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AUGUST 31, 2026
2026 Annual Financial Statements and
Additional Information
iShares, Inc.
• iShares MSCI Austria ETF | EWO | NYSE Arca • iShares MSCI Belgium ETF | EWK | NYSE Arca
• iShares MSCI Eurozone ETF | EZU | Cboe BZX Exchange
• iShares MSCI France ETF | EWQ | NYSE Arca • iShares MSCI Germany ETF | EWG | NYSE Arca
• iShares MSCI Italy ETF | EWI | NYSE Arca
• iShares MSCI Netherlands ETF | EWN | NYSE Arca
• iShares MSCI Spain ETF | EWP | NYSE Arca
• iShares MSCI Sweden ETF | EWD | NYSE Arca • iShares MSCI Switzerland ETF | EWL | NYSE Arca
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Table of Contents
Schedules of Investments ................................................................................................. 3 Statements of Assets and Liabilities ........................................................................................... 36 Statements of Operations ................................................................................................. 39 Statements of Changes in Net Assets .......................................................................................... 42 Financial Highlights ..................................................................................................... 47 Notes to Financial Statements ............................................................................................... 57 Report of Independent Registered Public Accounting Firm .............................................................................. 69 Important Tax Information ................................................................................................. 70 Additional Information ................................................................................................... 72 Board Review and Approval of Investment Advisory Contract ........................................................................... 74 Glossary of Terms Used in these Financial Statements ................................................................................ 85
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iShares ® Schedule of Investments ®
MSCI Austria 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 Common Stocks
Aerospace & Defense — 1 .0 % Frequentis AG ........................... 22,026 $ 1,949,248 a Air Freight & Logistics — 2 .4 % Oesterreichische Post AG (a) .................. 137,562 4,957,576 a Banks — 39 .4 % BAWAG Group AG (b) ....................... 113,586 23,692,444 Erste Group Bank AG ...................... 333,627 46,892,373 Raiffeisen Bank International AG .............. 127,475 9,433,442 80,018,259 a Chemicals — 1 .8 % Lenzing AG (a) (c) .......................... 133,309 3,542,266 a Commercial Services & Supplies — 2 .9 % DO & CO AG ........................... 25,295 5,957,439 a Construction & Engineering — 2 .1 % Porr AG ............................... 98,183 4,244,616 a Construction Materials — 3 .6 % Wienerberger AG , Bearer ................... 319,303 7,262,006 a Containers & Packaging — 1 .9 % Mayr Melnhof Karton AG .................... 44,697 3,930,810 a Electric Utilities — 7 .1 % EVN AG ............................... 152,604 5,221,062 Verbund AG ............................ 133,498 9,199,115 14,420,177 a Electronic Equipment, Instruments & Components — 4 .5 % AT&S Austria Technologie & Systemtechnik AG (c) ... 51,428 9,179,639 a Insurance — 7 .8 % UNIQA Insurance Group AG ................. 353,025 7,214,878 Vienna Insurance Group AG Wiener Versicherung Gruppe .............................. 102,692 8,608,902 15,823,780 a
Security Shares Value a Machinery — 6 .6 % ANDRITZ AG ........................... 95,879 $ 9,290,634 Palfinger AG ............................ 112,595 4,151,970 13,442,604 a Metals & Mining — 4 .5 % voestalpine AG .......................... 171,316 9,086,641 a Oil, Gas & Consumable Fuels — 9 .7 % OMV AG .............................. 245,040 19,575,127 a Real Estate Management & Development — 4 .0 % CA Immobilien Anlagen AG .................. 152,232 4,120,022 CPI Europe AG (a) (c) ........................ 223,880 3,998,326 8,118,348 a Total Long-Term Investments — 99.3% (Cost: $ 162,118,399 ) ................................ 201,508,536 a Short-Term Securities
Money Market Funds — 1 .7 % BlackRock Cash Funds: Institutional, SL Agency Shares , 3.84 % (d) (e) (f) ...................... 3,381,616 3,382,630 BlackRock Cash Funds: Treasury, SL Agency Shares , 3.65 % (d) (e) ............................ 66,252 66,252 a Total Short-Term Securities — 1.7% (Cost: $ 3,448,816 ) .................................. 3,448,882 Total Investments — 101.0% (Cost: $ 165,567,215 ) ................................ 204,957,418
Liabilities in Excess of Other Assets — ( 1 .0 ) % ............... ( 2,091,429 )
Net Assets — 100.0% ................................. $ 202,865,989
(a) All or a portion of this security is on loan. (b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. (c) Non-income producing security. (d) Affiliate of the Fund. (e) Annualized 7-day yield as of period end. (f) All or a portion of this security was purchased with the cash collateral from loaned securities.
Affiliates Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 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 $ 4,207,450 $ — $ ( 823,286 ) (a) $ ( 1,192 ) $ ( 342 ) $ 3,382,630 3,381,616 $ 63,914 (b) $ — BlackRock Cash Funds: Treasury, SL Agency Shares ...... 39,043 27,209 (a) — — — 66,252 66,252 2,423 — $ — $ ( 1,192 ) $ ( 342 ) $ 3,448,882 $ 66,337 $ —
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Schedule of Investments (continued) August 31, 2026
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(a) Represents net amount purchased (sold). (b) All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description
Number of Contracts
Expiration Date
Notional Amount (000)
Value/ Unrealized Appreciation (Depreciation) Long Contracts Euro STOXX 50 Index ................................................................. 18 09/18/26 $ 1,346 $ ( 24,339 )
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 Liabilities — Derivative Financial Instruments Futures contracts Unrealized depreciation on futures contracts (a) ............. $ — $ — $ 24,339 $ — $ — $ — $ 24,339
(a) Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended August 31, 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: Futures contracts .................................. $ — $ — $ 359,946 $ — $ — $ — $ 359,946
Net Change in Unrealized Appreciation (Depreciation) on: Futures contracts .................................. $ — $ — $ ( 41,606 ) $ — $ — $ — $ ( 41,606 )
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: Average notional value of contracts — long ................................................................................... $ 1,623,042 a For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
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iShares ® Schedule of Investments ®
MSCI Austria 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
Fair Value Hierarchy as of Period End Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements. The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 Level 2 Level 3 Total Assets Investments Long-Term Investments Common Stocks .......................................... $ 4,120,022 $ 197,388,514 $ — $ 201,508,536 Short-Term Securities Money Market Funds ....................................... 3,448,882 — — 3,448,882 $ 7,568,904 $ 197,388,514 $ — $ 204,957,418 Derivative Financial Instruments (a) Liabilities Equity Contracts ............................................ $ ( 24,339 ) $ — $ — $ ( 24,339 )
(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
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Schedule of Investments
August 31, 2026
iShares ® ® MSCI Belgium ETF (Percentages shown are based on Net Assets)
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Security Shares Value a Common Stocks
