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AUGUST 31, 2026

2026 Annual Financial Statements and

Additional Information

iShares, Inc.

• iShares Currency Hedged MSCI Emerging Markets ETF | HEEM | Cboe BZX Exchange • iShares MSCI Emerging Markets ETF | EEM | NYSE Arca

NM1026U-6054645-1/48

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Table of Contents

Schedules of Investments ................................................................................................. 3 Statements of Assets and Liabilities ........................................................................................... 23 Statements of Operations ................................................................................................. 24 Statements of Changes in Net Assets .......................................................................................... 25 Financial Highlights ..................................................................................................... 26 Notes to Financial Statements ............................................................................................... 28 Report of Independent Registered Public Accounting Firm .............................................................................. 38 Important Tax Information ................................................................................................. 39 Additional Information ................................................................................................... 40 Board Review and Approval of Investment Advisory Contract ........................................................................... 42 Glossary of Terms Used in these Financial Statements ................................................................................ 47

NM1026U-6054645-2/48

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iShares ® Schedule of Investments ® Currency Hedged MSCI Emerging Markets ETF

August 31, 2026 (Percentages shown are based on Net Assets)

S c h e d u l e o f I n v e s t m e n t s 3

Security Shares Value a Investment Companies (a)

Exchange-Traded Funds — 100 .0 % iShares MSCI Emerging Markets ETF ........... 4,310,285 $ 288,875,235 a Total Investments — 100.0% (Cost: $ 213,620,718 ) ................................ 288,875,235

Other Assets Less Liabilities — 0 .0 % ..................... 105,621

Net Assets — 100.0% ................................. $ 288,980,856

(a) Affiliate of the Fund.

Affiliates Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer

Value at 08/31/25

Purchases at Cost

Proceeds from Sale s

Net Realized Gain (Loss)

Change in Unrealized Appreciation (Depreciation)

Value at 08/31/26

Shares Held at 08/31/26 Income

Capital Gain Distributions from Underlying Funds BlackRock Cash Funds: Institutional, SL Agency Shares (a) ...... $ 18,300,889 $ — $ ( 18,321,729 ) (b) $ 22,397 $ ( 1,557 ) $ — — $ 117,707 (c) $ — BlackRock Cash Funds: Treasury, SL Agency Shares (a) ...... 130,000 — ( 130,000 ) (b) — — — — 22,410 — iShares MSCI Emerging Markets ETF ......... 175,753,010 91,166,197 ( 42,026,192 ) 5,842,981 58,139,239 288,875,235 4,310,285 4,114,445 — $ — $ 5,865,378 $ 58,137,682 $ 288,875,235 $ 4,254,562 $ —

(a) As of period end, the entity is no longer held. (b) Represents net amount purchased (sold). (c) 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 Sold Counterparty

Settlement Date

Unrealized Appreciation (Depreciation) BRL 316,000 USD 60,720 Goldman Sachs & Co. 09/03/26 $ 255 CLP 434,142,750 USD 464,555 BNP Paribas SA 09/03/26 599 CLP 434,142,750 USD 464,626 Goldman Sachs & Co. 09/03/26 528 CLP 434,142,750 USD 464,462 HSBC Bank PLC 09/03/26 693 CLP 434,142,750 USD 464,526 State Street Bank & Trust Company 09/03/26 628 CNH 7,385,000 USD 1,095,789 Deutsche Bank Securities, Inc. 09/03/26 3,539 CNH 411,000 USD 61,001 State Street Bank & Trust Company 09/03/26 180 CNH 70,476,319 USD 10,486,744 UBS AG 09/03/26 4,335 EUR 5,606,000 USD 6,503,801 Bank of America N.A. 09/03/26 8,105 EUR 33,000 USD 38,052 Barclays Bank PLC 09/03/26 281 HKD 6,328,000 USD 807,226 Goldman Sachs & Co. 09/03/26 94 IDR 6,576,733,500 USD 370,807 BNP Paribas SA 09/03/26 397 IDR 6,730,126,500 USD 379,279 Goldman Sachs & Co. 09/03/26 583 IDR 6,576,733,500 USD 370,799 HSBC Bank PLC 09/03/26 404 IDR 6,576,733,499 USD 370,685 Morgan Stanley & Co. International PLC 09/03/26 519 INR 19,172,000 USD 200,762 Goldman Sachs & Co. 09/03/26 674

NM1026U-6054645-3/48

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Schedule of Investments (continued) August 31, 2026

iShares ® ® Currency Hedged MSCI Emerging Markets ETF

4 2026 i S h a r e s A n n u a l F i n a n c i a l S t a t e m e n t s a n d NM1 A 26 d d i t i o n a l U-6054645-4 I 4 n 8 f o r m a t i o n

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased Currency Sold Counterparty

Settlement Date

Unrealized Appreciation (Depreciation) INR 42,047,000 USD 439,290 State Street Bank & Trust Company 09/03/26 $ 2,490 KRW 422,710,000 USD 298,204 Goldman Sachs & Co. 09/03/26 10,699 KRW 739,742,000 USD 533,861 Morgan Stanley & Co. International PLC 09/03/26 6,719 KRW 39,106,526,000 USD 27,214,006 State Street Bank & Trust Company 09/03/26 1,363,792 MXN 527,000 USD 30,835 Barclays Bank PLC 09/03/26 169 MXN 2,832,000 USD 162,813 HSBC Bank PLC 09/03/26 3,798 MXN 90,331,000 USD 5,303,630 State Street Bank & Trust Company 09/03/26 10,666 MYR 4,083,334 USD 1,011,371 Goldman Sachs & Co. 09/03/26 2,906 MYR 3,896,333 USD 966,592 Morgan Stanley & Co. International PLC 09/03/26 1,235 MYR 3,896,333 USD 962,057 State Street Bank & Trust Company 09/03/26 5,769 THB 96,404,000 USD 2,906,230 Deutsche Bank Securities, Inc. 09/03/26 1,227 THB 757,000 USD 22,664 State Street Bank & Trust Company 09/03/26 166 TRY 1,855,000 USD 38,057 BNP Paribas SA 09/03/26 346 TRY 53,429,000 USD 1,105,305 Goldman Sachs & Co. 09/03/26 808 TWD 13,673,000 USD 425,354 Goldman Sachs & Co. 09/03/26 5,713 TWD 327,473,000 USD 10,176,837 State Street Bank & Trust Company 09/03/26 147,354 USD 1,702,664 BRL 8,701,914 BNP Paribas SA 09/03/26 23,554 USD 1,862,526 BRL 9,528,914 Goldman Sachs & Co. 09/03/26 23,839 USD 1,716,323 BRL 8,780,914 HSBC Bank PLC 09/03/26 21,970 USD 1,669,157 BRL 8,543,914 JPMorgan Chase Bank N.A. 09/03/26 20,534 USD 2,199,746 BRL 11,241,914 Morgan Stanley & Co. International PLC 09/03/26 30,520 USD 1,704,474 BRL 8,722,430 State Street Bank & Trust Company 09/03/26 21,404 USD 294,233 CLP 272,563,124 BNP Paribas SA 09/03/26 2,200 USD 322,214 CLP 298,974,380 Goldman Sachs & Co. 09/03/26 1,883 USD 383,199 CLP 355,530,124 HSBC Bank PLC 09/03/26 2,272 USD 288,401 CLP 267,500,124 JPMorgan Chase Bank N.A. 09/03/26 1,792 USD 288,565 CLP 267,500,124 Morgan Stanley & Co. International PLC 09/03/26 1,957 USD 325,832 CLP 302,349,124 State Street Bank & Trust Company 09/03/26 1,886 USD 45,853 CNH 308,000 UBS AG 09/03/26 4 USD 29,206 EUR 25,000 Goldman Sachs & Co. 09/03/26 166 USD 9,325 EUR 8,000 UBS AG 09/03/26 32 USD 293,584 HKD 2,301,000 Bank of America N.A. 09/03/26 24 USD 915,855 HKD 7,175,000 BNP Paribas SA 09/03/26 474 USD 4,286,008 HKD 33,573,000 Goldman Sachs & Co. 09/03/26 2,793 USD 43,872,614 HKD 343,706,000 HSBC Bank PLC 09/03/26 22,895 USD 1,667,139 HKD 13,060,000 UBS AG 09/03/26 956 USD 6,510 IDR 115,045,000 State Street Bank & Trust Company 09/03/26 17 USD 23,325 MXN 395,000 Bank of America N.A. 09/03/26 87 USD 7,781 MXN 132,000 Morgan Stanley & Co. International PLC 09/03/26 15 USD 4,270 THB 141,000 BNP Paribas SA 09/03/26 18 USD 21,460 THB 703,000 HSBC Bank PLC 09/03/26 259 USD 4,296 THB 141,000 JPMorgan Chase Bank N.A. 09/03/26 44 USD 40,687 ZAR 652,000 Barclays Bank PLC 09/03/26 202 USD 13,586 ZAR 217,000 State Street Bank & Trust Company 09/03/26 112 ZAR 870,000 USD 53,751 Deutsche Bank Securities, Inc. 09/03/26 270 ZAR 2,703,000 USD 162,932 HSBC Bank PLC 09/03/26 4,905 ZAR 149,144,000 USD 9,239,372 UBS AG 09/03/26 21,376 BRL 228,000 USD 43,648 Goldman Sachs & Co. 10/05/26 29 CLP 33,849,000 USD 36,202 Morgan Stanley & Co. International PLC 10/05/26 73 CLP 18,011,000 USD 19,247 State Street Bank & Trust Company 10/05/26 55 EUR 8,000 USD 9,304 UBS AG 10/05/26 — HKD 20,898,000 USD 2,668,470 Bank of New York 10/05/26 265 HKD 2,403,000 USD 306,869 State Street Bank & Trust Company 10/05/26 1 MXN 6,185,000 USD 362,193 JPMorgan Chase Bank N.A. 10/05/26 774 MXN 1,134,000 USD 66,532 Morgan Stanley & Co. International PLC 10/05/26 17 MYR 177,000 USD 43,888 Goldman Sachs & Co. 10/05/26 123

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iShares ® Schedule of Investments ® Currency Hedged MSCI Emerging Markets ETF (continued) August 31, 2026

S c h e d u l e o f I n v e s t m e n t s 5

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased Currency Sold Counterparty

Settlement Date

Unrealized Appreciation (Depreciation) THB 1,398,000 USD 42,192 HSBC Bank PLC 10/05/26 $ 77 THB 5,214,000 USD 157,595 State Street Bank & Trust Company 10/05/26 51 TRY 76,000 USD 1,533 BNP Paribas SA 10/05/26 — USD 2,596,210 BRL 13,532,750 BNP Paribas SA 10/05/26 3,844 USD 2,595,833 BRL 13,532,750 Goldman Sachs & Co. 10/05/26 3,466 USD 2,595,937 BRL 13,532,750 HSBC Bank PLC 10/05/26 3,571 USD 2,596,515 BRL 13,532,750 State Street Bank & Trust Company 10/05/26 4,148 USD 50,401,208 HKD 394,638,000 JPMorgan Chase Bank N.A. 10/05/26 4,798 USD 18,512,861 TWD 586,209,751 BNP Paribas SA 10/05/26 10,290 USD 18,512,861 TWD 586,209,751 State Street Bank & Trust Company 10/05/26 10,290 INR 16,693,000 USD 175,021 JPMorgan Chase Bank N.A. 10/06/26 40 INR 158,934,000 USD 1,666,062 State Street Bank & Trust Company 10/06/26 696 KRW 2,557,087,000 USD 1,869,339 HSBC Bank PLC 10/06/26 1,378 USD 8,623,349 INR 821,986,250 BNP Paribas SA 10/06/26 3,092 USD 8,622,806 INR 821,986,250 Goldman Sachs & Co. 10/06/26 2,549 USD 8,621,667 INR 821,986,250 HSBC Bank PLC 10/06/26 1,410 USD 8,621,630 INR 821,986,250 Morgan Stanley & Co. International PLC 10/06/26 1,374 USD 13,260,029 KRW 18,123,674,500 BNP Paribas SA 10/06/26 1,093 USD 13,258,962 KRW 18,123,674,500 Goldman Sachs & Co. 10/06/26 26 CNH 859,000 USD 128,168 UBS AG 10/08/26 9 1,847,670

