 |
| **Total Short-Term Securities — 3.5%** <br>**(Cost: $5,136,418)** | **Total Short-Term Securities — 3.5%** <br>**(Cost: $5,136,418)** | 5136418 |
| **Total Investments — 103.0%** <br>**(Cost: $163,576,690)** | **Total Investments — 103.0%** <br>**(Cost: $163,576,690)** | 151426879 |
| **Liabilities in Excess of Other Assets — (3.0)%** | **Liabilities in Excess of Other Assets — (3.0)%** | (4413379)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $147013500 |

---

&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 July 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>*07/31/24*<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>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<br>| $3440235<br> $1576143 <br><sup>(a)</sup><br>| $— | $1078 | $(1038)<br>| $5016418 | 5014412 | $66740 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.30%<br>| 30000<br> 90000 <br><sup>(a)</sup><br>|  |  |  | 120000 | 120000 | 2081 |  |
|  |  |  | $1078 | $(1038) | $5136418 |  | $68821 | $— |

---

&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)

July 31, 2025

**iShares® MSCI Europe 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 |  |  |  |  |
| Euro STOXX 50 Index | 8 | 09/19/25 | &nbsp;&nbsp; $488 | $(17) |
| FTSE 100 Index | 2 | 09/19/25 | &nbsp;&nbsp; 240 | 6174 |
|  |  |  |  | $6157 |

---

**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; $6174 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6174 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts 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 July 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; $142138 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $142138 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1252 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1252 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $1170735 |

---

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; $13294369 | &nbsp;&nbsp; $132093243 | &nbsp;&nbsp; $20371 | &nbsp;&nbsp; $145407983 |
| Preferred Stocks | &nbsp;&nbsp; 45934 | &nbsp;&nbsp; 836544 | &nbsp;&nbsp; — | &nbsp;&nbsp; 882478 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI Europe Small-Cap ETF**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Long-Term Investments (continued) |  |  |  |  |
| Warrants | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 5136418 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5136418 |
|  | &nbsp;&nbsp; $18476721 | &nbsp;&nbsp; $132929787 | &nbsp;&nbsp; $20371 | &nbsp;&nbsp; $151426879 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6174 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6174 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; (17)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (17)<br>|
|  | &nbsp;&nbsp; $(17)<br>| &nbsp;&nbsp; $6174 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6157 |