Banks — 9 .5 % KBC Ancora ............................ 28,847 $ 3,122,048 KBC Group N.V. ......................... 85,328 12,983,581 16,105,629 a Beverages — 20 .0 % Anheuser-Busch InBev SA/N.V. ............... 428,546 33,912,581 a Biotechnology — 17 .8 % Argenx SE (a) ............................ 28,353 29,105,280 Lakefront Biotherapeutics N.V. (a) ............... 39,390 1,124,579 30,229,859 a Building Products — 0 .8 % Recticel SA ............................. 86,861 1,325,800 a Capital Markets — 0 .8 % Gimv N.V. (b) ............................. 26,526 1,351,205 a Chemicals — 6 .7 % Solvay SA , Class A ....................... 63,454 1,904,839 Syensqo SA ............................ 46,716 4,405,631 Tessenderlo Group SA (a) .................... 35,350 942,296 Umicore SA ............................ 150,151 4,126,806 11,379,572 a Construction & Engineering — 3 .7 % Ackermans & van Haaren N.V. ................ 14,845 4,714,928 Deme Group N.V. ........................ 7,514 1,524,705 6,239,633 a Consumer Staples Distribution & Retail — 0 .9 % Colruyt Group N.V. (b) ....................... 33,940 1,528,465 a Distributors — 1 .9 % D'ieteren Group .......................... 15,185 3,150,588 a Diversified Telecommunication Services — 0 .8 % Proximus SADP .......................... 173,981 1,283,256 a Electric Utilities — 2 .5 % Elia Group SA/N.V. , Class B ................. 28,638 4,263,626 a Electronic Equipment, Instruments & Components — 0 .6 % Barco N.V. ............................. 106,112 965,702 a Entertainment — 0 .8 % Kinepolis Group N.V. ...................... 25,237 1,368,750 a Financial Services — 4 .5 % Groupe Bruxelles Lambert N.V. ............... 50,697 4,348,293 Sofina SA .............................. 11,182 3,205,244 7,553,537 a Food Products — 2 .5 % Lotus Bakeries N.V. ....................... 285 4,222,655 a Health Care Providers & Services — 1 .0 % Fagron ................................ 62,891 1,625,135 a Health Care REITs — 3 .3 % Aedifica SA ............................. 71,883 5,670,245 a
Security Shares Value a Industrial REITs — 2 .8 % Montea N.V. ............................ 19,941 $ 1,494,267 Warehouses De Pauw CVA .................. 133,714 3,261,082 4,755,349 a Insurance — 4 .6 % Ageas SA/N.V. .......................... 88,893 7,793,239 a Metals & Mining — 0 .9 % Bekaert SA ............................. 33,301 1,510,541 a Oil, Gas & Consumable Fuels — 1 .4 % CMB Tech N.V. (b) ......................... 128,492 2,347,967 a Pharmaceuticals — 6 .1 % Financiere de Tubize SA .................... 14,178 3,033,372 UCB SA ............................... 29,549 7,396,829 10,430,201 a Real Estate Management & Development — 0 .9 % VGP N.V. .............................. 15,740 1,462,145 a Residential REITs — 0 .8 % Xior Student Housing N.V. ................... 43,938 1,373,062 a Retail REITs — 1 .0 % Retail Estates N.V. (b) ....................... 15,404 1,168,077 Vastned N.V. ............................ 14,951 501,784 1,669,861 a Semiconductors & Semiconductor Equipment — 0 .9 % Melexis N.V. ............................ 20,873 1,601,075 a Specialized REITs — 0 .6 % Shurgard Self Storage Ltd. .................. 41,759 1,107,843 a Trading Companies & Distributors — 1 .5 % Azelis Group N.V. ........................ 179,187 2,588,367 a a Total Long-Term Investments — 99.6% (Cost: $ 158,374,909 ) ................................ 168,815,888 a Short-Term Securities
Money Market Funds — 1 .4 % BlackRock Cash Funds: Institutional, SL Agency Shares , 3.84 % (c) (d) (e) ...................... 2,436,698 2,437,430 BlackRock Cash Funds: Treasury, SL Agency Shares , 3.65 % (c) (d) ............................ 59,278 59,278 a Total Short-Term Securities — 1.4% (Cost: $ 2,496,802 ) .................................. 2,496,708 Total Investments — 101.0% (Cost: $ 160,871,711 ) ................................ 171,312,596
Liabilities in Excess of Other Assets — ( 1 .0 ) % ............... ( 1,777,170 )
Net Assets — 100.0% ................................. $ 169,535,426 (a) Non-income producing security. (b) All or a portion of this security is on loan. (c) Affiliate of the Fund. (d) Annualized 7-day yield as of period end. (e) All or a portion of this security was purchased with the cash collateral from loaned securities.
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iShares ® Schedule of Investments ®
MSCI Belgium 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
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 $ 766,275 $ 1,671,288 (a) $ — $ 1 $ ( 134 ) $ 2,437,430 2,436,698 $ 7,906 (b) $ — BlackRock Cash Funds: Treasury, SL Agency Shares .. 10,000 49,278 (a) — — — 59,278 59,278 1,523 — $ — $ 1 $ ( 134 ) $ 2,496,708 $ 9,429 $ —
(a) Represents net amount purchased (sold). (b) All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description
Number of Contracts
Expiration Date
Notional Amount (000)
Value/ Unrealized Appreciation (Depreciation) Long Contracts Micro Euro STOXX 50 Index .............................................................. 100 09/18/26 $ 748 $ 15,002
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 Futures contracts Unrealized appreciation on futures contracts (a) ............. $ — $ — $ 15,002 $ — $ — $ — $ 15,002
(a) Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended August 31, 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: Futures contracts .................................. $ — $ — $ 101,468 $ — $ — $ — $ 101,468
Net Change in Unrealized Appreciation (Depreciation) on: Futures contracts .................................. $ — $ — $ 11,724 $ — $ — $ — $ 11,724
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Schedule of Investments (continued) August 31, 2026
iShares ® ® MSCI Belgium ETF
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Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: Average notional value of contracts — long ................................................................................... $ 517,568 a For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements. The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 Level 2 Level 3 Total Assets Investments Long-Term Investments Common Stocks ........................................... $ 1,283,256 $ 167,532,632 $ — $ 168,815,888 Short-Term Securities Money Market Funds ........................................ 2,496,708 — — 2,496,708 $ 3,779,964 $ 167,532,632 $ — $ 171,312,596 Derivative Financial Instruments (a) Assets Equity Contracts ............................................. $ 15,002 $ — $ — $ 15,002
(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
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iShares ® Schedule of Investments ®
MSCI Eurozone 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 9
Security Shares Value a Common Stocks
Austria — 1 .1 % BAWAG Group AG (a) ....................... 93,138 $ 19,427,279 Erste Group Bank AG ...................... 391,343 55,004,546 OMV AG .............................. 185,349 14,806,686 Raiffeisen Bank International AG .............. 167,242 12,376,291 Verbund AG ............................ 87,236 6,011,281 107,626,083 a Belgium — 3 .3 % Ageas SA/N.V. .......................... 187,785 16,463,089 Anheuser-Busch InBev SA/N.V. ............... 1,142,184 90,385,648 Argenx SE (b) ............................ 79,519 81,628,850 D'ieteren Group .......................... 26,296 5,455,901 Elia Group SA/N.V. , Class B ................. 55,570 8,273,262 Financiere de Tubize SA .................... 25,460 5,447,148 Groupe Bruxelles Lambert N.V. ............... 92,197 7,907,757 KBC Group N.V. ......................... 291,982 44,428,229 Lotus Bakeries N.V. ....................... 531 7,867,472 Sofina SA .............................. 20,434 5,857,267 Syensqo SA ............................ 89,369 8,428,094 UCB SA ............................... 154,519 38,679,842 320,822,559 a Finland — 2 .5 % Elisa OYJ .............................. 179,400 7,317,764 Fortum OYJ ............................ 573,300 13,790,142 Kesko OYJ , Class B ....................... 344,045 8,965,941 Kone OYJ , Class B ....................... 403,222 24,663,182 Metso OYJ ............................. 815,204 16,842,429 Neste OYJ ............................. 537,745 20,085,945 Nokia OYJ ............................. 6,386,423 64,953,284 Orion OYJ , Class B ....................... 139,514 12,799,439 Sampo OYJ , Class A ...................... 3,036,842 34,223,608 Stora Enso OYJ , Class R ................... 709,384 8,326,033 UPM-Kymmene OYJ ...................... 670,787 18,727,507 Wartsila OYJ Abp ......................... 620,499 20,043,615 250,738,889 a France — 27 .8 % Abivax SA (b) (c) ........................... 83,179 9,361,399 Accor SA .............................. 240,108 12,924,002 Aeroports de Paris SA ..................... 42,352 5,307,404 Air Liquide SA ........................... 790,867 155,582,749 Airbus SE .............................. 755,284 172,374,302 Alstom SA (b) ............................ 436,501 8,292,733 Amundi SA (a) ............................ 77,985 8,536,685 ArcelorMittal SA .......................... 541,792 40,371,609 AXA SA ............................... 1,993,194 99,521,803 Ayvens SA (a) ............................ 435,021 5,748,236 BioMerieux ............................. 50,508 4,393,260 BNP Paribas SA ......................... 1,260,187 150,034,611 Bouygues SA ........................... 283,616 14,531,459 Bureau Veritas SA ........................ 403,831 12,780,034 Capgemini SE ........................... 194,392 24,180,700 Carrefour SA ............................ 741,411 13,470,668 Cie de Saint-Gobain SA .................... 566,070 51,305,626 Cie Generale des Etablissements Michelin SCA .... 786,594 31,918,383 Covivio SA ............................. 67,857 3,943,901 Credit Agricole SA ........................ 1,153,837 24,797,671 Danone SA ............................. 803,425 59,914,541 Dassault Aviation SA ...................... 21,513 7,092,151 Dassault Systemes SE (c) .................... 852,794 22,585,509 Eiffage SA ............................. 87,195 11,012,030 Engie SA .............................. 2,262,117 64,619,638