BRL 13,532,750 USD 2,613,242 BNP Paribas SA 09/03/26 ( 1,980 ) BRL 13,532,750 USD 2,612,833 Goldman Sachs & Co. 09/03/26 ( 1,571 ) BRL 14,084,750 USD 2,719,907 HSBC Bank PLC 09/03/26 ( 2,131 ) BRL 14,053,750 USD 2,715,181 State Street Bank & Trust Company 09/03/26 ( 3,387 ) CLP 10,126,000 USD 11,078 Goldman Sachs & Co. 09/03/26 ( 228 ) CLP 17,720,000 USD 19,382 HSBC Bank PLC 09/03/26 ( 396 ) CNH 719,000 USD 107,040 Bank of America N.A. 09/03/26 ( 10 ) EUR 57,000 USD 66,591 UBS AG 09/03/26 ( 380 ) HKD 394,638,000 USD 50,352,423 JPMorgan Chase Bank N.A. 09/03/26 ( 4,842 ) IDR 268,438,000 USD 15,190 State Street Bank & Trust Company 09/03/26 ( 39 ) INR 821,986,250 USD 8,644,116 BNP Paribas SA 09/03/26 ( 7,662 ) INR 821,986,250 USD 8,644,661 Goldman Sachs & Co. 09/03/26 ( 8,207 ) INR 821,986,250 USD 8,641,880 HSBC Bank PLC 09/03/26 ( 5,426 ) INR 821,986,250 USD 8,642,843 Morgan Stanley & Co. International PLC 09/03/26 ( 6,389 ) KRW 18,123,674,500 USD 13,256,440 BNP Paribas SA 09/03/26 ( 12,239 ) KRW 18,123,674,500 USD 13,255,567 Goldman Sachs & Co. 09/03/26 ( 11,366 ) KRW 18,123,674,500 USD 13,251,787 HSBC Bank PLC 09/03/26 ( 7,586 ) KRW 18,123,674,500 USD 13,249,269 State Street Bank & Trust Company 09/03/26 ( 5,067 ) MXN 922,000 USD 54,446 Bank of America N.A. 09/03/26 ( 203 ) THB 984,000 USD 30,168 HSBC Bank PLC 09/03/26 ( 492 ) THB 562,000 USD 16,998 JPMorgan Chase Bank N.A. 09/03/26 ( 48 ) TWD 586,209,751 USD 18,506,432 BNP Paribas SA 09/03/26 ( 25,087 ) TWD 586,209,751 USD 18,492,421 HSBC Bank PLC 09/03/26 ( 11,076 ) TWD 586,209,751 USD 18,505,264 Morgan Stanley & Co. International PLC 09/03/26 ( 23,919 ) TWD 586,209,751 USD 18,513,972 State Street Bank & Trust Company 09/03/26 ( 32,627 ) USD 15,328 CNH 103,000 Bank of America N.A. 09/03/26 ( 5 ) USD 214,732 CNH 1,447,000 Barclays Bank PLC 09/03/26 ( 668 ) USD 15,291 CNH 103,000 Deutsche Bank Securities, Inc. 09/03/26 ( 41 ) USD 218,603 CNH 1,473,000 HSBC Bank PLC 09/03/26 ( 667 ) USD 30,431 CNH 205,000 Morgan Stanley & Co. International PLC 09/03/26 ( 85 ) USD 11,186,359 CNH 75,352,319 UBS AG 09/03/26 ( 30,559 ) USD 226,979 EUR 197,000 BNP Paribas SA 09/03/26 ( 1,855 ) USD 5,855,296 EUR 5,084,000 Deutsche Bank Securities, Inc. 09/03/26 ( 50,257 ) USD 9,251 EUR 8,000 Goldman Sachs & Co. 09/03/26 ( 42 )

NM1026U-6054645-5/48

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Schedule of Investments (continued) August 31, 2026

iShares ® ® Currency Hedged MSCI Emerging Markets ETF

6 2026 i S h a r e s A n n u a l F i n a n c i a l S t a t e m e n t s a n d NM1 A 26 d d i t i o n a l U-6054645-6 I 4 n 8 f o r m a t i o n

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased Currency Sold Counterparty

Settlement Date

Unrealized Appreciation (Depreciation) USD 318,679 EUR 276,000 HSBC Bank PLC 09/03/26 $ ( 1,922 ) USD 113,143 EUR 98,000 State Street Bank & Trust Company 09/03/26 ( 694 ) USD 146,829 HKD 1,151,000 HSBC Bank PLC 09/03/26 ( 15 ) USD 220,919 IDR 3,990,321,899 BNP Paribas SA 09/03/26 ( 4,303 ) USD 246,166 IDR 4,450,247,899 Goldman Sachs & Co. 09/03/26 ( 5,014 ) USD 291,654 IDR 5,271,454,899 HSBC Bank PLC 09/03/26 ( 5,877 ) USD 220,679 IDR 3,990,321,899 JPMorgan Chase Bank N.A. 09/03/26 ( 4,543 ) USD 220,782 IDR 3,990,321,899 Morgan Stanley & Co. International PLC 09/03/26 ( 4,440 ) USD 272,276 IDR 4,921,051,504 State Street Bank & Trust Company 09/03/26 ( 5,479 ) USD 5,488,870 INR 525,317,789 BNP Paribas SA 09/03/26 ( 30,545 ) USD 6,120,914 INR 585,865,789 Goldman Sachs & Co. 09/03/26 ( 34,668 ) USD 5,589,775 INR 534,903,789 HSBC Bank PLC 09/03/26 ( 30,358 ) USD 6,552,446 INR 627,214,789 JPMorgan Chase Bank N.A. 09/03/26 ( 37,582 ) USD 5,488,067 INR 525,317,789 Morgan Stanley & Co. International PLC 09/03/26 ( 31,348 ) USD 5,753,173 INR 550,544,055 State Street Bank & Trust Company 09/03/26 ( 31,289 ) USD 12,692,755 KRW 18,236,316,388 BNP Paribas SA 09/03/26 ( 633,761 ) USD 14,146,568 KRW 20,338,239,388 Goldman Sachs & Co. 09/03/26 ( 715,967 ) USD 12,721,902 KRW 18,280,101,060 HSBC Bank PLC 09/03/26 ( 636,611 ) USD 12,684,633 KRW 18,236,316,388 JPMorgan Chase Bank N.A. 09/03/26 ( 641,883 ) USD 12,920,934 KRW 18,553,348,388 Morgan Stanley & Co. International PLC 09/03/26 ( 637,258 ) USD 13,311,370 KRW 19,119,354,388 State Street Bank & Trust Company 09/03/26 ( 660,444 ) USD 104,797 MXN 1,819,000 JPMorgan Chase Bank N.A. 09/03/26 ( 2,218 ) USD 237,532 MXN 4,126,000 Societe Generale 09/03/26 ( 5,206 ) USD 15,314 MXN 263,000 State Street Bank & Trust Company 09/03/26 ( 158 ) USD 5,051,639 MXN 87,877,000 UBS AG 09/03/26 ( 118,285 ) USD 1,059,683 MYR 4,335,633 Goldman Sachs & Co. 09/03/26 ( 17,263 ) USD 905,994 MYR 3,703,734 Morgan Stanley & Co. International PLC 09/03/26 ( 13,993 ) USD 938,979 MYR 3,836,633 State Street Bank & Trust Company 09/03/26 ( 14,019 ) USD 2,875,474 THB 95,902,000 HSBC Bank PLC 09/03/26 ( 16,842 ) USD 54,558 THB 1,820,000 Societe Generale 09/03/26 ( 332 ) USD 22,610 TRY 1,102,000 BNP Paribas SA 09/03/26 ( 204 ) USD 10,511 TRY 512,000 Goldman Sachs & Co. 09/03/26 ( 89 ) USD 1,099,557 TRY 53,593,000 HSBC Bank PLC 09/03/26 ( 9,951 ) USD 1,592 TRY 77,000 State Street Bank & Trust Company 09/03/26 ( 2 ) USD 13,171,100 TWD 424,544,059 BNP Paribas SA 09/03/26 ( 213,436 ) USD 14,654,731 TWD 472,343,189 Goldman Sachs & Co. 09/03/26 ( 236,761 ) USD 13,350,910 TWD 430,363,189 HSBC Bank PLC 09/03/26 ( 217,084 ) USD 15,339,613 TWD 494,590,189 JPMorgan Chase Bank N.A. 09/03/26 ( 253,256 ) USD 13,135,681 TWD 423,527,189 Morgan Stanley & Co. International PLC 09/03/26 ( 216,796 ) USD 13,682,924 TWD 440,617,189 State Street Bank & Trust Company 09/03/26 ( 208,346 ) USD 13,263 ZAR 217,000 Barclays Bank PLC 09/03/26 ( 211 ) USD 165,880 ZAR 2,747,000 Deutsche Bank Securities, Inc. 09/03/26 ( 4,689 ) USD 9,055,838 ZAR 150,406,000 HSBC Bank PLC 09/03/26 ( 283,270 ) ZAR 1,522,000 USD 94,997 HSBC Bank PLC 09/03/26 ( 492 ) BRL 3,470,000 USD 665,235 State Street Bank & Trust Company 10/05/26 ( 514 ) EUR 158,000 USD 183,770 HSBC Bank PLC 10/05/26 ( 10 ) IDR 796,873,000 USD 44,865 State Street Bank & Trust Company 10/05/26 ( 14 ) MYR 417,000 USD 103,946 State Street Bank & Trust Company 10/05/26 ( 258 ) USD 464,563 CLP 434,142,750 BNP Paribas SA 10/05/26 ( 693 ) USD 464,608 CLP 434,142,750 Goldman Sachs & Co. 10/05/26 ( 649 ) USD 464,511 CLP 434,142,750 HSBC Bank PLC 10/05/26 ( 745 ) USD 464,579 CLP 434,142,750 State Street Bank & Trust Company 10/05/26 ( 677 ) USD 6,511,846 EUR 5,606,000 Bank of America N.A. 10/05/26 ( 8,161 ) USD 369,888 IDR 6,576,733,500 BNP Paribas SA 10/05/26 ( 277 ) USD 369,747 IDR 6,576,733,500 Goldman Sachs & Co. 10/05/26 ( 418 ) USD 369,885 IDR 6,576,733,500 HSBC Bank PLC 10/05/26 ( 280 )

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iShares ® Schedule of Investments ® Currency Hedged MSCI Emerging Markets ETF (continued) August 31, 2026

S c h e d u l e o f I n v e s t m e n t s 7

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased Currency Sold Counterparty

Settlement Date

Unrealized Appreciation (Depreciation) USD 369,722 IDR 6,576,733,499 Morgan Stanley & Co. International PLC 10/05/26 $ ( 442 ) USD 5,290,290 MXN 90,331,000 State Street Bank & Trust Company 10/05/26 ( 10,782 ) USD 965,921 MYR 3,896,334 Goldman Sachs & Co. 10/05/26 ( 2,904 ) USD 967,192 MYR 3,896,333 Morgan Stanley & Co. International PLC 10/05/26 ( 1,633 ) USD 962,295 MYR 3,896,333 State Street Bank & Trust Company 10/05/26 ( 6,530 ) USD 2,909,273 THB 96,404,000 Deutsche Bank Securities, Inc. 10/05/26 ( 5,523 ) USD 1,060,693 TRY 52,585,000 Goldman Sachs & Co. 10/05/26 ( 401 ) USD 83,456 TRY 4,137,000 HSBC Bank PLC 10/05/26 ( 23 ) USD 5,591,801 TWD 177,193,000 BNP Paribas SA 10/05/26 ( 951 ) USD 18,492,421 TWD 586,209,751 HSBC Bank PLC 10/05/26 ( 10,150 ) USD 18,495,747 TWD 586,209,751 Morgan Stanley & Co. International PLC 10/05/26 ( 6,824 ) USD 229,801 TWD 7,285,000 State Street Bank & Trust Company 10/05/26 ( 136 ) USD 309,085 ZAR 4,998,000 State Street Bank & Trust Company 10/05/26 ( 510 ) USD 9,217,297 ZAR 149,144,000 UBS AG 10/05/26 ( 21,255 ) USD 13,255,567 KRW 18,123,674,500 HSBC Bank PLC 10/06/26 ( 3,369 ) USD 22,961,232 KRW 31,412,768,500 State Street Bank & Trust Company 10/06/26 ( 19,752 ) CNH 1,451,000 USD 216,521 Morgan Stanley & Co. International PLC 10/08/26 ( 8 ) USD 10,511,910 CNH 70,476,319 UBS AG 10/08/26 ( 4,316 ) ( 6,351,646 ) $ ( 4,503,976 )

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 Contracts

Credit Contracts

Equity Contracts

Foreign Currency Exchange Contracts

Interest Rate Contracts

Other Contracts Total Assets — Derivative Financial Instruments Forward foreign currency exchange contracts Unrealized appreciation on forward foreign currency exchange contracts ............................... $ — $ — $ — $ 1,847,670 $ — $ — $ 1,847,670 Liabilities — Derivative Financial Instruments Forward foreign currency exchange contracts Unrealized depreciation on forward foreign currency exchange contracts ............................... $ — $ — $ — $ 6,351,646 $ — $ — $ 6,351,646

For the period ended August 31, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

Commodity Contracts

Credit Contracts

Equity Contracts

Foreign Currency Exchange Contracts

Interest Rate Contracts

Other Contracts Total Net Realized Gain (Loss) from: Forward foreign currency exchange contracts .............. $ — $ — $ — $ 1,653,036 $ — $ — $ 1,653,036

Net Change in Unrealized Appreciation (Depreciation) on: Forward foreign currency exchange contracts .............. $ — $ — $ — $ ( 4,435,878 ) $ — $ — $ ( 4,435,878 )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts: Average amounts purchased — in USD ..................................................................................... $ 257,980,507 Average amounts sold — in USD ......................................................................................... $ 488,088,822 a For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

NM1026U-6054645-7/48

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Schedule of Investments (continued) August 31, 2026

iShares ® ® Currency Hedged MSCI Emerging Markets ETF

8 2026 i S h a r e s A n n u a l F i n a n c i a l S t a t e m e n t s a n d NM1 A 26 d d i t i o n a l U-6054645-8 I 4 n 8 f o r m a t i o n

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 ............................................................ $ 1,847,670 $ 6,351,646 Total derivative assets and liabilities in the Statements of Assets and Liabilities ....................................... $ 1,847,670 $ 6,351,646 Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) .................................... — — Total derivative assets and liabilities subject to an MNA ....................................................... $ 1,847,670 $ 6,351,646

The following table presents 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: a a a a a a

Counterparty

Derivative Assets Subject to an MNA by Counterparty

Derivatives Available for Offset (a)

Non-Cash Collateral Received (b)

Cash Collateral Received (b)