---

&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

July 31, 2025

**iShares® MSCI Kokusai ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 1.8%** | **Australia — 1.8%** | **Australia — 1.8%** |
| ANZ Group Holdings Ltd. | &nbsp;&nbsp; 9256 | $181635 |
| APA Group | &nbsp;&nbsp; 4002 | 21524 |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp; 1829 | 81897 |
| ASX Ltd. | &nbsp;&nbsp; 544 | 24384 |
| BHP Group Ltd. | &nbsp;&nbsp; 15663 | 395572 |
| BlueScope Steel Ltd. | &nbsp;&nbsp; 1622 | 24590 |
| Brambles Ltd. | &nbsp;&nbsp; 4012 | 61381 |
| CAR Group Ltd. | &nbsp;&nbsp; 1104 | 26871 |
| Cochlear Ltd. | &nbsp;&nbsp; 218 | 44505 |
| Coles Group Ltd. | &nbsp;&nbsp; 4380 | 58315 |
| Commonwealth Bank of Australia | &nbsp;&nbsp; 5198 | 590127 |
| Computershare Ltd. | &nbsp;&nbsp; 1656 | 44579 |
| CSL Ltd. | &nbsp;&nbsp; 1487 | 257228 |
| Evolution Mining Ltd. | &nbsp;&nbsp; 6226 | 28177 |
| Fortescue Ltd. | &nbsp;&nbsp; 5337 | 60384 |
| Goodman Group | &nbsp;&nbsp; 6328 | 141484 |
| Insurance Australia Group Ltd. | &nbsp;&nbsp; 6657 | 37369 |
| James Hardie Industries PLC<sup>(a)</sup> | &nbsp;&nbsp; 1789 | 46957 |
| Lottery Corp. Ltd. (The) | &nbsp;&nbsp; 6393 | 22173 |
| Macquarie Group Ltd. | &nbsp;&nbsp; 1101 | 152472 |
| Medibank Pvt Ltd. | &nbsp;&nbsp; 8518 | 27840 |
| National Australia Bank Ltd. | &nbsp;&nbsp; 9267 | 229976 |
| Northern Star Resources Ltd. | &nbsp;&nbsp; 4200 | 41728 |
| Origin Energy Ltd. | &nbsp;&nbsp; 5440 | 40679 |
| Pro Medicus Ltd. | &nbsp;&nbsp; 178 | 36553 |
| Qantas Airways Ltd. | &nbsp;&nbsp; 2276 | 15785 |
| QBE Insurance Group Ltd. | &nbsp;&nbsp; 4739 | 70299 |
| REA Group Ltd. | &nbsp;&nbsp; 189 | 28791 |
| Reece Ltd. | &nbsp;&nbsp; 888 | 7689 |
| Rio Tinto Ltd. | &nbsp;&nbsp; 1201 | 85413 |
| Santos Ltd. | &nbsp;&nbsp; 9717 | 48895 |
| Scentre Group | &nbsp;&nbsp; 17261 | 41310 |
| SGH Ltd. | &nbsp;&nbsp; 504 | 16485 |
| Sigma Healthcare Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 14358 | 26521 |
| Sonic Healthcare Ltd. | &nbsp;&nbsp; 1313 | 23186 |
| South32 Ltd. | &nbsp;&nbsp; 14932 | 27923 |
| Stockland | &nbsp;&nbsp; 7749 | 27472 |
| Suncorp Group Ltd. | &nbsp;&nbsp; 3230 | 43297 |
| Telstra Group Ltd. | &nbsp;&nbsp; 13137 | 41869 |
| Transurban Group | &nbsp;&nbsp; 9604 | 84994 |
| Vicinity Ltd. | &nbsp;&nbsp; 10164 | 16003 |
| Washington H Soul Pattinson & Co. Ltd. | &nbsp;&nbsp; 647 | 16809 |
| Wesfarmers Ltd. | &nbsp;&nbsp; 3451 | 188768 |
| Westpac Banking Corp. | &nbsp;&nbsp; 10695 | 230906 |
| WiseTech Global Ltd. | &nbsp;&nbsp; 573 | 43399 |
| Woodside Energy Group Ltd. | &nbsp;&nbsp; 5721 | 96813 |
| Woolworths Group Ltd. | &nbsp;&nbsp; 3756 | 75827 |
| Xero Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 459 | 52859 |
|  |  | 3989713 |
| **Austria — 0.1%** | **Austria — 0.1%** | **Austria — 0.1%** |
| Erste Group Bank AG | &nbsp;&nbsp; 949 | 86780 |
| OMV AG | &nbsp;&nbsp; 475 | 24191 |
| Verbund AG | &nbsp;&nbsp; 211 | 15711 |
|  |  | 126682 |
| **Belgium — 0.3%** | **Belgium — 0.3%** | **Belgium — 0.3%** |
| Ageas SA | &nbsp;&nbsp; 407 | 27673 |
| Anheuser-Busch InBev SA | &nbsp;&nbsp; 3074 | 176732 |
| Argenx SE<sup>(a)</sup> | &nbsp;&nbsp; 183 | 122908 |
| D'ieteren Group | &nbsp;&nbsp; 76 | 15013 |
| Elia Group SA, Class B | &nbsp;&nbsp; 153 | 17652 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Belgium (continued)** | **Belgium (continued)** | **Belgium (continued)** |
| Groupe Bruxelles Lambert NV | &nbsp;&nbsp; 338 | $28257 |
| KBC Group NV | &nbsp;&nbsp; 751 | 78332 |
| Lotus Bakeries NV | &nbsp;&nbsp; 1 | 8454 |
| Sofina SA | &nbsp;&nbsp; 70 | 21436 |
| Syensqo SA | &nbsp;&nbsp; 245 | 19418 |
| UCB SA | &nbsp;&nbsp; 373 | 80141 |
|  |  | 596016 |
| **Canada — 3.3%** | **Canada — 3.3%** | **Canada — 3.3%** |
| Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 1564 | 194157 |
| Alamos Gold Inc., Class A | &nbsp;&nbsp; 1308 | 31784 |
| Alimentation Couche-Tard Inc. | &nbsp;&nbsp; 2366 | 122945 |
| AltaGas Ltd. | &nbsp;&nbsp; 1060 | 31297 |
| ARC Resources Ltd. | &nbsp;&nbsp; 1624 | 31704 |
| Bank of Montreal | &nbsp;&nbsp; 2247 | 248020 |
| Bank of Nova Scotia (The) | &nbsp;&nbsp; 3787 | 210696 |
| Barrick Mining Corp. | &nbsp;&nbsp; 5231 | 110426 |
| BCE Inc. | &nbsp;&nbsp; 211 | 4922 |
| Brookfield Asset Management Ltd., Class A | &nbsp;&nbsp; 1273 | 78497 |
| Brookfield Corp., Class A | &nbsp;&nbsp; 4276 | 286414 |
| Brookfield Renewable Corp. | &nbsp;&nbsp; 372 | 13604 |
| CAE Inc.<sup>(a)</sup> | &nbsp;&nbsp; 876 | 24979 |
| Cameco Corp. | &nbsp;&nbsp; 1415 | 106237 |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 2907 | 207766 |
| Canadian National Railway Co. | &nbsp;&nbsp; 1618 | 151080 |
| Canadian Natural Resources Ltd. | &nbsp;&nbsp; 6462 | 204549 |
| Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp; 2858 | 210184 |
| Canadian Tire Corp. Ltd., Class A, NVS | &nbsp;&nbsp; 136 | 18215 |
| Canadian Utilities Ltd., Class A, NVS | &nbsp;&nbsp; 406 | 11305 |
| CCL Industries Inc., Class B, NVS | &nbsp;&nbsp; 441 | 24650 |
| Celestica Inc.<sup>(a)</sup> | &nbsp;&nbsp; 359 | 71772 |
| Cenovus Energy Inc. | &nbsp;&nbsp; 4393 | 66865 |
| CGI Inc. | &nbsp;&nbsp; 630 | 60736 |
| Constellation Software Inc./Canada | &nbsp;&nbsp; 63 | 217348 |
| Descartes Systems Group Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp; 259 | 27364 |
| Dollarama Inc. | &nbsp;&nbsp; 885 | 120959 |
| Element Fleet Management Corp. | &nbsp;&nbsp; 1192 | 31004 |
| Emera Inc. | &nbsp;&nbsp; 958 | 44982 |
| Empire Co. Ltd., NVS | &nbsp;&nbsp; 441 | 17562 |
| Enbridge Inc. | &nbsp;&nbsp; 6732 | 304874 |
| Fairfax Financial Holdings Ltd. | &nbsp;&nbsp; 64 | 113199 |
| First Quantum Minerals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2465 | 41433 |
| FirstService Corp. | &nbsp;&nbsp; 141 | 27793 |
| Fortis Inc./Canada | &nbsp;&nbsp; 1598 | 78193 |
| Franco-Nevada Corp. | &nbsp;&nbsp; 578 | 92073 |
| George Weston Ltd. | &nbsp;&nbsp; 189 | 35914 |
| GFL Environmental Inc. | &nbsp;&nbsp; 720 | 36260 |
| Gildan Activewear Inc. | &nbsp;&nbsp; 399 | 20154 |
| Great-West Lifeco Inc. | &nbsp;&nbsp; 889 | 33382 |
| Hydro One Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1003 | 35470 |
| iA Financial Corp. Inc. | &nbsp;&nbsp; 249 | 24373 |
| IGM Financial Inc. | &nbsp;&nbsp; 252 | 8344 |
| Imperial Oil Ltd. | &nbsp;&nbsp; 563 | 46942 |
| Intact Financial Corp. | &nbsp;&nbsp; 544 | 112443 |
| Ivanhoe Mines Ltd., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 2602 | 20300 |
| Keyera Corp. | &nbsp;&nbsp; 613 | 19245 |
| Kinross Gold Corp. | &nbsp;&nbsp; 3555 | 56881 |
| Loblaw Companies Ltd. | &nbsp;&nbsp; 456 | 73741 |
| Lundin Gold Inc. | &nbsp;&nbsp; 337 | 15597 |
| Lundin Mining Corp. | &nbsp;&nbsp; 2001 | 20435 |
| Magna International Inc. | &nbsp;&nbsp; 855 | 35061 |
| Manulife Financial Corp. | &nbsp;&nbsp; 5398 | 167012 |
| Metro Inc./CN | &nbsp;&nbsp; 678 | 51843 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI Kokusai ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| National Bank of Canada | &nbsp;&nbsp; 1212 | $126072 |
| Nutrien Ltd. | &nbsp;&nbsp; 1471 | 87277 |
| Open Text Corp. | &nbsp;&nbsp; 785 | 23104 |
| Pan American Silver Corp. | &nbsp;&nbsp; 1100 | 29715 |
| Pembina Pipeline Corp. | &nbsp;&nbsp; 1785 | 66345 |
| Power Corp. of Canada | &nbsp;&nbsp; 1794 | 72299 |
| Quebecor Inc., Class B | &nbsp;&nbsp; 406 | 11422 |
| RB Global Inc.<sup>(b)</sup> | &nbsp;&nbsp; 543 | 58795 |
| Restaurant Brands International Inc. | &nbsp;&nbsp; 956 | 64869 |
| Rogers Communications Inc., Class B, NVS | &nbsp;&nbsp; 1158 | 38678 |
| Royal Bank of Canada | &nbsp;&nbsp; 4409 | 565730 |
| Saputo Inc. | &nbsp;&nbsp; 889 | 18645 |
| Shopify Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3812 | 465963 |
| Stantec Inc. | &nbsp;&nbsp; 331 | 36182 |
| Sun Life Financial Inc. | &nbsp;&nbsp; 1737 | 105905 |
| Suncor Energy Inc. | &nbsp;&nbsp; 3762 | 148379 |
| TC Energy Corp. | &nbsp;&nbsp; 3137 | 149786 |
| Teck Resources Ltd., Class B | &nbsp;&nbsp; 1443 | 46791 |
| TELUS Corp. | &nbsp;&nbsp; 1347 | 21698 |
| TFI International Inc. | &nbsp;&nbsp; 246 | 21394 |
| Thomson Reuters Corp. | &nbsp;&nbsp; 476 | 95530 |
| TMX Group Ltd. | &nbsp;&nbsp; 892 | 36270 |
| Toromont Industries Ltd. | &nbsp;&nbsp; 246 | 24943 |
| Toronto-Dominion Bank (The) | &nbsp;&nbsp; 5430 | 395493 |
| Tourmaline Oil Corp. | &nbsp;&nbsp; 1103 | 46943 |
| West Fraser Timber Co. Ltd. | &nbsp;&nbsp; 184 | 12756 |
| Wheaton Precious Metals Corp. | &nbsp;&nbsp; 1435 | 131238 |
| Whitecap Resources Inc. | &nbsp;&nbsp; 3815 | 28800 |
| WSP Global Inc. | &nbsp;&nbsp; 403 | 82979 |
|  |  | 7466986 |
| **Denmark — 0.5%** | **Denmark — 0.5%** | **Denmark — 0.5%** |
| AP Moller - Maersk A/S, Class A | &nbsp;&nbsp; 11 | 21584 |
| AP Moller - Maersk A/S, Class B, NVS<sup>(b)</sup> | &nbsp;&nbsp; 14 | 27647 |
| Carlsberg A/S, Class B | &nbsp;&nbsp; 315 | 39270 |
| Coloplast A/S, Class B | &nbsp;&nbsp; 399 | 36441 |
| Danske Bank A/S | &nbsp;&nbsp; 2139 | 84857 |
| Demant A/S<sup>(a)</sup> | &nbsp;&nbsp; 338 | 12806 |
| DSV A/S | &nbsp;&nbsp; 629 | 140949 |
| Genmab A/S<sup>(a)</sup> | &nbsp;&nbsp; 209 | 44997 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp; 10002 | 465173 |
| Novonesis Novozymes B, Class B | &nbsp;&nbsp; 1052 | 68062 |
| Orsted A/S<sup>(a)(c)</sup> | &nbsp;&nbsp; 560 | 26394 |
| Pandora A/S | &nbsp;&nbsp; 250 | 41274 |
| Rockwool A/S, Class B | &nbsp;&nbsp; 360 | 15775 |
| Tryg A/S | &nbsp;&nbsp; 842 | 20311 |
| Vestas Wind Systems A/S | &nbsp;&nbsp; 2959 | 54026 |
|  |  | 1099566 |
| **Finland — 0.2%** | **Finland — 0.2%** | **Finland — 0.2%** |
| Elisa OYJ | &nbsp;&nbsp; 475 | 24440 |
| Fortum OYJ | &nbsp;&nbsp; 1415 | 25959 |
| Kesko OYJ, Class B | &nbsp;&nbsp; 820 | 17834 |
| Kone OYJ, Class B | &nbsp;&nbsp; 1002 | 61531 |
| Metso OYJ | &nbsp;&nbsp; 2017 | 25332 |
| Neste OYJ | &nbsp;&nbsp; 1278 | 20170 |
| Nokia OYJ | &nbsp;&nbsp; 15788 | 64342 |
| Orion OYJ, Class B | &nbsp;&nbsp; 303 | 24258 |
| Sampo OYJ, Class A | &nbsp;&nbsp; 7995 | 85816 |
| Stora Enso OYJ, Class R | &nbsp;&nbsp; 1622 | 16690 |
| UPM-Kymmene OYJ | &nbsp;&nbsp; 1681 | 43568 |
| Wartsila OYJ Abp | &nbsp;&nbsp; 1668 | 46084 |
|  |  | 456024 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **France — 2.8%** | **France — 2.8%** | **France — 2.8%** |
| Accor SA | &nbsp;&nbsp; 579 | $29346 |
| Aeroports de Paris SA | &nbsp;&nbsp; 105 | 12744 |
| Air Liquide SA | &nbsp;&nbsp; 1773 | 348814 |
| Airbus SE | &nbsp;&nbsp; 1845 | 370947 |
| Alstom SA<sup>(a)</sup> | &nbsp;&nbsp; 922 | 21627 |
| Amundi SA<sup>(c)</sup> | &nbsp;&nbsp; 210 | 15519 |
| ArcelorMittal SA | &nbsp;&nbsp; 1586 | 49445 |
| Arkema SA | &nbsp;&nbsp; 210 | 14280 |
| AXA SA | &nbsp;&nbsp; 5504 | 267325 |
| BioMerieux | &nbsp;&nbsp; 140 | 20032 |
| BNP Paribas SA | &nbsp;&nbsp; 3186 | 290494 |
| Bollore SE | &nbsp;&nbsp; 2556 | 14743 |
| Bouygues SA | &nbsp;&nbsp; 648 | 26682 |
| Bureau Veritas SA | &nbsp;&nbsp; 1031 | 31751 |
| Capgemini SE | &nbsp;&nbsp; 468 | 69674 |
| Carrefour SA | &nbsp;&nbsp; 1760 | 25223 |
| Cie de Saint-Gobain SA | &nbsp;&nbsp; 1350 | 154868 |
| Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp; 2072 | 73714 |
| Covivio SA/France | &nbsp;&nbsp; 176 | 11395 |
| Credit Agricole SA | &nbsp;&nbsp; 3480 | 64048 |
| Danone SA | &nbsp;&nbsp; 2003 | 163919 |
| Dassault Aviation SA | &nbsp;&nbsp; 46 | 14322 |
| Dassault Systemes SE | &nbsp;&nbsp; 2069 | 67969 |
| Edenred SE | &nbsp;&nbsp; 716 | 20448 |
| Eiffage SA | &nbsp;&nbsp; 245 | 32888 |
| Engie SA | &nbsp;&nbsp; 5402 | 121427 |
| EssilorLuxottica SA | &nbsp;&nbsp; 924 | 274755 |
| Eurazeo SE | &nbsp;&nbsp; 140 | 8215 |
| Eurofins Scientific SE | &nbsp;&nbsp; 373 | 28566 |
| Euronext NV<sup>(c)</sup> | &nbsp;&nbsp; 268 | 43199 |
| FDJ UNITED | &nbsp;&nbsp; 268 | 8359 |
| Gecina SA | &nbsp;&nbsp; 160 | 15724 |
| Getlink SE | &nbsp;&nbsp; 1057 | 19170 |
| Hermes International SCA | &nbsp;&nbsp; 100 | 244549 |
| Ipsen SA | &nbsp;&nbsp; 105 | 12372 |
| Kering SA | &nbsp;&nbsp; 227 | 55739 |
| Klepierre SA | &nbsp;&nbsp; 647 | 24697 |
| Legrand SA | &nbsp;&nbsp; 783 | 115654 |
| L'Oreal SA | &nbsp;&nbsp; 756 | 334517 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 847 | 454680 |
| Orange SA | &nbsp;&nbsp; 5621 | 85501 |
| Pernod Ricard SA | &nbsp;&nbsp; 618 | 63511 |
| Publicis Groupe SA | &nbsp;&nbsp; 717 | 65521 |
| Renault SA | &nbsp;&nbsp; 578 | 21386 |
| Rexel SA | &nbsp;&nbsp; 685 | 20704 |
| Safran SA | &nbsp;&nbsp; 1122 | 369981 |
| Sanofi SA | &nbsp;&nbsp; 3429 | 307823 |
| Sartorius Stedim Biotech | &nbsp;&nbsp; 84 | 16786 |
| Schneider Electric SE | &nbsp;&nbsp; 1695 | 438654 |
| Societe Generale SA | &nbsp;&nbsp; 2150 | 137231 |
| Sodexo SA | &nbsp;&nbsp; 280 | 16653 |
| STMicroelectronics NV | &nbsp;&nbsp; 2115 | 53750 |
| Teleperformance SE | &nbsp;&nbsp; 175 | 17061 |
| Thales SA | &nbsp;&nbsp; 263 | 70745 |
| TotalEnergies SE | &nbsp;&nbsp; 6311 | 375287 |
| Unibail-Rodamco-Westfield, New | &nbsp;&nbsp; 359 | 34801 |
| Veolia Environnement SA | &nbsp;&nbsp; 2069 | 70116 |
| Vinci SA | &nbsp;&nbsp; 1549 | 215170 |
|  |  | 6354521 |
| **Germany — 2.6%** | **Germany — 2.6%** | **Germany — 2.6%** |
| adidas AG | &nbsp;&nbsp; 529 | 101107 |
| Allianz SE, Registered | &nbsp;&nbsp; 1205 | 476189 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI Kokusai ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| BASF SE | &nbsp;&nbsp; 2862 | $140265 |
| Bayer AG, Registered | &nbsp;&nbsp; 3032 | 94300 |
| Bayerische Motoren Werke AG | &nbsp;&nbsp; 882 | 83924 |
| Beiersdorf AG | &nbsp;&nbsp; 303 | 37651 |
| Brenntag SE | &nbsp;&nbsp; 408 | 25312 |
| Commerzbank AG | &nbsp;&nbsp; 2854 | 104074 |
| Continental AG | &nbsp;&nbsp; 315 | 26904 |
| Covestro AG, NVS<sup>(a)</sup> | &nbsp;&nbsp; 545 | 36944 |
| CTS Eventim AG & Co. KGaA | &nbsp;&nbsp; 194 | 21907 |
| Daimler Truck Holding AG | &nbsp;&nbsp; 1430 | 69563 |
| Delivery Hero SE, Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 475 | 14176 |
| Deutsche Bank AG, Registered | &nbsp;&nbsp; 5750 | 189385 |
| Deutsche Boerse AG | &nbsp;&nbsp; 578 | 167266 |
| Deutsche Lufthansa AG, Registered | &nbsp;&nbsp; 1485 | 12734 |
| Deutsche Post AG, Registered | &nbsp;&nbsp; 2965 | 132849 |
| Deutsche Telekom AG, Registered | &nbsp;&nbsp; 10794 | 387137 |
| E.ON SE | &nbsp;&nbsp; 6863 | 125203 |
| Evonik Industries AG | &nbsp;&nbsp; 682 | 13543 |
| Fresenius Medical Care AG | &nbsp;&nbsp; 579 | 29368 |
| Fresenius SE & Co. KGaA | &nbsp;&nbsp; 1278 | 61000 |
| GEA Group AG | &nbsp;&nbsp; 433 | 31103 |
| Hannover Rueck SE | &nbsp;&nbsp; 176 | 53388 |
| Heidelberg Materials AG | &nbsp;&nbsp; 441 | 101736 |
| Henkel AG & Co. KGaA | &nbsp;&nbsp; 337 | 23964 |
| Infineon Technologies AG | &nbsp;&nbsp; 4003 | 157250 |
| Knorr-Bremse AG | &nbsp;&nbsp; 245 | 24452 |
| LEG Immobilien SE | &nbsp;&nbsp; 211 | 16748 |
| Mercedes-Benz Group AG | &nbsp;&nbsp; 2285 | 129377 |
| Merck KGaA | &nbsp;&nbsp; 405 | 50619 |
| MTU Aero Engines AG | &nbsp;&nbsp; 176 | 75919 |
| Muenchener Rueckversicherungs-Gesellschaft AG in <br> Muenchen, Registered<br>| &nbsp;&nbsp; 412 | 269724 |
| Nemetschek SE | &nbsp;&nbsp; 176 | 26223 |
| QIAGEN NV | &nbsp;&nbsp; 650 | 32231 |
| Rational AG | &nbsp;&nbsp; 17 | 13123 |
| Rheinmetall AG | &nbsp;&nbsp; 139 | 275150 |
| RWE AG | &nbsp;&nbsp; 1877 | 77004 |
| SAP SE | &nbsp;&nbsp; 3248 | 928784 |
| Scout24 SE<sup>(c)</sup> | &nbsp;&nbsp; 225 | 30069 |
| Siemens AG, Registered | &nbsp;&nbsp; 2364 | 602118 |
| Siemens Energy AG<sup>(a)</sup> | &nbsp;&nbsp; 2113 | 244640 |
| Siemens Healthineers AG<sup>(c)</sup> | &nbsp;&nbsp; 1052 | 56664 |
| Symrise AG, Class A | &nbsp;&nbsp; 431 | 39069 |
| Talanx AG<sup>(a)</sup> | &nbsp;&nbsp; 195 | 25847 |
| Vonovia SE | &nbsp;&nbsp; 2287 | 70978 |
| Zalando SE<sup>(a)(c)</sup> | &nbsp;&nbsp; 682 | 19886 |
|  |  | 5726867 |
| **Hong Kong — 0.5%** | **Hong Kong — 0.5%** | **Hong Kong — 0.5%** |
| AIA Group Ltd. | &nbsp;&nbsp; 33400 | 311427 |
| BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 10000 | 44903 |
| CK Asset Holdings Ltd. | &nbsp;&nbsp; 5836 | 26742 |
| CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 8336 | 54259 |
| CK Infrastructure Holdings Ltd. | &nbsp;&nbsp; 2000 | 14086 |
| CLP Holdings Ltd. | &nbsp;&nbsp; 4500 | 39059 |
| Futu Holdings Ltd., ADR | &nbsp;&nbsp; 155 | 23820 |
| Galaxy Entertainment Group Ltd. | &nbsp;&nbsp; 7000 | 34137 |
| Hang Seng Bank Ltd. | &nbsp;&nbsp; 2300 | 33503 |
| Henderson Land Development Co. Ltd. | &nbsp;&nbsp; 4523 | 15827 |
| HKT Trust & HKT Ltd., Class SS | &nbsp;&nbsp; 12740 | 20060 |
| Hong Kong & China Gas Co. Ltd. | &nbsp;&nbsp; 36618 | 32684 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 3600 | 194828 |
| Hongkong Land Holdings Ltd. | &nbsp;&nbsp; 3600 | 21780 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| Jardine Matheson Holdings Ltd. | &nbsp;&nbsp; 500 | $27151 |
| Link REIT | &nbsp;&nbsp; 8040 | 44797 |
| MTR Corp. Ltd. | &nbsp;&nbsp; 5000 | 17986 |
| Power Assets Holdings Ltd. | &nbsp;&nbsp; 4500 | 29628 |
| Sands China Ltd. | &nbsp;&nbsp; 5600 | 13556 |
| Sino Land Co. Ltd. | &nbsp;&nbsp; 12000 | 13832 |
| SITC International Holdings Co. Ltd. | &nbsp;&nbsp; 4000 | 12968 |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 4500 | 53449 |
| Swire Pacific Ltd., Class A | &nbsp;&nbsp; 1500 | 13559 |
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp; 5393 | 64488 |
| WH Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 25000 | 25029 |
| Wharf Holdings Ltd. (The)<sup>(b)</sup> | &nbsp;&nbsp; 3000 | 8541 |
| Wharf Real Estate Investment Co. Ltd. | &nbsp;&nbsp; 6000 | 19049 |
|  |  | 1211148 |
| **Ireland — 0.1%** | **Ireland — 0.1%** | **Ireland — 0.1%** |
| AIB Group PLC | &nbsp;&nbsp; 6457 | 50937 |
| Bank of Ireland Group PLC | &nbsp;&nbsp; 3221 | 43194 |
| Kerry Group PLC, Class A | &nbsp;&nbsp; 476 | 43968 |
| Kingspan Group PLC | &nbsp;&nbsp; 475 | 39421 |
| Ryanair Holdings PLC | &nbsp;&nbsp; 2633 | 77417 |
|  |  | 254937 |
| **Israel — 0.2%** | **Israel — 0.2%** | **Israel — 0.2%** |
| Azrieli Group Ltd. | &nbsp;&nbsp; 140 | 13755 |
| Bank Hapoalim BM | &nbsp;&nbsp; 3591 | 67342 |
| Bank Leumi Le-Israel BM | &nbsp;&nbsp; 4396 | 81321 |
| Check Point Software Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 267 | 49715 |
| CyberArk Software Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 147 | 60486 |
| Elbit Systems Ltd. | &nbsp;&nbsp; 83 | 38291 |
| ICL Group Ltd. | &nbsp;&nbsp; 2207 | 13749 |
| Isracard Ltd. | &nbsp;&nbsp; 0 | 1 |
| Israel Discount Bank Ltd., Class A | &nbsp;&nbsp; 3727 | 35643 |
| Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp; 506 | 31258 |
| Monday.com Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 118 | 30950 |
| Nice Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 211 | 32940 |
| Teva Pharmaceutical Industries Ltd., ADR<sup>(a)(b)</sup> | &nbsp;&nbsp; 3813 | 58911 |
| Wix.com Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 175 | 23805 |
|  |  | 538167 |
| **Italy — 0.8%** | **Italy — 0.8%** | **Italy — 0.8%** |
| Banca Mediolanum SpA | &nbsp;&nbsp; 695 | 12259 |
| Banco BPM SpA | &nbsp;&nbsp; 3733 | 47608 |
| BPER Banca SpA | &nbsp;&nbsp; 4523 | 44509 |
| CNH Industrial NV | &nbsp;&nbsp; 3005 | 38945 |
| Davide Campari-Milano NV<sup>(b)</sup> | &nbsp;&nbsp; 1828 | 12591 |
| DiaSorin SpA | &nbsp;&nbsp; 71 | 6941 |
| Enel SpA | &nbsp;&nbsp; 24926 | 219805 |
| Eni SpA | &nbsp;&nbsp; 6777 | 115665 |
| Ferrari NV | &nbsp;&nbsp; 385 | 168825 |
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp; 1860 | 39607 |
| Generali | &nbsp;&nbsp; 2666 | 99457 |
| Infrastrutture Wireless Italiane SpA<sup>(c)</sup> | &nbsp;&nbsp; 711 | 8406 |
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 46741 | 281627 |
| Leonardo SpA | &nbsp;&nbsp; 1249 | 67325 |
| Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp; 1456 | 32056 |
| Moncler SpA | &nbsp;&nbsp; 776 | 41386 |
| Nexi SpA<sup>(c)</sup> | &nbsp;&nbsp; 1962 | 11203 |
| Poste Italiane SpA<sup>(c)</sup> | &nbsp;&nbsp; 1622 | 35043 |
| Prysmian SpA | &nbsp;&nbsp; 840 | 67085 |
| Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp; 337 | 19328 |
| Snam SpA | &nbsp;&nbsp; 5657 | 32784 |
| Stellantis NV | &nbsp;&nbsp; 6071 | 53577 |
| Telecom Italia SpA/Milano<sup>(a)</sup> | &nbsp;&nbsp; 30415 | 13977 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI Kokusai ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| Tenaris SA | &nbsp;&nbsp; 1450 | $25324 |
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp; 4071 | 39391 |
| UniCredit SpA | &nbsp;&nbsp; 4330 | 318574 |
| Unipol Gruppo SpA | &nbsp;&nbsp; 1219 | 24450 |
|  |  | 1877748 |
| **Netherlands — 1.1%** | **Netherlands — 1.1%** | **Netherlands — 1.1%** |
| ABN AMRO Bank NV, CVA<sup>(c)</sup> | &nbsp;&nbsp; 1415 | 40905 |
| Adyen NV<sup>(a)(c)</sup> | &nbsp;&nbsp; 78 | 133782 |
| Aegon Ltd. | &nbsp;&nbsp; 4483 | 32038 |
| AerCap Holdings NV<sup>(b)</sup> | &nbsp;&nbsp; 608 | 65208 |
| Akzo Nobel NV | &nbsp;&nbsp; 544 | 34164 |
| ASM International NV | &nbsp;&nbsp; 150 | 72609 |
| ASML Holding NV | &nbsp;&nbsp; 1215 | 842084 |
| ASR Nederland NV | &nbsp;&nbsp; 490 | 32548 |
| BE Semiconductor Industries NV | &nbsp;&nbsp; 228 | 30805 |
| Coca-Cola Europacific Partners PLC | &nbsp;&nbsp; 684 | 66293 |
| CVC Capital Partners PLC<sup>(c)</sup> | &nbsp;&nbsp; 657 | 12599 |
| DSM-Firmenich AG | &nbsp;&nbsp; 576 | 55342 |
| EXOR NV | &nbsp;&nbsp; 315 | 30359 |
| Heineken Holding NV | &nbsp;&nbsp; 432 | 29156 |
| Heineken NV | &nbsp;&nbsp; 879 | 68994 |
| IMCD NV | &nbsp;&nbsp; 176 | 19291 |
| ING Groep NV | &nbsp;&nbsp; 9722 | 226575 |
| InPost SA<sup>(a)</sup> | &nbsp;&nbsp; 609 | 8747 |
| JDE Peet's NV | &nbsp;&nbsp; 245 | 7265 |
| Koninklijke Ahold Delhaize NV | &nbsp;&nbsp; 2891 | 114184 |
| Koninklijke KPN NV | &nbsp;&nbsp; 12338 | 55120 |
| Koninklijke Philips NV | &nbsp;&nbsp; 2490 | 65027 |
| NN Group NV | &nbsp;&nbsp; 832 | 56023 |
| Prosus NV | &nbsp;&nbsp; 4042 | 230902 |
| Randstad NV | &nbsp;&nbsp; 372 | 17681 |
| Universal Music Group NV | &nbsp;&nbsp; 3421 | 98412 |
| Wolters Kluwer NV | &nbsp;&nbsp; 705 | 109810 |
|  |  | 2555923 |
| **New Zealand — 0.1%** | **New Zealand — 0.1%** | **New Zealand — 0.1%** |
| Auckland International Airport Ltd. | &nbsp;&nbsp; 4395 | 19496 |
| Contact Energy Ltd. | &nbsp;&nbsp; 2459 | 13179 |
| Fisher & Paykel Healthcare Corp. Ltd. | &nbsp;&nbsp; 1760 | 38155 |
| Infratil Ltd. | &nbsp;&nbsp; 2837 | 19371 |
| Meridian Energy Ltd. | &nbsp;&nbsp; 4106 | 13787 |
|  |  | 103988 |
| **Norway — 0.2%** | **Norway — 0.2%** | **Norway — 0.2%** |
| Aker BP ASA | &nbsp;&nbsp; 995 | 23936 |
| DNB Bank ASA | &nbsp;&nbsp; 2683 | 67879 |
| Equinor ASA | &nbsp;&nbsp; 2454 | 63037 |
| Gjensidige Forsikring ASA | &nbsp;&nbsp; 614 | 16150 |
| Kongsberg Gruppen ASA | &nbsp;&nbsp; 1315 | 39296 |
| Mowi ASA | &nbsp;&nbsp; 1330 | 24775 |
| Norsk Hydro ASA | &nbsp;&nbsp; 4070 | 24123 |
| Orkla ASA | &nbsp;&nbsp; 2441 | 25670 |
| Salmar ASA<sup>(b)</sup> | &nbsp;&nbsp; 179 | 7272 |
| Telenor ASA | &nbsp;&nbsp; 2276 | 34916 |
| Yara International ASA | &nbsp;&nbsp; 510 | 18853 |
|  |  | 345907 |