Security Shares Value a France (continued) EssilorLuxottica SA ....................... 368,806 $ 68,442,135 Eurofins Scientific SE ...................... 145,228 12,222,958 Euronext N.V. (a) .......................... 98,848 18,713,574 Gecina SA ............................. 56,869 4,516,831 Getlink SE ............................. 311,507 6,816,220 Hermes International SCA ................... 43,610 79,780,300 Ipsen SA .............................. 42,197 7,991,721 Kering SA .............................. 90,679 26,720,618 Klepierre SA ............................ 282,580 12,290,258 Legrand SA ............................ 324,998 51,564,291 L'Oreal SA ............................. 304,514 135,586,809 LVMH Moet Hennessy Louis Vuitton SE .......... 315,104 165,200,230 Orange SA ............................. 2,366,776 42,350,307 Pernod Ricard SA ........................ 248,504 18,583,238 Publicis Groupe SA ....................... 290,923 34,127,021 Renault SA ............................. 236,773 8,161,014 Rexel SA .............................. 279,721 11,659,718 Safran SA .............................. 438,689 171,457,094 Sanofi SA .............................. 1,388,880 123,483,843 Sartorius Stedim Biotech .................... 36,828 8,378,135 Schneider Electric SE ...................... 698,674 239,142,426 Societe Generale SA ...................... 805,420 67,845,513 Sodexo SA ............................. 97,432 6,540,961 STMicroelectronics N.V. .................... 803,237 40,200,477 Thales SA .............................. 117,795 33,409,672 TotalEnergies SE ......................... 2,465,117 217,211,080 Unibail-Rodamco-Westfield (b) ................. 137,697 15,574,840 Veolia Environnement SA ................... 755,010 28,540,479 Vinci SA ............................... 596,927 78,262,048 2,749,374,915 a Germany — 24 .7 % adidas AG ............................. 205,913 36,065,094 Allianz SE , Registered ..................... 483,538 252,172,434 BASF SE .............................. 1,106,094 67,908,587 Bayer AG , Registered ...................... 1,248,726 71,074,361 Bayerische Motoren Werke AG ............... 410,936 29,482,677 Beiersdorf AG (c) .......................... 114,439 10,477,489 Brenntag SE ............................ 151,174 11,001,133 Commerzbank AG ........................ 752,389 35,006,041 Continental AG .......................... 138,558 11,428,714 Daimler Truck Holding AG ................... 583,877 31,618,706 Delivery Hero SE , Class A (a) (b) ................. 173,766 7,379,853 Deutsche Bank AG , Registered ............... 2,185,626 87,533,257 Deutsche Boerse AG ...................... 230,880 77,152,932 Deutsche Lufthansa AG , Registered ............ 756,343 6,852,302 Deutsche Telekom AG , Registered ............. 4,325,300 142,145,377 DHL AG ............................... 1,169,381 75,956,462 E.ON SE .............................. 2,853,698 58,927,579 Evonik Industries AG ...................... 325,774 7,186,960 Fresenius Medical Care AG .................. 240,035 10,983,590 Fresenius SE & Co. KGaA ................... 536,934 28,111,895 GEA Group AG .......................... 184,566 14,367,076 Hannover Rueck SE ....................... 76,643 22,902,698 Heidelberg Materials AG .................... 168,129 32,046,160 Henkel AG & Co. KGaA .................... 114,440 9,351,773 Hensoldt AG (c) ........................... 78,036 7,778,867 HOCHTIEF AG .......................... 18,993 9,203,545 Infineon Technologies AG ................... 1,659,913 108,204,875 Knorr-Bremse AG ........................ 81,143 9,921,399 Mercedes-Benz Group AG ................... 856,740 46,885,764 Merck KGaA ............................ 164,276 26,442,055 MTU Aero Engines AG ..................... 68,522 27,939,630
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Schedule of Investments (continued) August 31, 2026
iShares ® ® MSCI Eurozone ETF (Percentages shown are based on Net Assets)
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Security Shares Value a Germany (continued) Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen , Registered ................... 161,388 $ 97,008,756 Nemetschek SE .......................... 73,404 5,971,480 QIAGEN N.V. ........................... 259,577 11,207,427 Rational AG ............................ 6,503 4,743,924 Rheinmetall AG .......................... 59,457 76,546,646 RWE AG .............................. 817,916 55,632,262 SAP SE ............................... 1,288,246 283,530,124 Siemens AG , Registered .................... 919,426 304,797,350 Siemens Energy AG ....................... 985,069 162,248,246 Siemens Healthineers AG (a) .................. 425,912 19,279,018 Symrise AG , Class A ...................... 167,245 17,870,798 Talanx AG .............................. 74,752 10,828,444 Vonovia SE ............................. 916,655 20,417,132 Zalando SE (a) (b) .......................... 254,468 7,240,396 2,450,831,288 a Ireland — 1 .2 % AIB Group PLC .......................... 2,604,678 33,141,650 Bank of Ireland Group PLC .................. 1,201,111 26,500,137 Kerry Group PLC , Class A ................... 201,997 19,694,255 Kingspan Group PLC ...................... 194,846 23,167,072 Ryanair Holdings PLC ..................... 529,180 14,267,274 116,770,388 a Italy — 9 .5 % Banca Mediolanum SpA .................... 257,870 7,200,569 Banca Monte dei Paschi di Siena SpA ........... 2,413,770 32,435,907 Banco BPM SpA ......................... 1,251,833 23,369,526 BPER Banca SpA ........................ 1,789,884 29,622,617 Buzzi SpA .............................. 97,186 4,629,347 Davide Campari-Milano N.V. ................. 760,682 5,134,647 Enel SpA .............................. 9,691,895 105,984,390 Eni SpA ............................... 2,309,260 63,124,636 Ferrari N.V. ............................. 154,056 65,222,943 FinecoBank Banca Fineco SpA ............... 777,754 21,410,106 Generali (c) .............................. 926,536 47,931,370 Intesa Sanpaolo SpA ...................... 17,980,468 141,653,524 Italgas SpA ............................. 767,515 7,832,777 Leonardo SpA ........................... 514,407 30,904,441 Moncler SpA ............................ 279,437 15,257,778 Poste Italiane SpA ........................ 575,379 18,562,782 Prysmian SpA ........................... 355,019 49,623,389 Recordati Industria Chimica e Farmaceutica SpA ... 106,325 6,488,122 Snam SpA ............................. 2,563,124 17,249,457 Stellantis N.V. (b) (c) ......................... 2,578,048 14,247,552 Telecom Italia SpA (b) ....................... 2,171,720 19,754,072 Tenaris SA ............................. 404,766 11,297,551 Terna - Rete Elettrica Nazionale ............... 1,788,384 20,225,348 UniCredit SpA ........................... 1,725,038 168,363,796 Unipol Assicurazioni SpA .................... 451,526 14,798,806 942,325,453 a Netherlands — 15 .7 % ABN AMRO Bank N.V., CVA ................. 784,757 38,053,011 Adyen N.V. (a) (b) ........................... 34,231 41,462,763 Aegon Ltd. ............................. 1,548,992 14,271,407 AerCap Holdings N.V. ...................... 199,099 29,056,508 Akzo Nobel N.V. ......................... 195,665 13,999,171 ASM International N.V. ..................... 59,565 56,018,818 ASML Holding N.V. ....................... 493,362 836,757,868 ASR Nederland N.V. ....................... 199,348 16,799,026 BE Semiconductor Industries N.V. ............. 90,250 20,548,133 Coca-Cola Europacific Partners PLC ............ 252,503 27,275,374 CVC Capital Partners PLC (a) ................. 279,377 4,698,161