Net Amount of Derivative Assets (c) (d) Bank of America N.A. ................................. $ 8,216 $ ( 8,216 ) $ — $ — $ — Bank of New York ................................... 265 — — — 265 Barclays Bank PLC .................................. 652 ( 652 ) — — — BNP Paribas SA .................................... 45,907 ( 45,907 ) — — — Deutsche Bank Securities, Inc. ........................... 5,036 ( 5,036 ) — — — Goldman Sachs & Co. ................................ 57,134 ( 57,134 ) — — — HSBC Bank PLC .................................... 63,632 ( 63,632 ) — — — JPMorgan Chase Bank N.A. ............................ 27,982 ( 27,982 ) — — — Morgan Stanley & Co. International PLC .................... 42,429 ( 42,429 ) — — — State Street Bank & Trust Company ....................... 1,569,705 ( 1,000,724 ) — ( 460,000 ) 108,981 UBS AG .......................................... 26,712 ( 26,712 ) — — — $ 1,847,670 $ ( 1,278,424 ) $ — $ ( 460,000 ) $ 109,246

a a a a a

Counterparty

Derivative Liabilities Subject to an MNA by Counterparty

Derivatives Available for Offset (a)

Non-Cash Collateral Pledged (b)

Cash Collateral Pledged (b)

Net Amount of Derivative Liabilities (d) (e) Bank of America N.A. ................................. $ 8,379 $ ( 8,216 ) $ — $ — $ 163 Barclays Bank PLC .................................. 879 ( 652 ) — — 227 BNP Paribas SA .................................... 932,993 ( 45,907 ) — ( 530,000 ) 357,086 Deutsche Bank Securities, Inc. ........................... 60,510 ( 5,036 ) — — 55,474 Goldman Sachs & Co. ................................ 1,035,548 ( 57,134 ) — ( 700,000 ) 278,414 HSBC Bank PLC .................................... 1,244,773 ( 63,632 ) — ( 660,000 ) 521,141 JPMorgan Chase Bank N.A. ............................ 944,372 ( 27,982 ) — ( 700,000 ) 216,390 Morgan Stanley & Co. International PLC .................... 943,135 ( 42,429 ) — ( 650,000 ) 250,706 Societe Generale .................................... 5,538 — — — 5,538 State Street Bank & Trust Company ....................... 1,000,724 ( 1,000,724 ) — — — UBS AG .......................................... 174,795 ( 26,712 ) — — 148,083 $ 6,351,646 $ ( 1,278,424 ) $ — $ ( 3,240,000 ) $ 1,833,222

(a) The amount of derivatives available for offset is limited to the amount of derivatives assets and/or liabilities that are subject to an MNA. (b) Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes. (c) Net amount represents the net amount receivable from the counterparty in the event of default. (d) Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. (e) 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.

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S c h e d u l e o f I n v e s t m e n t s 9

Level 1 Level 2 Level 3 Total Assets Investments Long-Term Investments Investment Companies ...................................... $ 288,875,235 $ — $ — $ 288,875,235 $ — $ — $ — $ — Derivative Financial Instruments (a) Assets Foreign Currency Exchange Contracts ............................. $ — $ 1,847,670 $ — $ 1,847,670 Liabilities Foreign Currency Exchange Contracts ............................. — ( 6,351,646 ) — ( 6,351,646 ) $ — $ ( 4,503,976 ) $ — $ ( 4,503,976 )

(a) 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.

Fair Value Hierarchy as of Period End (continued)

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Schedule of Investments

August 31, 2026

iShares ® ® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

10 2026 i S h a r e s A n n u a l F i n a n c i a l S t a t e m e n t s a n d NM1 A 26 d d i t i o n a l U-6054645- I 0 n 4 f 8 o r m a t i o n

Security Shares Value a Common Stocks

Brazil — 2.9% Ambev SA ............................. 11,026,686 $ 31,984,848 Aura Minerals, Inc. ........................ 84,621 7,072,623 Axia Energia SA ......................... 3,288,766 33,715,635 B3 SA - Brasil Bolsa Balcao .................. 12,954,886 40,553,165 Banco Bradesco SA ....................... 3,930,875 11,508,405 Banco BTG Pactual SA ..................... 3,053,623 32,242,035 Banco do Brasil SA ....................... 4,289,804 17,170,641 BB Seguridade Participacoes SA .............. 1,656,642 12,916,663 Caixa Seguridade Participacoes SA ............ 1,467,061 5,475,767 Cia de Saneamento Basico do Estado de Sao Paulo SABESP ............................. 6,132,432 29,919,210 Cia Paranaense de Energia - Copel ............ 4,798,603 13,845,107 CPFL Energia SA ......................... 508,155 4,368,041 Embraer SA ............................ 1,682,568 30,358,345 Energisa SA ............................ 723,663 6,703,752 Eneva SA (a) ............................. 2,406,216 12,171,439 Engie Brasil Energia SA .................... 723,727 4,103,617 Equatorial SA ........................... 2,751,117 19,469,746 Itau Unibanco Holding SA ................... 1,278,248 10,622,566 JBS N.V., Class A ........................ 825,266 11,091,575 Klabin SA .............................. 1,986,357 7,245,351 Localiza Rent a Car SA ..................... 2,127,828 14,401,661 MBRF Global Foods Co. SA ................. 1,472,241 5,188,239 Motiva Infraestrutura de Mobilidade SA .......... 2,534,197 7,561,190 NU Holdings Ltd., Class A (a) .................. 9,154,295 133,194,992 Petroleo Brasileiro SA - Petrobras .............. 9,449,755 91,715,448 Porto Seguro SA ......................... 488,095 4,623,270 PRIO SA (a) ............................. 2,083,740 25,206,516 Raia Drogasil SA ......................... 3,274,012 12,384,448 Rede D'Or Sao Luiz SA (b) ................... 1,815,906 12,329,047 Rumo SA .............................. 3,109,024 9,048,273 Suzano SA ............................. 1,537,258 13,439,567 Telefonica Brasil SA ....................... 1,897,445 10,930,848 TIM SA ............................... 2,103,836 7,556,115 Ultrapar Participacoes SA ................... 1,833,927 12,323,984 Vale SA ............................... 9,127,283 137,132,515 Vibra Energia SA ......................... 2,704,848 17,967,764 WEG SA .............................. 3,713,734 35,943,638 XP, Inc., Class A ......................... 1,022,908 18,647,613 912,133,659 a Chile — 0.4% Banco de Chile .......................... 114,009,784 23,514,602 Banco de Credito e Inversiones SA ............. 213,169 14,731,553 Banco Santander Chile ..................... 167,394,143 14,439,590 Cencosud SA ........................... 3,122,694 6,544,298 Empresas Copec SA ...................... 977,295 6,931,839 Enel Chile SA ........................... 61,384,716 5,261,566 Falabella SA ............................ 1,744,284 11,549,693 Latam Airlines Group SA .................... 847,271,300 21,895,989 Plaza SA .............................. 1,894,748 7,980,301 112,849,431 a China — 20.5% 360 Security Technology, Inc., Class A ........... 1,103,706 1,512,807 37 Interactive Entertainment Network Technology Group Co. Ltd., Class A ................... 324,088 888,417 3SBio, Inc. (a)(b) ........................... 4,880,500 10,015,120 AAC Technologies Holdings, Inc. .............. 1,951,000 11,041,138 Accelink Technologies Co. Ltd., Class A (a) ........ 131,000 3,514,721 ACM Research Shanghai, Inc., Class A .......... 49,501 2,218,200

Security Shares Value a China (continued) Advanced Fiber Resources Zhuhai Ltd., Class A .... 38,100 $ 1,811,342 Advanced Micro-Fabrication Equipment, Inc. China, Class A .............................. 146,123 7,863,766 AECC Aviation Power Co. Ltd., Class A .......... 372,773 2,142,994 Agricultural Bank of China Ltd., Class A .......... 12,489,423 12,868,347 Agricultural Bank of China Ltd., Class H .......... 68,492,000 55,324,602 Aier Eye Hospital Group Co. Ltd., Class A ........ 1,199,317 1,465,628 Air China Ltd., Class A (a) .................... 1,531,293 1,325,592 Akeso, Inc. (a)(b)(c) .......................... 1,631,000 18,684,447 Alibaba Group Holding Ltd. .................. 42,397,656 606,064,604 Alibaba Health Information Technology Ltd. (a)(c) ..... 13,312,000 5,227,365 Aluminum Corp. of China Ltd., Class A .......... 2,019,000 2,936,350 Aluminum Corp. of China Ltd., Class H .......... 9,494,000 10,360,857 Amlogic Shanghai Co. Ltd., Class A ............ 66,031 956,578 Angel Yeast Co. Ltd., Class A ................. 89,700 553,565 Anhui Conch Cement Co. Ltd., Class A .......... 523,786 1,375,458 Anhui Conch Cement Co. Ltd., Class H .......... 2,948,500 6,368,485 Anhui Gujing Distillery Co. Ltd., Class A .......... 60,985 832,338 Anhui Jianghuai Automobile Group Corp. Ltd., Class A (a) ................................. 324,200 1,012,778 Anhui Tongguan Copper Foil Group Co. Ltd., Class A . 101,300 1,869,275 Anji Microelectronics Technology Shanghai Co. Ltd., Class A .............................. 35,092 1,246,459 Anker Innovations Technology Co. Ltd., Class A .... 83,400 1,560,352 ANTA Sports Products Ltd. .................. 3,169,802 31,329,653 APT Medical, Inc., Class A ................... 20,592 751,442 Asymchem Laboratories Tianjin Co. Ltd., Class A ... 49,800 1,197,892 Avary Holding Shenzhen Co. Ltd., Class A ........ 297,004 4,115,357 Baidu, Inc., Class A (a) ...................... 5,281,030 63,161,313 Baiyin Nonferrous Group Co. Ltd., Class A (a) ....... 1,059,700 1,080,176 Bank of Beijing Co. Ltd., Class A .............. 3,087,106 2,458,399 Bank of Changsha Co. Ltd., Class A ............ 481,000 693,669 Bank of Chengdu Co. Ltd., Class A ............. 594,095 1,684,604 Bank of China Ltd., Class A .................. 6,030,200 5,843,771 Bank of China Ltd., Class H .................. 169,264,933 127,047,167 Bank of Communications Co. Ltd., Class A ........ 7,366,693 7,938,917 Bank of Communications Co. Ltd., Class H ....... 19,960,600 19,826,159 Bank of Hangzhou Co. Ltd., Class A ............ 1,089,845 2,713,987 Bank of Jiangsu Co. Ltd., Class A .............. 2,718,410 4,892,021 Bank of Nanjing Co. Ltd., Class A .............. 1,809,130 3,139,897 Bank of Ningbo Co. Ltd., Class A .............. 1,023,499 5,198,087 Bank of Shanghai Co. Ltd., Class A ............. 2,123,942 2,997,297 Bank of Suzhou Co. Ltd., Class A .............. 575,600 761,675 Baoshan Iron & Steel Co. Ltd., Class A .......... 3,175,073 2,749,482 Beijing Compass Technology Development Co. Ltd., Class A .............................. 104,700 1,327,522 Beijing Enlight Media Co. Ltd., Class A .......... 433,400 752,133 Beijing Enterprises Holdings Ltd. (c) ............. 1,170,500 4,823,019 Beijing Huafeng Test & Control Technology Co. Ltd., Class A .............................. 28,932 1,705,723 Beijing Kingsoft Office Software, Inc., Class A ...... 69,650 2,584,301 Beijing New Building Materials PLC, Class A ...... 239,713 601,330 Beijing Yandong Microelectronic Co. Ltd., Class A (a) .. 146,491 1,079,788 Beijing-Shanghai High Speed Railway Co. Ltd., Class A 7,273,800 5,293,702 BeOne Medicines Ltd., Class H (a) .............. 2,016,722 55,222,349 Bilibili, Inc., Class Z (a)(c) ..................... 635,554 10,330,874 Biwin Storage Technology Co. Ltd., Class A ....... 72,905 2,549,189 Bluefocus Intelligent Communications Group Co. Ltd., Class A .............................. 575,000 1,204,553 BOC Aviation Ltd. (b) ....................... 520,900 4,980,284 BOC International China Co. Ltd., Class A ........ 579,600 1,035,316 BOE Technology Group Co. Ltd., Class A ......... 5,364,300 4,796,129 Bosideng International Holdings Ltd. ............ 11,526,000 6,269,797 BYD Co. Ltd., Class A ...................... 843,738 11,078,058

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S c h e d u l e o f I n v e s t m e n t s 11