| **Portugal — 0.0%** | **Portugal — 0.0%** | **Portugal — 0.0%** |
| EDP Renovaveis SA | &nbsp;&nbsp; 899 | 10555 |
| EDP SA | &nbsp;&nbsp; 9143 | 39519 |
| Galp Energia SGPS SA | &nbsp;&nbsp; 1587 | 30304 |
| Jeronimo Martins SGPS SA | &nbsp;&nbsp; 854 | 20819 |
|  |  | 101197 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Singapore — 0.5%** | **Singapore — 0.5%** | **Singapore — 0.5%** |
| CapitaLand Ascendas REIT | &nbsp;&nbsp; 10677 | $22861 |
| CapitaLand Integrated Commercial Trust | &nbsp;&nbsp; 19714 | 33286 |
| CapitaLand Investment Ltd./Singapore | &nbsp;&nbsp; 8900 | 18955 |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 6540 | 240047 |
| Genting Singapore Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 17500 | 9871 |
| Grab Holdings Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 6771 | 33110 |
| Keppel Ltd. | &nbsp;&nbsp; 3900 | 25338 |
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 10525 | 136395 |
| Sea Ltd., ADR<sup>(a)(b)</sup> | &nbsp;&nbsp; 1190 | 186414 |
| Sembcorp Industries Ltd. | &nbsp;&nbsp; 2200 | 13081 |
| Singapore Airlines Ltd. | &nbsp;&nbsp; 4100 | 21415 |
| Singapore Exchange Ltd. | &nbsp;&nbsp; 2900 | 35559 |
| Singapore Technologies Engineering Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 4300 | 28927 |
| Singapore Telecommunications Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 23800 | 70928 |
| United Overseas Bank Ltd. | &nbsp;&nbsp; 3900 | 108353 |
| Wilmar International Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 6700 | 15165 |
| Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp; 8000 | 15691 |
|  |  | 1015396 |
| **Spain — 0.9%** | **Spain — 0.9%** | **Spain — 0.9%** |
| Acciona SA | &nbsp;&nbsp; 75 | 14385 |
| ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp; 492 | 33955 |
| Aena SME SA<sup>(c)</sup> | &nbsp;&nbsp; 2450 | 65974 |
| Amadeus IT Group SA | &nbsp;&nbsp; 1347 | 108156 |
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 17987 | 299992 |
| Banco de Sabadell SA | &nbsp;&nbsp; 16840 | 62155 |
| Banco Santander SA | &nbsp;&nbsp; 46896 | 402873 |
| Bankinter SA | &nbsp;&nbsp; 2096 | 29919 |
| CaixaBank SA | &nbsp;&nbsp; 12540 | 117980 |
| Cellnex Telecom SA<sup>(c)</sup> | &nbsp;&nbsp; 1454 | 51311 |
| Endesa SA | &nbsp;&nbsp; 924 | 26731 |
| Ferrovial SE | &nbsp;&nbsp; 1542 | 79047 |
| Grifols SA<sup>(a)</sup> | &nbsp;&nbsp; 1247 | 18580 |
| Iberdrola SA | &nbsp;&nbsp; 19631 | 345041 |
| Industria de Diseno Textil SA | &nbsp;&nbsp; 3395 | 162169 |
| International Consolidated Airlines Group SA, Class DI | &nbsp;&nbsp; 3865 | 19376 |
| Redeia Corp. SA | &nbsp;&nbsp; 961 | 18630 |
| Repsol SA | &nbsp;&nbsp; 3891 | 58994 |
| Telefonica SA | &nbsp;&nbsp; 11012 | 56831 |
|  |  | 1972099 |
| **Sweden — 0.8%** | **Sweden — 0.8%** | **Sweden — 0.8%** |
| AddTech AB, Class B | &nbsp;&nbsp; 804 | 27029 |
| Alfa Laval AB | &nbsp;&nbsp; 792 | 34411 |
| Assa Abloy AB, Class B | &nbsp;&nbsp; 3150 | 104234 |
| Atlas Copco AB, Class A | &nbsp;&nbsp; 8280 | 126091 |
| Atlas Copco AB, Class B | &nbsp;&nbsp; 4830 | 65365 |
| Beijer Ref AB, Class B | &nbsp;&nbsp; 1030 | 17291 |
| Boliden AB<sup>(a)</sup> | &nbsp;&nbsp; 785 | 24028 |
| Epiroc AB, Class A | &nbsp;&nbsp; 2070 | 42131 |
| Epiroc AB, Class B | &nbsp;&nbsp; 1209 | 21673 |
| EQT AB | &nbsp;&nbsp; 1235 | 41279 |
| Essity AB, Class B | &nbsp;&nbsp; 1829 | 45099 |
| Evolution AB<sup>(c)</sup> | &nbsp;&nbsp; 506 | 45014 |
| Fastighets AB Balder, Class B<sup>(a)</sup> | &nbsp;&nbsp; 1864 | 12586 |
| H & M Hennes & Mauritz AB, Class B | &nbsp;&nbsp; 1736 | 23387 |
| Hexagon AB, Class B | &nbsp;&nbsp; 6453 | 70906 |
| Holmen AB, Class B | &nbsp;&nbsp; 285 | 10592 |
| Industrivarden AB, Class A | &nbsp;&nbsp; 372 | 13763 |
| Industrivarden AB, Class C | &nbsp;&nbsp; 441 | 16286 |
| Indutrade AB | &nbsp;&nbsp; 821 | 19938 |
| Investment AB Latour, Class B | &nbsp;&nbsp; 441 | 11258 |
| Investor AB, Class B | &nbsp;&nbsp; 5208 | 150925 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI Kokusai ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| L E Lundbergforetagen AB, Class B | &nbsp;&nbsp; 246 | $11999 |
| Lifco AB, Class B | &nbsp;&nbsp; 683 | 24329 |
| Nibe Industrier AB, Class B | &nbsp;&nbsp; 4346 | 20054 |
| Nordea Bank Abp | &nbsp;&nbsp; 9732 | 142007 |
| Saab AB, Class B | &nbsp;&nbsp; 988 | 53741 |
| Sagax AB, Class B | &nbsp;&nbsp; 753 | 15938 |
| Sandvik AB | &nbsp;&nbsp; 3348 | 81690 |
| Securitas AB, Class B | &nbsp;&nbsp; 1627 | 24147 |
| Skandinaviska Enskilda Banken AB, Class A | &nbsp;&nbsp; 4796 | 83894 |
| Skanska AB, Class B | &nbsp;&nbsp; 1141 | 26616 |
| SKF AB, Class B | &nbsp;&nbsp; 854 | 19892 |
| Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp; 1726 | 21646 |
| Svenska Handelsbanken AB, Class A | &nbsp;&nbsp; 4734 | 57681 |
| Swedbank AB, Class A | &nbsp;&nbsp; 2786 | 74186 |
| Swedish Orphan Biovitrum AB<sup>(a)</sup> | &nbsp;&nbsp; 577 | 15865 |
| Tele2 AB, Class B | &nbsp;&nbsp; 1896 | 29303 |
| Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp; 8966 | 65125 |
| Telia Co. AB | &nbsp;&nbsp; 8036 | 28381 |
| Trelleborg AB, Class B | &nbsp;&nbsp; 666 | 24199 |
| Volvo AB, Class B | &nbsp;&nbsp; 4888 | 140382 |
|  |  | 1884361 |
| **Switzerland — 2.4%** | **Switzerland — 2.4%** | **Switzerland — 2.4%** |
| ABB Ltd., Registered | &nbsp;&nbsp; 4912 | 320744 |
| Alcon AG | &nbsp;&nbsp; 1526 | 133781 |
| Amrize Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1586 | 80174 |
| Avolta AG, Registered | &nbsp;&nbsp; 294 | 15283 |
| Baloise Holding AG, Registered | &nbsp;&nbsp; 140 | 33553 |
| Banque Cantonale Vaudoise, Registered | &nbsp;&nbsp; 84 | 9721 |
| Barry Callebaut AG, Registered<sup>(b)</sup> | &nbsp;&nbsp; 12 | 14614 |
| BKW AG | &nbsp;&nbsp; 58 | 12950 |
| Chocoladefabriken Lindt & Spruengli AG, Participation <br> Certificates, NVS<br>| &nbsp;&nbsp; 8 | 117685 |
| Cie Financiere Richemont SA, Class A, Registered | &nbsp;&nbsp; 1652 | 269732 |
| EMS-Chemie Holding AG, Registered | &nbsp;&nbsp; 26 | 20457 |
| Galderma Group AG | &nbsp;&nbsp; 405 | 62418 |
| Geberit AG, Registered | &nbsp;&nbsp; 106 | 81206 |
| Givaudan SA, Registered | &nbsp;&nbsp; 29 | 121230 |
| Helvetia Holding AG, Registered | &nbsp;&nbsp; 115 | 27655 |
| Holcim AG | &nbsp;&nbsp; 1586 | 126483 |
| Julius Baer Group Ltd. | &nbsp;&nbsp; 676 | 45741 |
| Kuehne + Nagel International AG, Registered | &nbsp;&nbsp; 149 | 30378 |
| Logitech International SA, Registered | &nbsp;&nbsp; 471 | 43674 |
| Lonza Group AG, Registered | &nbsp;&nbsp; 227 | 158212 |
| Nestle SA, Registered | &nbsp;&nbsp; 8001 | 699104 |
| Novartis AG, Registered | &nbsp;&nbsp; 5872 | 668745 |
| Partners Group Holding AG | &nbsp;&nbsp; 70 | 94101 |
| Roche Holding AG, Bearer | &nbsp;&nbsp; 108 | 35892 |
| Roche Holding AG, NVS | &nbsp;&nbsp; 2165 | 675638 |
| Sandoz Group AG | &nbsp;&nbsp; 1184 | 67712 |
| Schindler Holding AG, Participation Certificates, NVS | &nbsp;&nbsp; 112 | 40503 |
| Schindler Holding AG, Registered | &nbsp;&nbsp; 71 | 24902 |
| SGS SA | &nbsp;&nbsp; 472 | 47961 |
| SIG Group AG | &nbsp;&nbsp; 923 | 14933 |
| Sika AG, Registered | &nbsp;&nbsp; 475 | 112090 |
| Sonova Holding AG, Registered | &nbsp;&nbsp; 147 | 40015 |
| Straumann Holding AG | &nbsp;&nbsp; 350 | 42644 |
| Swatch Group AG (The), Bearer<sup>(b)</sup> | &nbsp;&nbsp; 85 | 15033 |
| Swiss Life Holding AG, Registered | &nbsp;&nbsp; 86 | 89079 |
| Swiss Prime Site AG, Registered | &nbsp;&nbsp; 210 | 29045 |
| Swiss Re AG | &nbsp;&nbsp; 946 | 169335 |
| Swisscom AG, Registered | &nbsp;&nbsp; 78 | 54197 |
| Temenos AG, Registered | &nbsp;&nbsp; 211 | 18873 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| UBS Group AG, Registered | &nbsp;&nbsp; 10246 | $380782 |
| VAT Group AG<sup>(c)</sup> | &nbsp;&nbsp; 87 | 30466 |
| Zurich Insurance Group AG | &nbsp;&nbsp; 443 | 302173 |
|  |  | 5378914 |
| **United Kingdom — 3.8%** | **United Kingdom — 3.8%** | **United Kingdom — 3.8%** |
| 3i Group PLC | &nbsp;&nbsp; 3027 | 165402 |
| Admiral Group PLC | &nbsp;&nbsp; 828 | 37323 |
| Anglo American PLC, NVS | &nbsp;&nbsp; 3529 | 99299 |
| Antofagasta PLC | &nbsp;&nbsp; 1072 | 26437 |
| Ashtead Group PLC | &nbsp;&nbsp; 1381 | 92266 |
| Associated British Foods PLC | &nbsp;&nbsp; 1106 | 32025 |
| AstraZeneca PLC | &nbsp;&nbsp; 4782 | 697654 |
| Auto Trader Group PLC<sup>(c)</sup> | &nbsp;&nbsp; 2489 | 27478 |
| Aviva PLC | &nbsp;&nbsp; 8337 | 71231 |
| BAE Systems PLC | &nbsp;&nbsp; 9310 | 222142 |
| Barclays PLC | &nbsp;&nbsp; 44630 | 218152 |
| Barratt Redrow PLC | &nbsp;&nbsp; 4277 | 21062 |
| BP PLC | &nbsp;&nbsp; 49270 | 264101 |
| British American Tobacco PLC | &nbsp;&nbsp; 6174 | 330786 |
| BT Group PLC | &nbsp;&nbsp; 17735 | 48435 |
| Bunzl PLC | &nbsp;&nbsp; 1072 | 31814 |
| Centrica PLC | &nbsp;&nbsp; 17346 | 37706 |
| Coca-Cola HBC AG, Class DI | &nbsp;&nbsp; 736 | 38252 |
| Compass Group PLC | &nbsp;&nbsp; 5167 | 181566 |
| Croda International PLC | &nbsp;&nbsp; 441 | 15178 |
| DCC PLC | &nbsp;&nbsp; 303 | 18977 |
| Diageo PLC | &nbsp;&nbsp; 6775 | 164209 |
| Entain PLC | &nbsp;&nbsp; 2010 | 26992 |
| Experian PLC | &nbsp;&nbsp; 2851 | 150221 |
| Glencore PLC | &nbsp;&nbsp; 30914 | 124068 |
| GSK PLC | &nbsp;&nbsp; 12898 | 237246 |
| Haleon PLC | &nbsp;&nbsp; 28084 | 131733 |
| Halma PLC | &nbsp;&nbsp; 1175 | 50277 |
| Hikma Pharmaceuticals PLC | &nbsp;&nbsp; 613 | 15844 |
| HSBC Holdings PLC | &nbsp;&nbsp; 54353 | 662181 |
| Imperial Brands PLC | &nbsp;&nbsp; 2317 | 90315 |
| Informa PLC | &nbsp;&nbsp; 4208 | 48119 |
| InterContinental Hotels Group PLC | &nbsp;&nbsp; 505 | 58095 |
| Intertek Group PLC | &nbsp;&nbsp; 510 | 33160 |
| J Sainsbury PLC | &nbsp;&nbsp; 4831 | 19317 |
| JD Sports Fashion PLC | &nbsp;&nbsp; 8381 | 9408 |
| Kingfisher PLC | &nbsp;&nbsp; 4343 | 15443 |
| Land Securities Group PLC | &nbsp;&nbsp; 2345 | 17834 |
| Legal & General Group PLC | &nbsp;&nbsp; 17654 | 59725 |
| Lloyds Banking Group PLC | &nbsp;&nbsp; 185494 | 190214 |
| London Stock Exchange Group PLC | &nbsp;&nbsp; 1483 | 180770 |
| M&G PLC | &nbsp;&nbsp; 8174 | 28134 |
| Marks & Spencer Group PLC | &nbsp;&nbsp; 6333 | 29085 |
| Melrose Industries PLC | &nbsp;&nbsp; 4109 | 27743 |
| Mondi PLC | &nbsp;&nbsp; 1380 | 18655 |
| National Grid PLC | &nbsp;&nbsp; 15005 | 210851 |
| NatWest Group PLC | &nbsp;&nbsp; 24980 | 173401 |
| Next PLC | &nbsp;&nbsp; 373 | 60546 |
| Pearson PLC | &nbsp;&nbsp; 1587 | 22442 |
| Phoenix Group Holdings PLC | &nbsp;&nbsp; 2606 | 22790 |
| Prudential PLC | &nbsp;&nbsp; 8271 | 104927 |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp; 2053 | 153864 |
| RELX PLC | &nbsp;&nbsp; 5759 | 299244 |
| Rentokil Initial PLC | &nbsp;&nbsp; 7578 | 37802 |
| Rio Tinto PLC | &nbsp;&nbsp; 3470 | 206671 |
| Rolls-Royce Holdings PLC | &nbsp;&nbsp; 26208 | 371969 |
| Sage Group PLC (The) | &nbsp;&nbsp; 2796 | 44894 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI Kokusai ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Schroders PLC | &nbsp;&nbsp; 2225 | $11437 |
| Segro PLC | &nbsp;&nbsp; 4212 | 35898 |
| Severn Trent PLC | &nbsp;&nbsp; 716 | 25108 |
| Shell PLC | &nbsp;&nbsp; 18490 | 664403 |
| Smith & Nephew PLC | &nbsp;&nbsp; 2682 | 40989 |
| Smiths Group PLC | &nbsp;&nbsp; 1210 | 37481 |
| Spirax Group PLC | &nbsp;&nbsp; 245 | 20474 |
| SSE PLC | &nbsp;&nbsp; 3299 | 80866 |
| Standard Chartered PLC | &nbsp;&nbsp; 6189 | 110950 |
| Tesco PLC | &nbsp;&nbsp; 21002 | 117998 |
| Unilever PLC | &nbsp;&nbsp; 7774 | 451051 |
| United Utilities Group PLC | &nbsp;&nbsp; 2035 | 30378 |
| Vodafone Group PLC | &nbsp;&nbsp; 61248 | 66405 |
| Whitbread PLC | &nbsp;&nbsp; 613 | 24625 |
| Wise PLC, Class A<sup>(a)</sup> | &nbsp;&nbsp; 1869 | 24968 |
| WPP PLC | &nbsp;&nbsp; 3258 | 17640 |
|  |  | 8536146 |
| **United States — 76.6%** | **United States — 76.6%** | **United States — 76.6%** |
| 3M Co. | &nbsp;&nbsp; 1654 | 246810 |
| Abbott Laboratories | &nbsp;&nbsp; 5333 | 672971 |
| AbbVie Inc. | &nbsp;&nbsp; 5456 | 1031293 |
| Accenture PLC, Class A | &nbsp;&nbsp; 1933 | 516304 |
| Adobe Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1316 | 470720 |
| Advanced Micro Devices Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5021 | 885253 |
| AECOM | &nbsp;&nbsp; 403 | 45434 |
| Aflac Inc. | &nbsp;&nbsp; 1575 | 156492 |
| Agilent Technologies Inc. | &nbsp;&nbsp; 888 | 101951 |
| Air Products and Chemicals Inc. | &nbsp;&nbsp; 677 | 194895 |
| Airbnb Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1352 | 179018 |
| Akamai Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 475 | 36247 |
| Albertsons Companies Inc., Class A | &nbsp;&nbsp; 1177 | 22622 |
| Alexandria Real Estate Equities Inc. | &nbsp;&nbsp; 503 | 38444 |
| Align Technology Inc.<sup>(a)</sup> | &nbsp;&nbsp; 232 | 29930 |
| Allegion PLC | &nbsp;&nbsp; 288 | 47785 |
| Alliant Energy Corp. | &nbsp;&nbsp; 826 | 53698 |
| Allstate Corp. (The) | &nbsp;&nbsp; 825 | 167681 |
| Alnylam Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 408 | 160034 |
| Alphabet Inc., Class A | &nbsp;&nbsp; 18067 | 3467057 |
| Alphabet Inc., Class C, NVS | &nbsp;&nbsp; 15282 | 2947287 |
| Altria Group Inc. | &nbsp;&nbsp; 5250 | 325185 |
| Amazon.com Inc.<sup>(a)</sup> | &nbsp;&nbsp; 29545 | 6916780 |
| Amcor PLC | &nbsp;&nbsp; 7063 | 66039 |
| Ameren Corp. | &nbsp;&nbsp; 840 | 84949 |
| American Electric Power Co. Inc. | &nbsp;&nbsp; 1668 | 188718 |
| American Express Co. | &nbsp;&nbsp; 1728 | 517208 |
| American Financial Group Inc./OH | &nbsp;&nbsp; 219 | 27353 |
| American Homes 4 Rent, Class A | &nbsp;&nbsp; 950 | 32956 |
| American International Group Inc. | &nbsp;&nbsp; 1803 | 139967 |
| American Tower Corp. | &nbsp;&nbsp; 1459 | 304041 |
| American Water Works Co. Inc. | &nbsp;&nbsp; 595 | 83443 |
| Ameriprise Financial Inc. | &nbsp;&nbsp; 303 | 157012 |
| AMETEK Inc. | &nbsp;&nbsp; 710 | 131243 |
| Amgen Inc. | &nbsp;&nbsp; 1659 | 489571 |
| Amphenol Corp., Class A | &nbsp;&nbsp; 3763 | 400797 |
| Analog Devices Inc. | &nbsp;&nbsp; 1522 | 341887 |
| Annaly Capital Management Inc. | &nbsp;&nbsp; 1850 | 37611 |
| Aon PLC, Class A | &nbsp;&nbsp; 611 | 217339 |
| Apollo Global Management Inc. | &nbsp;&nbsp; 1246 | 181069 |
| Apple Inc. | &nbsp;&nbsp; 46469 | 9645570 |
| Applied Materials Inc. | &nbsp;&nbsp; 2507 | 451410 |
| AppLovin Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 721 | 281695 |
| Aptiv PLC<sup>(a)</sup> | &nbsp;&nbsp; 683 | 46881 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Arch Capital Group Ltd. | &nbsp;&nbsp; 1157 | $99571 |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp; 1516 | 82137 |
| Ares Management Corp., Class A | &nbsp;&nbsp; 634 | 117626 |
| Arista Networks Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3280 | 404162 |
| Arthur J Gallagher & Co. | &nbsp;&nbsp; 795 | 228364 |
| AT&T Inc. | &nbsp;&nbsp; 22170 | 607680 |
| Atlassian Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 503 | 96465 |
| Atmos Energy Corp. | &nbsp;&nbsp; 476 | 74218 |
| Autodesk Inc.<sup>(a)</sup> | &nbsp;&nbsp; 649 | 196718 |
| Automatic Data Processing Inc. | &nbsp;&nbsp; 1245 | 385327 |
| AutoZone Inc.<sup>(a)</sup> | &nbsp;&nbsp; 53 | 199724 |
| AvalonBay Communities Inc. | &nbsp;&nbsp; 455 | 84757 |
| Avantor Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2109 | 28345 |
| Avery Dennison Corp. | &nbsp;&nbsp; 245 | 41104 |
| Axon Enterprise Inc.<sup>(a)</sup> | &nbsp;&nbsp; 230 | 173763 |
| Baker Hughes Co., Class A | &nbsp;&nbsp; 3135 | 141232 |
| Ball Corp. | &nbsp;&nbsp; 811 | 46438 |
| Bank of America Corp. | &nbsp;&nbsp; 22453 | 1061353 |
| Bank of New York Mellon Corp. (The) | &nbsp;&nbsp; 2226 | 225828 |
| Baxter International Inc. | &nbsp;&nbsp; 1544 | 33597 |
| Becton Dickinson & Co. | &nbsp;&nbsp; 895 | 159534 |
| Bentley Systems Inc., Class B | &nbsp;&nbsp; 491 | 28468 |
| Berkshire Hathaway Inc., Class B<sup>(a)</sup> | &nbsp;&nbsp; 4139 | 1953111 |
| Best Buy Co. Inc. | &nbsp;&nbsp; 604 | 39296 |
| Biogen Inc.<sup>(a)</sup> | &nbsp;&nbsp; 441 | 56448 |
| BioMarin Pharmaceutical Inc.<sup>(a)</sup> | &nbsp;&nbsp; 544 | 31470 |
| Blackrock Inc.<sup>(d)</sup> | &nbsp;&nbsp; 455 | 503235 |
| Blackstone Inc. | &nbsp;&nbsp; 2271 | 392792 |
| Block Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1755 | 135591 |
| Boeing Co. (The)<sup>(a)</sup> | &nbsp;&nbsp; 2348 | 520880 |
| Booking Holdings Inc. | &nbsp;&nbsp; 101 | 555910 |
| Booz Allen Hamilton Holding Corp., Class A | &nbsp;&nbsp; 421 | 45186 |
| Boston Scientific Corp.<sup>(a)</sup> | &nbsp;&nbsp; 4594 | 482002 |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 6306 | 273113 |
| Broadcom Inc. | &nbsp;&nbsp; 13830 | 4061871 |
| Broadridge Financial Solutions Inc. | &nbsp;&nbsp; 376 | 93064 |
| Brown & Brown Inc. | &nbsp;&nbsp; 907 | 82873 |
| Brown-Forman Corp., Class B  | &nbsp;&nbsp; 564 | 16271 |
| Builders FirstSource Inc.<sup>(a)</sup> | &nbsp;&nbsp; 372 | 47292 |
| Bunge Global SA | &nbsp;&nbsp; 441 | 35174 |
| Burlington Stores Inc.<sup>(a)</sup> | &nbsp;&nbsp; 182 | 49679 |
| BXP Inc. | &nbsp;&nbsp; 470 | 30752 |
| Cadence Design Systems Inc.<sup>(a)</sup> | &nbsp;&nbsp; 835 | 304416 |
| Camden Property Trust | &nbsp;&nbsp; 323 | 35272 |
| Capital One Financial Corp. | &nbsp;&nbsp; 1980 | 425700 |
| Cardinal Health Inc. | &nbsp;&nbsp; 740 | 114863 |
| Carlisle Companies Inc. | &nbsp;&nbsp; 139 | 49305 |
| Carlyle Group Inc. (The) | &nbsp;&nbsp; 654 | 39672 |
| Carnival Corp.<sup>(a)</sup> | &nbsp;&nbsp; 3285 | 97794 |
| Carrier Global Corp. | &nbsp;&nbsp; 2401 | 164757 |
| Carvana Co., Class A<sup>(a)</sup> | &nbsp;&nbsp; 380 | 148265 |
| Caterpillar Inc. | &nbsp;&nbsp; 1475 | 646079 |
| Cboe Global Markets Inc. | &nbsp;&nbsp; 320 | 77133 |
| CBRE Group Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 918 | 142969 |
| CDW Corp. | &nbsp;&nbsp; 423 | 73763 |
| Cencora Inc. | &nbsp;&nbsp; 560 | 160205 |
| Centene Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1560 | 40669 |
| CenterPoint Energy Inc. | &nbsp;&nbsp; 2081 | 80784 |
| CF Industries Holdings Inc. | &nbsp;&nbsp; 517 | 47993 |
| CH Robinson Worldwide Inc. | &nbsp;&nbsp; 350 | 40362 |
| Charles Schwab Corp. (The) | &nbsp;&nbsp; 5281 | 516112 |
| Charter Communications Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 297 | 80000 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI Kokusai ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Cheniere Energy Inc. | &nbsp;&nbsp; 686 | $161814 |
| Chevron Corp. | &nbsp;&nbsp; 6074 | 921061 |
| Chipotle Mexican Grill Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 4258 | 182583 |
| Chubb Ltd. | &nbsp;&nbsp; 1192 | 317120 |
| Church & Dwight Co. Inc. | &nbsp;&nbsp; 751 | 70421 |
| Cigna Group (The) | &nbsp;&nbsp; 836 | 223530 |
| Cincinnati Financial Corp. | &nbsp;&nbsp; 475 | 70067 |
| Cintas Corp. | &nbsp;&nbsp; 1120 | 249256 |
| Cisco Systems Inc. | &nbsp;&nbsp; 12321 | 838814 |
| Citigroup Inc. | &nbsp;&nbsp; 5789 | 542429 |
| Citizens Financial Group Inc. | &nbsp;&nbsp; 1366 | 65186 |
| Clorox Co. (The) | &nbsp;&nbsp; 372 | 46708 |
| Cloudflare Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 968 | 201034 |
| CME Group Inc. | &nbsp;&nbsp; 1131 | 314735 |
| CMS Energy Corp. | &nbsp;&nbsp; 978 | 72176 |
| Coca-Cola Co. (The) | &nbsp;&nbsp; 12634 | 857722 |
| Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp; 1486 | 106635 |
| Coinbase Global Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 620 | 234211 |
| Colgate-Palmolive Co. | &nbsp;&nbsp; 2420 | 202917 |
| Comcast Corp., Class A | &nbsp;&nbsp; 11650 | 387129 |
| Conagra Brands Inc. | &nbsp;&nbsp; 1484 | 27098 |
| ConocoPhillips | &nbsp;&nbsp; 3877 | 369633 |
| Consolidated Edison Inc. | &nbsp;&nbsp; 1107 | 114574 |
| Constellation Brands Inc., Class A | &nbsp;&nbsp; 505 | 84355 |
| Constellation Energy Corp. | &nbsp;&nbsp; 958 | 333231 |
| Cooper Companies Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp; 636 | 44959 |
| Copart Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2854 | 129372 |
| Corning Inc. | &nbsp;&nbsp; 2485 | 157151 |
| Corpay Inc.<sup>(a)</sup> | &nbsp;&nbsp; 204 | 65902 |
| Corteva Inc. | &nbsp;&nbsp; 2122 | 153060 |
| CoStar Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1343 | 127840 |
| Costco Wholesale Corp. | &nbsp;&nbsp; 1368 | 1285428 |
| Coterra Energy Inc. | &nbsp;&nbsp; 2355 | 57438 |
| CRH PLC | &nbsp;&nbsp; 2060 | 196627 |
| Crowdstrike Holdings Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 759 | 345019 |
| Crown Castle Inc. | &nbsp;&nbsp; 1336 | 140400 |
| Crown Holdings Inc. | &nbsp;&nbsp; 337 | 33484 |
| CSX Corp. | &nbsp;&nbsp; 5963 | 211925 |
| Cummins Inc. | &nbsp;&nbsp; 438 | 161018 |
| CVS Health Corp. | &nbsp;&nbsp; 3837 | 238278 |
| Danaher Corp. | &nbsp;&nbsp; 2008 | 395897 |
| Darden Restaurants Inc. | &nbsp;&nbsp; 373 | 75223 |
| Datadog Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 923 | 129202 |
| DaVita Inc.<sup>(a)</sup> | &nbsp;&nbsp; 123 | 17266 |
| Deckers Outdoor Corp.<sup>(a)</sup> | &nbsp;&nbsp; 475 | 50431 |
| Deere & Co. | &nbsp;&nbsp; 793 | 415825 |
| Dell Technologies Inc., Class C | &nbsp;&nbsp; 980 | 130036 |
| Delta Air Lines Inc. | &nbsp;&nbsp; 441 | 23466 |
| Devon Energy Corp. | &nbsp;&nbsp; 2014 | 66905 |
| Dexcom Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1204 | 97247 |
| Diamondback Energy Inc. | &nbsp;&nbsp; 605 | 89939 |
| Dick's Sporting Goods Inc. | &nbsp;&nbsp; 192 | 40610 |
| Digital Realty Trust Inc. | &nbsp;&nbsp; 1067 | 188261 |
| DocuSign Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 611 | 46216 |
| Dollar General Corp. | &nbsp;&nbsp; 644 | 67556 |
| Dollar Tree Inc.<sup>(a)</sup> | &nbsp;&nbsp; 638 | 72445 |
| Dominion Energy Inc. | &nbsp;&nbsp; 2642 | 154425 |
| Domino's Pizza Inc. | &nbsp;&nbsp; 106 | 49100 |
| DoorDash Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1119 | 280030 |
| Dover Corp. | &nbsp;&nbsp; 407 | 73724 |
| Dow Inc. | &nbsp;&nbsp; 2205 | 51354 |
| DR Horton Inc. | &nbsp;&nbsp; 859 | 122700 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| DraftKings Inc., Class A <sup>(a)</sup> | &nbsp;&nbsp; 1265 | $56976 |
| DTE Energy Co. | &nbsp;&nbsp; 630 | 87198 |
| Duke Energy Corp. | &nbsp;&nbsp; 2433 | 295950 |
| DuPont de Nemours Inc. | &nbsp;&nbsp; 1274 | 91601 |
| Dynatrace Inc.<sup>(a)</sup> | &nbsp;&nbsp; 975 | 51295 |
| Eaton Corp. PLC | &nbsp;&nbsp; 1212 | 466281 |
| eBay Inc. | &nbsp;&nbsp; 1459 | 133863 |
| Ecolab Inc. | &nbsp;&nbsp; 789 | 206529 |
| Edison International | &nbsp;&nbsp; 1199 | 62492 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1821 | 144424 |
| Electronic Arts Inc. | &nbsp;&nbsp; 792 | 120772 |
| Elevance Health Inc. | &nbsp;&nbsp; 697 | 197307 |
| Eli Lilly & Co. | &nbsp;&nbsp; 2498 | 1848695 |
| EMCOR Group Inc. | &nbsp;&nbsp; 146 | 91614 |
| Emerson Electric Co. | &nbsp;&nbsp; 1718 | 249986 |
| Entegris Inc. | &nbsp;&nbsp; 474 | 37190 |
| Entergy Corp. | &nbsp;&nbsp; 1366 | 123527 |
| EOG Resources Inc. | &nbsp;&nbsp; 1745 | 209435 |
| EQT Corp. | &nbsp;&nbsp; 1732 | 93095 |
| Equifax Inc. | &nbsp;&nbsp; 372 | 89366 |
| Equinix Inc. | &nbsp;&nbsp; 302 | 237121 |
| Equitable Holdings Inc. | &nbsp;&nbsp; 976 | 50118 |
| Equity LifeStyle Properties Inc. | &nbsp;&nbsp; 567 | 33975 |