Security Shares Value a Netherlands (continued) DSM-Firmenich AG ....................... 210,987 $ 23,433,309 EXOR N.V. ............................. 114,592 9,740,803 Heineken Holding N.V. ..................... 152,739 12,113,904 Heineken N.V. ........................... 341,382 28,821,799 ING Groep N.V. .......................... 3,652,167 129,288,491 InPost SA (b) ............................. 308,615 5,583,574 Koninklijke Ahold Delhaize N.V. ............... 1,120,649 39,896,775 Koninklijke KPN N.V. ...................... 4,864,963 23,356,667 Koninklijke Philips N.V. ..................... 999,450 26,611,702 Magnum Ice Cream Co. N.V. (The) (b) ............ 617,812 12,684,857 NN Group N.V. .......................... 334,290 30,222,564 Prosus N.V. ............................ 1,528,549 68,091,032 Universal Music Group N.V. .................. 1,343,712 22,835,773 Wolters Kluwer N.V. ....................... 288,155 23,705,330 1,555,326,820 a Portugal — 0 .6 % Banco Comercial Portugues SA , Class R ......... 10,248,721 13,311,602 EDP Renewables SA ...................... 406,620 6,448,957 EDP SA ............................... 3,724,303 20,224,506 Galp Energia SGPS SA .................... 513,312 12,846,714 Jeronimo Martins SGPS SA .................. 357,190 7,458,575 60,290,354 a Spain — 11 .5 % Acciona SA ............................. 31,402 7,622,036 ACS Actividades de Construccion y Servicios SA ... 232,254 27,480,378 Aena SME SA (a) .......................... 953,300 29,220,889 Amadeus IT Group SA ..................... 534,842 36,243,345 Banco Bilbao Vizcaya Argentaria SA ............ 7,106,429 205,606,472 Banco de Sabadell SA ..................... 5,902,580 24,847,027 Banco Santander SA ...................... 18,139,567 265,450,753 Bankinter SA ............................ 802,318 15,487,954 CaixaBank SA ........................... 4,434,903 67,622,746 Cellnex Telecom SA (a) (b) ..................... 607,426 18,629,354 Endesa SA ............................. 397,927 19,428,823 Ferrovial N.V. ........................... 602,754 35,255,711 Iberdrola SA ............................ 7,885,077 183,578,708 Indra Sistemas SA ........................ 123,497 8,778,580 Industria de Diseno Textil SA ................. 1,386,514 93,203,299 International Consolidated Airlines Group SA , Class DI 1,464,923 8,500,657 Mapfre SA ............................. 1,183,121 6,130,750 Naturgy Energy Group SA ................... 524,167 17,919,381 Redeia Corp. SA ......................... 392,304 6,953,301 Repsol SA ............................. 1,405,004 44,812,018 Telefonica SA ........................... 4,684,649 19,808,490 1,142,580,672 a Sweden — 0 .8 % Nordea Bank Abp ........................ 3,892,666 79,451,114 a United States — 0 .5 % Nebius Group N.V. , Class A (b) (c) ................ 256,736 52,969,772 a Total Common Stocks — 99.2% (Cost: $ 7,800,052,047 ) ............................... 9,829,108,307
a Preferred Stocks
Germany — 0 .6 % Dr Ing hc F Porsche AG , Preference Shares , NVS (c) .. 140,548 7,375,835 Henkel AG & Co. KGaA , Preference Shares , NVS ... 192,488 16,945,146 Porsche Automobil Holding SE , Preference Shares , NVS ................................ 194,632 6,406,669 Sartorius AG , Preference Shares , NVS .......... 31,921 9,202,963
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iShares ® Schedule of Investments ®
MSCI Eurozone 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 11
Security Shares Value a Germany (continued) Volkswagen AG , Preference Shares , NVS ........ 262,101 $ 23,472,400 a Total Preferred Stocks — 0.6% (Cost: $ 131,654,033 ) ................................ 63,403,013
a Total Long-Term Investments — 99.8% (Cost: $ 7,931,706,080 ) ............................... 9,892,511,320
a Short-Term Securities
Money Market Funds — 1 .6 % BlackRock Cash Funds: Institutional, SL Agency Shares , 3.84 % (d) (e) (f) ...................... 151,704,467 151,749,978 BlackRock Cash Funds: Treasury, SL Agency Shares , 3.65 % (d) (e) ............................ 3,895,971 3,895,971 a Total Short-Term Securities — 1.6% (Cost: $ 155,644,745 ) ................................ 155,645,949
Total Investments — 101.4% (Cost: $ 8,087,350,825 ) ............................... 10,048,157,269
Liabilities in Excess of Other Assets — ( 1 .4 ) % ............... ( 138,342,327 )
Net Assets — 100.0% ................................. $ 9,909,814,942
(a) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. (b) Non-income producing security. (c) All or a portion of this security is on loan. (d) Affiliate of the Fund. (e) Annualized 7-day yield as of period end. (f) All or a portion of this security was purchased with the cash collateral from loaned securities.
Affiliates Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 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 $ 15,895,703 $ 135,867,028 (a) $ — $ ( 13,408 ) $ 655 $ 151,749,978 151,704,467 $ 653,119 (b) $ — BlackRock Cash Funds: Treasury, SL Agency Shares ...... 4,150,000 — ( 254,029 ) (a) — — 3,895,971 3,895,971 135,789 — $ — $ ( 13,408 ) $ 655 $ 155,645,949 $ 788,908 $ —
(a) Represents net amount purchased (sold). (b) All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description
Number of Contracts
Expiration Date
Notional Amount (000)
Value/ Unrealized Appreciation (Depreciation) Long Contracts Euro STOXX 50 Index .................................................................. 253 09/18/26 $ 18,917 $ 201,745
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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 Futures contracts Unrealized appreciation on futures contracts (a) ............. $ — $ — $ 201,745 $ — $ — $ — $ 201,745
(a) Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended August 31, 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: Futures contracts .................................. $ — $ — $ 6,065,388 $ — $ — $ — $ 6,065,388
Net Change in Unrealized Appreciation (Depreciation) on: Futures contracts .................................. $ — $ — $ ( 23,953 ) $ — $ — $ — $ ( 23,953 )
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: Average notional value of contracts — long ................................................................................... $ 24,566,262 a For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements. The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 Level 2 Level 3 Total Assets Investments Long-Term Investments Common Stocks ........................................... $ 199,381,513 $ 9,629,726,794 $ — $ 9,829,108,307 Preferred Stocks ........................................... — 63,403,013 — 63,403,013 Short-Term Securities Money Market Funds ........................................ 155,645,949 — — 155,645,949 $ 355,027,462 $ 9,693,129,807 $ — $ 10,048,157,269 Derivative Financial Instruments (a) Assets Equity Contracts ............................................. $ 201,745 $ — $ — $ 201,745
(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
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iShares ® Schedule of Investments ®
MSCI France 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 13
Security Shares Value a Common Stocks
Aerospace & Defense — 13 .9 % Airbus SE .............................. 92,620 $ 21,138,152 Dassault Aviation SA ...................... 2,604 858,456 Safran SA .............................. 53,796 21,025,615 Thales SA .............................. 14,428 4,092,149 47,114,372 a Automobile Components — 1 .2 % Cie Generale des Etablissements Michelin SCA .... 96,481 3,915,002 a Automobiles — 0 .3 % Renault SA ............................. 28,701 989,257 a Banks — 8 .8 % BNP Paribas SA ......................... 154,537 18,398,776 Credit Agricole SA ........................ 141,396 3,038,810 Societe Generale SA ...................... 98,625 8,307,795 29,745,381 a Beverages — 0 .7 % Pernod Ricard SA ........................ 30,530 2,283,047 a Biotechnology — 0 .3 % Abivax SA (a) ............................ 10,200 1,147,961 a Building Products — 1 .9 % Cie de Saint-Gobain SA .................... 69,417 6,291,594 a Capital Markets — 1 .0 % Amundi SA (b) ............................ 9,625 1,053,608 Euronext N.V. (b) .......................... 12,145 2,299,251 3,352,859 a Chemicals — 5 .6 % Air Liquide SA ........................... 96,984 19,079,108 a Construction & Engineering — 3 .8 % Bouygues SA ........................... 34,486 1,766,938 Eiffage SA ............................. 10,734 1,355,618 Vinci SA ............................... 73,201 9,597,254 12,719,810 a Consumer Staples Distribution & Retail — 0 .5 % Carrefour SA ............................ 92,069 1,672,798 a Diversified REITs — 0 .1 % Covivio SA ............................. 8,368 486,355 a Diversified Telecommunication Services — 1 .5 % Orange SA ............................. 290,230 5,193,280 a Electrical Equipment — 10 .5 % Legrand SA ............................ 39,855 6,323,408 Schneider Electric SE ...................... 85,678 29,325,901 35,649,309 a Food Products — 2 .2 % Danone SA ............................. 98,392 7,337,476 a Ground Transportation — 0 .2 % Ayvens SA (b) ............................ 51,755 683,875 a