Security Shares Value a China (continued) BYD Co. Ltd., Class H ..................... 9,293,300 $ 102,577,984 BYD Electronic International Co. Ltd. (c) .......... 1,999,500 6,867,435 C&D International Investment Group Ltd. ......... 2,216,000 3,652,600 Caitong Securities Co. Ltd., Class A ............ 1,200,874 1,587,798 Cambricon Technologies Corp. Ltd., Class A ....... 95,822 15,834,918 Canmax Technologies Co. Ltd., Class A (a) ........ 129,400 1,238,311 CGN Power Co. Ltd., Class H (b) ............... 26,240,000 10,161,218 Changjiang Securities Co. Ltd., Class A .......... 999,235 1,374,060 Chaozhou Three-Circle Group Co. Ltd., Class A .... 288,230 4,922,674 Chifeng Jilong Gold Mining Group Ltd., Class A ..... 260,400 1,816,456 China CITIC Bank Corp. Ltd., Class A ........... 1,642,500 2,163,693 China CITIC Bank Corp. Ltd., Class H ........... 20,091,800 21,396,266 China Coal Energy Co. Ltd., Class H ............ 4,771,000 7,394,957 China Construction Bank Corp., Class A ......... 3,212,868 5,251,718 China Construction Bank Corp., Class H ......... 212,666,760 257,078,054 China CSSC Holdings Ltd., Class A ............ 1,150,099 5,829,418 China Eastern Airlines Corp. Ltd., Class A (a) ....... 2,655,597 1,375,865 China Energy Engineering Corp. Ltd., Class A ..... 5,185,252 1,920,517 China Everbright Bank Co. Ltd., Class A ......... 6,715,603 2,968,231 China Feihe Ltd. (b)(c) ....................... 9,127,000 3,265,597 China Galaxy Securities Co. Ltd., Class A ........ 1,170,800 2,152,307 China Galaxy Securities Co. Ltd., Class H ........ 8,781,500 8,801,864 China Gas Holdings Ltd. .................... 6,920,800 4,996,530 China Gold International Resources Corp. Ltd. ..... 603,600 19,650,324 China Great Wall Securities Co. Ltd., Class A ...... 777,900 940,772 China Greatwall Technology Group Co. Ltd., Class A (a) 494,273 1,072,555 China Hongqiao Group Ltd. .................. 8,088,000 23,461,368 China International Capital Corp. Ltd., Class A ..... 392,600 2,028,141 China International Capital Corp. Ltd., Class H (b) .... 4,462,800 12,802,480 China Jushi Co. Ltd., Class A ................. 629,540 4,109,148 China Life Insurance Co. Ltd., Class A ........... 350,312 2,004,846 China Life Insurance Co. Ltd., Class H .......... 18,800,000 72,328,063 China Longyuan Power Group Corp. Ltd., Class H .. 6,397,000 4,428,156 China Mengniu Dairy Co. Ltd. ................ 7,369,000 17,003,778 China Merchants Bank Co. Ltd., Class A ......... 3,077,589 18,375,572 China Merchants Bank Co. Ltd., Class H ......... 9,574,467 62,078,666 China Merchants Energy Shipping Co. Ltd., Class A . 1,250,100 3,488,937 China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A ................. 775,700 1,133,842 China Merchants Port Holdings Co. Ltd. ......... 3,086,000 6,325,351 China Merchants Securities Co. Ltd., Class A ...... 1,208,579 3,363,213 China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A .......................... 1,316,090 1,278,420 China Minsheng Banking Corp. Ltd., Class A ...... 4,945,255 2,598,172 China Minsheng Banking Corp. Ltd., Class H ...... 16,028,548 7,107,274 China National Building Material Co. Ltd., Class H (c) .. 8,878,000 4,068,652 China National Chemical Engineering Co. Ltd., Class A 964,467 1,067,614 China National Nuclear Power Co. Ltd., Class A .... 2,896,500 3,833,138 China National Software & Service Co. Ltd., Class A (a) 126,407 636,949 China Nonferrous Mining Corp. Ltd. (c) ........... 3,421,000 7,192,431 China Northern Rare Earth Group High-Tech Co. Ltd., Class A .............................. 543,954 3,286,014 China Oilfield Services Ltd., Class H ............ 4,466,000 4,200,824 China Overseas Land & Investment Ltd. ......... 9,689,460 15,435,893 China Pacific Insurance Group Co. Ltd., Class A .... 1,088,607 5,175,966 China Pacific Insurance Group Co. Ltd., Class H .... 6,611,600 25,438,518 China Petroleum & Chemical Corp., Class A ....... 4,866,289 3,955,615 China Petroleum & Chemical Corp., Class H ...... 57,112,800 34,798,155 China Railway Group Ltd., Class A ............. 2,885,400 1,880,107 China Railway Group Ltd., Class H (c) ............ 10,428,000 4,574,693 China Rare Earth Resources And Technology Co. Ltd., Class A .............................. 162,900 1,502,605 China Resources Beer Holdings Co. Ltd. ......... 3,967,500 9,758,529 China Resources Gas Group Ltd. .............. 2,320,200 5,052,761

Security Shares Value a China (continued) China Resources Land Ltd. (c) ................. 7,256,833 $ 27,749,829 China Resources Microelectronics Ltd., Class A .... 199,860 1,823,187 China Resources Mixc Lifestyle Services Ltd. (b) ..... 1,674,800 8,333,846 China Resources Power Holdings Co. Ltd. (c) ....... 5,100,999 12,186,706 China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A .......................... 187,782 684,851 China Shenhua Energy Co. Ltd., Class A ......... 850,639 6,179,013 China Shenhua Energy Co. Ltd., Class H ......... 8,526,000 50,356,730 China Southern Airlines Co. Ltd., Class A (a) ........ 1,603,300 1,192,894 China State Construction Engineering Corp. Ltd., Class A .................................. 6,048,971 3,897,750 China Taiping Insurance Holdings Co. Ltd. ........ 3,665,460 9,867,150 China Three Gorges Renewables Group Co. Ltd., Class A .................................. 3,721,125 2,054,648 China Tourism Group Duty Free Corp. Ltd., Class A .. 286,532 2,237,116 China Tower Corp. Ltd., Class H (b) .............. 11,039,200 12,833,770 China Tungsten And Hightech Materials Co. Ltd., Class A .................................. 351,800 3,437,138 China United Network Communications Ltd., Class A . 4,398,200 2,814,301 China XD Electric Co. Ltd., Class A ............. 784,800 1,476,787 China Yangtze Power Co. Ltd., Class A .......... 3,634,515 15,196,560 China Zheshang Bank Co. Ltd., Class A .......... 3,065,830 1,323,406 Chongqing Afari Technology Co. Ltd., Class A (a) .... 662,600 818,527 Chongqing Changan Automobile Co. Ltd., Class A ... 1,062,617 1,118,106 Chongqing Polycomp International Corp., Class A ... 479,700 2,213,495 Chongqing Rural Commercial Bank Co. Ltd., Class A . 1,066,100 1,079,068 Chongqing Rural Commercial Bank Co. Ltd., Class H 5,956,000 4,967,765 Chow Tai Fook Jewellery Group Ltd. ............ 3,996,400 6,579,597 CICT Mobile Communication Technology Co. Ltd., Class A (a) ............................. 533,069 1,093,115 CITIC Ltd. .............................. 10,999,000 18,402,248 Citic Pacific Special Steel Group Co. Ltd., Class A ... 519,800 1,063,332 CITIC Securities Co. Ltd., Class A .............. 1,865,193 7,713,678 CITIC Securities Co. Ltd., Class H ............. 3,375,100 11,757,896 CMOC Group Ltd., Class A .................. 2,719,798 7,690,290 CMOC Group Ltd., Class H .................. 9,075,000 19,335,983 CNGR Advanced Material Co. Ltd., Class A ....... 138,555 822,562 CNPC Capital Co. Ltd., Class A ............... 1,198,400 1,302,752 Contemporary Amperex Technology Co. Ltd., Class A 670,134 36,222,024 Contemporary Amperex Technology Co. Ltd., Class H 442,700 33,662,589 COSCO SHIPPING Energy Transportation Co. Ltd., Class A .............................. 556,500 1,592,082 COSCO SHIPPING Energy Transportation Co. Ltd., Class H ............................. 3,132,000 6,648,825 COSCO SHIPPING Holdings Co. Ltd., Class A ..... 1,802,764 4,560,933 COSCO SHIPPING Holdings Co. Ltd., Class H ..... 6,145,849 13,488,626 CRRC Corp. Ltd., Class A ................... 3,263,000 3,019,912 CRRC Corp. Ltd., Class H ................... 11,027,000 7,507,557 CSC Financial Co. Ltd., Class A ............... 715,533 2,724,959 CSI Solar Co. Ltd., Class A .................. 552,541 747,420 CSPC Innovation Pharmaceutical Co. Ltd., Class A (a) . 187,320 1,231,008 CSPC Pharmaceutical Group Ltd. .............. 20,208,479 23,747,784 Daqin Railway Co. Ltd., Class A ............... 2,820,100 1,998,106 Datang International Power Generation Co. Ltd., Class A .................................. 1,621,800 1,409,461 Dazhong Mining Co. Ltd., Class A .............. 238,900 1,001,361 Delton Technology Guangzhou, Inc., Class A ...... 62,100 1,500,767 Dongfang Electric Corp. Ltd., Class A ........... 469,800 1,797,242 Dongxing Securities Co. Ltd., Class A ........... 782,597 1,638,069 Dosilicon Co. Ltd., Class A (a) ................. 66,200 1,178,526 East Money Information Co. Ltd., Class A ......... 2,441,898 7,041,445 Eastroc Beverage Group Co. Ltd., Class A ........ 106,140 1,895,255 Ecovacs Robotics Co. Ltd., Class A ............. 80,653 631,695 Empyrean Technology Co. Ltd., Class A .......... 85,200 1,263,085

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Schedule of Investments (continued) August 31, 2026

iShares ® ® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

12 2026 i S h a r e s A n n u a l F i n a n c i a l S t a t e m e n t s a n d NM1 A 26 d d i t i o n a l U-6054645- I 2 n 4 f 8 o r m a t i o n

Security Shares Value a China (continued) ENN Energy Holdings Ltd. ................... 1,872,300 $ 11,845,207 ENN Natural Gas Co. Ltd., Class A ............. 366,100 997,077 Eoptolink Technology, Inc. Ltd., Class A .......... 214,516 12,855,000 Eve Energy Co. Ltd., Class A ................. 311,053 2,439,407 Everbright Securities Co. Ltd., Class A ........... 754,983 1,653,220 EverProX Technologies Co. Ltd., Class A ......... 49,100 1,539,996 Far East Horizon Ltd. (c) ..................... 5,979,000 5,382,234 Fiberhome Telecommunication Technologies Co. Ltd., Class A .............................. 221,100 1,397,060 Focus Media Information Technology Co. Ltd., Class A 2,070,567 1,530,955 Foshan Haitian Flavouring & Food Co. Ltd., Class A . 679,955 3,402,756 Founder Securities Co. Ltd., Class A ............ 2,029,648 2,077,187 Founder Technology Group Corp., Class A (a) ....... 676,600 1,287,625 Foxconn Industrial Internet Co. Ltd., Class A ....... 1,622,197 15,660,252 Full Truck Alliance Co. Ltd., ADR .............. 1,776,278 15,045,075 Fuyao Glass Industry Group Co. Ltd., Class A ...... 315,372 2,652,489 Fuyao Glass Industry Group Co. Ltd., Class H (b) .... 1,487,200 10,399,384 Ganfeng Lithium Group Co. Ltd., Class A ......... 258,473 2,069,859 Ganfeng Lithium Group Co. Ltd., Class H (b) ....... 1,206,600 6,270,861 GD Power Development Co. Ltd., Class A ........ 2,753,569 2,122,818 GDS Holdings Ltd., Class A (a) ................. 2,737,000 10,944,329 Geely Automobile Holdings Ltd. ............... 16,443,000 36,819,881 GEM Co. Ltd., Class A ..................... 752,500 730,033 Genscript Biotech Corp. (a) ................... 3,020,000 13,034,289 GF Securities Co. Ltd., Class A ............... 996,494 3,233,471 GF Securities Co. Ltd., Class H ............... 2,600,800 6,151,712 Giant Biogene Holding Co. Ltd. (b)(c) ............. 1,077,200 3,534,205 Giant Network Group Co. Ltd., Class A .......... 299,800 1,224,112 GigaDevice Semiconductor, Inc., Class A ......... 101,894 6,144,408 GoerTek, Inc., Class A ..................... 492,800 1,775,804 Goldenmax International Group Ltd., Class A ...... 115,200 1,298,919 Goldwind Science & Technology Co. Ltd., Class A ... 526,866 1,436,111 Gotion High-tech Co. Ltd., Class A ............. 264,523 1,050,520 Grace Fabric Technology Co. Ltd., Class A ........ 75,100 1,649,401 Great Wall Motor Co. Ltd., Class H ............. 5,815,500 5,853,746 Gree Electric Appliances, Inc. of Zhuhai, Class A .... 380,400 2,205,472 Guangdong Dtech Technology Co. Ltd., Class A .... 37,900 2,368,595 Guangdong Fenghua Advanced Technology Holding Co. Ltd., Class A ....................... 179,600 1,493,860 Guangdong Haid Group Co. Ltd., Class A ........ 244,727 1,683,494 Guangdong HEC Technology Holding Co. Ltd., Class A (a) ................................. 466,600 2,297,833 Guangdong Investment Ltd. .................. 7,112,110 8,024,201 Guangdong Songfa Ceramics Co. Ltd., Class A (a) ... 48,500 1,402,184 Guangzhou Guanggang Gases & Energy Co. Ltd., Class A .............................. 165,514 828,284 Guangzhou Tinci Materials Technology Co. Ltd., Class A .................................. 310,000 1,679,645 Guobo Electronics Co. Ltd., Class A ............ 64,500 745,728 Guolian Minsheng Securities Co. Ltd., Class A ..... 1,028,760 1,359,117 Guosen Securities Co. Ltd., Class A ............ 1,092,351 1,665,495 Guotai Haitong Securities Co. Ltd. ............. 2,328,326 6,214,723 Guotai Haitong Securities Co. Ltd., Class H (b) ...... 5,752,480 11,139,311 Guoyuan Securities Co. Ltd., Class A ........... 916,400 1,051,125 H World Group Ltd., Class A, ADR ............. 466,639 22,081,357 Haidilao International Holding Ltd. (b) ............ 4,170,000 6,229,309 Haier Smart Home Co. Ltd., Class A ............ 947,641 2,987,030 Haier Smart Home Co. Ltd., Class A ............ 5,827,600 15,903,754 Hainan Airlines Holding Co. Ltd., Class A (a) ........ 6,587,300 1,272,723 Hainan Airport Infrastructure Co. Ltd., Class A ...... 1,827,800 750,521 Haisco Pharmaceutical Group Co. Ltd., Class A .... 132,900 1,322,112 Haitian International Holdings Ltd. ............. 1,542,000 3,549,731 Hangzhou Chang Chuan Technology Co. Ltd., Class A 97,900 4,059,558 Hangzhou First Applied Material Co. Ltd., Class A ... 413,306 940,327