| Equity Residential | &nbsp;&nbsp; 1099 | 69457 |
| Erie Indemnity Co., Class A, NVS | &nbsp;&nbsp; 73 | 26006 |
| Essential Utilities Inc. | &nbsp;&nbsp; 814 | 29955 |
| Essex Property Trust Inc. | &nbsp;&nbsp; 190 | 49434 |
| Estee Lauder Companies Inc. (The), Class A | &nbsp;&nbsp; 722 | 67391 |
| Everest Group Ltd. | &nbsp;&nbsp; 125 | 41975 |
| Evergy Inc. | &nbsp;&nbsp; 717 | 50764 |
| Eversource Energy | &nbsp;&nbsp; 1102 | 72842 |
| Exelon Corp. | &nbsp;&nbsp; 3159 | 141965 |
| Expand Energy Corp. | &nbsp;&nbsp; 632 | 66221 |
| Expedia Group Inc. | &nbsp;&nbsp; 403 | 72629 |
| Expeditors International of Washington Inc. | &nbsp;&nbsp; 461 | 53587 |
| Extra Space Storage Inc. | &nbsp;&nbsp; 645 | 86662 |
| Exxon Mobil Corp. | &nbsp;&nbsp; 13360 | 1491510 |
| F5 Inc.<sup>(a)</sup> | &nbsp;&nbsp; 175 | 54849 |
| FactSet Research Systems Inc. | &nbsp;&nbsp; 114 | 45931 |
| Fair Isaac Corp.<sup>(a)</sup> | &nbsp;&nbsp; 76 | 109191 |
| Fastenal Co. | &nbsp;&nbsp; 3532 | 162931 |
| FedEx Corp. | &nbsp;&nbsp; 715 | 159795 |
| Ferguson Enterprises Inc. | &nbsp;&nbsp; 615 | 137348 |
| Fidelity National Financial Inc. | &nbsp;&nbsp; 729 | 41137 |
| Fidelity National Information Services Inc. | &nbsp;&nbsp; 1616 | 128327 |
| Fifth Third Bancorp | &nbsp;&nbsp; 2036 | 84637 |
| First Citizens BancShares Inc./NC, Class A | &nbsp;&nbsp; 31 | 61838 |
| First Solar Inc.<sup>(a)</sup> | &nbsp;&nbsp; 330 | 57661 |
| FirstEnergy Corp. | &nbsp;&nbsp; 1788 | 76365 |
| Fiserv Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1725 | 239671 |
| Flutter Entertainment PLC, Class DI<sup>(a)</sup> | &nbsp;&nbsp; 533 | 161105 |
| Ford Motor Co. | &nbsp;&nbsp; 11744 | 130006 |
| Fortinet Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2036 | 203396 |
| Fortive Corp. | &nbsp;&nbsp; 1071 | 51333 |
| Fox Corp., Class A, NVS | &nbsp;&nbsp; 705 | 39311 |
| Fox Corp., Class B | &nbsp;&nbsp; 510 | 26081 |
| Freeport-McMoRan Inc. | &nbsp;&nbsp; 4332 | 174320 |
| Gaming and Leisure Properties Inc. | &nbsp;&nbsp; 770 | 35097 |
| Garmin Ltd. | &nbsp;&nbsp; 475 | 103911 |
| Gartner Inc.<sup>(a)</sup> | &nbsp;&nbsp; 229 | 77551 |
| GE HealthCare Technologies Inc., NVS<sup>(a)</sup> | &nbsp;&nbsp; 1444 | 102986 |
| GE Vernova Inc. | &nbsp;&nbsp; 838 | 553323 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI Kokusai ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Gen Digital Inc. | &nbsp;&nbsp; 1588 | $46830 |
| General Dynamics Corp. | &nbsp;&nbsp; 722 | 224982 |
| General Electric Co. | &nbsp;&nbsp; 3295 | 893209 |
| General Mills Inc. | &nbsp;&nbsp; 1639 | 80278 |
| General Motors Co. | &nbsp;&nbsp; 2985 | 159220 |
| Genuine Parts Co. | &nbsp;&nbsp; 437 | 56321 |
| Gilead Sciences Inc. | &nbsp;&nbsp; 3873 | 434899 |
| Global Payments Inc. | &nbsp;&nbsp; 785 | 62761 |
| GoDaddy Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 446 | 72065 |
| Goldman Sachs Group Inc. (The) | &nbsp;&nbsp; 960 | 694646 |
| Graco Inc. | &nbsp;&nbsp; 505 | 42410 |
| Halliburton Co. | &nbsp;&nbsp; 2682 | 60077 |
| Hartford Insurance Group Inc. (The) | &nbsp;&nbsp; 895 | 111329 |
| HCA Healthcare Inc. | &nbsp;&nbsp; 570 | 201774 |
| Healthpeak Properties Inc. | &nbsp;&nbsp; 2155 | 36506 |
| HEICO Corp. | &nbsp;&nbsp; 122 | 39870 |
| HEICO Corp., Class A | &nbsp;&nbsp; 253 | 65297 |
| Hershey Co. (The) | &nbsp;&nbsp; 456 | 84875 |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 4079 | 84395 |
| Hilton Worldwide Holdings Inc. | &nbsp;&nbsp; 758 | 203205 |
| Hologic Inc.<sup>(a)</sup> | &nbsp;&nbsp; 751 | 50182 |
| Home Depot Inc. (The) | &nbsp;&nbsp; 3086 | 1134136 |
| Honeywell International Inc. | &nbsp;&nbsp; 2003 | 445367 |
| Hormel Foods Corp. | &nbsp;&nbsp; 889 | 24972 |
| Howmet Aerospace Inc. | &nbsp;&nbsp; 1215 | 218421 |
| HP Inc. | &nbsp;&nbsp; 2957 | 73334 |
| Hubbell Inc., Class B | &nbsp;&nbsp; 155 | 67809 |
| HubSpot Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 152 | 78987 |
| Humana Inc. | &nbsp;&nbsp; 373 | 93202 |
| Huntington Bancshares Inc./Ohio | &nbsp;&nbsp; 4482 | 73639 |
| Hyatt Hotels Corp., Class A | &nbsp;&nbsp; 146 | 20582 |
| IDEX Corp. | &nbsp;&nbsp; 246 | 40223 |
| IDEXX Laboratories Inc.<sup>(a)</sup> | &nbsp;&nbsp; 256 | 136783 |
| Illinois Tool Works Inc. | &nbsp;&nbsp; 861 | 220390 |
| Illumina Inc.<sup>(a)</sup> | &nbsp;&nbsp; 473 | 48582 |
| Incyte Corp.<sup>(a)</sup> | &nbsp;&nbsp; 545 | 40815 |
| Ingersoll Rand Inc. | &nbsp;&nbsp; 1275 | 107903 |
| Insulet Corp.<sup>(a)</sup> | &nbsp;&nbsp; 211 | 60852 |
| Intel Corp. | &nbsp;&nbsp; 13661 | 270488 |
| Interactive Brokers Group Inc., Class A | &nbsp;&nbsp; 1344 | 88113 |
| Intercontinental Exchange Inc. | &nbsp;&nbsp; 1765 | 326225 |
| International Business Machines Corp. | &nbsp;&nbsp; 2857 | 723250 |
| International Flavors & Fragrances Inc. | &nbsp;&nbsp; 751 | 53344 |
| International Paper Co. | &nbsp;&nbsp; 1529 | 71465 |
| Intuit Inc. | &nbsp;&nbsp; 871 | 683848 |
| Intuitive Surgical Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1115 | 536415 |
| Invitation Homes Inc. | &nbsp;&nbsp; 1722 | 52779 |
| IQVIA Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 543 | 100922 |
| Iron Mountain Inc. | &nbsp;&nbsp; 936 | 91129 |
| J.M. Smucker Co. (The) | &nbsp;&nbsp; 338 | 36281 |
| Jabil Inc. | &nbsp;&nbsp; 336 | 74985 |
| Jack Henry & Associates Inc. | &nbsp;&nbsp; 210 | 35661 |
| Jacobs Solutions Inc. | &nbsp;&nbsp; 372 | 52776 |
| JB Hunt Transport Services Inc. | &nbsp;&nbsp; 246 | 35436 |
| Johnson & Johnson | &nbsp;&nbsp; 7437 | 1225171 |
| Johnson Controls International PLC | &nbsp;&nbsp; 2065 | 216825 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 8637 | 2558625 |
| Kellanova | &nbsp;&nbsp; 887 | 70809 |
| Kenvue Inc. | &nbsp;&nbsp; 5898 | 126453 |
| Keurig Dr Pepper Inc. | &nbsp;&nbsp; 4023 | 131351 |
| KeyCorp | &nbsp;&nbsp; 2987 | 53527 |
| Keysight Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 544 | 89167 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Kimberly-Clark Corp. | &nbsp;&nbsp; 1037 | $129231 |
| Kimco Realty Corp. | &nbsp;&nbsp; 2151 | 45666 |
| Kinder Morgan Inc. | &nbsp;&nbsp; 6140 | 172288 |
| KKR & Co. Inc. | &nbsp;&nbsp; 1908 | 279675 |
| KLA Corp. | &nbsp;&nbsp; 408 | 358644 |
| Kraft Heinz Co. (The) | &nbsp;&nbsp; 2840 | 77986 |
| Kroger Co. (The) | &nbsp;&nbsp; 1933 | 135503 |
| L3Harris Technologies Inc. | &nbsp;&nbsp; 598 | 164342 |
| Labcorp Holdings Inc. | &nbsp;&nbsp; 277 | 72042 |
| Lam Research Corp. | &nbsp;&nbsp; 4002 | 379550 |
| Las Vegas Sands Corp. | &nbsp;&nbsp; 1190 | 62356 |
| Leidos Holdings Inc. | &nbsp;&nbsp; 373 | 59549 |
| Lennar Corp., Class A | &nbsp;&nbsp; 750 | 84135 |
| Lennox International Inc. | &nbsp;&nbsp; 92 | 56028 |
| Liberty Media Corp.-Liberty Formula One, Class C, <br> NVS<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 613 | 61515 |
| Linde PLC | &nbsp;&nbsp; 1460 | 671980 |
| Live Nation Entertainment Inc.<sup>(a)</sup> | &nbsp;&nbsp; 513 | 75770 |
| LKQ Corp. | &nbsp;&nbsp; 785 | 23134 |
| Lockheed Martin Corp. | &nbsp;&nbsp; 646 | 271953 |
| Loews Corp. | &nbsp;&nbsp; 578 | 52332 |
| Lowe's Companies Inc. | &nbsp;&nbsp; 1730 | 386776 |
| LPL Financial Holdings Inc. | &nbsp;&nbsp; 246 | 97350 |
| Lululemon Athletica Inc.<sup>(a)</sup> | &nbsp;&nbsp; 339 | 67980 |
| LyondellBasell Industries NV, Class A | &nbsp;&nbsp; 828 | 47966 |
| M&T Bank Corp. | &nbsp;&nbsp; 496 | 93595 |
| Marathon Petroleum Corp. | &nbsp;&nbsp; 962 | 163723 |
| Markel Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 42 | 84348 |
| Marriott International Inc./MD, Class A | &nbsp;&nbsp; 719 | 189694 |
| Marsh & McLennan Companies Inc. | &nbsp;&nbsp; 1507 | 300194 |
| Martin Marietta Materials Inc. | &nbsp;&nbsp; 193 | 110952 |
| Marvell Technology Inc. | &nbsp;&nbsp; 2625 | 210971 |
| Masco Corp. | &nbsp;&nbsp; 682 | 46465 |
| Mastercard Inc., Class A | &nbsp;&nbsp; 2515 | 1424672 |
| McCormick & Co. Inc./MD, NVS | &nbsp;&nbsp; 785 | 55445 |
| McDonald's Corp. | &nbsp;&nbsp; 2222 | 666756 |
| McKesson Corp. | &nbsp;&nbsp; 387 | 268400 |
| Medtronic PLC | &nbsp;&nbsp; 3965 | 357802 |
| MercadoLibre Inc.<sup>(a)</sup> | &nbsp;&nbsp; 142 | 337092 |
| Merck & Co. Inc. | &nbsp;&nbsp; 7758 | 606055 |
| Meta Platforms Inc., Class A | &nbsp;&nbsp; 6779 | 5243150 |
| MetLife Inc. | &nbsp;&nbsp; 1843 | 139976 |
| Mettler-Toledo International Inc.<sup>(a)</sup> | &nbsp;&nbsp; 65 | 80189 |
| Microchip Technology Inc. | &nbsp;&nbsp; 1691 | 114295 |
| Micron Technology Inc. | &nbsp;&nbsp; 3457 | 377297 |
| Microsoft Corp. | &nbsp;&nbsp; 21846 | 11654841 |
| MicroStrategy Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 770 | 309432 |
| Mid-America Apartment Communities Inc. | &nbsp;&nbsp; 338 | 48141 |
| Molina Healthcare Inc.<sup>(a)</sup> | &nbsp;&nbsp; 176 | 27785 |
| Molson Coors Beverage Co., Class B | &nbsp;&nbsp; 579 | 28209 |
| Mondelez International Inc., Class A | &nbsp;&nbsp; 4002 | 258889 |
| MongoDB Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 266 | 63279 |
| Monolithic Power Systems Inc. | &nbsp;&nbsp; 150 | 106686 |
| Monster Beverage Corp.<sup>(a)</sup> | &nbsp;&nbsp; 2257 | 132599 |
| Moody's Corp. | &nbsp;&nbsp; 505 | 260444 |
| Morgan Stanley | &nbsp;&nbsp; 3721 | 530094 |
| Motorola Solutions Inc. | &nbsp;&nbsp; 510 | 223880 |
| MSCI Inc., Class A | &nbsp;&nbsp; 246 | 138095 |
| Nasdaq Inc. | &nbsp;&nbsp; 1355 | 130378 |
| Natera Inc.<sup>(a)</sup> | &nbsp;&nbsp; 387 | 51726 |
| NetApp Inc. | &nbsp;&nbsp; 608 | 63311 |
| Netflix Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1325 | 1536205 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI Kokusai ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Neurocrine Biosciences Inc.<sup>(a)</sup> | &nbsp;&nbsp; 281 | $36033 |
| Newmont Corp. | &nbsp;&nbsp; 3581 | 222380 |
| News Corp., Class A, NVS | &nbsp;&nbsp; 1175 | 34451 |
| NextEra Energy Inc. | &nbsp;&nbsp; 6380 | 453363 |
| Nike Inc., Class B | &nbsp;&nbsp; 3614 | 269930 |
| NiSource Inc. | &nbsp;&nbsp; 1420 | 60279 |
| Nordson Corp. | &nbsp;&nbsp; 163 | 34916 |
| Norfolk Southern Corp. | &nbsp;&nbsp; 681 | 189318 |
| Northern Trust Corp. | &nbsp;&nbsp; 595 | 77350 |
| Northrop Grumman Corp. | &nbsp;&nbsp; 418 | 241023 |
| NRG Energy Inc. | &nbsp;&nbsp; 650 | 108680 |
| Nucor Corp. | &nbsp;&nbsp; 719 | 102867 |
| Nutanix Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 778 | 58482 |
| Nvidia Corp. | &nbsp;&nbsp; 75478 | 13425272 |
| NVR Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9 | 67945 |
| NXP Semiconductors NV | &nbsp;&nbsp; 787 | 168237 |
| Occidental Petroleum Corp. | &nbsp;&nbsp; 2169 | 95306 |
| Okta Inc.<sup>(a)</sup> | &nbsp;&nbsp; 529 | 51736 |
| Old Dominion Freight Line Inc. | &nbsp;&nbsp; 602 | 89849 |
| Omnicom Group Inc. | &nbsp;&nbsp; 577 | 41573 |
| ON Semiconductor Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1348 | 75973 |
| ONEOK Inc. | &nbsp;&nbsp; 1904 | 156337 |
| Oracle Corp. | &nbsp;&nbsp; 5221 | 1324933 |
| O'Reilly Automotive Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2670 | 262514 |
| Otis Worldwide Corp. | &nbsp;&nbsp; 1192 | 102142 |
| Owens Corning | &nbsp;&nbsp; 268 | 37367 |
| PACCAR Inc. | &nbsp;&nbsp; 1597 | 157720 |
| Packaging Corp. of America | &nbsp;&nbsp; 268 | 51925 |
| Palantir Technologies Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 6598 | 1044793 |
| Palo Alto Networks Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2049 | 355706 |
| Parker-Hannifin Corp. | &nbsp;&nbsp; 399 | 292028 |
| Paychex Inc. | &nbsp;&nbsp; 1002 | 144619 |
| Paycom Software Inc. | &nbsp;&nbsp; 175 | 40520 |
| PayPal Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2969 | 204148 |
| Pentair PLC | &nbsp;&nbsp; 510 | 52122 |
| PepsiCo Inc. | &nbsp;&nbsp; 4221 | 582160 |
| Pfizer Inc. | &nbsp;&nbsp; 17712 | 412512 |
| PG&E Corp. | &nbsp;&nbsp; 6785 | 95126 |
| Philip Morris International Inc. | &nbsp;&nbsp; 4826 | 791705 |
| Phillips 66 | &nbsp;&nbsp; 1279 | 158059 |
| Pinterest Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1872 | 72259 |
| PNC Financial Services Group Inc. (The) | &nbsp;&nbsp; 1229 | 233842 |
| Pool Corp. | &nbsp;&nbsp; 120 | 36977 |
| PPG Industries Inc. | &nbsp;&nbsp; 717 | 75644 |
| PPL Corp. | &nbsp;&nbsp; 2208 | 78804 |
| Principal Financial Group Inc. | &nbsp;&nbsp; 702 | 54637 |
| Procter & Gamble Co. (The) | &nbsp;&nbsp; 7243 | 1089854 |
| Progressive Corp. (The) | &nbsp;&nbsp; 1823 | 441239 |
| Prologis Inc. | &nbsp;&nbsp; 2873 | 306779 |
| Prudential Financial Inc. | &nbsp;&nbsp; 1064 | 110209 |
| PTC Inc.<sup>(a)</sup> | &nbsp;&nbsp; 385 | 82702 |
| Public Service Enterprise Group Inc. | &nbsp;&nbsp; 1553 | 139444 |
| Public Storage | &nbsp;&nbsp; 479 | 130259 |
| PulteGroup Inc. | &nbsp;&nbsp; 665 | 75092 |
| Pure Storage Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 956 | 56901 |
| Qualcomm Inc. | &nbsp;&nbsp; 3414 | 501039 |
| Quanta Services Inc. | &nbsp;&nbsp; 467 | 189663 |
| Quest Diagnostics Inc. | &nbsp;&nbsp; 328 | 54910 |
| Raymond James Financial Inc. | &nbsp;&nbsp; 597 | 99777 |
| Realty Income Corp. | &nbsp;&nbsp; 2675 | 150148 |
| Reddit Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 204 | 32760 |
| Regency Centers Corp. | &nbsp;&nbsp; 487 | 34772 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Regeneron Pharmaceuticals Inc. | &nbsp;&nbsp; 333 | $181638 |
| Regions Financial Corp. | &nbsp;&nbsp; 2663 | 67454 |
| Reliance Inc. | &nbsp;&nbsp; 151 | 43810 |
| Republic Services Inc., Class A | &nbsp;&nbsp; 688 | 158687 |
| ResMed Inc. | &nbsp;&nbsp; 441 | 119926 |
| Revvity Inc. | &nbsp;&nbsp; 402 | 35336 |
| Rivian Automotive Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 2429 | 31261 |
| Robinhood Markets Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2274 | 234336 |
| ROBLOX Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1665 | 229420 |
| Rockwell Automation Inc. | &nbsp;&nbsp; 364 | 128022 |
| Rollins Inc. | &nbsp;&nbsp; 927 | 53089 |
| Roper Technologies Inc. | &nbsp;&nbsp; 330 | 181632 |
| Ross Stores Inc. | &nbsp;&nbsp; 1034 | 141182 |
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp; 789 | 250799 |
| Royalty Pharma PLC, Class A | &nbsp;&nbsp; 1260 | 46368 |
| RPM International Inc. | &nbsp;&nbsp; 406 | 47668 |
| RTX Corp. | &nbsp;&nbsp; 4115 | 648401 |
| S&P Global Inc. | &nbsp;&nbsp; 967 | 532914 |
| Salesforce Inc. | &nbsp;&nbsp; 2988 | 771890 |
| Samsara Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 862 | 32782 |
| SBA Communications Corp., Class A | &nbsp;&nbsp; 322 | 72360 |
| Schlumberger NV | &nbsp;&nbsp; 4150 | 140270 |
| Seagate Technology Holdings PLC | &nbsp;&nbsp; 644 | 101114 |
| Sempra | &nbsp;&nbsp; 2037 | 166382 |
| ServiceNow Inc.<sup>(a)</sup> | &nbsp;&nbsp; 641 | 604540 |
| Sherwin-Williams Co. (The) | &nbsp;&nbsp; 735 | 243197 |
| Simon Property Group Inc. | &nbsp;&nbsp; 1024 | 167721 |
| Smurfit WestRock PLC | &nbsp;&nbsp; 1595 | 70786 |
| Snap Inc., Class A, NVS<sup>(a)(b)</sup> | &nbsp;&nbsp; 3199 | 30167 |
| Snap-on Inc. | &nbsp;&nbsp; 152 | 48821 |
| Snowflake Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 987 | 220594 |
| Solventum Corp.<sup>(a)</sup> | &nbsp;&nbsp; 429 | 30613 |
| Southern Co. (The) | &nbsp;&nbsp; 3410 | 322177 |
| Spotify Technology SA<sup>(a)</sup> | &nbsp;&nbsp; 473 | 296353 |
| SS&C Technologies Holdings Inc. | &nbsp;&nbsp; 682 | 58297 |
| Starbucks Corp. | &nbsp;&nbsp; 3501 | 312149 |
| State Street Corp. | &nbsp;&nbsp; 915 | 102251 |
| Steel Dynamics Inc. | &nbsp;&nbsp; 407 | 51917 |
| STERIS PLC | &nbsp;&nbsp; 303 | 68626 |
| Stryker Corp. | &nbsp;&nbsp; 1055 | 414330 |
| Sun Communities Inc. | &nbsp;&nbsp; 415 | 51472 |
| Super Micro Computer Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1589 | 93703 |
| Synchrony Financial | &nbsp;&nbsp; 1199 | 83534 |
| Synopsys Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 562 | 356010 |
| Sysco Corp. | &nbsp;&nbsp; 1515 | 120594 |
| T Rowe Price Group Inc. | &nbsp;&nbsp; 682 | 69189 |
| Take-Two Interactive Software Inc.<sup>(a)</sup> | &nbsp;&nbsp; 538 | 119829 |
| Targa Resources Corp. | &nbsp;&nbsp; 650 | 108167 |
| Target Corp. | &nbsp;&nbsp; 1438 | 144519 |
| TE Connectivity PLC | &nbsp;&nbsp; 908 | 186821 |
| Teledyne Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 140 | 77143 |
| Teradyne Inc. | &nbsp;&nbsp; 496 | 53285 |
| Tesla Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8942 | 2756550 |
| Texas Instruments Inc. | &nbsp;&nbsp; 2815 | 509684 |
| Texas Pacific Land Corp. | &nbsp;&nbsp; 61 | 59056 |
| Textron Inc. | &nbsp;&nbsp; 614 | 47751 |
| The Campbell's Co. | &nbsp;&nbsp; 581 | 18546 |
| Thermo Fisher Scientific Inc. | &nbsp;&nbsp; 1159 | 542041 |
| TJX Companies Inc. (The) | &nbsp;&nbsp; 3440 | 428383 |
| T-Mobile U.S. Inc. | &nbsp;&nbsp; 1420 | 338542 |
| Toast Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 1314 | 64176 |
| Tractor Supply Co. | &nbsp;&nbsp; 1590 | 90551 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI Kokusai ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Trade Desk Inc. (The), Class A<sup>(a)</sup> | &nbsp;&nbsp; 1379 | $119918 |
| Tradeweb Markets Inc., Class A | &nbsp;&nbsp; 337 | 46691 |
| Trane Technologies PLC | &nbsp;&nbsp; 686 | 300523 |
| TransDigm Group Inc. | &nbsp;&nbsp; 172 | 276655 |
| TransUnion | &nbsp;&nbsp; 634 | 60350 |
| Travelers Companies Inc. (The) | &nbsp;&nbsp; 715 | 186072 |
| Trimble Inc.<sup>(a)</sup> | &nbsp;&nbsp; 785 | 65854 |
| Truist Financial Corp. | &nbsp;&nbsp; 4003 | 174971 |
| Twilio Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 446 | 57534 |
| Tyler Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 128 | 74824 |
| Tyson Foods Inc., Class A | &nbsp;&nbsp; 845 | 44194 |
| U.S. Bancorp | &nbsp;&nbsp; 4817 | 216572 |
| Uber Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5857 | 513952 |
| UDR Inc. | &nbsp;&nbsp; 965 | 37915 |
| U-Haul Holding Co. | &nbsp;&nbsp; 299 | 15548 |
| Ulta Beauty Inc.<sup>(a)</sup> | &nbsp;&nbsp; 146 | 75191 |
| Union Pacific Corp. | &nbsp;&nbsp; 1851 | 410866 |
| United Airlines Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 253 | 22342 |
| United Parcel Service Inc., Class B | &nbsp;&nbsp; 2228 | 191964 |
| United Rentals Inc. | &nbsp;&nbsp; 200 | 176588 |
| United Therapeutics Corp.<sup>(a)</sup> | &nbsp;&nbsp; 139 | 38183 |
| UnitedHealth Group Inc. | &nbsp;&nbsp; 2848 | 710747 |
| Universal Health Services Inc., Class B | &nbsp;&nbsp; 194 | 32291 |
| Valero Energy Corp. | &nbsp;&nbsp; 993 | 136349 |
| Veeva Systems Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 473 | 134427 |
| Ventas Inc. | &nbsp;&nbsp; 1379 | 92641 |
| Veralto Corp. | &nbsp;&nbsp; 792 | 83025 |
| VeriSign Inc. | &nbsp;&nbsp; 250 | 67218 |
| Verisk Analytics Inc., Class A | &nbsp;&nbsp; 434 | 120960 |
| Verizon Communications Inc. | &nbsp;&nbsp; 13137 | 561738 |
| Vertex Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 799 | 365039 |
| Vertiv Holdings Co., Class A | &nbsp;&nbsp; 1160 | 168896 |
| VICI Properties Inc., Class A | &nbsp;&nbsp; 3167 | 103244 |
| Visa Inc., Class A | &nbsp;&nbsp; 5323 | 1838937 |
| Vistra Corp. | &nbsp;&nbsp; 1073 | 223763 |
| Vulcan Materials Co. | &nbsp;&nbsp; 406 | 111516 |
| W R Berkley Corp. | &nbsp;&nbsp; 926 | 63718 |
| Walmart Inc. | &nbsp;&nbsp; 13652 | 1337623 |
| Walt Disney Co. (The) | &nbsp;&nbsp; 5580 | 664634 |
| Warner Bros Discovery Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7186 | 94640 |
| Waste Connections Inc. | &nbsp;&nbsp; 785 | 146536 |
| Waste Management Inc. | &nbsp;&nbsp; 1229 | 281638 |
| Waters Corp.<sup>(a)</sup> | &nbsp;&nbsp; 184 | 53132 |
| Watsco Inc. | &nbsp;&nbsp; 106 | 47793 |
| WEC Energy Group Inc. | &nbsp;&nbsp; 958 | 104499 |
| Wells Fargo & Co. | &nbsp;&nbsp; 10135 | 817185 |
| Welltower Inc. | &nbsp;&nbsp; 2016 | 332781 |
| West Pharmaceutical Services Inc. | &nbsp;&nbsp; 225 | 53834 |
| Western Digital Corp. | &nbsp;&nbsp; 1105 | 86952 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp; 548 | 105243 |
| Weyerhaeuser Co. | &nbsp;&nbsp; 2311 | 57891 |
| Williams Companies Inc. (The) | &nbsp;&nbsp; 3836 | 229968 |
| Williams-Sonoma Inc. | &nbsp;&nbsp; 367 | 68647 |
| Willis Towers Watson PLC | &nbsp;&nbsp; 296 | 93480 |
| Workday Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 647 | 148409 |
| WP Carey Inc. | &nbsp;&nbsp; 632 | 40549 |
| WW Grainger Inc. | &nbsp;&nbsp; 142 | 147615 |
| Xcel Energy Inc. | &nbsp;&nbsp; 1819 | 133587 |
| Xylem Inc./New York | &nbsp;&nbsp; 753 | 108899 |
| Yum! Brands Inc. | &nbsp;&nbsp; 841 | 121230 |
| Zebra Technologies Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 150 | 50853 |
| Zillow Group Inc., Class C <sup>(a)</sup> | &nbsp;&nbsp; 441 | 35082 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Zimmer Biomet Holdings Inc. | &nbsp;&nbsp; 613 | $56181 |
| Zoetis Inc. | &nbsp;&nbsp; 1361 | 198420 |
| Zoom Video Communications Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 805 | 59610 |
| Zscaler Inc.<sup>(a)</sup> | &nbsp;&nbsp; 320 | 91379 |
|  |  | 171299122 |
| **Total Common Stocks — 99.6%** <br>**(Cost: $188,429,841)** | **Total Common Stocks — 99.6%** <br>**(Cost: $188,429,841)** | 222891428 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Germany — 0.1%** | **Germany — 0.1%** | **Germany — 0.1%** |
| Bayerische Motoren Werke AG, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 175 | 15300 |
| Dr Ing hc F Porsche AG, Preference Shares, NVS<sup>(b)(c)</sup> | &nbsp;&nbsp; 336 | 17037 |
| Henkel AG & Co. KGaA, Preference Shares, NVS | &nbsp;&nbsp; 544 | 41920 |
| Porsche Automobil Holding SE, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 475 | 19064 |
| Sartorius AG, Preference Shares, NVS | &nbsp;&nbsp; 80 | 17036 |
| Volkswagen AG, Preference Shares, NVS | &nbsp;&nbsp; 630 | 65876 |
|  |  | 176233 |
| **Total Preferred Stocks — 0.1%** <br>**(Cost: $369,541)** | **Total Preferred Stocks — 0.1%** <br>**(Cost: $369,541)** | 176233 |
| **Warrants** | **Warrants** | **Warrants** |
| **Canada — 0.0%** | **Canada — 0.0%** | **Canada — 0.0%** |
| Constellation Software Inc., (Issued 08/29/23, 1 Share <br> for 1 Warrant, Expires 03/31/40, Strike Price <br> CAD 11.50)<sup>(a)(e)</sup><br>| &nbsp;&nbsp; 72 |  |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** |  |
| **Total Long-Term Investments — 99.7%** <br>**(Cost: $188,799,382)** | **Total Long-Term Investments — 99.7%** <br>**(Cost: $188,799,382)** | 223067661 |
| **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)(f)(g)</sup><br>| &nbsp;&nbsp; 1534152 | 1534766 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(d)(f)</sup><br>| &nbsp;&nbsp; 280000 | 280000 |
| **Total Short-Term Securities — 0.8%** <br>**(Cost: $1,814,765)** | **Total Short-Term Securities — 0.8%** <br>**(Cost: $1,814,765)** | 1814766 |
| **Total Investments — 100.5%** <br>**(Cost: $190,614,147)** | **Total Investments — 100.5%** <br>**(Cost: $190,614,147)** | 224882427 |
| **Liabilities in Excess of Other Assets — (0.5)%** | **Liabilities in Excess of Other Assets — (0.5)%** | (1217149)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $223665278 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(f)</sup> Annualized 7-day yield as of period end.