Security Shares Value a Health Care Equipment & Supplies — 2 .6 % BioMerieux ............................. 5,981 $ 520,236 EssilorLuxottica SA ....................... 45,227 8,393,119 8,913,355 a Hotels, Restaurants & Leisure — 0 .7 % Accor SA .............................. 29,382 1,581,509 Sodexo SA ............................. 12,051 809,027 2,390,536 a Insurance — 3 .6 % AXA SA ............................... 244,425 12,204,340 a IT Services — 0 .9 % Capgemini SE ........................... 23,837 2,965,119 a Life Sciences Tools & Services — 0 .7 % Eurofins Scientific SE ...................... 17,146 1,443,074 Sartorius Stedim Biotech .................... 4,531 1,030,774 2,473,848 a Machinery — 0 .3 % Alstom SA (a) ............................ 54,464 1,034,718 a Media — 1 .2 % Publicis Groupe SA ....................... 35,662 4,183,367 a Metals & Mining — 1 .5 % ArcelorMittal SA .......................... 66,509 4,955,915 a Multi-Utilities — 3 .4 % Engie SA .............................. 277,755 7,934,350 Veolia Environnement SA ................... 92,488 3,496,181 11,430,531 a Office REITs — 0 .2 % Gecina SA ............................. 6,834 542,792 a Oil, Gas & Consumable Fuels — 7 .9 % TotalEnergies SE ......................... 302,297 26,636,568 a Personal Care Products — 4 .9 % L'Oreal SA ............................. 37,343 16,627,210 a Pharmaceuticals — 4 .8 % Ipsen SA .............................. 5,217 988,052 Sanofi SA .............................. 170,282 15,139,591 16,127,643 a Professional Services — 0 .5 % Bureau Veritas SA ........................ 49,822 1,576,716 a Retail REITs — 1 .0 % Klepierre SA ............................ 34,653 1,507,164 Unibail-Rodamco-Westfield (a) ................. 16,934 1,915,396 3,422,560 a Semiconductors & Semiconductor Equipment — 1 .5 % STMicroelectronics N.V. .................... 98,648 4,937,144 a Software — 0 .8 % Dassault Systemes SE ..................... 104,685 2,772,491 a Textiles, Apparel & Luxury Goods — 9 .9 % Hermes International SCA ................... 5,348 9,783,651 Kering SA .............................. 11,124 3,277,938
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Schedule of Investments (continued) August 31, 2026
iShares ® ® MSCI France ETF (Percentages shown are based on Net Assets)
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Security Shares Value a Textiles, Apparel & Luxury Goods (continued) LVMH Moet Hennessy Louis Vuitton SE .......... 38,641 $ 20,258,398 33,319,987 a Trading Companies & Distributors — 0 .4 % Rexel SA .............................. 34,771 1,449,373 a Transportation Infrastructure — 0 .4 % Aeroports de Paris SA ..................... 4,998 626,332 Getlink SE ............................. 38,596 844,536 1,470,868 a Total Long-Term Investments — 99.7% (Cost: $ 341,651,957 ) ................................ 337,096,565 a Short-Term Securities
Money Market Funds — 0 .0 % BlackRock Cash Funds: Treasury, SL Agency Shares , 3.65 % (c) (d) ............................ 125,910 125,910 a Total Short-Term Securities — 0.0% (Cost: $ 125,910 ) ................................... 125,910 Total Investments — 99.7% (Cost: $ 341,777,867 ) ................................ 337,222,475
Other Assets Less Liabilities — 0 .3 % ..................... 1,164,148
Net Assets — 100.0% ................................. $ 338,386,623
(a) Non-income producing security. (b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. (c) Affiliate of the Fund. (d) Annualized 7-day yield as of period end.
Affiliates Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 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) $ — $ — $ — (b) $ — $ — $ — — $ 47 (c) $ — BlackRock Cash Funds: Treasury, SL Agency Shares .. 140,000 — ( 14,090 ) (b) — — 125,910 125,910 6,681 — $ — $ — $ — $ 125,910 $ 6,728 $ —
(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
Futures Contracts
Description
Number of Contracts
Expiration Date
Notional Amount (000)
Value/ Unrealized Appreciation (Depreciation) Long Contracts CAC 40 Index ....................................................................... 13 09/18/26 $ 1,259 $ ( 38,703 )
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iShares ® Schedule of Investments ®
MSCI France 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 15
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 Liabilities — Derivative Financial Instruments Futures contracts Unrealized depreciation on futures contracts (a) ............. $ — $ — $ 38,703 $ — $ — $ — $ 38,703
(a) Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended August 31, 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: Futures contracts ................................. $ — $ — $ 225,452 $ — $ — $ — $ 225,452
Net Change in Unrealized Appreciation (Depreciation) on: Futures contracts ................................. $ — $ — $ ( 36,747 ) $ — $ — $ — $ ( 36,747 )
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: Average notional value of contracts — long ................................................................................... $ 1,688,468 a For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements. The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 Level 2 Level 3 Total Assets Investments Long-Term Investments Common Stocks .......................................... $ 5,193,280 $ 331,903,285 $ — $ 337,096,565 Short-Term Securities Money Market Funds ....................................... 125,910 — — 125,910 $ 5,319,190 $ 331,903,285 $ — $ 337,222,475 Derivative Financial Instruments (a) Liabilities Equity Contracts ............................................ $ — $ ( 38,703 ) $ — $ ( 38,703 )
(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
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Schedule of Investments
August 31, 2026
iShares ® ® MSCI Germany ETF (Percentages shown are based on Net Assets)
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Security Shares Value a Common Stocks
Aerospace & Defense — 4 .5 % Hensoldt AG (a) ........................... 55,560 $ 5,538,390 MTU Aero Engines AG ..................... 49,395 20,140,656 Rheinmetall AG .......................... 42,861 55,180,480 80,859,526 a Air Freight & Logistics — 3 .0 % DHL AG ............................... 842,969 54,754,561 a Automobile Components — 0 .5 % Continental AG .......................... 100,793 8,313,734 a Automobiles — 3 .0 % Bayerische Motoren Werke AG ............... 296,231 21,253,146 Mercedes-Benz Group AG ................... 617,596 33,798,423 55,051,569 a Banks — 1 .4 % Commerzbank AG (a) ....................... 542,373 25,234,728 a Capital Markets — 6 .5 % Deutsche Bank AG , Registered ............... 1,575,547 63,099,890 Deutsche Boerse AG ...................... 166,434 55,617,079 118,716,969 a Chemicals — 3 .7 % BASF SE .............................. 797,347 48,953,080 Evonik Industries AG ...................... 234,840 5,180,848 Symrise AG , Class A ...................... 121,666 13,000,499 67,134,427 a Construction & Engineering — 0 .4 % HOCHTIEF AG .......................... 13,529 6,555,824 a Construction Materials — 1 .3 % Heidelberg Materials AG .................... 121,199 23,101,087 a Diversified Telecommunication Services — 5 .6 % Deutsche Telekom AG , Registered ............. 3,110,597 102,225,738 a Electrical Equipment — 6 .5 % Siemens Energy AG ....................... 710,105 116,959,615 a Health Care Equipment & Supplies — 0 .8 % Siemens Healthineers AG (b) .................. 310,066 14,035,219 a Health Care Providers & Services — 1 .5 % Fresenius Medical Care AG .................. 166,103 7,600,589 Fresenius SE & Co. KGaA ................... 387,058 20,264,937 27,865,526 a Hotels, Restaurants & Leisure — 0 .3 % Delivery Hero SE , Class A (b) (c) ................. 125,262 5,319,885 a Household Products — 0 .4 % Henkel AG & Co. KGaA .................... 83,315 6,808,310 a Independent Power and Renewable Electricity Producers — 2 .2 % RWE AG .............................. 589,609 40,103,485 a Industrial Conglomerates — 12 .1 % Siemens AG , Registered .................... 662,784 219,718,397 a Insurance — 15 .2 % Allianz SE , Registered ..................... 348,567 181,783,001 Hannover Rueck SE ....................... 55,250 16,509,976