Security Shares Value a China (continued) Hangzhou Silan Microelectronics Co. Ltd., Class A .. 230,900 $ 1,171,863 Hangzhou Tigermed Consulting Co. Ltd., Class A ... 54,700 429,669 Hansoh Pharmaceutical Group Co. Ltd. (b) ......... 3,166,000 14,222,979 Haohua Chemical Science & Technology Co. Ltd., Class A .............................. 171,300 1,351,644 Henan Shenhuo Coal Industry & Electricity Power Co. Ltd., Class A .......................... 366,200 1,498,268 Henan Shijia Photons Technology Co. Ltd., Class A .. 69,060 1,619,503 Henan Shuanghui Investment & Development Co. Ltd., Class A .............................. 466,900 1,672,117 Hengan International Group Co. Ltd. (c) ........... 1,484,500 4,179,311 Hengli Petrochemical Co. Ltd., Class A .......... 894,191 2,571,976 Hengtong Optic-electric Co. Ltd., Class A ......... 381,400 3,819,231 Hengyi Petrochemical Co. Ltd., Class A .......... 453,800 1,318,534 Hgtech Co. Ltd., Class A .................... 160,200 2,493,818 Hithink RoyalFlush Information Network Co. Ltd., Class A .................................. 119,000 4,055,209 Horizon Robotics, Class B (a)(c) ................. 17,726,400 10,632,444 Hoshine Silicon Industry Co. Ltd., Class A (a) ....... 130,400 673,830 Hua Hong Grace Semiconductor Ltd. (a)(b) ......... 1,843,000 28,798,695 Hua Hong Grace Semiconductor Ltd., Class A (a) .... 67,304 2,558,732 Huadian Power International Corp. Ltd., Class A .... 1,467,800 1,002,650 Huadong Medicine Co. Ltd., Class A ............ 222,805 904,194 Huafon Chemical Co. Ltd., Class A ............. 792,400 1,399,875 Huaneng Power International, Inc., Class A ....... 1,174,300 1,167,126 Huaneng Power International, Inc., Class H (c) ...... 10,616,000 7,477,325 Huaqin Co. Ltd., Class A .................... 184,580 2,241,705 Huatai Securities Co. Ltd., Class A ............. 1,282,109 3,703,118 Huatai Securities Co. Ltd., Class H (b) ............ 3,252,000 7,315,337 Huaxia Bank Co. Ltd., Class A ................ 1,883,660 1,746,778 Huayu Automotive Systems Co. Ltd., Class A ...... 455,168 1,046,130 Hubei Dinglong Co. Ltd., Class A .............. 142,900 1,546,796 Hubei Feilihua Quartz Glass Co. Ltd., Class A (a) .... 77,700 1,103,248 Huizhou Desay Sv Automotive Co. Ltd., Class A .... 86,100 1,132,621 Hunan Yuneng New Energy Battery Material Co. Ltd., Class A .............................. 128,600 1,185,370 Hundsun Technologies, Inc., Class A ............ 286,944 938,478 Hwatsing Technology Co. Ltd., Class A .......... 76,695 2,972,593 Hygon Information Technology Co. Ltd., Class A .... 354,142 13,350,446 IEIT Systems Co. Ltd., Class A ................ 224,790 2,851,590 Iflytek Co. Ltd., Class A ..................... 340,619 2,040,412 Imeik Technology Development Co. Ltd., Class A ... 37,660 520,438 Industrial & Commercial Bank of China Ltd., Class A . 9,656,562 11,601,831 Industrial & Commercial Bank of China Ltd., Class H . 164,404,085 158,344,752 Industrial Bank Co. Ltd., Class A ............... 3,107,542 8,111,840 Industrial Securities Co. Ltd., Class A ........... 1,712,576 1,508,121 Ingenic Semiconductor Co. Ltd., Class A ......... 75,800 1,575,504 Inner Mongolia BaoTou Steel Union Co. Ltd., Class A (a) 7,048,000 2,357,498 Inner Mongolia Dian Tou Energy Corp. Ltd., Class A . 398,200 1,744,323 Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A ................... 1,275,500 908,910 Inner Mongolia Xingye Silver&Tin Mining Co. Ltd., Class A .............................. 288,500 1,711,524 Inner Mongolia Yili Industrial Group Co. Ltd., Class A . 899,970 3,548,630 Inner Mongolia Yitai Coal Co. Ltd., Class B ....... 2,243,300 7,471,160 Innovent Biologics, Inc. (a)(b) ................... 3,643,500 48,057,284 Isoftstone Information Technology Group Co. Ltd., Class A .............................. 160,425 900,795 J&T Global Express Ltd. (a) ................... 5,674,200 7,022,732 JCET Group Co. Ltd., Class A ................ 276,400 3,110,122 JD Health International, Inc. (a)(b)(c) .............. 2,686,950 12,438,276 JD Logistics, Inc. (a)(b) ....................... 4,318,000 6,051,287 JD.com, Inc., Class A ...................... 5,780,154 81,729,532 Jiangsu Eastern Shenghong Co. Ltd., Class A (a) .... 1,014,500 2,204,713

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iShares ® Schedule of Investments ® MSCI Emerging Markets ETF (continued) August 31, 2026 (Percentages shown are based on Net Assets)

S c h e d u l e o f I n v e s t m e n t s 13

Security Shares Value a China (continued) Jiangsu Etern Co. Ltd., Class A ............... 227,200 $ 1,359,647 Jiangsu Hengli Hydraulic Co. Ltd., Class A ........ 206,588 3,148,015 Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A .. 956,141 6,555,496 Jiangsu Yanghe Distillery Co. Ltd., Class A ........ 208,542 1,199,283 Jiangsu Yoke Technology Co. Ltd., Class A ........ 71,500 1,515,206 Jiangsu Zhongtian Technology Co. Ltd., Class A .... 526,524 2,757,791 Jiangxi Copper Co. Ltd., Class A .............. 320,400 2,306,938 Jiangxi Copper Co. Ltd., Class H .............. 2,627,000 12,478,514 Jinduicheng Molybdenum Co. Ltd., Class A ....... 474,900 1,595,482 Jinko Solar Co. Ltd., Class A (a) ................ 1,532,258 936,029 Jiujiang Defu Technology Co. Ltd., Class A ........ 95,100 1,381,443 JoulWatt Technology Co. Ltd., Class A (a) ......... 63,867 1,190,507 Kanzhun Ltd., ADR ....................... 932,199 16,182,975 KE Holdings, Inc., Class A (c) .................. 5,086,624 29,298,507 Kingboard Holdings Ltd. .................... 1,793,000 12,356,449 Kingboard Laminates Holdings Ltd. ............. 2,975,000 17,528,274 Kingfa Sci & Tech Co. Ltd., Class A ............. 367,600 768,339 Kingnet Network Co. Ltd., Class A ............. 334,400 853,482 Kingsemi Co. Ltd., Class A .................. 29,100 1,602,661 Kingsoft Corp. Ltd. (c) ....................... 2,371,200 7,494,010 Konfoong Materials International Co. Ltd., Class A ... 43,200 1,569,506 Kuaishou Technology, Class B (b) ............... 7,140,400 30,388,359 Kuang-Chi Technologies Co. Ltd., Class A ........ 314,600 1,337,360 Kunlun Energy Co. Ltd. ..................... 9,404,000 9,283,516 Kunlun Tech Co. Ltd., Class A (a) ............... 188,300 1,230,173 Kweichow Moutai Co. Ltd., Class A ............. 189,687 36,691,681 Laopu Gold Co. Ltd., Class H (c) ................ 99,700 5,013,107 LB Group Co. Ltd., Class A .................. 293,600 708,164 Leader Harmonious Drive Systems Co. Ltd., Class A . 25,141 1,124,500 Legend Biotech Corp., Class A, ADR (a)(c) ......... 186,106 3,867,283 Lenovo Group Ltd. ........................ 18,840,000 72,181,728 Lens Technology Co. Ltd., Class A ............. 749,900 4,339,419 Li Auto, Inc., Class A (a)(c) .................... 2,994,490 18,058,258 Li Ning Co. Ltd. .......................... 5,872,000 10,180,438 Lingyi iTech Guangdong Co., Class A ........... 1,123,480 2,135,501 Longfor Group Holdings Ltd. (b)(c) ............... 5,310,000 4,246,725 LONGi Green Energy Technology Co. Ltd., Class A (a) . 1,110,671 1,994,076 Loongson Technology Corp. Ltd., Class A (a) ....... 55,803 895,704 Luxshare Precision Industry Co. Ltd., Class A ...... 1,119,786 9,574,750 Luzhou Laojiao Co. Ltd., Class A .............. 218,589 2,505,677 Maxscend Microelectronics Co. Ltd., Class A (a) ..... 80,644 946,815 Meituan, Class B (a)(b) ....................... 12,730,900 127,363,794 Metallurgical Corp. of China Ltd., Class A (a) ....... 2,939,590 1,119,408 Midea Group Co. Ltd., Class A ................ 644,100 8,413,128 Midea Group Co. Ltd., Class H (c) ............... 1,273,700 16,434,795 MINISO Group Holding Ltd. .................. 1,167,880 2,741,190 MMG Ltd. (a) ............................. 12,069,600 14,132,404 Montage Technology Co. Ltd., Class A ........... 176,380 5,365,186 Muyuan Foods Group Co. Ltd., Class A .......... 792,939 4,993,785 Nantong Jianghai Capacitor Co. Ltd., Class A ...... 133,200 1,257,015 Nanya New Material Technology Co. Ltd., Class A ... 33,345 1,576,420 NARI Technology Co. Ltd., Class A ............. 1,199,254 4,097,993 National Silicon Industry Group Co. Ltd., Class A (a) .. 502,130 1,843,381 NAURA Technology Group Co. Ltd., Class A ....... 110,685 11,522,584 NetEase, Inc. ........................... 4,433,750 108,048,401 New China Life Insurance Co. Ltd., Class A ....... 362,502 3,240,564 New China Life Insurance Co. Ltd., Class H ....... 2,339,800 13,805,936 New Hope Liuhe Co. Ltd., Class A (a) ............ 520,097 549,508 New Oriental Education & Technology Group, Inc. ... 3,242,600 18,742,814 Nexchip Semiconductor Corp., Class A (a) ......... 296,754 1,709,028 Ningbo Deye Technology Corp., Class A ......... 196,475 2,572,995 Ningbo Orient Wires & Cables Co. Ltd., Class A .... 127,660 642,586 Ningbo Tuopu Group Co. Ltd., Class A .......... 262,405 1,839,390 Ningxia Baofeng Energy Group Co. Ltd., Class A ... 1,106,400 4,069,230

Security Shares Value a China (continued) NIO, Inc., Class A (a)(c) ...................... 4,430,705 $ 18,953,888 Nongfu Spring Co. Ltd., Class H (b) .............. 4,518,200 24,686,231 OmniVision Integrated Circuits Group, Inc. ........ 185,770 2,299,340 Orient Overseas International Ltd. ............. 319,000 6,381,047 Orient Securities Co. Ltd., Class A ............. 1,302,034 1,779,962 PDD Holdings, Inc., ADR (a) .................. 1,304,661 109,591,524 People's Insurance Co. Group of China Ltd. (The), Class A .............................. 1,301,600 1,441,549 People's Insurance Co. Group of China Ltd. (The), Class H ............................. 21,965,000 15,978,708 Peric Special Gases Co. Ltd., Class A ........... 57,245 2,214,918 PetroChina Co. Ltd., Class A ................. 3,788,000 6,442,258 PetroChina Co. Ltd., Class H ................. 53,218,000 68,970,243 Pharmaron Beijing Co. Ltd., Class A ............ 241,100 1,553,533 PICC Property & Casualty Co. Ltd., Class H ....... 17,167,192 37,183,192 Ping An Bank Co. Ltd., Class A ................ 2,924,467 5,100,868 Ping An Insurance Group Co. of China Ltd., Class A . 1,536,084 12,747,352 Ping An Insurance Group Co. of China Ltd., Class H . 15,693,000 112,558,932 Piotech, Inc., Class A ...................... 45,009 4,531,878 Poly Developments and Holdings Group Co. Ltd., Class A .................................. 1,710,184 1,264,526 Pop Mart International Group Ltd. (b)(c) ............ 1,268,400 25,177,170 Postal Savings Bank of China Co. Ltd., Class A ..... 4,452,200 3,485,840 Postal Savings Bank of China Co. Ltd., Class H (b) ... 21,237,000 14,339,295 Power Construction Corp. of China Ltd., Class A .... 2,584,900 1,772,662 Puya Semiconductor Shanghai Co. Ltd., Class A .... 21,579 1,332,989 Qinghai Salt Lake Industry Co. Ltd., Class A (a) ...... 828,500 3,469,518 QuantumCTek Co. Ltd., Class A ............... 16,106 916,356 Range Intelligent Computing Technology Group Co. Ltd., Class A .......................... 248,638 2,443,385 Raytron Technology Co. Ltd., Class A ........... 73,698 2,027,049 Remegen Co. Ltd., Class A (a) ................. 59,640 1,080,432 Remegen Co. Ltd., Class H (a)(b) ................ 467,500 4,797,684 RoboTechnik Intelligent Technology Co. Ltd., Class A (a) 25,500 2,156,221 Rockchip Electronics Co. Ltd., Class A .......... 64,500 1,865,295 Rongsheng Petrochemical Co. Ltd., Class A ....... 1,322,558 2,921,431 SAIC Motor Corp. Ltd., Class A ............... 1,166,306 1,803,822 Sailun Group Co. Ltd., Class A ................ 490,600 1,109,346 Sanan Optoelectronics Co. Ltd., Class A (a) ........ 768,200 1,494,876 Sangfor Technologies, Inc., Class A ............ 63,600 1,270,052 Sany Heavy Industry Co. Ltd., Class A ........... 1,206,452 3,590,658 Satellite Chemical Co. Ltd., Class A ............ 489,384 2,075,558 SDIC Capital Co. Ltd., Class A ................ 1,423,600 1,380,849 SDIC Power Holdings Co. Ltd., Class A .......... 989,900 2,018,640 SenseTime Group, Inc., Class B (a)(b)(c) ........... 71,651,000 13,101,901 Seres Group Co. Ltd., Class A ................ 237,600 1,754,163 SF Holding Co. Ltd., Class A ................. 670,835 3,174,121 SG Micro Corp., Class A .................... 95,477 1,617,269 Shaanxi Coal Industry Co. Ltd., Class A .......... 1,454,401 5,983,925 Shandong Gold Mining Co. Ltd., Class A ......... 538,336 3,035,606 Shandong Gold Mining Co. Ltd., Class H (b) ........ 2,323,000 8,032,721 Shandong Himile Mechanical Science & Technology Co. Ltd., Class A ....................... 173,515 1,132,298 Shandong Hualu Hengsheng Chemical Co. Ltd., Class A .................................. 375,164 1,197,149 Shandong Nanshan Aluminum Co. Ltd., Class A .... 1,806,200 1,301,194 Shandong Sinocera Functional Material Co. Ltd., Class A .................................. 76,300 794,664 Shandong Sun Paper Industry JSC Ltd., Class A .... 376,000 834,045 Shanghai Allist Pharmaceuticals Co. Ltd., Class A ... 71,046 1,178,857 Shanghai Baosight Software Co. Ltd., Class A ..... 318,999 836,990 Shanghai BOCHU Electronic Technology Corp. Ltd., Class A .............................. 59,276 872,632 Shanghai Electric Group Co. Ltd., Class A ........ 1,963,191 1,941,245