<sup>(g)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI Kokusai ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 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>*07/31/24*<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>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<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>| $774793 | $760655 <br><sup>(a)</sup><br>| $— | $(501)<br>| $(181)<br>| $1534766 | 1534152 | $3376 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 240000 | 40000 <br><sup>(a)</sup><br>|  |  |  | 280000 | 280000 | 13450 |  |
| BlackRock Inc. | 535542 |  | &nbsp;&nbsp; (153450)<br>| 19883 | 101260 | 503235 | 455 | 10178 |  |
|  |  |  |  | $19382 | $101079 | $2318001 |  | $27004 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Euro STOXX 50 Index | 3 | 09/19/25 | &nbsp;&nbsp; $183 | $(1374) |
| S&P 500 E-Mini Index | 1 | 09/19/25 | &nbsp;&nbsp; 319 | 14250 |
|  |  |  |  | $12876 |

---

**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; $14250 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14250 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1374 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1374 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts 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 July 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; $65312 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $65312 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13229 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13229 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

July 31, 2025

**iShares® MSCI Kokusai ETF**

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $468311 |

---

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; $179669613 | &nbsp;&nbsp; $43221815 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $222891428 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 176233 | &nbsp;&nbsp; — | &nbsp;&nbsp; 176233 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 1814766 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1814766 |
|  | &nbsp;&nbsp; $181484379 | &nbsp;&nbsp; $43398048 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $224882427 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $14250 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14250 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; (1374)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1374)<br>|
|  | &nbsp;&nbsp; $12876 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12876 |

---

&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

July 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>MSCI ACWI ETF <br>| &nbsp;&nbsp; iShares <br>MSCI ACWI Low <br> Carbon Target ETF <br>| &nbsp;&nbsp; iShares <br>MSCI All Country <br> Asia ex Japan ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Europe <br> Financials ETF <br>|
| **ASSETS** |  |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $21935714790 | $1019080122 | $2779518926 | $4068376860 |
| Investments, at value—affiliated<sup>(c)</sup> | 243291158 | 11688353 | 68594537 | 1840000 |
| Cash |  | 3843 | 866816 | 2664 |
| Cash pledged for futures contracts | 3187000 | 170000 | 411000 |  |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> |  |  |  | 1011394 |
| Foreign currency, at value<sup>(e)</sup> | 30154312 | 1204297 | 4513573 | 4409527 |
| Receivables: |  |  |  |  |
| Investments sold | 371493 |  | 889 | 6280155 |
| Securities lending income—affiliated | 97459 | 2574 | 78709 | 3 |
| Dividends—unaffiliated | 17332069 | 910011 | 6305082 | 1369399 |
| Dividends—affiliated | 85179 | 5380 | 76260 | 6482 |
| Tax reclaims | 7927859 | 417323 |  | 9595053 |
| Foreign withholding tax claims | 198734 | 11034 |  |  |
| Total assets | 22238360053 | 1033492937 | 2860365792 | 4092891537 |
| **LIABILITIES** |  |  |  |  |
| Bank overdraft | 194553 |  |  |  |
| Collateral on securities loaned, at value | 174744808 | 7873553 | 43859627 |  |
| Payables: |  |  |  |  |
| Investments purchased |  |  | 4221984 | 6702311 |
| Capital shares redeemed | 1797614 |  |  | 72498 |
| Deferred foreign capital gain tax | 18745101 | 561184 | 23132966 |  |
| Foreign taxes | 268713 |  |  |  |
| Investment advisory fees | 5898514 | 174281 | 1620186 | 1645973 |
| Professional fees | 34307 | 2275 |  | 305 |
| Variation margin on futures contracts | 282920 | 17655 | 59212 | 146834 |
| Total liabilities | 201966530 | 8628948 | 72893975 | 8567921 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $22036393523 | $1024863989 | $2787471817 | $4084323616 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $16311828028 | $810628828 | $3003856358 | $3399397397 |
| Accumulated earnings (loss) | 5724565495 | 214235161 | (216384541) | 684926219 |
| NET ASSETS | $22036393523 | $1024863989 | $2787471817 | $4084323616 |
| **NET ASSET VALUE** |  |  |  |  |
| Shares outstanding | 169600000 | 4800000 | 33200000 | 127550000 |
| Net asset value | $129.93 | $213.51 | $83.96 | $32.02 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value |  |  |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $14701090447 | $727357949 | $2114967632 | $3130012011 |
| <sup>(b)</sup> Securities loaned, at value | $164303599 | $7489265 | $39972731 | $— |
| <sup>(c)</sup> Investments, at cost—affiliated | $227245368 | $11194508 | $68594537 | $1840000 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $— | $— | $— | $1021654 |
| <sup>(e)</sup> Foreign currency, at cost | $30097996 | $1224221 | $4531867 | $4504510 |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities (continued)

July 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>MSCI Europe <br> Small-Cap <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI <br> Kokusai ETF <br>|
| **ASSETS** |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $146290461 | $222564426 |
| Investments, at value—affiliated<sup>(c)</sup> | 5136418 | 2318001 |
| Cash | 131 | 7578 |
| Cash pledged for futures contracts |  | 24000 |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> | 63892 | 13695 |
| Foreign currency, at value<sup>(e)</sup> | 435602 | 175936 |
| Receivables: |  |  |
| Investments sold | 415486 |  |
| Securities lending income—affiliated | 6510 | 185 |
| Capital shares sold | 223576 |  |
| Dividends—unaffiliated | 104572 | 124308 |
| Dividends—affiliated | 209 | 908 |
| Tax reclaims | 217738 | 54957 |
| Total assets | 152894595 | 225283994 |
| **LIABILITIES** |  |  |
| Collateral on securities loaned, at value | 5019264 | 1542051 |
| Payables: |  |  |
| Investments purchased | 802179 | 25592 |
| Investment advisory fees | 42200 | 47474 |
| Professional fees | 9233 |  |
| Variation margin on futures contracts | 8219 | 3599 |
| Total liabilities | 5881095 | 1618716 |
| **Commitments and contingent liabilities** |  |  |
| NET ASSETS | $147013500 | $223665278 |
| **NET ASSETS CONSIST OF** |  |  |
| Paid-in capital | $187308607 | $221040108 |
| Accumulated earnings (loss) | (40295107) | 2625170 |
| NET ASSETS | $147013500 | $223665278 |
| **NET ASSET VALUE** |  |  |
| Shares outstanding | 2250000 | 1750000 |
| Net asset value | $65.34 | $127.81 |
| Shares authorized | Unlimited | Unlimited |
| Par value |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $158440272 | $188399509 |
| <sup>(b)</sup> Securities loaned, at value | $4660050 | $1466660 |
| <sup>(c)</sup> Investments, at cost—affiliated | $5136418 | $2214638 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $67558 | $15075 |
| <sup>(e)</sup> Foreign currency, at cost | $438316 | $176012 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Operations