Security Shares Value a Insurance (continued) Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen , Registered ................... 116,339 $ 69,930,240 Talanx AG .............................. 54,420 7,883,186 276,106,403 a Life Sciences Tools & Services — 0 .5 % QIAGEN N.V. ........................... 188,820 8,152,441 a Machinery — 2 .4 % Daimler Truck Holding AG ................... 420,898 22,792,900 GEA Group AG .......................... 134,253 10,450,587 Knorr-Bremse AG ........................ 59,081 7,223,866 Rational AG ............................ 4,595 3,352,043 43,819,396 a Multi-Utilities — 2 .3 % E.ON SE .............................. 2,057,139 42,478,994 a Passenger Airlines — 0 .3 % Deutsche Lufthansa AG , Registered (a) ........... 549,615 4,979,391 a Personal Care Products — 0 .4 % Beiersdorf AG (a) .......................... 82,842 7,584,618 a Pharmaceuticals — 3 .9 % Bayer AG , Registered ...................... 900,166 51,235,198 Merck KGaA (a) ........................... 118,421 19,061,181 70,296,379 a Real Estate Management & Development — 0 .8 % Vonovia SE ............................. 660,787 14,718,051 a Semiconductors & Semiconductor Equipment — 4 .3 % Infineon Technologies AG ................... 1,196,577 78,001,356 a Software — 11 .5 % Nemetschek SE .......................... 52,933 4,306,146 SAP SE ............................... 928,655 204,387,723 208,693,869 a Specialty Retail — 0 .3 % Zalando SE (b) (c) .......................... 183,437 5,219,346 a Textiles, Apparel & Luxury Goods — 1 .4 % adidas AG ............................. 148,436 25,998,156 a Trading Companies & Distributors — 0 .4 % Brenntag SE ............................ 105,837 7,701,900 a a Total Common Stocks — 97.4% (Cost: $ 1,894,369,222 ) ............................... 1,766,508,900
a Preferred Stocks
Automobiles — 1 .5 % Dr Ing hc F Porsche AG , Preference Shares , NVS (a) .. 100,167 5,256,676 Porsche Automobil Holding SE , Preference Shares , NVS ................................ 140,304 4,618,363 Volkswagen AG , Preference Shares , NVS ........ 188,940 16,920,482 26,795,521 a Household Products — 0 .7 % Henkel AG & Co. KGaA , Preference Shares , NVS ... 138,759 12,215,263 a
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NM1026U-6054698-16/88
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iShares ® Schedule of Investments ®
MSCI Germany 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 Life Sciences Tools & Services — 0 .3 % Sartorius AG , Preference Shares , NVS .......... 23,156 $ 6,675,976 a a Total Preferred Stocks — 2.5% (Cost: $ 80,342,613 ) ................................. 45,686,760 Total Long-Term Investments — 99.9% (Cost: $ 1,974,711,835 ) ............................... 1,812,195,660 a Short-Term Securities
Money Market Funds — 2 .0 % BlackRock Cash Funds: Institutional, SL Agency Shares , 3.84 % (d) (e) (f) ...................... 35,661,405 35,672,103 BlackRock Cash Funds: Treasury, SL Agency Shares , 3.65 % (d) (e) ............................ 916,751 916,751 a Total Short-Term Securities — 2.0% (Cost: $ 36,587,491 ) ................................. 36,588,854 Total Investments — 101.9% (Cost: $ 2,011,299,326 ) ............................... 1,848,784,514
Liabilities in Excess of Other Assets — ( 1 .9 ) % ............... ( 33,627,563 )
Net Assets — 100.0% ................................. $ 1,815,156,951
(a) All or a portion of this security is on loan. (b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. (c) Non-income producing security. (d) Affiliate of the Fund. (e) Annualized 7-day yield as of period end. (f) All or a portion of this security was purchased with the cash collateral from loaned securities.
Affiliates Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 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 $ 2,727,254 $ 32,945,856 (a) $ — $ ( 2,305 ) $ 1,298 $ 35,672,103 35,661,405 $ 126,096 (b) $ — BlackRock Cash Funds: Treasury, SL Agency Shares ...... 1,000,000 — ( 83,249 ) (a) — — 916,751 916,751 27,623 — $ — $ ( 2,305 ) $ 1,298 $ 36,588,854 $ 153,719 $ —
(a) Represents net amount purchased (sold). (b) All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description
Number of Contracts
Expiration Date
Notional Amount (000)
Value/ Unrealized Appreciation (Depreciation) Long Contracts DAX Index .......................................................................... 4 09/18/26 $ 3,058 $ 83,360
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Schedule of Investments (continued) August 31, 2026
iShares ® ® MSCI Germany ETF
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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 Futures contracts Unrealized appreciation on futures contracts (a) ............. $ — $ — $ 83,360 $ — $ — $ — $ 83,360
(a) Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended August 31, 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: Futures contracts .................................. $ — $ — $ 418,416 $ — $ — $ — $ 418,416
Net Change in Unrealized Appreciation (Depreciation) on: Futures contracts .................................. $ — $ — $ 44,266 $ — $ — $ — $ 44,266
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: Average notional value of contracts — long ................................................................................... $ 6,255,112 a For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements. The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 Level 2 Level 3 Total Assets Investments Long-Term Investments Common Stocks ........................................... $ — $ 1,766,508,900 $ — $ 1,766,508,900 Preferred Stocks ........................................... — 45,686,760 — 45,686,760 Short-Term Securities Money Market Funds ........................................ 36,588,854 — — 36,588,854 $ 36,588,854 $ 1,812,195,660 $ — $ 1,848,784,514 Derivative Financial Instruments (a) Assets Equity Contracts ............................................. $ 83,360 $ — $ — $ 83,360
(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
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iShares ® Schedule of Investments ®
MSCI Italy 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 19
Security Shares Value a Common Stocks
Aerospace & Defense — 3 .6 % Leonardo SpA ........................... 680,859 $ 40,904,512 a Automobiles — 6 .3 % Ferrari N.V. ............................. 120,724 51,111,119 Stellantis N.V. (a) (b) ......................... 3,685,271 20,366,607 71,477,726 a Banks — 45 .1 % Banca Monte dei Paschi di Siena SpA ........... 3,212,772 43,172,785 Banco BPM SpA ......................... 1,726,862 32,237,484 BPER Banca SpA ........................ 2,413,199 39,938,493 FinecoBank Banca Fineco SpA ............... 1,092,390 30,071,444 Intesa Sanpaolo SpA ...................... 21,136,340 166,516,080 UniCredit SpA ........................... 2,033,187 198,439,154 510,375,440 a Beverages — 0 .9 % Davide Campari-Milano N.V. ................. 1,540,632 10,399,354 a Construction Materials — 0 .9 % Buzzi SpA .............................. 206,399 9,831,587 a Diversified Telecommunication Services — 2 .5 % Telecom Italia SpA (a) ....................... 3,094,457 28,147,333 a Electric Utilities — 13 .5 % Enel SpA .............................. 11,322,603 123,816,774 Terna - Rete Elettrica Nazionale ............... 2,522,687 28,529,792 152,346,566 a Electrical Equipment — 4 .4 % Prysmian SpA ........................... 354,065 49,490,042 a Energy Equipment & Services — 1 .6 % Tenaris SA ............................. 656,002 18,309,878 a Financial Services — 3 .5 % Banca Mediolanum SpA .................... 469,662 13,114,491 Poste Italiane SpA ........................ 835,736 26,962,377 40,076,868 a
Security Shares Value a Gas Utilities — 3 .4 % Italgas SpA ............................. 1,322,587 $ 13,497,494 Snam SpA ............................. 3,671,298 24,707,309 38,204,803 a Insurance — 6 .6 % Generali (b) .............................. 1,020,818 52,808,746 Unipol Assicurazioni SpA .................... 679,666 22,276,115 75,084,861 a Oil, Gas & Consumable Fuels — 4 .4 % Eni SpA ............................... 1,828,771 49,990,258 a Pharmaceuticals — 1 .1 % Recordati Industria Chimica e Farmaceutica SpA ... 198,747 12,127,860 a Textiles, Apparel & Luxury Goods — 2 .0 % Moncler SpA ............................ 410,046 22,389,271 a a Total Long-Term Investments — 99.8% (Cost: $ 1,001,025,685 ) ............................... 1,129,156,359 a Short-Term Securities
Money Market Funds — 1 .2 % BlackRock Cash Funds: Institutional, SL Agency Shares , 3.84 % (c) (d) (e) ...................... 12,844,245 12,848,098 BlackRock Cash Funds: Treasury, SL Agency Shares , 3.65 % (c) (d) ............................ 768,796 768,796 a Total Short-Term Securities — 1.2% (Cost: $ 13,618,108 ) ................................. 13,616,894 Total Investments — 101.0% (Cost: $ 1,014,643,793 ) ............................... 1,142,773,253
Liabilities in Excess of Other Assets — ( 1 .0 ) % ............... ( 11,073,428 )
Net Assets — 100.0% ................................. $ 1,131,699,825
(a) Non-income producing security. (b) All or a portion of this security is on loan. (c) Affiliate of the Fund. (d) Annualized 7-day yield as of period end. (e) All or a portion of this security was purchased with the cash collateral from loaned securities.