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Schedule of Investments (continued) August 31, 2026

iShares ® ® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

14 2026 i S h a r e s A n n u a l F i n a n c i a l S t a t e m e n t s a n d NM1 A 26 d d i t i o n a l U-6054645- I 4 n 4 f 8 o r m a t i o n

Security Shares Value a China (continued) Shanghai Electric Power Co. Ltd., Class A ........ 419,900 $ 831,357 Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A .................................. 243,789 811,210 Shanghai International Airport Co. Ltd., Class A ..... 138,598 481,113 Shanghai Pharmaceuticals Holding Co. Ltd., Class A . 240,100 580,645 Shanghai Pudong Development Bank Co. Ltd., Class A 4,904,995 6,687,767 Shanghai Putailai New Energy Technology Group Co. Ltd. ................................ 311,366 1,088,735 Shanghai RAAS Blood Products Co. Ltd., Class A ... 765,900 555,269 Shanghai Rural Commercial Bank Co. Ltd., Class A .. 1,430,500 1,895,205 Shanghai Stonehill Technology Co. Ltd., Class A .... 843,600 809,681 Shanghai United Imaging Healthcare Co. Ltd., Class A 118,259 1,838,118 Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A .......................... 232,900 1,047,646 Shanjin International Gold Co. Ltd., Class A ....... 430,000 1,682,072 Shannon Semiconductor Technology Co. Ltd., Class A 75,100 1,992,919 Shanxi Coking Coal Energy Group Co. Ltd., Class A . 875,000 967,061 Shanxi Lu'an Environmental Energy Development Co. Ltd., Class A .......................... 447,900 1,197,575 Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A 184,800 3,211,760 Sharetronic Data Technology Co. Ltd., Class A ..... 76,340 2,996,235 Shenergy Co. Ltd., Class A .................. 657,500 841,367 Shengyi Electronics Co. Ltd., Class A ........... 106,413 2,036,042 Shengyi Technology Co. Ltd., Class A ........... 370,800 8,442,505 Shennan Circuits Co. Ltd., Class A ............. 106,082 5,814,330 Shenwan Hongyuan Group Co. Ltd., Class A ...... 3,537,370 2,404,806 Shenyang Fortune Precision Equipment Co. Ltd., Class A (a) ................................. 43,681 1,328,517 Shenzhen Envicool Technology Co. Ltd., Class A ... 195,480 1,980,018 Shenzhen Everwin Precision Technology Co. Ltd., Class A .............................. 208,500 766,646 Shenzhen Fastprint Circuit Tech Co. Ltd., Class A ... 246,700 1,322,328 Shenzhen Inovance Technology Co. Ltd., Class A ... 192,997 1,775,528 Shenzhen Kaifa Technology Co. Ltd., Class A ...... 229,300 1,288,110 Shenzhen Kedali Industry Co. Ltd., Class A ....... 41,100 1,083,836 Shenzhen Kinwong Electronic Co. Ltd., Class A .... 158,600 2,271,529 Shenzhen Longsys Electronics Co. Ltd., Class A .... 66,400 3,764,009 Shenzhen Megmeet Electrical Co. Ltd., Class A .... 92,200 1,787,800 Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A .............................. 175,132 4,311,371 Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A .......................... 117,700 874,751 Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A 155,700 740,572 Shenzhen Sunway Communication Co. Ltd., Class A . 151,400 1,381,032 Shenzhen Techwinsemi Technology Co. Ltd., Class A 33,800 2,191,793 Shenzhen Transsion Holdings Co. Ltd., Class A .... 175,523 1,493,796 Shenzhou International Group Holdings Ltd. (c) ...... 2,070,300 9,238,305 Sichuan Biokin Pharmaceutical Co. Ltd., Class A (a) .. 40,646 1,615,778 Sichuan Changhong Electric Co. Ltd., Class A ..... 664,400 689,364 Sichuan Chuantou Energy Co. Ltd., Class A ....... 642,860 1,487,969 Sichuan Huafeng Technology Co. Ltd., Class A (a) .... 71,942 1,456,019 Sichuan Kelun Pharmaceutical Co. Ltd., Class A .... 242,478 1,466,641 Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd., Class H (a) ............................ 151,800 9,605,510 Sichuan Road and Bridge Group Co. Ltd., Class A ... 952,580 1,284,255 Sino Biopharmaceutical Ltd. ................. 25,040,750 17,361,411 Sinoma Science & Technology Co. Ltd., Class A .... 264,300 2,096,576 Sinomine Resource Group Co. Ltd., Class A ....... 104,600 838,196 Sinopharm Group Co. Ltd., Class H ............ 3,312,800 6,527,666 Sinotruk Hong Kong Ltd. .................... 2,058,000 10,536,190 Skyverse Technology Co. Ltd., Class A (a) ......... 54,211 2,949,780 Smoore International Holdings Ltd. (b)(c) ........... 4,758,000 6,376,986 SooChow Securities Co. Ltd., Class A ........... 920,500 1,163,964 Spring Airlines Co. Ltd., Class A ............... 139,300 901,556 Sungrow Power Supply Co. Ltd., Class A ......... 316,880 4,309,274

Security Shares Value a China (continued) Sunny Optical Technology Group Co. Ltd. (c) ....... 1,635,600 $ 14,783,025 Sunwoda Electronic Co. Ltd., Class A ........... 281,400 728,738 SUPCON Technology Co. Ltd., Class A .......... 116,677 1,695,723 Suzhou Centec Communications Co. Ltd., Class A (a) . 52,934 3,066,715 Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A (a) ............................. 280,000 8,238,900 Suzhou Everbright Photonics Co. Ltd., Class A (a) .... 28,283 1,237,557 Suzhou Maxwell Technologies Co. Ltd., Class A .... 40,200 1,330,673 Suzhou TFC Optical Communication Co. Ltd., Class A 168,444 6,614,638 TAL Education Group, ADR (a) ................. 723,442 8,493,209 TBEA Co. Ltd., Class A ..................... 789,080 2,244,618 TCL Technology Group Corp., Class A ........... 3,087,930 2,337,872 TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A (a) ......................... 427,116 603,798 Tencent Holdings Ltd. ...................... 15,509,800 890,808,033 Tencent Music Entertainment Group, ADR ........ 1,459,194 12,067,534 Tianfeng Securities Co. Ltd., Class A (a) .......... 1,702,900 975,306 Tianqi Lithium Corp., Class A (a) ................ 221,500 1,642,569 Tianshan Aluminum Group Co. Ltd., Class A ....... 693,800 1,364,345 Tianshui Huatian Technology Co. Ltd., Class A ..... 480,700 1,217,285 Tingyi Cayman Islands Holding Corp. ........... 4,822,000 7,835,686 Tongcheng Travel Holdings Ltd. (b) .............. 3,171,600 4,860,956 TongFu Microelectronics Co. Ltd., Class A ........ 230,200 2,207,591 Tongkun Group Co. Ltd. .................... 308,500 1,270,148 Tongling Nonferrous Metals Group Co. Ltd., Class A . 1,939,600 1,924,444 Tongwei Co. Ltd., Class A (a) .................. 667,184 1,149,820 Trip.com Group Ltd. (a) ...................... 1,480,112 66,437,749 Tsingtao Brewery Co. Ltd., Class A ............. 137,515 1,037,691 Tsingtao Brewery Co. Ltd., Class H ............. 1,462,000 7,586,233 UBTech Robotics Corp. Ltd., Class H (a)(c) ......... 662,750 7,141,911 Unigroup Guoxin Microelectronics Co. Ltd., Class A .. 122,939 1,167,037 Unisplendour Corp. Ltd., Class A .............. 435,816 2,521,811 United Nova Technology Co. Ltd., Class A (a) ....... 1,186,438 1,546,148 Universal Scientific Industrial Shanghai Co. Ltd., Class A .................................. 302,100 1,216,711 Verisilicon Microelectronics Shanghai Co. Ltd., Class A (a) ................................. 78,608 2,336,048 Victory Giant Technology Huizhou Co. Ltd., Class A .. 133,000 4,802,384 Vipshop Holdings Ltd., ADR .................. 690,398 9,044,214 Wanhua Chemical Group Co. Ltd., Class A ........ 452,091 5,129,474 Want Want China Holdings Ltd. ............... 11,471,000 4,500,038 Wanxiang Qianchao Co. Ltd., Class A ........... 485,400 812,639 Weichai Power Co. Ltd., Class A ............... 1,162,444 4,689,048 Weichai Power Co. Ltd., Class H .............. 4,792,800 19,360,766 Wens Foodstuff Group Co. Ltd., Class A ......... 983,570 2,089,182 Western Mining Co. Ltd., Class A .............. 366,900 2,145,527 Western Superconducting Technologies Co. Ltd., Class A .................................. 97,807 726,121 Wintime Energy Group Co. Ltd., Class A (a) ........ 3,375,300 788,261 Wolong Electric Group Co. Ltd., Class A ......... 229,000 1,003,215 Wuhan Guide Infrared Co. Ltd., Class A (a) ........ 692,832 1,336,085 Wuhan Jingce Electronic Group Co. Ltd. ......... 42,200 1,362,571 Wuliangye Yibin Co. Ltd., Class A .............. 575,228 6,100,022 WUS Printed Circuit Kunshan Co. Ltd., Class A ..... 296,787 5,505,850 WuXi AppTec Co. Ltd., Class A ................ 377,729 8,701,420 WuXi AppTec Co. Ltd., Class H (b) .............. 1,002,370 24,139,686 Wuxi Biologics Cayman, Inc. (a)(b) ............... 8,909,000 55,254,061 WuXi XDC Cayman, Inc. (a) ................... 948,500 8,428,003 XCMG Construction Machinery Co. Ltd., Class A .... 1,800,869 2,113,393 Xiamen Tungsten Co. Ltd., Class A ............. 249,100 1,994,590 Xiaomi Corp., Class B (a)(b) ................... 43,155,000 151,491,457 XPeng, Inc., Class A (a)(c) .................... 3,165,676 17,991,192 XtalPi Holdings Ltd. (a)(c) ..................... 6,870,000 6,501,223 Yadea Group Holdings Ltd. (b) ................. 2,982,000 3,560,847

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S c h e d u l e o f I n v e s t m e n t s 15