Year Ended July 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>MSCI ACWI ETF <br>| &nbsp;&nbsp; iShares <br>MSCI ACWI <br> Low Carbon <br> Target ETF <br>| &nbsp;&nbsp; iShares <br>MSCI All <br> Country Asia <br> ex Japan <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Europe <br> Financials <br> ETF <br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $383134786 | &nbsp;&nbsp;&nbsp; $18844876 | &nbsp;&nbsp;&nbsp; $64978061 | &nbsp;&nbsp;&nbsp; $141165824 |
| Dividends—affiliated | &nbsp;&nbsp; 2095027 | &nbsp;&nbsp;&nbsp; 104920 | &nbsp;&nbsp;&nbsp; 1081891 | &nbsp;&nbsp;&nbsp; 78653 |
| Interest—unaffiliated | &nbsp;&nbsp; 205743 | &nbsp;&nbsp;&nbsp; 9029 | &nbsp;&nbsp;&nbsp; 57719 | &nbsp;&nbsp;&nbsp; 55213 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 730352 | &nbsp;&nbsp;&nbsp; 28956 | &nbsp;&nbsp;&nbsp; 562963 | &nbsp;&nbsp;&nbsp; 4550 |
| Other income—unaffiliated | &nbsp;&nbsp; 69825 | &nbsp;&nbsp;&nbsp; 6327 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 59368 |
| Foreign taxes withheld | &nbsp;&nbsp; (20423614)<br>| &nbsp;&nbsp;&nbsp; (992999)<br>| &nbsp;&nbsp;&nbsp; (7888618)<br>| &nbsp;&nbsp;&nbsp; (13980762)<br>|
| Foreign withholding tax claims | &nbsp;&nbsp; 2639820 | &nbsp;&nbsp;&nbsp; 195739 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1495854 |
| Total investment income | &nbsp;&nbsp; 368451939 | &nbsp;&nbsp;&nbsp; 18196848 | &nbsp;&nbsp;&nbsp; 58792016 | &nbsp;&nbsp;&nbsp; 128878700 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 62257717 | &nbsp;&nbsp;&nbsp; 1963195 | &nbsp;&nbsp;&nbsp; 18141612 | &nbsp;&nbsp;&nbsp; 12414005 |
| Professional | &nbsp;&nbsp; 261385 | &nbsp;&nbsp;&nbsp; 16833 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 165523 |
| Commitment costs | &nbsp;&nbsp; 39896 | &nbsp;&nbsp;&nbsp; 4040 | &nbsp;&nbsp;&nbsp; 39896 | &nbsp;&nbsp;&nbsp; — |
| Interest expense | &nbsp;&nbsp; 9789 | &nbsp;&nbsp;&nbsp; 2671 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Mauritius income taxes | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp; 62568787 | &nbsp;&nbsp;&nbsp; 1986739 | &nbsp;&nbsp;&nbsp; 18181623 | &nbsp;&nbsp;&nbsp; 12579528 |
| Less: |  |  |  |  |
| Investment advisory fees waived | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (814543)<br>| &nbsp;&nbsp;&nbsp; — |
| Total expenses after fees waived | &nbsp;&nbsp; 62568787 | &nbsp;&nbsp;&nbsp; 1986739 | &nbsp;&nbsp;&nbsp; 17367080 | &nbsp;&nbsp;&nbsp; 12579528 |
| Net investment income | &nbsp;&nbsp; 305883152 | &nbsp;&nbsp;&nbsp; 16210109 | &nbsp;&nbsp;&nbsp; 41424936 | &nbsp;&nbsp;&nbsp; 116299172 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; (210804870)<br>| &nbsp;&nbsp;&nbsp; 14158721 | &nbsp;&nbsp;&nbsp; (50860381)<br>| &nbsp;&nbsp;&nbsp; (11662104)<br>|
| Investments—affiliated | &nbsp;&nbsp; 47039 | &nbsp;&nbsp;&nbsp; (4608)<br>| &nbsp;&nbsp;&nbsp; 14161 | &nbsp;&nbsp;&nbsp; (4152)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 691052 | &nbsp;&nbsp;&nbsp; 16696 | &nbsp;&nbsp;&nbsp; 18860 | &nbsp;&nbsp;&nbsp; 1086131 |
| Futures contracts | &nbsp;&nbsp; 7098073 | &nbsp;&nbsp;&nbsp; 323544 | &nbsp;&nbsp;&nbsp; 966981 | &nbsp;&nbsp;&nbsp; 1001265 |
| In-kind redemptions—unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; 387038041 | &nbsp;&nbsp;&nbsp; 27658697 | &nbsp;&nbsp;&nbsp; 5069816 | &nbsp;&nbsp;&nbsp; 41118068 |
| In-kind redemptions—affiliated<sup>(b)</sup> | &nbsp;&nbsp; 832510 | &nbsp;&nbsp;&nbsp; 53190 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 184901845 | &nbsp;&nbsp;&nbsp; 42206240 | &nbsp;&nbsp;&nbsp; (44790563)<br>| &nbsp;&nbsp;&nbsp; 31539208 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments—unaffiliated<sup>(c)</sup> | &nbsp;&nbsp; 2605318103 | &nbsp;&nbsp;&nbsp; 91853557 | &nbsp;&nbsp;&nbsp; 425247850 | &nbsp;&nbsp;&nbsp; 810553909 |
| Investments—affiliated | &nbsp;&nbsp; 8114804 | &nbsp;&nbsp;&nbsp; 339456 | &nbsp;&nbsp;&nbsp; (13181)<br>| &nbsp;&nbsp;&nbsp; — |
| Foreign currency translations | &nbsp;&nbsp; 431023 | &nbsp;&nbsp;&nbsp; (4745)<br>| &nbsp;&nbsp;&nbsp; (74319)<br>| &nbsp;&nbsp;&nbsp; 322980 |
| Futures contracts | &nbsp;&nbsp; 925263 | &nbsp;&nbsp;&nbsp; 34455 | &nbsp;&nbsp;&nbsp; (50909)<br>| &nbsp;&nbsp;&nbsp; 168778 |
|  | &nbsp;&nbsp; 2614789193 | &nbsp;&nbsp;&nbsp; 92222723 | &nbsp;&nbsp;&nbsp; 425109441 | &nbsp;&nbsp;&nbsp; 811045667 |
| Net realized and unrealized gain | &nbsp;&nbsp; 2799691038 | &nbsp;&nbsp;&nbsp; 134428963 | &nbsp;&nbsp;&nbsp; 380318878 | &nbsp;&nbsp;&nbsp; 842584875 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $3105574190 | &nbsp;&nbsp;&nbsp; $150639072 | &nbsp;&nbsp;&nbsp; $421743814 | &nbsp;&nbsp;&nbsp; $958884047 |
| <sup>(a)</sup> Net of foreign capital gain tax and capital gain tax refund, if applicable of | &nbsp;&nbsp; $(1073087)<br>| &nbsp;&nbsp;&nbsp; $(236372)<br>| &nbsp;&nbsp;&nbsp; $(2653500)<br>| &nbsp;&nbsp;&nbsp; $— |
| <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. |
| <sup>(c)</sup> Net of reduction in deferred foreign capital gain tax of | &nbsp;&nbsp; $2844442 | &nbsp;&nbsp;&nbsp; $604484 | &nbsp;&nbsp;&nbsp; $6619491 | &nbsp;&nbsp;&nbsp; $— |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Operations (continued)

Year Ended July 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares <br>MSCI Europe <br> Small-Cap <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI <br> Kokusai ETF <br>|
| **INVESTMENT INCOME** |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $3869519 | &nbsp;&nbsp;&nbsp; $3931650 |
| Dividends—affiliated | &nbsp;&nbsp; 2081 | &nbsp;&nbsp;&nbsp; 23628 |
| Interest—unaffiliated | &nbsp;&nbsp; 4620 | &nbsp;&nbsp;&nbsp; 1936 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 66740 | &nbsp;&nbsp;&nbsp; 3376 |
| Other income—unaffiliated | &nbsp;&nbsp; 3440 | &nbsp;&nbsp;&nbsp; — |
| Foreign taxes withheld | &nbsp;&nbsp; (345254)<br>| &nbsp;&nbsp;&nbsp; (158480)<br>|
| Foreign withholding tax claims | &nbsp;&nbsp; 44022 | &nbsp;&nbsp;&nbsp; 25033 |
| Total investment income | &nbsp;&nbsp; 3645168 | &nbsp;&nbsp;&nbsp; 3827143 |
| EXPENSES |  |  |
| Investment advisory | &nbsp;&nbsp; 401339 | &nbsp;&nbsp;&nbsp; 556283 |
| Professional | &nbsp;&nbsp; 11519 | &nbsp;&nbsp;&nbsp; 2503 |
| Total expenses | &nbsp;&nbsp; 412858 | &nbsp;&nbsp;&nbsp; 558786 |
| Net investment income | &nbsp;&nbsp; 3232310 | &nbsp;&nbsp;&nbsp; 3268357 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (4600752)<br>| &nbsp;&nbsp;&nbsp; (2711776)<br>|
| Investments—affiliated | &nbsp;&nbsp; 1078 | &nbsp;&nbsp;&nbsp; (501)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 23868 | &nbsp;&nbsp;&nbsp; 13300 |
| Futures contracts | &nbsp;&nbsp; 142138 | &nbsp;&nbsp;&nbsp; 65312 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; (577006)<br>| &nbsp;&nbsp;&nbsp; 17475812 |
| In-kind redemptions—affiliated<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19883 |
|  | &nbsp;&nbsp; (5010674)<br>| &nbsp;&nbsp;&nbsp; 14862030 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 14447877 | &nbsp;&nbsp;&nbsp; 16540090 |
| Investments—affiliated | &nbsp;&nbsp; (1038)<br>| &nbsp;&nbsp;&nbsp; 101079 |
| Foreign currency translations | &nbsp;&nbsp; 3090 | &nbsp;&nbsp;&nbsp; 301 |
| Futures contracts | &nbsp;&nbsp; 1252 | &nbsp;&nbsp;&nbsp; 13229 |
|  | &nbsp;&nbsp; 14451181 | &nbsp;&nbsp;&nbsp; 16654699 |
| Net realized and unrealized gain | &nbsp;&nbsp; 9440507 | &nbsp;&nbsp;&nbsp; 31516729 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $12672817 | &nbsp;&nbsp;&nbsp; $34785086 |
| <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 ACWI ETF  | iShares <br>MSCI ACWI ETF  | iShares <br>MSCI ACWI Low Carbon Target ETF  | iShares <br>MSCI ACWI Low Carbon Target ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $305883152 | &nbsp;&nbsp;&nbsp; $312228379 | &nbsp;&nbsp;&nbsp; $16210109 | &nbsp;&nbsp;&nbsp; $16149223 |
| Net realized gain | &nbsp;&nbsp; 184901845 | &nbsp;&nbsp;&nbsp; 1126765686 | &nbsp;&nbsp;&nbsp; 42206240 | &nbsp;&nbsp;&nbsp; 12784241 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 2614789193 | &nbsp;&nbsp;&nbsp; 1478948998 | &nbsp;&nbsp;&nbsp; 92222723 | &nbsp;&nbsp;&nbsp; 119156461 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 3105574190 | &nbsp;&nbsp;&nbsp; 2917943063 | &nbsp;&nbsp;&nbsp; 150639072 | &nbsp;&nbsp;&nbsp; 148089925 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (339217660)<br>| &nbsp;&nbsp;&nbsp; (334829881)<br>| &nbsp;&nbsp;&nbsp; (19589739)<br>| &nbsp;&nbsp;&nbsp; (17307311)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 1050243957 | &nbsp;&nbsp;&nbsp; (2792450541)<br>| &nbsp;&nbsp;&nbsp; (68934760)<br>| &nbsp;&nbsp;&nbsp; (65241178)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 3816600487 | &nbsp;&nbsp;&nbsp; (209337359)<br>| &nbsp;&nbsp;&nbsp; 62114573 | &nbsp;&nbsp;&nbsp; 65541436 |
| Beginning of year | &nbsp;&nbsp; 18219793036 | &nbsp;&nbsp;&nbsp; 18429130395 | &nbsp;&nbsp;&nbsp; 962749416 | &nbsp;&nbsp;&nbsp; 897207980 |
| End of year | &nbsp;&nbsp; $22036393523 | &nbsp;&nbsp;&nbsp; $18219793036 | &nbsp;&nbsp;&nbsp; $1024863989 | &nbsp;&nbsp;&nbsp; $962749416 |

---

&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 All Country Asia ex Japan ETF  | iShares <br>MSCI All Country Asia ex Japan ETF  | iShares <br>MSCI Europe Financials ETF  | iShares <br>MSCI Europe Financials ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $41424936 | &nbsp;&nbsp;&nbsp; $41001403 | &nbsp;&nbsp;&nbsp; $116299172 | &nbsp;&nbsp;&nbsp; $63510881 |
| Net realized gain (loss) | &nbsp;&nbsp; (44790563)<br>| &nbsp;&nbsp;&nbsp; (64207199)<br>| &nbsp;&nbsp;&nbsp; 31539208 | &nbsp;&nbsp;&nbsp; 14858283 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 425109441 | &nbsp;&nbsp;&nbsp; 81231014 | &nbsp;&nbsp;&nbsp; 811045667 | &nbsp;&nbsp;&nbsp; 169426211 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 421743814 | &nbsp;&nbsp;&nbsp; 58025218 | &nbsp;&nbsp;&nbsp; 958884047 | &nbsp;&nbsp;&nbsp; 247795375 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (55089813)<br>| &nbsp;&nbsp;&nbsp; (49412364)<br>| &nbsp;&nbsp;&nbsp; (136267972)<br>| &nbsp;&nbsp;&nbsp; (72839498)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 62442035 | &nbsp;&nbsp;&nbsp; (560432173)<br>| &nbsp;&nbsp;&nbsp; 1263350249 | &nbsp;&nbsp;&nbsp; 262848542 |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 429096036 | &nbsp;&nbsp;&nbsp; (551819319)<br>| &nbsp;&nbsp;&nbsp; 2085966324 | &nbsp;&nbsp;&nbsp; 437804419 |
| Beginning of year | &nbsp;&nbsp; 2358375781 | &nbsp;&nbsp;&nbsp; 2910195100 | &nbsp;&nbsp;&nbsp; 1998357292 | &nbsp;&nbsp;&nbsp; 1560552873 |
| End of year | &nbsp;&nbsp; $2787471817 | &nbsp;&nbsp;&nbsp; $2358375781 | &nbsp;&nbsp;&nbsp; $4084323616 | &nbsp;&nbsp;&nbsp; $1998357292 |

---

&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 Europe Small-Cap ETF  | iShares <br>MSCI Europe Small-Cap ETF  | iShares <br>MSCI Kokusai ETF  | iShares <br>MSCI Kokusai ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $3232310 | &nbsp;&nbsp;&nbsp; $3102169 | &nbsp;&nbsp;&nbsp; $3268357 | &nbsp;&nbsp;&nbsp; $3849211 |
| Net realized gain (loss) | &nbsp;&nbsp; (5010674)<br>| &nbsp;&nbsp;&nbsp; (5786894)<br>| &nbsp;&nbsp;&nbsp; 14862030 | &nbsp;&nbsp;&nbsp; 2560329 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 14451181 | &nbsp;&nbsp;&nbsp; 13911582 | &nbsp;&nbsp;&nbsp; 16654699 | &nbsp;&nbsp;&nbsp; 28258002 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 12672817 | &nbsp;&nbsp;&nbsp; 11226857 | &nbsp;&nbsp;&nbsp; 34785086 | &nbsp;&nbsp;&nbsp; 34667542 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (3314998)<br>| &nbsp;&nbsp;&nbsp; (3372535)<br>| &nbsp;&nbsp;&nbsp; (3368734)<br>| &nbsp;&nbsp;&nbsp; (3767810)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 37431017 | &nbsp;&nbsp;&nbsp; (36261715)<br>| &nbsp;&nbsp;&nbsp; (70197700)<br>| &nbsp;&nbsp;&nbsp; 30967918 |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 46788836 | &nbsp;&nbsp;&nbsp; (28407393)<br>| &nbsp;&nbsp;&nbsp; (38781348)<br>| &nbsp;&nbsp;&nbsp; 61867650 |
| Beginning of year | &nbsp;&nbsp; 100224664 | &nbsp;&nbsp;&nbsp; 128632057 | &nbsp;&nbsp;&nbsp; 262446626 | &nbsp;&nbsp;&nbsp; 200578976 |
| End of year | &nbsp;&nbsp; $147013500 | &nbsp;&nbsp;&nbsp; $100224664 | &nbsp;&nbsp;&nbsp; $223665278 | &nbsp;&nbsp;&nbsp; $262446626 |

---

&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 ACWI ETF  | iShares MSCI ACWI ETF  | iShares MSCI ACWI ETF  | iShares MSCI ACWI ETF  | iShares MSCI ACWI ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Year Ended <br>07/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $114.16 | &nbsp;&nbsp;&nbsp; $99.29 | &nbsp;&nbsp;&nbsp; $89.65 | &nbsp;&nbsp;&nbsp; $101.96 | &nbsp;&nbsp;&nbsp; $77.73 |
| Net investment income<sup>(a)</sup> | 1.85 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.42 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 15.95 | &nbsp;&nbsp;&nbsp;&nbsp;15.02 | &nbsp;&nbsp;&nbsp;&nbsp;9.55 | &nbsp;&nbsp;&nbsp; (12.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.22 |
| Net increase (decrease) from investment operations | 17.80 | &nbsp;&nbsp;&nbsp;&nbsp;16.77 | &nbsp;&nbsp;&nbsp;&nbsp;11.27 | &nbsp;&nbsp;&nbsp; (10.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.64 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp;&nbsp; (1.41)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $129.93 | &nbsp;&nbsp;&nbsp; $114.16 | &nbsp;&nbsp;&nbsp; $99.29 | &nbsp;&nbsp;&nbsp; $89.65 | &nbsp;&nbsp;&nbsp; $101.96 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 15.70 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.06 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.75 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (10.30 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 33.14<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>|
| Total expenses after fees waived | 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>|
| Net investment income | 1.55 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.93 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.77 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $22036394 | &nbsp;&nbsp;&nbsp; $18219793 | &nbsp;&nbsp;&nbsp; $18429130 | &nbsp;&nbsp;&nbsp; $18127377 | &nbsp;&nbsp;&nbsp; $16965824 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025, July 31, <br> 2024 , July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.03, $0.01 and $0.02.<br> • Total return by 0.01%, 0.03%, 0.01% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.03%, 0.01% and 0.02%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025, July 31, <br> 2024 , July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.03, $0.01 and $0.02.<br> • Total return by 0.01%, 0.03%, 0.01% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.03%, 0.01% and 0.02%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025, July 31, <br> 2024 , July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.03, $0.01 and $0.02.<br> • Total return by 0.01%, 0.03%, 0.01% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.03%, 0.01% and 0.02%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025, July 31, <br> 2024 , July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.03, $0.01 and $0.02.<br> • Total return by 0.01%, 0.03%, 0.01% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.03%, 0.01% and 0.02%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025, July 31, <br> 2024 , July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.03, $0.01 and $0.02.<br> • Total return by 0.01%, 0.03%, 0.01% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.03%, 0.01% and 0.02%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025, July 31, <br> 2024 , July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.03, $0.01 and $0.02.<br> • Total return by 0.01%, 0.03%, 0.01% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.03%, 0.01% and 0.02%. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI ACWI Low Carbon Target ETF  | iShares MSCI ACWI Low Carbon Target ETF  | iShares MSCI ACWI Low Carbon Target ETF  | iShares MSCI ACWI Low Carbon Target ETF  | iShares MSCI ACWI Low Carbon Target ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Year Ended <br>07/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $186.94 | &nbsp;&nbsp;&nbsp; $161.66 | &nbsp;&nbsp;&nbsp; $146.34 | &nbsp;&nbsp;&nbsp; $167.23 | &nbsp;&nbsp;&nbsp; $127.09 |
| Net investment income<sup>(a)</sup> | 3.25 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.04 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.86 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;&nbsp;2.49 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 27.29 | &nbsp;&nbsp;&nbsp;&nbsp;25.57 | &nbsp;&nbsp;&nbsp;&nbsp;15.18 | &nbsp;&nbsp;&nbsp; (20.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;39.88 |
| Net increase (decrease) from investment operations | 30.54 | &nbsp;&nbsp;&nbsp;&nbsp;28.61 | &nbsp;&nbsp;&nbsp;&nbsp;18.04 | &nbsp;&nbsp;&nbsp; (17.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;42.37 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (3.97)<br>| &nbsp;&nbsp;&nbsp; (3.33)<br>| &nbsp;&nbsp;&nbsp; (2.72)<br>| &nbsp;&nbsp;&nbsp; (3.05)<br>| &nbsp;&nbsp;&nbsp; (2.23)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $213.51 | &nbsp;&nbsp;&nbsp; $186.94 | &nbsp;&nbsp;&nbsp; $161.66 | &nbsp;&nbsp;&nbsp; $146.34 | &nbsp;&nbsp;&nbsp; $167.23 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 16.46 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.91 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.50 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (10.78)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 33.48<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>|
| Net investment income | 1.65 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.81 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.97 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.64<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $1024864 | &nbsp;&nbsp;&nbsp; $962749 | &nbsp;&nbsp;&nbsp; $897208 | &nbsp;&nbsp;&nbsp; $907313 | &nbsp;&nbsp;&nbsp; $861219 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025 , July 31, <br> 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.03, $0.01 and $0.01.<br> • Total return by 0.01%, 0.01% and 0.00%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.01% and 0.00%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025 , July 31, <br> 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.03, $0.01 and $0.01.<br> • Total return by 0.01%, 0.01% and 0.00%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.01% and 0.00%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025 , July 31, <br> 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.03, $0.01 and $0.01.<br> • Total return by 0.01%, 0.01% and 0.00%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.01% and 0.00%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025 , July 31, <br> 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.03, $0.01 and $0.01.<br> • Total return by 0.01%, 0.01% and 0.00%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.01% and 0.00%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025 , July 31, <br> 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.03, $0.01 and $0.01.<br> • Total return by 0.01%, 0.01% and 0.00%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.01% and 0.00%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025 , July 31, <br> 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.03, $0.01 and $0.01.<br> • Total return by 0.01%, 0.01% and 0.00%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.01% and 0.00%. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(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 All Country Asia ex Japan ETF  | iShares MSCI All Country Asia ex Japan ETF  | iShares MSCI All Country Asia ex Japan ETF  | iShares MSCI All Country Asia ex Japan ETF  | iShares MSCI All Country Asia ex Japan ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<sup>(a)</sup> <br>| &nbsp;&nbsp; Year Ended <br>07/31/21<sup>(a)</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $72.34 | &nbsp;&nbsp;&nbsp; $70.64 | &nbsp;&nbsp;&nbsp; $68.05 | &nbsp;&nbsp;&nbsp; $87.65 | &nbsp;&nbsp;&nbsp; $75.15 |
| Net investment income<sup>(b)</sup> | 1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 12.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp; (18.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.46 |
| Net increase (decrease) from investment operations | 13.25 | &nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp;3.77 | &nbsp;&nbsp;&nbsp; (17.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.46 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp;&nbsp; (1.88)<br>| &nbsp;&nbsp;&nbsp; (0.96)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $83.96 | &nbsp;&nbsp;&nbsp; $72.34 | &nbsp;&nbsp;&nbsp; $70.64 | &nbsp;&nbsp;&nbsp; $68.05 | &nbsp;&nbsp;&nbsp; $87.65 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 18.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.64<br> %<br>| &nbsp;&nbsp;&nbsp; (20.51)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.88<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>|
| Total expenses after fees waived | 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>|
| Net investment income | 1.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $2787472 | &nbsp;&nbsp;&nbsp; $2358376 | &nbsp;&nbsp;&nbsp; $2910195 | &nbsp;&nbsp;&nbsp; $3348191 | &nbsp;&nbsp;&nbsp; $5574503 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>|
| <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Europe Financials ETF  | iShares MSCI Europe Financials ETF  | iShares MSCI Europe Financials ETF  | iShares MSCI Europe Financials ETF  | iShares MSCI Europe Financials ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Year Ended <br>07/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $23.32 | &nbsp;&nbsp;&nbsp; $20.12 | &nbsp;&nbsp;&nbsp; $15.91 | &nbsp;&nbsp;&nbsp; $19.64 | &nbsp;&nbsp;&nbsp; $14.48 |
| Net investment income<sup>(a)</sup> | 1.23 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp; 0.86 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 8.75 | &nbsp;&nbsp;&nbsp;&nbsp;3.34 | &nbsp;&nbsp;&nbsp;&nbsp;4.15 | &nbsp;&nbsp;&nbsp; (3.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.17 |
| Net increase (decrease) from investment operations | 9.98 | &nbsp;&nbsp;&nbsp;&nbsp;4.29 | &nbsp;&nbsp;&nbsp;&nbsp;5.01 | &nbsp;&nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.65 |
| **Distributions**<sup>(d)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $32.02 | &nbsp;&nbsp;&nbsp; $23.32 | &nbsp;&nbsp;&nbsp; $20.12 | &nbsp;&nbsp;&nbsp; $15.91 | &nbsp;&nbsp;&nbsp; $19.64 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 43.73 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.94 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (13.92 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.98<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>|
| Net investment income | 4.50 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.80 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.51 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.68<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $4084324 | &nbsp;&nbsp;&nbsp; $1998357 | &nbsp;&nbsp;&nbsp; $1560553 | &nbsp;&nbsp;&nbsp; $972153 | &nbsp;&nbsp;&nbsp; $1546012 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025, July 31, <br> 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.05 and $0.01.<br> • Total return by 0.05%, 0.30% and 0.07%.<br> • Ratio of net investment income to average net assets by 0.05%, 0.26% 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 year ended July 31, 2025, July 31, <br> 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.05 and $0.01.<br> • Total return by 0.05%, 0.30% and 0.07%.<br> • Ratio of net investment income to average net assets by 0.05%, 0.26% 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 year ended July 31, 2025, July 31, <br> 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.05 and $0.01.<br> • Total return by 0.05%, 0.30% and 0.07%.<br> • Ratio of net investment income to average net assets by 0.05%, 0.26% 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 year ended July 31, 2025, July 31, <br> 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.05 and $0.01.<br> • Total return by 0.05%, 0.30% and 0.07%.<br> • Ratio of net investment income to average net assets by 0.05%, 0.26% 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 year ended July 31, 2025, July 31, <br> 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.05 and $0.01.<br> • Total return by 0.05%, 0.30% and 0.07%.<br> • Ratio of net investment income to average net assets by 0.05%, 0.26% 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 year ended July 31, 2025, July 31, <br> 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.05 and $0.01.<br> • Total return by 0.05%, 0.30% and 0.07%.<br> • Ratio of net investment income to average net assets by 0.05%, 0.26% 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.*