Affiliates Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 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 $ — $ 12,844,382 (a) $ — $ 4,930 $ ( 1,214 ) $ 12,848,098 12,844,245 $ 210,824 (b) $ — BlackRock Cash Funds: Treasury, SL Agency Shares . 347,098 421,698 (a) — — — 768,796 768,796 17,150 — $ — $ 4,930 $ ( 1,214 ) $ 13,616,894 $ 227,974 $ —
(a) Represents net amount purchased (sold). (b) 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.
NM1026U-6054698-19/88
Page 20
Schedule of Investments (continued) August 31, 2026
iShares ® ® MSCI Italy ETF
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Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description
Number of Contracts
Expiration Date
Notional Amount (000)
Value/ Unrealized Appreciation (Depreciation) Long Contracts FTSE/MIB Index ...................................................................... 7 09/18/26 $ 2,142 $ 8,691
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 Futures contracts Unrealized appreciation on futures contracts (a) ............. $ — $ — $ 8,691 $ — $ — $ — $ 8,691
(a) Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended August 31, 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: Futures contracts .................................. $ — $ — $ 895,110 $ — $ — $ — $ 895,110
Net Change in Unrealized Appreciation (Depreciation) on: Futures contracts .................................. $ — $ — $ ( 5,018 ) $ — $ — $ — $ ( 5,018 )
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: Average notional value of contracts — long ................................................................................... $ 1,674,001 a For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
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NM1026U-6054698-20/88
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iShares ® Schedule of Investments ®
MSCI Italy 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 21
Fair Value Hierarchy as of Period End Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements. The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 Level 2 Level 3 Total Assets Investments Long-Term Investments Common Stocks ........................................... $ 13,497,494 $ 1,115,658,865 $ — $ 1,129,156,359 Short-Term Securities Money Market Funds ........................................ 13,616,894 — — 13,616,894 $ 27,114,388 $ 1,115,658,865 $ — $ 1,142,773,253 Derivative Financial Instruments (a) Assets Equity Contracts ............................................. $ 8,691 $ — $ — $ 8,691
(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
NM1026U-6054698-21/88
Page 22
Schedule of Investments
August 31, 2026
iShares ® ® MSCI Netherlands ETF (Percentages shown are based on Net Assets)
22 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
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Security Shares Value a Common Stocks
Air Freight & Logistics — 1 .1 % Ferrari Group PLC ........................ 51,362 $ 474,890 InPost SA (a) ............................. 342,908 6,204,015 6,678,905 a Banks — 11 .9 % ABN AMRO Bank N.V., CVA ................. 376,526 18,257,815 ING Groep N.V. .......................... 1,584,029 56,075,398 74,333,213 a Beverages — 6 .0 % Coca-Cola Europacific Partners PLC ............ 131,695 14,225,694 Heineken Holding N.V. ..................... 107,874 8,555,610 Heineken N.V. ........................... 174,440 14,727,416 37,508,720 a Biotechnology — 0 .2 % Pharming Group N.V. (a) (b) .................... 1,326,273 1,522,126 a Broadline Retail — 5 .1 % Prosus N.V. ............................ 713,538 31,785,398 a Capital Markets — 2 .6 % Allfunds Group PLC ....................... 507,224 5,222,709 CVC Capital Partners PLC (c) ................. 330,669 5,560,716 Flow Traders Ltd. (a) ........................ 64,186 2,181,268 Van Lanschot Kempen N.V. .................. 46,371 3,586,978 16,551,671 a Chemicals — 4 .1 % Akzo Nobel N.V. ......................... 129,847 9,290,115 Corbion N.V. ............................ 109,152 2,561,537 DSM-Firmenich AG ....................... 118,785 13,192,877 OCI N.V. (a) ............................. 118,816 561,636 25,606,165 a Construction & Engineering — 1 .9 % Fugro N.V. ............................. 200,678 2,086,877 Koninklijke BAM Groep N.V. ................. 413,722 5,586,469 Koninklijke Heijmans N.V. ................... 43,766 4,501,104 12,174,450 a Consumer Staples Distribution & Retail — 3 .3 % Acomo N.V. ............................ 42,971 1,206,015 Koninklijke Ahold Delhaize N.V. ............... 523,952 18,653,472 Sligro Food Group N.V. (b) .................... 39,390 482,740 20,342,227 a Diversified Telecommunication Services — 2 .0 % Koninklijke KPN N.V. ...................... 2,653,128 12,737,656 a Electrical Equipment — 1 .3 % Signify N.V. (c) ............................ 223,954 4,006,207 TKH Group N.V. ......................... 69,189 4,158,382 8,164,589 a Energy Equipment & Services — 1 .0 % SBM Offshore N.V. ........................ 158,460 6,482,376 a Entertainment — 2 .0 % Universal Music Group N.V. .................. 730,515 12,414,769 a
Security Shares Value a Financial Services — 4 .3 % Adyen N.V. (a) (c) ........................... 15,935 $ 19,301,485 EXOR N.V. ............................. 91,616 7,787,747 27,089,232 a Food Products — 1 .4 % Magnum Ice Cream Co. N.V. (The) (a) ............ 439,754 9,028,987 a Health Care Equipment & Supplies — 2 .2 % Koninklijke Philips N.V. ..................... 516,714 13,758,206 a Hotels, Restaurants & Leisure — 0 .6 % Basic-Fit N.V. (a) (c) ......................... 95,847 3,731,465 a Insurance — 5 .6 % Aegon Ltd. ............................. 1,006,968 9,277,550 ASR Nederland N.V. ....................... 123,988 10,448,450 NN Group N.V. .......................... 168,586 15,241,560 34,967,560 a Machinery — 1 .0 % Aalberts N.V. ............................ 127,858 6,516,368 a Media — 0 .3 % Havas N.V. ............................. 83,633 1,779,226 a Metals & Mining — 0 .4 % AMG Critical Materials N.V. .................. 63,649 2,408,270 a Oil, Gas & Consumable Fuels — 0 .9 % Koninklijke Vopak N.V. ..................... 99,330 5,545,551 a Pharmaceuticals — 0 .3 % Pharvaris N.V. (a) .......................... 45,820 1,585,830 a Professional Services — 4 .0 % Arcadis N.V. ............................ 110,150 5,708,621 Randstad N.V. ........................... 136,336 6,407,529 Wolters Kluwer N.V. ....................... 155,760 12,813,736 24,929,886 a Retail REITs — 0 .6 % Eurocommercial Properties N.V. ............... 83,212 2,616,318 Wereldhave N.V. ......................... 65,908 1,424,975 4,041,293 a Semiconductors & Semiconductor Equipment — 27 .7 % ASM International N.V. ..................... 26,862 25,262,780 ASML Holding N.V. ....................... 80,795 137,030,927 BE Semiconductor Industries N.V. ............. 49,754 11,327,998 173,621,705 a Software — 4 .3 % Nebius Group N.V. , Class A (a) (b) ................ 129,163 26,648,910 TomTom N.V. (a) (b) ......................... 105,043 505,804 27,154,714 a Trading Companies & Distributors — 3 .7 % AerCap Holdings N.V. ...................... 107,241 15,650,752 IMCD N.V. ............................. 63,063 7,336,386 22,987,138 a Total Long-Term Investments — 99.8% (Cost: $ 636,434,728 ) ................................ 625,447,696
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NM1026U-6054698-22/88
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iShares ® Schedule of Investments ®
MSCI Netherlands 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 23
Security Shares Value a Short-Term Securities
Money Market Funds — 4 .8 % BlackRock Cash Funds: Institutional, SL Agency Shares , 3.84 % (d) (e) (f) ...................... 29,893,182 $ 29,902,150 BlackRock Cash Funds: Treasury, SL Agency Shares , 3.65 % (d) (e) ............................ 247,664 247,664 a Total Short-Term Securities — 4.8% (Cost: $ 30,148,383 ) ................................. 30,149,814
Security Shares Value a Total Investments — 104 .6 % (Cost: $ 666,583,111 ) ................................ $ 655,597,510
Liabilities in Excess of Other Assets — ( 4 .6 ) % ............... ( 29,034,355 )
Net Assets — 100.0% ................................. $ 626,563,155
(a) Non-income producing security. (b) All or a portion of this security is on loan. (c) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. (d) Affiliate of the Fund. (e) Annualized 7-day yield as of period end. (f) All or a portion of this security was purchased with the cash collateral from loaned securities.