Security Shares Value a China (continued) Yangtze Optical Fibre & Cable Joint Stock Ltd. Co., Class A .............................. 50,800 $ 3,167,598 Yangtze Optical Fibre & Cable Joint Stock Ltd. Co., Class H (b) ............................ 1,011,500 21,392,743 Yankuang Energy Group Co. Ltd., Class A ........ 916,030 3,223,778 Yankuang Energy Group Co. Ltd., Class H ........ 8,050,660 14,353,405 Yantai Jereh Oilfield Services Group Co. Ltd., Class A 159,198 3,081,027 Yealink Network Technology Corp. Ltd., Class A .... 182,142 1,122,091 Yonyou Network Technology Co. Ltd., Class A (a) .... 489,651 748,996 YTO Express Group Co. Ltd., Class A ........... 529,800 1,335,191 Yuanjie Semiconductor Technology Co. Ltd., Class A . 19,199 4,376,779 Yum China Holdings, Inc. ................... 831,160 37,196,488 Yunnan Aluminium Co. Ltd., Class A ............ 572,200 2,309,513 Yunnan Baiyao Group Co. Ltd., Class A .......... 190,582 1,430,030 Yunnan Energy New Material Group Co. Ltd., Class A (a) 148,500 1,177,120 Yunnan Tin Co. Ltd., Class A ................. 249,300 1,338,396 Yunnan Yuntianhua Co. Ltd., Class A ........... 275,400 1,287,773 Yutong Bus Co. Ltd., Class A ................. 341,400 1,513,844 Z.AI Co. Ltd. (a) ........................... 126,200 19,099,196 Zangge Mining Co. Ltd., Class A ............... 243,210 2,829,553 Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A .............................. 87,164 1,584,552 Zhaojin Mining Industry Co. Ltd., Class H ......... 4,178,000 12,270,501 Zhejiang Century Huatong Group Co. Ltd., Class A .. 1,165,200 2,448,842 Zhejiang China Commodities City Group Co. Ltd., Class A .............................. 804,100 1,492,030 Zhejiang Chint Electrics Co. Ltd., Class A ......... 321,923 1,229,166 Zhejiang Dahua Technology Co. Ltd., Class A ...... 522,284 1,275,136 Zhejiang Huayou Cobalt Co. Ltd., Class A ........ 277,915 1,633,217 Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A .............................. 193,284 1,240,567 Zhejiang Juhua Co. Ltd., Class A .............. 419,300 2,530,463 Zhejiang Leapmotor Technology Co. Ltd., Class H (a)(b)(c) 1,304,100 6,096,180 Zhejiang Longsheng Group Co. Ltd., Class A ...... 478,100 905,945 Zhejiang NHU Co. Ltd., Class A ............... 458,287 1,843,189 Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A 282,800 1,525,402 Zhejiang Zheneng Electric Power Co. Ltd., Class A .. 1,461,100 1,060,630 Zheshang Securities Co. Ltd., Class A ........... 1,149,700 1,606,005 Zhongji Innolight Co. Ltd., Class A ............. 170,366 21,657,861 Zhongjin Gold Corp. Ltd., Class A .............. 748,900 2,857,651 Zhongtai Securities Co. Ltd., Class A ............ 1,629,000 1,378,837 Zhuzhou CRRC Times Electric Co. Ltd., Class H .... 1,210,800 4,870,659 Zijin Mining Group Co. Ltd., Class A ............ 3,132,700 15,691,388 Zijin Mining Group Co. Ltd., Class H ............ 15,110,000 70,456,068 Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A .......................... 1,088,254 1,082,746 ZTE Corp., Class A ....................... 598,900 3,045,538 ZTE Corp., Class H (c) ...................... 1,893,600 5,732,360 ZTO Express Cayman, Inc. .................. 971,584 20,634,979 6,395,050,134 a Colombia — 0.1% Grupo Cibest SA ......................... 615,344 16,222,141 Interconexion Electrica SA ESP ............... 1,130,515 10,006,947 26,229,088 a Czech Republic — 0.1% CEZ A.S. .............................. 311,198 20,645,699 Komercni Banka A.S. ...................... 188,745 9,644,945 Moneta Money Bank A.S. (b) .................. 677,915 6,355,117 36,645,761 a Egypt — 0.1% Commercial International Bank - Egypt (CIB) ...... 6,000,243 16,086,127 Eastern Co. SAE ......................... 3,326,260 2,343,043

Security Shares Value a Egypt (continued) Talaat Moustafa Group ..................... 1,724,561 $ 3,288,923 21,718,093 a Greece — 0.6% Allwyn AG (c) ............................ 418,932 6,567,491 Alpha Bank SA .......................... 4,028,465 21,365,914 Eurobank SA ............................ 6,208,650 32,933,079 FF Group (a)(d) ............................ 246,892 3 GEK TERNA SA ......................... 182,462 9,858,722 Hellenic Telecommunications Organization SA ..... 353,371 8,109,618 JUMBO SA ............................. 277,960 8,377,053 Motor Oil Hellas Corinth Refineries SA .......... 131,827 9,210,383 National Bank of Greece SA ................. 2,080,955 40,669,199 Piraeus Bank SA (a) ........................ 2,698,239 32,103,499 Public Power Corp. SA ..................... 671,187 18,654,869 187,849,830 a Hong Kong — 0.1% Zijin Gold International Co. Ltd. ............... 883,300 17,018,813 a Hungary — 0.3% MOL Hungarian Oil & Gas PLC (a) .............. 926,298 14,889,831 OTP Bank Nyrt .......................... 547,720 78,780,025 Richter Gedeon Nyrt ....................... 336,761 14,038,022 107,707,878 a India — 11.4% ABB India Ltd. ........................... 117,555 9,421,485 Adani Energy Solutions Ltd. (a) ................ 506,050 7,523,838 Adani Enterprises Ltd. ..................... 625,858 18,767,092 Adani Ports & Special Economic Zone Ltd. ........ 1,394,592 23,306,793 Adani Power Ltd. (a) ........................ 8,166,184 16,969,120 Aditya Birla Capital Ltd. (a) ................... 2,012,353 8,641,006 Alkem Laboratories Ltd. .................... 109,574 6,131,518 Ambuja Cements Ltd. ...................... 1,526,003 6,420,158 APL Apollo Tubes Ltd. (a) .................... 457,309 10,664,105 Apollo Hospitals Enterprise Ltd. ............... 261,272 24,398,072 Ashok Leyland Ltd. ....................... 7,079,608 13,040,833 Asian Paints Ltd. ......................... 973,918 27,070,805 Astral Ltd. .............................. 4,776 76,285 AU Small Finance Bank Ltd. (b) ................ 1,405,180 16,017,124 Aurobindo Pharma Ltd. (a) .................... 676,878 12,193,862 Avenue Supermarts Ltd. (a)(b) .................. 378,779 15,501,562 Axis Bank Ltd. ........................... 5,486,865 74,800,449 Bajaj Auto Ltd. ........................... 169,439 21,591,306 Bajaj Finance Ltd. ........................ 6,311,285 69,975,981 Bajaj Finserv Ltd. ......................... 971,170 20,588,131 Bajaj Holdings & Investment Ltd. .............. 67,380 8,232,910 Bank of Baroda .......................... 2,648,638 6,629,112 Bharat Electronics Ltd. ..................... 8,808,212 38,309,357 Bharat Forge Ltd. ......................... 608,941 13,445,859 Bharat Heavy Electricals Ltd. ................. 3,089,500 14,340,933 Bharat Petroleum Corp. Ltd. ................. 4,113,215 13,980,471 Bharti Airtel Ltd. .......................... 7,042,453 133,867,006 Billionbrains Garage Ventures Ltd. (a)(b) ........... 3,442,196 6,924,784 Bosch Ltd. ............................. 17,655 9,274,123 Britannia Industries Ltd. .................... 275,874 15,203,444 BSE Ltd. .............................. 286,992 9,875,671 Canara Bank ............................ 4,696,547 6,247,845 CG Power & Industrial Solutions Ltd. ............ 1,628,903 15,657,836 Cholamandalam Investment and Finance Co. Ltd. ... 1,077,044 20,979,327 Cipla Ltd. .............................. 1,294,363 19,136,819 Coal India Ltd. ........................... 4,044,892 17,060,598 Colgate-Palmolive India Ltd. ................. 311,787 6,211,441 Coromandel International Ltd. ................ 300,618 6,015,560

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Schedule of Investments (continued) August 31, 2026

iShares ® ® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

16 2026 i S h a r e s A n n u a l F i n a n c i a l S t a t e m e n t s a n d NM1 A 26 d d i t i o n a l U-6054645- I 6 n 4 f 8 o r m a t i o n

Security Shares Value a India (continued) Cummins India Ltd. ....................... 342,051 $ 18,318,862 Dabur India Ltd. .......................... 1,125,202 4,499,771 Divi's Laboratories Ltd. ..................... 305,318 30,335,857 Dixon Technologies India Ltd. ................ 93,053 14,486,305 DLF Ltd. ............................... 1,596,684 11,568,571 Dr Reddy's Laboratories Ltd. ................. 1,277,968 15,566,995 Eicher Motors Ltd. ........................ 347,241 28,995,189 Eternal Ltd. (a) ............................ 11,898,246 40,934,760 Federal Bank Ltd. ........................ 4,705,413 17,602,943 Fortis Healthcare Ltd. ...................... 1,251,073 11,915,627 FSN E-Commerce Ventures Ltd. (a) ............. 3,134,169 11,484,407 GAIL India Ltd. .......................... 5,836,680 10,869,142 GE Vernova T&D India Ltd. .................. 330,204 15,407,080 GMR Airports Ltd. (a) ....................... 6,710,121 6,590,879 Godrej Consumer Products Ltd. ............... 981,077 9,278,623 Godrej Properties Ltd. ..................... 356,855 7,537,893 Grasim Industries Ltd. ...................... 693,660 24,531,631 Havells India Ltd. ......................... 520,956 6,801,862 HCL Technologies Ltd. ..................... 2,237,000 30,758,353 HDFC Asset Management Co. Ltd. (b) ............ 507,066 13,940,044 HDFC Bank Ltd. ......................... 28,795,327 213,920,421 HDFC Life Insurance Co. Ltd. (b) ............... 2,475,641 14,111,654 Hero MotoCorp Ltd. ....................... 303,484 17,348,502 Hindalco Industries Ltd. .................... 3,280,466 34,969,188 Hindustan Aeronautics Ltd. .................. 421,864 21,265,114 Hindustan Petroleum Corp. Ltd. ............... 2,417,279 9,271,432 Hindustan Unilever Ltd. ..................... 1,784,873 36,848,308 Hitachi Energy India Ltd. .................... 31,738 11,246,916 ICICI Bank Ltd. .......................... 13,191,153 200,935,911 ICICI Lombard General Insurance Co. Ltd. (b) ....... 627,686 10,321,877 ICICI Prudential Life Insurance Co. Ltd. (b) ......... 908,557 4,929,217 IDFC First Bank Ltd. ....................... 11,050,444 9,966,715 Indian Bank ............................ 704,598 6,638,171 Indian Hotels Co. Ltd. (The), Class A ............ 2,154,518 16,688,903 Indian Oil Corp. Ltd. ....................... 7,115,934 10,388,074 Indus Towers Ltd. ......................... 3,216,774 13,124,378 IndusInd Bank Ltd. ........................ 1,463,175 15,598,989 Info Edge India Ltd. ....................... 889,661 12,252,571 Infosys Ltd. ............................. 7,700,550 91,694,905 InterGlobe Aviation Ltd. (a)(b) .................. 480,875 26,373,368 ITC Ltd. ............................... 7,674,059 20,577,156 Jindal Stainless Ltd. ....................... 814,763 6,002,825 Jindal Steel Ltd. .......................... 908,865 11,374,715 Jio Financial Services Ltd. ................... 6,892,693 17,453,638 JSW Energy Ltd. ......................... 1,045,541 5,707,082 JSW Steel Ltd. .......................... 1,553,727 21,305,086 Kotak Mahindra Bank Ltd. ................... 13,838,882 60,858,187 L&T Finance Ltd. ......................... 2,090,042 7,035,315 Larsen & Toubro Ltd. ...................... 1,713,656 72,649,487 Laurus Labs Ltd. (b) ........................ 884,628 17,778,721 Lenskart Solutions Ltd. (a) .................... 1,495,914 10,398,446 Lodha Developers Ltd. (b) .................... 704,195 8,856,572 LTM Ltd. (b) ............................. 167,715 7,983,069 Lupin Ltd. .............................. 596,704 13,708,658 Mahindra & Mahindra Ltd. ................... 2,205,164 75,974,050 Mankind Pharma Ltd. (a) ..................... 274,755 6,974,090 Marico Ltd. ............................. 1,333,991 11,479,949 Maruti Suzuki India Ltd. .................... 300,037 42,690,521 Max Healthcare Institute Ltd. ................. 1,809,872 19,795,900 Mphasis Ltd. ............................ 317,139 8,071,811 MRF Ltd. .............................. 5,902 8,282,696 Multi Commodity Exchange of India Ltd. ......... 12,290 438,456 Muthoot Finance Ltd. ...................... 290,980 9,087,887 National Aluminium Co. Ltd. .................. 2,157,529 8,642,875