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 Europe Small-Cap ETF  | iShares MSCI Europe Small-Cap ETF  | iShares MSCI Europe Small-Cap ETF  | iShares MSCI Europe Small-Cap ETF  | iShares MSCI Europe Small-Cap ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Year Ended <br>07/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $58.96 | &nbsp;&nbsp;&nbsp; $54.74 | &nbsp;&nbsp;&nbsp; $51.99 | &nbsp;&nbsp;&nbsp; $71.59 | &nbsp;&nbsp;&nbsp; $49.62 |
| Net investment income<sup>(a)</sup> | 1.91 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.59 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.25 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 6.40 | &nbsp;&nbsp;&nbsp;&nbsp;4.52 | &nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp; (18.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.87 |
| Net increase (decrease) from investment operations | 8.31 | &nbsp;&nbsp;&nbsp;&nbsp;6.02 | &nbsp;&nbsp;&nbsp;&nbsp;4.12 | &nbsp;&nbsp;&nbsp; (17.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;23.12 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.93)<br>| &nbsp;&nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp;&nbsp; (2.21)<br>| &nbsp;&nbsp;&nbsp; (1.15)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $65.34 | &nbsp;&nbsp;&nbsp; $58.96 | &nbsp;&nbsp;&nbsp; $54.74 | &nbsp;&nbsp;&nbsp; $51.99 | &nbsp;&nbsp;&nbsp; $71.59 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 14.32 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.18 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.07 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (24.65 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 46.76<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp; N/A |
| Net investment income | 3.22 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.78 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.11 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.98<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $147014 | &nbsp;&nbsp;&nbsp; $100225 | &nbsp;&nbsp;&nbsp; $128632 | &nbsp;&nbsp;&nbsp; $109177 | &nbsp;&nbsp;&nbsp; $443861 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 16<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> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025, July 31, <br> 2024 , July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.02, $0.03, $0.07 and $0.01.<br> • Total return by 0.02%, 0.06%, 0.13% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.03%, 0.05%, 0.13% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025, July 31, <br> 2024 , July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.02, $0.03, $0.07 and $0.01.<br> • Total return by 0.02%, 0.06%, 0.13% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.03%, 0.05%, 0.13% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025, July 31, <br> 2024 , July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.02, $0.03, $0.07 and $0.01.<br> • Total return by 0.02%, 0.06%, 0.13% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.03%, 0.05%, 0.13% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025, July 31, <br> 2024 , July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.02, $0.03, $0.07 and $0.01.<br> • Total return by 0.02%, 0.06%, 0.13% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.03%, 0.05%, 0.13% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025, July 31, <br> 2024 , July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.02, $0.03, $0.07 and $0.01.<br> • Total return by 0.02%, 0.06%, 0.13% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.03%, 0.05%, 0.13% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025, July 31, <br> 2024 , July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.02, $0.03, $0.07 and $0.01.<br> • Total return by 0.02%, 0.06%, 0.13% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.03%, 0.05%, 0.13% and 0.01%. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Kokusai ETF  | iShares MSCI Kokusai ETF  | iShares MSCI Kokusai ETF  | iShares MSCI Kokusai ETF  | iShares MSCI Kokusai ETF  |
|  | Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Year Ended <br>07/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $111.68 | &nbsp;&nbsp;&nbsp; $95.51 | &nbsp;&nbsp;&nbsp; $85.77 | &nbsp;&nbsp;&nbsp; $96.92 | &nbsp;&nbsp;&nbsp; $72.42 |
| Net investment income<sup>(a)</sup> | 1.73 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.97 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.31 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 16.33 | &nbsp;&nbsp;&nbsp;&nbsp;16.18 | &nbsp;&nbsp;&nbsp;&nbsp;9.80 | &nbsp;&nbsp;&nbsp; (9.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.61 |
| Net increase (decrease) from investment operations | 18.06 | &nbsp;&nbsp;&nbsp;&nbsp;18.15 | &nbsp;&nbsp;&nbsp;&nbsp;11.40 | &nbsp;&nbsp;&nbsp; (8.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.92 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.93)<br>| &nbsp;&nbsp;&nbsp; (1.98)<br>| &nbsp;&nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp;&nbsp; (3.03)<br>| &nbsp;&nbsp;&nbsp; (1.42)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $127.81 | &nbsp;&nbsp;&nbsp; $111.68 | &nbsp;&nbsp;&nbsp; $95.51 | &nbsp;&nbsp;&nbsp; $85.77 | &nbsp;&nbsp;&nbsp; $96.92 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 16.27 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.20 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.50 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (8.46 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 36.01<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Net investment income | 1.47 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.97 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.87 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.39 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.53<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $223665 | &nbsp;&nbsp;&nbsp; $262447 | &nbsp;&nbsp;&nbsp; $200579 | &nbsp;&nbsp;&nbsp; $167244 | &nbsp;&nbsp;&nbsp; $484592 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025, July 31, <br> 2024 , July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.22, $0.07 and $0.03.<br> • Total return by 0.02%, 0.19%, 0.08% and 0.08%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.22%, 0.08% and 0.04%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025, July 31, <br> 2024 , July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.22, $0.07 and $0.03.<br> • Total return by 0.02%, 0.19%, 0.08% and 0.08%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.22%, 0.08% and 0.04%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025, July 31, <br> 2024 , July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.22, $0.07 and $0.03.<br> • Total return by 0.02%, 0.19%, 0.08% and 0.08%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.22%, 0.08% and 0.04%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025, July 31, <br> 2024 , July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.22, $0.07 and $0.03.<br> • Total return by 0.02%, 0.19%, 0.08% and 0.08%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.22%, 0.08% and 0.04%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025, July 31, <br> 2024 , July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.22, $0.07 and $0.03.<br> • Total return by 0.02%, 0.19%, 0.08% and 0.08%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.22%, 0.08% and 0.04%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2025, July 31, <br> 2024 , July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.22, $0.07 and $0.03.<br> • Total return by 0.02%, 0.19%, 0.08% and 0.08%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.22%, 0.08% and 0.04%. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(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

------

*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 ACWI | &nbsp;&nbsp; Diversified |
| MSCI ACWI Low Carbon Target | &nbsp;&nbsp; Diversified |
| MSCI All Country Asia ex Japan | &nbsp;&nbsp; Diversified |
| MSCI Europe Financials | &nbsp;&nbsp; Diversified |
| MSCI Europe Small-Cap | &nbsp;&nbsp; Diversified |
| MSCI Kokusai | &nbsp;&nbsp; Diversified |

---

***2. SIGNIFICANT ACCOUNTING POLICIES***

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

**Foreign Currency Translation:** Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

**Foreign Taxes:** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of July 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.

Notes to Financial Statements

------

*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

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***

**Warrants:** Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

**Securities Lending:** Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| MSCI ACWI |  |  |  |  |
| Barclays Capital, Inc. | &nbsp;&nbsp; $4497924 | &nbsp;&nbsp;&nbsp; $(4497924) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp; 9357848 | &nbsp;&nbsp;&nbsp; (9357848) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 11089991 | &nbsp;&nbsp;&nbsp; (11089991) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 30036083 | &nbsp;&nbsp;&nbsp; (30036083) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Ltd. | &nbsp;&nbsp; 28485 | &nbsp;&nbsp;&nbsp; (28485) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 24122568 | &nbsp;&nbsp;&nbsp; (24122568) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 13559039 | &nbsp;&nbsp;&nbsp; (13559039) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 36453801 | &nbsp;&nbsp;&nbsp; (36453801) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 456990 | &nbsp;&nbsp;&nbsp; (456990) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Macquarie Bank Ltd. | &nbsp;&nbsp; 1010442 | &nbsp;&nbsp;&nbsp; (1010442) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 15626525 | &nbsp;&nbsp;&nbsp; (15626525) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| National Financial Services LLC | &nbsp;&nbsp; 1203362 | &nbsp;&nbsp;&nbsp; (1203362) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Nomura Securities International, Inc. | &nbsp;&nbsp; 1313582 | &nbsp;&nbsp;&nbsp; (1313582) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| SG Americas Securities LLC | &nbsp;&nbsp; 6840150 | &nbsp;&nbsp;&nbsp; (6840150) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 1342108 | &nbsp;&nbsp;&nbsp; (1342108) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Toronto-Dominion Bank | &nbsp;&nbsp; 236061 | &nbsp;&nbsp;&nbsp; (236061) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 3206641 | &nbsp;&nbsp;&nbsp; (3206641) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 3688932 | &nbsp;&nbsp;&nbsp; (3688932) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Virtu Americas LLC | &nbsp;&nbsp; 87312 | &nbsp;&nbsp;&nbsp; (87312) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 143567 | &nbsp;&nbsp;&nbsp; (143567) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 2188 | &nbsp;&nbsp;&nbsp; (2101) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 87<sup>(b)</sup> <br>|
|  | &nbsp;&nbsp; $164303599 | &nbsp;&nbsp;&nbsp; $(164303512) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $87 |
| MSCI ACWI Low Carbon Target |  |  |  |  |
| BNP Paribas SA | &nbsp;&nbsp; $544942 | &nbsp;&nbsp;&nbsp; $(544942) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 399 | &nbsp;&nbsp;&nbsp;&nbsp;(399) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 594085 | &nbsp;&nbsp;&nbsp; (594085) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 1324839 | &nbsp;&nbsp;&nbsp; (1324839) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 16507 | &nbsp;&nbsp;&nbsp; (16507) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 528991 | &nbsp;&nbsp;&nbsp; (528991) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 2019215 | &nbsp;&nbsp;&nbsp; (2019215) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 474097 | &nbsp;&nbsp;&nbsp; (474097) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| SG Americas Securities LLC | &nbsp;&nbsp; 84720 | &nbsp;&nbsp;&nbsp; (84720) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 155230 | &nbsp;&nbsp;&nbsp; (155230) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 1746240 | &nbsp;&nbsp;&nbsp; (1746240) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $7489265 | &nbsp;&nbsp;&nbsp; $(7489265) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| MSCI All Country Asia ex Japan |  |  |  |  |
| Barclays Capital, Inc. | &nbsp;&nbsp; $4382864 | &nbsp;&nbsp;&nbsp; $(4382864) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 852831 | &nbsp;&nbsp;&nbsp; (852831) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets Ltd. | &nbsp;&nbsp; 233118 | &nbsp;&nbsp;&nbsp; (233118) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 2688546 | &nbsp;&nbsp;&nbsp; (2688546) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 7915610 | &nbsp;&nbsp;&nbsp; (7915610) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 8631984 | &nbsp;&nbsp;&nbsp; (8631984) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 7278380 | &nbsp;&nbsp;&nbsp; (7278380) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 45890 | &nbsp;&nbsp;&nbsp; (45890) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Macquarie Bank Ltd. | &nbsp;&nbsp; 405508 | &nbsp;&nbsp;&nbsp; (405508) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 5330916 | &nbsp;&nbsp;&nbsp; (5330916) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Nomura Securities International, Inc. | &nbsp;&nbsp; 1597384 | &nbsp;&nbsp;&nbsp; (1597384) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| SG Americas Securities LLC | &nbsp;&nbsp; 45001 | &nbsp;&nbsp;&nbsp; (45001) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Virtu Americas LLC | &nbsp;&nbsp; 465145 | &nbsp;&nbsp;&nbsp; (465145) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 99554 | &nbsp;&nbsp;&nbsp; (95604) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3950<sup>(b)</sup> <br>|
|  | &nbsp;&nbsp; $39972731 | &nbsp;&nbsp;&nbsp; $(39968781) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $3950 |

---

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 Europe Small-Cap |  |  |  |  |
| Barclays Capital, Inc. | &nbsp;&nbsp; $317452 | &nbsp;&nbsp;&nbsp; $(317452) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp; 214134 | &nbsp;&nbsp;&nbsp; (214134) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 292036 | &nbsp;&nbsp;&nbsp; (292036) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 30379 | &nbsp;&nbsp;&nbsp; (30379) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 2277416 | &nbsp;&nbsp;&nbsp; (2277416) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 822 | &nbsp;&nbsp;&nbsp;&nbsp;(822) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 374403 | &nbsp;&nbsp;&nbsp; (374403) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 736739 | &nbsp;&nbsp;&nbsp; (736739) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Nomura Securities International Inc. | &nbsp;&nbsp; 75374 | &nbsp;&nbsp;&nbsp; (75374) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Company | &nbsp;&nbsp; 267411 | &nbsp;&nbsp;&nbsp; (267411) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 73884 | &nbsp;&nbsp;&nbsp; (73884) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $4660050 | &nbsp;&nbsp;&nbsp; $(4660050) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| MSCI Kokusai |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $322659 | &nbsp;&nbsp;&nbsp; $(322384) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $275<sup>(b)</sup> <br>|
| BNP Paribas SA | &nbsp;&nbsp; 40001 | &nbsp;&nbsp;&nbsp; (40001) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 31550 | &nbsp;&nbsp;&nbsp; (31550) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 107773 | &nbsp;&nbsp;&nbsp; (107773) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 143851 | &nbsp;&nbsp;&nbsp; (143851) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 632 | &nbsp;&nbsp;&nbsp;&nbsp;(632) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 28306 | &nbsp;&nbsp;&nbsp; (28306) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 10725 | &nbsp;&nbsp;&nbsp; (10725) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 113525 | &nbsp;&nbsp;&nbsp; (113525) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| SG Americas Securities LLC | &nbsp;&nbsp; 59663 | &nbsp;&nbsp;&nbsp; (59663) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 118925 | &nbsp;&nbsp;&nbsp; (118925) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 316735 | &nbsp;&nbsp;&nbsp; (316735) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 172315 | &nbsp;&nbsp;&nbsp; (172315) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $1466660 | &nbsp;&nbsp;&nbsp; $(1466385) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $275 |

---

&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 July 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.

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***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 the iShares MSCI ACWI ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund's allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

---

| | |
|:---|:---|
| *Aggregate Average Daily Net Assets* | *Investment Advisory Fees* |
| First $30 billion | 0.350% |
| Over $30 billion, up to and including $60 billion | 0.320 |
| Over $60 billion, up to and including $90 billion | 0.280 |
| Over $90 billion, up to and including $120 billion | 0.252 |
| Over $120 billion, up to and including $150 billion | 0.227 |
| Over $150 billion | 0.204 |

---

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 ACWI Low Carbon Target | 0.20% |
| MSCI Europe Financials | 0.48 |
| MSCI Europe Small-Cap | 0.40 |
| MSCI Kokusai | 0.25 |

---

For its investment advisory services to the iShares MSCI All Country Asia ex Japan ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund's allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

---

| | |
|:---|:---|
| *Aggregate Average Daily Net Assets* | *Investment Advisory Fees* |
| First $14 billion | 0.75% |
| Over $14 billion, up to and including $28 billion | 0.68 |
| Over $28 billion, up to and including $42 billion | 0.61 |
| Over $42 billion, up to and including $56 billion | 0.54 |
| Over $56 billion, up to and including $70 billion | 0.47 |
| Over $70 billion, up to and including $84 billion | 0.41 |
| Over $84 billion | 0.35 |

---

**Expense Waivers:** A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies ("acquired fund fees and expenses"). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund's total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.

For each of the iShares MSCI ACWI and iShares MSCI All Country Asia ex Japan ETFs, BFA has contractually agreed to waive a portion of its investment advisory fee for the Funds through November 30, 2026 in an amount equal to the acquired fund fees and expenses, if any, attributable to each Fund's investments in other iShares funds.

BFA may from time to time voluntarily waive and/or reimburse fees or expenses in order to limit total annual fund operating expenses. For the iShares MSCI All Country Asia ex Japan 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 0.69% and currently intends to keep such voluntary fee waiver for the Fund in place through November 28, 2025.

These amounts are included in investment advisory fees waived in the Statements of Operations. For the year ended July 31, 2025, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts Waived* |
| MSCI All Country Asia ex Japan | &nbsp;&nbsp; $814543 |

---

**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

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, the iShares MSCI Kokusai ETF (the "Group 1 Fund"), retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Pursuant to the current securities lending agreement, each of iShares MSCI ACWI ETF, iShares MSCI ACWI Low Carbon Target ETF, iShares MSCI All Country Asia ex Japan ETF, iShares MSCI Europe Financials ETF and iShares MSCI Europe Small-Cap ETF (the "Group 2 Funds"), retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in a given calendar year exceeds a specified threshold: (1) the Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 84% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2025, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in a calendar year exceeded a specified threshold: the Group 1 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended July 31, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| MSCI ACWI | &nbsp;&nbsp; $208596 |
| MSCI ACWI Low Carbon Target | &nbsp;&nbsp; 8542 |
| MSCI All Country Asia ex Japan | &nbsp;&nbsp; 134967 |
| MSCI Europe Financials | &nbsp;&nbsp; 1425 |
| MSCI Europe Small-Cap | &nbsp;&nbsp; 16122 |
| MSCI Kokusai | &nbsp;&nbsp; 1368 |

---

**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 July 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 ACWI | &nbsp;&nbsp; $103594532 | &nbsp;&nbsp;&nbsp; $121943443 | &nbsp;&nbsp;&nbsp; $(52905537) |
| MSCI ACWI Low Carbon Target | &nbsp;&nbsp; 93064260 | &nbsp;&nbsp;&nbsp; 85135780 | &nbsp;&nbsp;&nbsp; 7243190 |
| MSCI All Country Asia ex Japan | &nbsp;&nbsp; 3984588 | &nbsp;&nbsp;&nbsp; 6151646 | &nbsp;&nbsp;&nbsp; (5387751) |
| MSCI Europe Financials | &nbsp;&nbsp; 18852904 | &nbsp;&nbsp;&nbsp; 22369220 | &nbsp;&nbsp;&nbsp; (1572659) |
| MSCI Europe Small-Cap | &nbsp;&nbsp; 5014945 | &nbsp;&nbsp;&nbsp; 4154027 | &nbsp;&nbsp;&nbsp; 1760891 |
| MSCI Kokusai | &nbsp;&nbsp; 1134410 | &nbsp;&nbsp;&nbsp; 1169076 | &nbsp;&nbsp;&nbsp; (888604) |

---

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.