Affiliates Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 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 $ 2,084,759 $ 27,817,531 (a) $ — $ ( 1,337 ) $ 1,197 $ 29,902,150 29,893,182 $ 57,825 (b) $ — BlackRock Cash Funds: Treasury, SL Agency Shares .. 93,449 154,215 (a) — — — 247,664 247,664 11,180 — $ — $ ( 1,337 ) $ 1,197 $ 30,149,814 $ 69,005 $ —
(a) Represents net amount purchased (sold). (b) All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description
Number of Contracts
Expiration Date
Notional Amount (000)
Value/ Unrealized Appreciation (Depreciation) Long Contracts Euro STOXX 50 Index ................................................................. 15 09/18/26 $ 1,122 $ ( 6,624 )
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 Liabilities — Derivative Financial Instruments Futures contracts Unrealized depreciation on futures contracts (a) ............. $ — $ — $ 6,624 $ — $ — $ — $ 6,624
(a) Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
NM1026U-6054698-23/88
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Schedule of Investments (continued) August 31, 2026
iShares ® ® MSCI Netherlands ETF
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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: Futures contracts .................................. $ — $ — $ 172,440 $ — $ — $ — $ 172,440
Net Change in Unrealized Appreciation (Depreciation) on: Futures contracts .................................. $ — $ — $ ( 7,946 ) $ — $ — $ — $ ( 7,946 )
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: Average notional value of contracts — long ................................................................................... $ 1,317,070 a For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements. The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 Level 2 Level 3 Total Assets Investments Long-Term Investments Common Stocks .......................................... $ 77,239,548 $ 548,208,148 $ — $ 625,447,696 Short-Term Securities Money Market Funds ....................................... 30,149,814 — — 30,149,814 $ 107,389,362 $ 548,208,148 $ — $ 655,597,510 Derivative Financial Instruments (a) Liabilities Equity Contracts ............................................ $ ( 6,624 ) $ — $ — $ ( 6,624 )
(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
a n d A d d i t i o n a l I n f
NM1026U-6054698-24/88
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iShares ® Schedule of Investments ®
MSCI Spain 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 25
Security Shares Value a Common Stocks
Banks — 43 .7 % Banco Bilbao Vizcaya Argentaria SA ........... 10,913,001 $ 315,739,963 Banco de Sabadell SA .................... 18,901,271 79,565,274 Banco Santander SA ..................... 29,615,373 433,385,376 Bankinter SA ........................... 2,748,622 53,059,423 CaixaBank SA .......................... 6,840,970 104,310,101 986,060,137 a Construction & Engineering — 7 .3 % ACS Actividades de Construccion y Servicios SA .. 639,050 75,612,630 Ferrovial N.V. .......................... 1,538,321 89,978,001 165,590,631 a Diversified Telecommunication Services — 5 .3 % Cellnex Telecom SA (a) (b) .................... 1,924,898 59,035,350 Telefonica SA .......................... 14,447,494 61,089,538 120,124,888 a Electric Utilities — 18 .1 % Acciona SA ............................ 159,366 38,682,039 Endesa SA ............................ 1,404,012 68,551,016 Iberdrola SA ........................... 11,769,259 274,009,419 Redeia Corp. SA ........................ 1,579,190 27,989,985 409,232,459 a Gas Utilities — 3 .0 % Naturgy Energy Group SA .................. 1,998,998 68,338,539 a Hotels, Restaurants & Leisure — 4 .2 % Amadeus IT Group SA .................... 1,393,786 94,449,327 a Insurance — 1 .6 % Mapfre SA ............................ 6,729,327 34,870,334 a IT Services — 1 .8 % Indra Sistemas SA ....................... 555,486 39,485,802 a
Security Shares Value a Oil, Gas & Consumable Fuels — 4 .5 % Repsol SA ............................ 3,169,657 $ 101,094,891 a Passenger Airlines — 1 .7 % International Consolidated Airlines Group SA , Class DI ................................ 6,754,436 39,194,647 a Specialty Retail — 4 .4 % Industria de Diseno Textil SA ................ 1,490,740 100,209,508 a Transportation Infrastructure — 3 .6 % Aena SME SA (a) ......................... 2,606,831 79,905,508 a a Total Long-Term Investments — 99.2% (Cost: $ 1,572,168,447 ) .............................. 2,238,556,671 a Short-Term Securities
Money Market Funds — 0 .1 % BlackRock Cash Funds: Treasury, SL Agency Shares , 3.65 % (c) (d) ........................... 2,246,743 2,246,743 a Total Short-Term Securities — 0.1% (Cost: $ 2,246,743 ) ................................. 2,246,743 Total Investments — 99.3% (Cost: $ 1,574,415,190 ) .............................. 2,240,803,414
Other Assets Less Liabilities — 0 .7 % .................... 16,880,227
Net Assets — 100.0% ................................ $ 2,257,683,641
(a) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. (b) Non-income producing security. (c) Affiliate of the Fund. (d) Annualized 7-day yield as of period end.
Affiliates Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 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) $ — $ — $ ( 4,408 ) (b) $ 4,408 $ — $ — — $ 20,896 (c) $ — BlackRock Cash Funds: Treasury, SL Agency Shares 430,000 1,816,743 (b) — — — 2,246,743 2,246,743 41,166 — $ — $ 4,408 $ — $ 2,246,743 $ 62,062 $ —
(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.
NM1026U-6054698-25/88
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Schedule of Investments (continued) August 31, 2026
iShares ® ® MSCI Spain ETF
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Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description
Number of Contracts
Expiration Date
Notional Amount (000)
Value/ Unrealized Appreciation (Depreciation) Long Contracts IBEX 35 Index ....................................................................... 26 09/18/26 $ 6,032 $ ( 12,704 )
Equity Swap Contracts
Reference Entity Counterparty Notional Amount
Termination Date Spread Reference Rate
Payment Frequency
Value/Unrealized Appreciation (Depre re ciation) Long Contracts (a) Redeia Corp. SA .................... BNP Paribas USD 10,111,161 08/16/27 0.26% 1D ESTR Monthly $ 35,255 Redeia Corp. SA .................... Merrill Lynch International 2,467,890 02/15/28 0.45% 1D ESTR Monthly 39,296 Total long positions of equity swaps 74,551 Net dividends and financing fees ( 3,336 ) Total equity swap contracts including dividends and financing fees $ 71,215
(a) The Fund receives the total return on a reference entity and pays a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying position.
Balances Reported in the Statements of Assets and Liabilities for OTC Derivatives
Description
Swap Premiums Paid
Swap Premiums Received
Unrealized Appreciation
Unrealized Depreciation OTC Swaps ................................................................ $ — $ — $ 74,551 $ ( 3,336 )
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 Swaps — OTC Unrealized appreciation on OTC swaps; Swap premiums paid .. $ — $ — $ 74,551 $ — $ — $ — $ 74,551 Liabilities — Derivative Financial Instruments Futures contracts Unrealized depreciation on futures contracts (a) ............. $ — $ — $ 12,704 $ — $ — $ — $ 12,704 Swaps - OTC Unrealized depreciation on OTC swaps; Swap premiums received — — 3,336 — — — 3,336 $ — $ — $ 16,040 $ — $ — $ — $ 16,040
(a) Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
a n d A d d i t i o n a l I n f
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iShares ® Schedule of Investments ®
MSCI Spain 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 27
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: Futures contracts .................................. $ — $ — $ 2,057,508 $ — $ — $ — $ 2,057,508 Swaps ......................................... — — ( 707,105 ) — — — ( 707,105 ) $ — $ — $ 1,350,403 $ — $ — $ — $ 1,350,403
Net Change in Unrealized Appreciation (Depreciation) on: Futures contracts .................................. $ — $ — $ ( 14,666 ) $ — $ — $ — $ ( 14,666 ) Swaps ......................................... — — 33,307 — — — 33,307 $ — $ — $ 18,641 $ — $ — $ — $ 18,641
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: Average notional value of contracts — long ................................................................................... $ 7,445,889 Equity Swaps: Average notional value - long ............................................................................................ $ 7,135,895 a For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements. Derivative Financial Instruments – Offsetting as of Period End The Fund’s derivative assets and liabilities (by type) were as follows:
Assets Liabilities Derivative Financial Instruments: Futures contracts ............................................................................... $ — $ 47,153 Swaps — OTC (a) ............................................................................... 74,551 3,336 Total derivative assets and liabilities in the Statements of Assets and Liabilities ....................................... $ 74,551 $ 50,489 Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) .................................... — ( 47,153 ) Total derivative assets and liabilities subject to an MNA ....................................................... $ 74,551 $ 3,336
(a) Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Statements of Assets and Liabilities.
The following table presents the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:
Counterparty
Derivative 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) BNP Paribas ........................................ $ 35,255
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