Security Shares Value a India (continued) Nestle India Ltd. ......................... 1,492,601 $ 23,446,851 NHPC Ltd. ............................. 7,856,399 6,324,545 NMDC Ltd. ............................. 8,007,767 7,408,112 NTPC Ltd. ............................. 11,061,112 38,004,577 Oberoi Realty Ltd. ........................ 316,461 6,200,264 Oil & Natural Gas Corp. Ltd. ................. 6,634,278 16,148,637 Oil India Ltd. ............................ 1,126,419 5,716,883 One 97 Communications Ltd. (a) ................ 980,405 17,654,009 Oracle Financial Services Software Ltd. .......... 57,954 7,624,915 Page Industries Ltd. ....................... 15,531 5,835,795 PB Fintech Ltd. (a) ......................... 892,888 17,571,396 Persistent Systems Ltd. .................... 263,656 15,456,735 Petronet LNG Ltd. ........................ 1,949,709 6,144,371 Phoenix Mills Ltd. (The) .................... 491,816 9,802,421 PI Industries Ltd. ......................... 186,372 4,637,059 Pidilite Industries Ltd. ...................... 709,702 12,571,689 Polycab India Ltd. ........................ 135,043 13,383,572 Power Finance Corp. Ltd. ................... 3,406,167 12,012,882 Power Grid Corp. of India Ltd. ................ 10,722,708 29,674,163 Prestige Estates Projects Ltd. ................ 437,110 7,485,209 Punjab National Bank ...................... 5,946,944 7,122,204 REC Ltd. .............................. 3,037,439 10,300,146 Reliance Industries Ltd. .................... 14,574,473 195,298,999 Samvardhana Motherson International Ltd. ....... 10,697,267 19,143,950 SBI Cards & Payment Services Ltd. ............ 6,505 44,000 SBI Life Insurance Co. Ltd. (b) ................. 1,154,750 21,091,370 Shree Cement Ltd. ........................ 22,444 5,463,517 Shriram Finance Ltd. ...................... 3,577,046 41,626,645 Siemens Energy India Ltd. ................... 220,828 7,481,028 Siemens Ltd. ............................ 205,583 8,688,128 Solar Industries India Ltd. ................... 58,057 12,256,076 SRF Ltd. .............................. 348,735 9,367,561 State Bank of India ........................ 4,682,423 52,053,151 Sun Pharmaceutical Industries Ltd. ............. 2,299,936 47,892,493 Sundaram Finance Ltd. ..................... 166,452 7,933,924 Supreme Industries Ltd. .................... 163,773 6,116,269 Suzlon Energy Ltd. (a) ...................... 26,407,263 13,160,952 Swiggy Ltd. (a) ........................... 3,531,657 10,438,496 Tata Communications Ltd. ................... 285,388 5,160,301 Tata Consultancy Services Ltd. ............... 2,064,275 51,928,163 Tata Consumer Products Ltd. ................. 1,389,230 15,124,155 Tata Motors Ltd. .......................... 4,668,911 23,053,287 Tata Motors Passenger Vehicles Ltd. ............ 4,679,751 15,167,166 Tata Power Co. Ltd. (The) ................... 3,945,521 14,366,025 Tata Steel Ltd. ........................... 18,986,042 36,695,643 Tech Mahindra Ltd. ....................... 1,369,640 23,379,100 Titan Co. Ltd. ........................... 898,912 48,094,716 Torrent Pharmaceuticals Ltd. ................. 364,820 19,419,091 Torrent Power Ltd. ........................ 442,206 5,638,124 Trent Ltd. .............................. 681,220 20,577,176 Tube Investments of India Ltd. ................ 263,424 7,682,052 TVS Motor Co. Ltd. ....................... 600,549 27,339,850 UltraTech Cement Ltd. ..................... 262,329 31,505,270 Union Bank of India Ltd. .................... 3,932,629 7,779,071 United Spirits Ltd. ........................ 739,040 11,561,053 UPL Ltd. ............................... 1,309,188 7,723,254 Varun Beverages Ltd. ...................... 3,262,334 13,702,955 Vedanta Aluminium Metal Ltd. ................ 3,471,610 15,871,520 Vedanta Ltd. ............................ 3,492,812 10,202,372 Vishal Mega Mart Ltd. (a) ..................... 6,148,446 7,130,486 Vodafone Idea Ltd. (a) ....................... 65,759,206 9,881,548 Voltas Ltd. ............................. 510,949 6,403,918 WAAREE Energies Ltd. .................... 223,665 6,113,205 Wipro Ltd. .............................. 5,994,440 11,601,805

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iShares ® Schedule of Investments ® MSCI Emerging Markets ETF (continued) August 31, 2026 (Percentages shown are based on Net Assets)

S c h e d u l e o f I n v e s t m e n t s 17

Security Shares Value a India (continued) Yes Bank Ltd. (a) .......................... 38,326,910 $ 9,177,302 Zydus Lifesciences Ltd. .................... 497,439 6,063,685 3,553,864,508 a Indonesia — 0.5% Astra International Tbk PT ................... 41,447,600 11,221,323 Bank Central Asia Tbk PT ................... 123,928,700 45,239,811 Bank Mandiri Persero Tbk PT ................ 92,642,200 22,106,126 Bank Negara Indonesia Persero Tbk PT ......... 33,644,352 7,323,630 Bank Rakyat Indonesia Persero Tbk PT .......... 153,328,608 28,123,362 Barito Pacific Tbk PT ...................... 47,191,187 4,745,548 Bumi Resources Minerals Tbk PT (a) ............. 142,808,900 6,037,201 GoTo Gojek Tokopedia Tbk PT, Class A (a)(d) ........ 781,094,366 1,069,974 Telkom Indonesia Persero Tbk PT ............. 112,243,800 16,424,374 United Tractors Tbk PT ..................... 3,311,953 4,524,373 146,815,722 a Kuwait — 0.5% Boubyan Bank KSCP ...................... 4,116,392 8,843,015 Gulf Bank KSCP ......................... 5,349,313 6,144,754 Kuwait Finance House KSCP ................. 29,161,816 72,650,000 Mabanee Co. KPSC ....................... 1,838,239 5,811,835 Mobile Telecommunications Co. KSCP .......... 4,663,127 9,126,409 National Bank of Kuwait SAKP ................ 21,649,370 61,209,681 Warba Bank KSCP ........................ 5,943,479 5,326,050 169,111,744 a Malaysia — 0.9% AMMB Holdings Bhd (c) ..................... 6,312,875 10,808,856 CELCOMDIGI Bhd (c) ....................... 8,812,900 6,166,581 CIMB Group Holdings Bhd .................. 19,756,600 39,016,890 Gamuda Bhd (c) .......................... 12,291,500 13,752,947 Hong Leong Bank Bhd ..................... 1,611,700 9,399,968 IHH Healthcare Bhd (c) ...................... 4,491,400 9,194,752 IOI Corp. Bhd ........................... 6,477,820 7,527,897 Kuala Lumpur Kepong Bhd .................. 1,286,100 7,019,857 Malayan Banking Bhd ...................... 12,462,400 33,024,974 Maxis Bhd (c) ............................ 6,041,000 5,593,159 MISC Bhd .............................. 3,360,300 6,610,426 Petronas Chemicals Group Bhd (c) .............. 6,126,200 6,480,969 Petronas Gas Bhd ........................ 1,976,400 8,659,636 Press Metal Aluminium Holdings Bhd (c) .......... 9,320,700 18,514,327 Public Bank Bhd ......................... 34,719,050 42,646,932 RHB Bank Bhd (c) ......................... 4,688,325 10,100,069 SD Guthrie Bhd (c) ......................... 5,376,573 8,493,543 Sunway Bhd ............................ 6,314,700 8,049,520 Telekom Malaysia Bhd (c) .................... 3,148,300 6,030,936 Tenaga Nasional Bhd (c) ..................... 5,993,050 21,081,410 YTL Power International Bhd ................. 7,513,100 10,702,017 288,875,666 a Mexico — 1.7% America Movil SAB de CV, Series B ............ 38,016,649 43,862,482 Arca Continental SAB de CV ................. 1,269,295 14,546,919 Cemex SAB de CV, CPO, NVS ............... 38,240,535 41,218,407 Coca-Cola Femsa SAB de CV ................ 1,317,826 14,649,532 Fibra Uno Administracion SA de CV ............ 6,913,985 11,923,013 Fomento Economico Mexicano SAB de CV ....... 4,244,955 51,237,318 Gruma SAB de CV, Class B .................. 362,919 5,278,585 Grupo Aeroportuario del Centro Norte SAB de CV, Class B .............................. 687,073 8,511,379 Grupo Aeroportuario del Pacifico SAB de CV, Class B (a) 956,174 19,702,424 Grupo Aeroportuario del Sureste SAB de CV, Class B 433,326 11,116,878 Grupo Bimbo SAB de CV, Series A ............. 3,225,524 11,229,066 Grupo Carso SAB de CV, Series A1 ............ 1,421,865 11,681,806

Security Shares Value a Mexico (continued) Grupo Financiero Banorte SAB de CV, Class O .... 6,024,350 $ 68,216,975 Grupo Financiero Inbursa SAB de CV, Series O (c) ... 4,060,168 10,558,642 Grupo Mexico SAB de CV, Series B ............ 7,388,665 101,558,850 Industrias Penoles SAB de CV ................ 479,438 25,495,632 Kimberly-Clark de Mexico SAB de CV, Class A ..... 3,704,377 8,700,566 Prologis Property Mexico SA de CV ............ 2,705,315 12,270,370 Promotora y Operadora de Infraestructura SAB de CV 477,362 7,359,370 Sigma Foods SAB de CV ................... 8,907,758 9,779,617 Wal-Mart de Mexico SAB de CV ............... 12,355,402 34,217,073 523,114,904 a Netherlands — 0.0% X5 Retail Group N.V., GDR (a)(d)(e) ............... 424,766 49 a Peru — 0.4% Cia de Minas Buenaventura SAA, ADR .......... 417,394 14,316,614 Credicorp Ltd. ........................... 170,603 62,505,527 Southern Copper Corp. ..................... 235,573 49,204,133 126,026,274 a Philippines — 0.3% Ayala Corp. ............................. 589,546 4,684,855 Bank of the Philippine Islands ................ 4,601,048 7,381,476 BDO Unibank, Inc. ........................ 6,125,952 11,386,580 International Container Terminal Services, Inc. ..... 2,432,340 34,494,801 Manila Electric Co. ........................ 457,140 3,381,131 Metropolitan Bank & Trust Co. ................ 4,680,855 5,007,610 PLDT, Inc. ............................. 196,688 3,561,103 SM Investments Corp. ..................... 573,112 5,103,039 SM Prime Holdings, Inc. .................... 23,797,425 6,815,540 81,816,135 a Poland — 1.2% Allegro.eu SA (a)(b) ......................... 2,378,506 29,051,583 Asseco Poland SA ........................ 135,555 8,714,215 Bank Millennium SA (a) ...................... 1,507,733 8,188,770 Bank Polska Kasa Opieki SA ................. 451,455 31,419,339 Budimex SA (c) ........................... 31,606 6,029,369 CD Projekt Red SA (a) ...................... 164,579 10,336,557 Dino Polska SA (a)(b) ........................ 1,230,529 11,874,756 Erste Bank Polska SA ...................... 102,205 19,752,594 KGHM Polska Miedz SA .................... 352,707 33,848,852 LPP SA ............................... 2,780 15,537,858 mBank SA (a) ............................ 34,167 12,499,554 ORLEN SA ............................. 1,469,542 60,763,368 PGE Polska Grupa Energetyczna SA (a) .......... 2,271,434 6,740,885 Powszechna Kasa Oszczednosci Bank Polski SA ... 2,217,005 67,790,376 Powszechny Zaklad Ubezpieczen SA ........... 1,441,219 28,668,860 Zabka Group SA ......................... 981,511 8,315,527 359,532,463 a Qatar — 0.4% Al Rayan Bank .......................... 15,132,119 7,889,783 Commercial Bank PSQC (The) ................ 8,161,394 9,401,672 Dukhan Bank ........................... 4,851,640 4,291,365 Industries Qatar QSC ...................... 3,708,748 10,164,020 Mesaieed Petrochemical Holding Co. ........... 14,505,761 4,329,445 Nebras Energy .......................... 1,064,689 3,975,150 Ooredoo QPSC .......................... 2,162,822 7,505,920 Qatar Gas Transport Co. Ltd. ................. 6,764,286 8,032,745 Qatar International Islamic Bank QSC ........... 2,430,361 7,324,864 Qatar Islamic Bank QPSC ................... 4,367,298 25,986,124 Qatar National Bank QPSC .................. 11,124,824 50,950,559 139,851,647 a

NM1026U-6054645-17/48

Page 18

Schedule of Investments (continued) August 31, 2026

iShares ® ® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

18 2026 i S h a r e s A n n u a l F i n a n c i a l S t a t e m e n t s a n d NM1 A 26 d d i t i o n a l U-6054645- I 8 n 4 f 8 o r m a t i o n

Security Shares Value a Russia — 0.0% Alrosa PJSC (a)(d) .......................... 9,805,890 $ 1,136 Mobile TeleSystems PJSC (a)(d) ................ 3,162,662 367 Moscow Exchange MICEX-RTS PJSC (a)(d) ........ 5,279,850 612 Ozon Holdings PLC, ADR (a)(d) ................. 197,078 23 PhosAgro PJSC, GDR (a)(d) ................... 3,367 34 PhosAgro PJSC, GDR (a)(d)(e) .................. 2 — Polyus PJSC (a)(d) ......................... 1,264,900 15 Rosneft Oil Co. PJSC (a)(d) .................... 4,281,715 496 Sberbank of Russia PJSC (a)(d) ................. 39,606,181 4,589 Severstal PAO (a)(d) ........................ 805,849 93 T-Tekhnologii MKPAO, GDR (a)(d)(e) .............. 445,207 52 United Co. RUSAL International PJSC (a)(d) ........ 11,428,270 1,324 VK IPJSC, GDR (a)(d) ....................... 404,870 47 VTB Bank PJSC (a)(d) ....................... 2,356,794 — 8,788 a Saudi Arabia — 2.4% ACWA Power Co. ........................ 584,313 29,794,996 Ades Holding Co. ......................... 836,409 4,087,814 Al Rajhi Bank ........................... 7,428,877 132,389,638 Alinma Bank ............................ 3,740,544 25,444,424 Almarai Co. JSC ......................... 1,143,549 14,924,067 Arab National Bank ....................... 2,264,672 13,462,813 Bank AlBilad ............................ 1,873,488 12,985,335 Banque Saudi Fransi ...................... 3,076,949 17,776,419 Bupa Arabia for Cooperative Insurance Co. ....... 200,624 8,269,294 Co. for Cooperative Insurance (The) ............ 182,225 6,592,461 Dar Al Arkan Real Estate Development Co. (a) ...... 1,306,047 7,249,246 Dr Sulaiman Al Habib Medical Services Group Co. .. 217,687 13,503,250 Elm Co. ............................... 60,708 10,291,547 Etihad Etisalat Co. ........................ 945,698 16,777,653 Jabal Omar Development Co. (a) ............... 1,437,303 7,003,395 Jarir Marketing Co. ........................ 1,466,235 6,742,359 Makkah Construction & Development Co. ........ 243,473 5,379,024 Riyad Bank .............................

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