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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 July 31, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| MSCI ACWI | &nbsp;&nbsp; $779402255 | &nbsp;&nbsp;&nbsp; $624941857 |
| MSCI ACWI Low Carbon Target | &nbsp;&nbsp; 211071669 | &nbsp;&nbsp;&nbsp; 222617693 |
| MSCI All Country Asia ex Japan | &nbsp;&nbsp; 338749923 | &nbsp;&nbsp;&nbsp; 246341039 |
| MSCI Europe Financials | &nbsp;&nbsp; 241725562 | &nbsp;&nbsp;&nbsp; 132393055 |
| MSCI Europe Small-Cap | &nbsp;&nbsp; 20701737 | &nbsp;&nbsp;&nbsp; 18633604 |
| MSCI Kokusai | &nbsp;&nbsp; 6612001 | &nbsp;&nbsp;&nbsp; 7392005 |

---

For the year ended July 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| MSCI ACWI | &nbsp;&nbsp; $1559400593 | &nbsp;&nbsp;&nbsp; $723500637 |
| MSCI ACWI Low Carbon Target | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 61253140 |
| MSCI All Country Asia ex Japan | &nbsp;&nbsp; 20863293 | &nbsp;&nbsp;&nbsp; 63613458 |
| MSCI Europe Financials | &nbsp;&nbsp; 1334871516 | &nbsp;&nbsp;&nbsp; 197117686 |
| MSCI Europe Small-Cap | &nbsp;&nbsp; 53264495 | &nbsp;&nbsp;&nbsp; 16412511 |
| MSCI Kokusai | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 69472337 |

---

***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 July 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 July 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 ACWI | &nbsp;&nbsp; $385333530 | &nbsp;&nbsp;&nbsp; $(385333530) |
| MSCI ACWI Low Carbon Target | &nbsp;&nbsp; 27130360 | &nbsp;&nbsp;&nbsp; (27130360) |
| MSCI All Country Asia ex Japan | &nbsp;&nbsp; 4907595 | &nbsp;&nbsp;&nbsp; (4907595) |
| MSCI Europe Financials | &nbsp;&nbsp; 37399404 | &nbsp;&nbsp;&nbsp; (37399404) |
| MSCI Europe Small-Cap | &nbsp;&nbsp; (772655) | &nbsp;&nbsp;&nbsp; 772655 |
| MSCI Kokusai | &nbsp;&nbsp; 17369937 | &nbsp;&nbsp;&nbsp; (17369937) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended* <br>*07/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*07/31/24*<br>|
| MSCI ACWI |  |  |
| Ordinary income | &nbsp;&nbsp; $339217660 | &nbsp;&nbsp;&nbsp; $334829881 |
| MSCI ACWI Low Carbon Target |  |  |
| Ordinary income | &nbsp;&nbsp; $19589739 | &nbsp;&nbsp;&nbsp; $17307311 |
| MSCI All Country Asia ex Japan |  |  |
| Ordinary income | &nbsp;&nbsp; $55089813 | &nbsp;&nbsp;&nbsp; $49412364 |

---

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended*<br> *07/31/25*<br>| &nbsp;&nbsp; *Year Ended*<br> *07/31/24*<br>|
| MSCI Europe Financials |  |  |
| Ordinary income | &nbsp;&nbsp; $136267972 | &nbsp;&nbsp;&nbsp; $72839498 |
| MSCI Europe Small-Cap |  |  |
| Ordinary income | &nbsp;&nbsp; $3314998 | &nbsp;&nbsp;&nbsp; $3372535 |
| MSCI Kokusai |  |  |
| Ordinary income | &nbsp;&nbsp; $3368734 | &nbsp;&nbsp;&nbsp; $3767810 |

---

As of July 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 ACWI | &nbsp;&nbsp; $55408360 | &nbsp;&nbsp;&nbsp; $(1431268102) | &nbsp;&nbsp;&nbsp; $7100425237 | &nbsp;&nbsp;&nbsp; $5724565495 |
| MSCI ACWI Low Carbon Target | &nbsp;&nbsp; 5094166 | &nbsp;&nbsp;&nbsp; (75318632) | &nbsp;&nbsp;&nbsp; 284459627 | &nbsp;&nbsp;&nbsp; 214235161 |
| MSCI All Country Asia ex Japan | &nbsp;&nbsp; 12547951 | &nbsp;&nbsp;&nbsp; (938011947) | &nbsp;&nbsp;&nbsp; 709079455 | &nbsp;&nbsp;&nbsp; (216384541) |
| MSCI Europe Financials | &nbsp;&nbsp; 19586356 | &nbsp;&nbsp;&nbsp; (228946046) | &nbsp;&nbsp;&nbsp; 894285909 | &nbsp;&nbsp;&nbsp; 684926219 |
| MSCI Europe Small-Cap | &nbsp;&nbsp; 1097138 | &nbsp;&nbsp;&nbsp; (27026874) | &nbsp;&nbsp;&nbsp; (14365371) | &nbsp;&nbsp;&nbsp; (40295107) |
| MSCI Kokusai | &nbsp;&nbsp; 343000 | &nbsp;&nbsp;&nbsp; (31612241) | &nbsp;&nbsp;&nbsp; 33894411 | &nbsp;&nbsp;&nbsp; 2625170 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amounts available to offset future realized capital gains.

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain foreign currency contracts and futures contracts, the timing and recognition of partnership income, the characterization of corporate actions, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies, the timing and recognition of realized gains / losses for tax purposes and undistributed capital gains from underlying REIT investments. 

For the year ended July 31, 2025, the iShares MSCI ACWI Low Carbon Target ETF utilized $13,724,510 of its capital loss carryforwards.

As of July 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 ACWI | &nbsp;&nbsp; $15060254801 | &nbsp;&nbsp;&nbsp; $8175658685 | &nbsp;&nbsp;&nbsp; $(1056907538) | &nbsp;&nbsp;&nbsp; $7118751147 |
| MSCI ACWI Low Carbon Target | &nbsp;&nbsp; 745749716 | &nbsp;&nbsp;&nbsp; 326985349 | &nbsp;&nbsp;&nbsp; (41966590) | &nbsp;&nbsp;&nbsp; 285018759 |
| MSCI All Country Asia ex Japan | &nbsp;&nbsp; 2115814587 | &nbsp;&nbsp;&nbsp; 1091440764 | &nbsp;&nbsp;&nbsp; (359141888) | &nbsp;&nbsp;&nbsp; 732298876 |
| MSCI Europe Financials | &nbsp;&nbsp; 3176313827 | &nbsp;&nbsp;&nbsp; 925288722 | &nbsp;&nbsp;&nbsp; (31382011) | &nbsp;&nbsp;&nbsp; 893906711 |
| MSCI Europe Small-Cap | &nbsp;&nbsp; 165794993 | &nbsp;&nbsp;&nbsp; 16798384 | &nbsp;&nbsp;&nbsp; (31166498) | &nbsp;&nbsp;&nbsp; (14368114) |
| MSCI Kokusai | &nbsp;&nbsp; 190988973 | &nbsp;&nbsp;&nbsp; 55657134 | &nbsp;&nbsp;&nbsp; (21763680) | &nbsp;&nbsp;&nbsp; 33893454 |

---

***9. LINE OF CREDIT***

Effective August 13, 2021, the iShares MSCI ACWI, iShares MSCI ACWI Low Carbon Target and iShares MSCI All Country Asia ex Japan ETFs, along with certain other iShares funds ("Participating Funds"), are parties to a $800 million credit agreement ("Syndicated Credit Agreement") with a group of lenders, which expires on October 15, 2025. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate ("SOFR") plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund's relative exposure to certain target markets or a Participating Fund's maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the year ended July 31, 2025, the iShares MSCI All Country Asia ex Japan ETF did not borrow under the Syndicated Credit Agreement.

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

For the year ended July 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 ACWI | &nbsp;&nbsp; $12000000 | &nbsp;&nbsp;&nbsp; $131507 | &nbsp;&nbsp;&nbsp;&nbsp;6.42% |
| MSCI ACWI Low Carbon Target | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 37951 | &nbsp;&nbsp;&nbsp;&nbsp;5.51 |

---

***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:** The iShares MSCI All Country Asia ex Japan ETF invests in A-shares (i.e., equity securities of companies based in the People's Republic of China ("China" or "PRC") that trade on the Shanghai Stock Exchange and Shenzhen Stock Exchange) primarily through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program (together, "Stock Connect"). Investing in A-shares through Stock Connect is subject to trading, clearance and settlement procedures, which could pose risks to the Fund. Trading through Stock Connect is subject to a daily quota, which limits the maximum net purchases under Stock Connect each day. The daily quota may restrict the Fund's ability to invest in A-shares on a timely basis and could affect the Fund's ability to effectively pursue its investment strategy. Additionally, the Fund may be subject to the risk of price fluctuations on days when the Chinese markets are open, but Stock Connect is not trading. The A-shares market has a higher propensity for trading suspensions than many other global equity markets.

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. 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

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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.

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.

Notes to Financial Statements

------

*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.

***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>07/31/25 | Year Ended <br>07/31/25 | Year Ended <br>07/31/24 | Year Ended <br>07/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| MSCI ACWI |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 16000000 | &nbsp;&nbsp;&nbsp; $1814022740 | &nbsp;&nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp; $226174160 |
| Shares redeemed | &nbsp;&nbsp; (6000000)<br>| &nbsp;&nbsp;&nbsp; (763778783)<br>| &nbsp;&nbsp;&nbsp; (28200000)<br>| &nbsp;&nbsp;&nbsp; (3018624701)<br>|
|  | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp; $1050243957 | &nbsp;&nbsp;&nbsp; (26000000)<br>| &nbsp;&nbsp;&nbsp; $(2792450541)<br>|
| MSCI ACWI Low Carbon Target |  |  |  |  |
| Shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $28796 | &nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; $9051108 |
| Shares redeemed | &nbsp;&nbsp; (350000)<br>| &nbsp;&nbsp;&nbsp; (68963556)<br>| &nbsp;&nbsp;&nbsp; (450000)<br>| &nbsp;&nbsp;&nbsp; (74292286)<br>|
|  | &nbsp;&nbsp; (350000)<br>| &nbsp;&nbsp;&nbsp; $(68934760)<br>| &nbsp;&nbsp;&nbsp; (400000)<br>| &nbsp;&nbsp;&nbsp; $(65241178)<br>|
| MSCI All Country Asia ex Japan |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp; $223590650 | &nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp; $117852331 |
| Shares redeemed | &nbsp;&nbsp; (2200000)<br>| &nbsp;&nbsp;&nbsp; (161148615)<br>| &nbsp;&nbsp;&nbsp; (10200000)<br>| &nbsp;&nbsp;&nbsp; (678284504)<br>|
|  | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; $62442035 | &nbsp;&nbsp;&nbsp; (8600000)<br>| &nbsp;&nbsp;&nbsp; $(560432173)<br>|
| MSCI Europe Financials |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 50600000 | &nbsp;&nbsp;&nbsp; $1464339101 | &nbsp;&nbsp;&nbsp; 29900000 | &nbsp;&nbsp;&nbsp; $678455502 |
| Shares redeemed | &nbsp;&nbsp; (8750000)<br>| &nbsp;&nbsp;&nbsp; (200988852)<br>| &nbsp;&nbsp;&nbsp; (21750000)<br>| &nbsp;&nbsp;&nbsp; (415606960)<br>|
|  | &nbsp;&nbsp; 41850000 | &nbsp;&nbsp;&nbsp; $1263350249 | &nbsp;&nbsp;&nbsp; 8150000 | &nbsp;&nbsp;&nbsp; $262848542 |
| MSCI Europe Small-Cap |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; $54134021 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— |
| Shares redeemed | &nbsp;&nbsp; (300000)<br>| &nbsp;&nbsp;&nbsp; (16703004)<br>| &nbsp;&nbsp;&nbsp; (650000)<br>| &nbsp;&nbsp;&nbsp; (36261715)<br>|
|  | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; $37431017 | &nbsp;&nbsp;&nbsp; (650000)<br>| &nbsp;&nbsp;&nbsp; $(36261715)<br>|
| MSCI Kokusai |  |  |  |  |
| Shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; $66302649 |
| Shares redeemed | &nbsp;&nbsp; (600000)<br>| &nbsp;&nbsp;&nbsp; (70197700)<br>| &nbsp;&nbsp;&nbsp; (350000)<br>| &nbsp;&nbsp;&nbsp; (35334731)<br>|
|  | &nbsp;&nbsp; (600000)<br>| &nbsp;&nbsp;&nbsp; $(70197700)<br>| &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; $30967918 |

---

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.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***12. FOREIGN WITHHOLDING TAX CLAIMS***

The iShares MSCI ACWI ETF and iShares MSCI ACWI Low Carbon Target ETF have filed European Union Discrimination Claims ("ECJ Claims") to recover taxes withheld by either Finland or Poland (the "ECJ Paying Countries") on dividend income based upon certain provisions in the Treaty on the Functioning of the European Union. The Funds have recorded receivables for all recoverable taxes withheld by the ECJ Paying Countries based upon previous determinations made by the local tax authorities. Professional and other fees associated with the filing of these claims for foreign withholding taxes have been approved by the Board as appropriate expenses of the Funds. Based upon the Fund's evaluation of the facts and circumstances related to the outstanding ECJ Claims, ECJ Paying Countries' tax claim receivables and related liabilities are disclosed in the Statements of Assets and Liabilities. The collection of these receivables, and any payment of associated liabilities, depends upon future determinations made by the local tax authorities, the outcome of which is uncertain. If such future determinations are unfavorable, the potential negative impact to the Funds, as of July 31, 2025, are $198,734 or $0.00 per share and $11,034 or $0.00 per share, respectively.

The Internal Revenue Service ("IRS") has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which iShares MSCI Europe Financials ETF and iShares MSCI Europe Small-Cap ETF is able to pass through to shareholders as a foreign tax credit in the current year, each of the Funds will be able to offset the prior years' withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Funds.

***13. SUBSEQUENT EVENTS***

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

Notes to Financial Statements

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and Shareholders of each of the six 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 (six of the funds constituting iShares Trust, hereafter collectively referred to as the "Funds") as of July 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of July 31, 2025, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| |
|:---|
| iShares MSCI ACWI ETF<sup>(1)</sup> <br>|
| iShares MSCI ACWI Low Carbon Target ETF<sup>(1)</sup> <br>|
| iShares MSCI All Country Asia ex Japan ETF<sup>(2)</sup> <br>|
| iShares MSCI Europe Financials ETF<sup>(1)</sup> <br>|
| iShares MSCI Europe Small-Cap ETF<sup>(1)</sup> <br>|
| iShares MSCI Kokusai ETF<sup>(1)</sup> <br>|

---

<sup>(1)</sup> Statement of operations for the year ended July 31, 2025, statement of changes in net assets for each of the two years in the period ended July 31, 2025 and the financial highlights for each of the five years in the period ended July 31, 2025

<sup>(2)</sup> Statement of operations for the year ended July 31, 2025, statement of changes in net assets for each of the two years in the period ended July 31, 2025, the financial highlights for each of the three years in the period ended July 31, 2025 and the consolidated financial highlights for each of the two years in the period ended July 31, 2022

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 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

September 23, 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 July 31, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Dividend* <br>*Income*<br>|
| MSCI ACWI | &nbsp;&nbsp; $332929864 |
| MSCI ACWI Low Carbon Target | &nbsp;&nbsp; 15888370 |
| MSCI All Country Asia ex Japan | &nbsp;&nbsp; 29246486 |
| MSCI Europe Financials | &nbsp;&nbsp; 135950924 |
| MSCI Europe Small-Cap | &nbsp;&nbsp; 3398564 |
| MSCI Kokusai | &nbsp;&nbsp; 3716710 |

---

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended July 31, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Business* <br>*Income*<br>|
| MSCI ACWI | &nbsp;&nbsp; $6494158 |
| MSCI ACWI Low Carbon Target | &nbsp;&nbsp; 426023 |
| MSCI Kokusai | &nbsp;&nbsp; 90643 |

---

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 July 31, 2025:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Foreign Source* <br>*Income Earned*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Foreign* <br>*Taxes Paid*<br>|
| MSCI All Country Asia ex Japan | &nbsp;&nbsp; $64868466 | &nbsp;&nbsp;&nbsp;&nbsp; $11701116 |
| MSCI Europe Financials | &nbsp;&nbsp; 141192359 | &nbsp;&nbsp;&nbsp;&nbsp; 10870523 |
| MSCI Europe Small-Cap | &nbsp;&nbsp; 3870834 | &nbsp;&nbsp;&nbsp;&nbsp; 253050 |

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The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended July 31, 2025 qualified for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| *iShares ETF* | *Dividends-Received* <br>*Deduction*<br>|
| MSCI ACWI | 46.15<br> %<br>|
| MSCI ACWI Low Carbon Target | 38.20<br> %<br>|
| MSCI Kokusai | 59.87<br> %<br>|

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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 ACWI ETF and iShares MSCI All Country Asia ex Japan 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 ACWI ETF and iShares MSCI All Country Asia ex Japan 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 ACWI 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

------

Board Review and Approval of Investment Advisory Contract (continued)

May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board reviewed all of the breakpoint arrangements and noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion**: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares MSCI ACWI Low Carbon Target ETF, iShares MSCI Europe Financials ETF, iShares MSCI Kokusai 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.

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 All Country Asia ex Japan 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

2025 iShares Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board reviewed all of the breakpoint arrangements and noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares MSCI Europe 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.

2025 iShares Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c)

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund 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 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

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| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| JSC | Joint Stock Company |
| NVDR | Non-Voting Depositary Receipt |
| NVS | Non-Voting Shares |
| PJSC | Public Joint Stock Company |
| REIT | Real Estate Investment Trust |

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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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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

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| | |
|:---|:---|
| Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.  |

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Item 16 – Controls and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

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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](#item2)

(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](d68177dex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in registrant's independent public accountant – Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Section 906 Certifications are attached](d68177dex99906cert.htm)

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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

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| | |
|:---|:---|
| By: | /s/ Jessica Tan  |
|  | Jessica Tan |
|  | President (principal executive officer) of |
|  | iShares Trust |

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Date: September 23, 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.

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| | |
|:---|:---|
| By: | /s/ Jessica Tan  |
|  | Jessica Tan |
|  | President (principal executive officer) of |
|  | iShares Trust |

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Date: September 23, 2025

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| | |
|:---|:---|
| By: | /s/ Trent Walker  |
|  | Trent Walker |
|  | Treasurer and Chief Financial Officer (principal financial officer) of |
|  | iShares Trust |

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Date: September 23, 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-six series: iShares Breakthrough Environmental Solutions ETF, iShares China Large-Cap ETF, iShares Core MSCI EAFE ETF, iShares Core MSCI Europe ETF, iShares Core MSCI International Developed Markets ETF, iShares Core MSCI Pacific ETF, iShares Core MSCI Total International Stock ETF, iShares Currency Hedged MSCI ACWI ex U.S. ETF, iShares Currency Hedged MSCI EAFE ETF, iShares Currency Hedged MSCI EAFE Small-Cap ETF, iShares Cybersecurity and Tech ETF, iShares Energy Storage & Materials ETF, iShares Exponential Technologies ETF, iShares Future Cloud 5G and Tech ETF, iShares Genomics Immunology and Healthcare ETF, iShares Global Equity Factor ETF, iShares International Equity Factor ETF, iShares International Small-Cap Equity Factor ETF, iShares MSCI ACWI ETF, iShares MSCI ACWI ex U.S. ETF, iShares MSCI ACWI Low Carbon Target ETF, iShares MSCI All Country Asia ex Japan ETF, iShares MSCI China A ETF, iShares MSCI EAFE ETF, iShares MSCI EAFE Growth ETF, iShares MSCI EAFE Min Vol Factor ETF, iShares MSCI EAFE Small-Cap ETF, iShares MSCI EAFE Value ETF, iShares MSCI Europe Financials ETF, iShares MSCI Europe Small-Cap ETF, iShares MSCI Intl Momentum Factor ETF, iShares MSCI Intl Quality Factor ETF, iShares MSCI Intl Value Factor ETF, iShares MSCI Kokusai ETF, iShares Neuroscience and Healthcare ETF and iShares Self-Driving EV and Tech 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;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;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;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;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;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;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.

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Date: September 23, 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-six series: iShares Breakthrough Environmental Solutions ETF, iShares China Large-Cap ETF, iShares Core MSCI EAFE ETF, iShares Core MSCI Europe ETF, iShares Core MSCI International Developed Markets ETF, iShares Core MSCI Pacific ETF, iShares Core MSCI Total International Stock ETF, iShares Currency Hedged MSCI ACWI ex U.S. ETF, iShares Currency Hedged MSCI EAFE ETF, iShares Currency Hedged MSCI EAFE Small-Cap ETF, iShares Cybersecurity and Tech ETF, iShares Energy Storage & Materials ETF, iShares Exponential Technologies ETF, iShares Future Cloud 5G and Tech ETF, iShares Genomics Immunology and Healthcare ETF, iShares Global Equity Factor ETF, iShares International Equity Factor ETF, iShares International Small-Cap Equity Factor ETF, iShares MSCI ACWI ETF, iShares MSCI ACWI ex U.S. ETF, iShares MSCI ACWI Low Carbon Target ETF, iShares MSCI All Country Asia ex Japan ETF, iShares MSCI China A ETF, iShares MSCI EAFE ETF, iShares MSCI EAFE Growth ETF, iShares MSCI EAFE Min Vol Factor ETF, iShares MSCI EAFE Small-Cap ETF, iShares MSCI EAFE Value ETF, iShares MSCI Europe Financials ETF, iShares MSCI Europe Small-Cap ETF, iShares MSCI Intl Momentum Factor ETF, iShares MSCI Intl Quality Factor ETF, iShares MSCI Intl Value Factor ETF, iShares MSCI Kokusai ETF, iShares Neuroscience and Healthcare ETF, and iShares Self-Driving EV and Tech 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;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;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;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;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;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;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: September 23, 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 July 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: September 23, 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 July 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: September 23, 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**.**