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2026 Annual Financial Statements
and Additional Information
iShares, Inc.
• iShares MSCI Russia ETF | ERUS |
AUGUST 31, 2026
NM1026U-6054798-1/24
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Page Schedule of Investments ............................................................................................................................... ..................... 3 Statement of Assets and Liabilities ............................................................................................................................... ............ 5 Statement of Operations ............................................................................................................................... ..................... 6 Statements of Changes in Net Assets ............................................................................................................................... ......... 7 Statement of Cash Flows ............................................................................................................................... ..................... 8 Financial Highlights ............................................................................................................................... .......................... 9 Notes to Financial Statements ............................................................................................................................... . . . . . . . . . . . . . . . . 10 Report of Independent Registered Public Accounting Firm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Important Tax Information ............................................................................................................................... . . . . . . . . . . . . . . . . . . . . 16 Additional Information ............................................................................................................................... . . . . . . . . . . . . . . . . . . . . . . . . 17 Board Review and Approval of Investment Advisory Contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Glossary of Terms Used in these Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Table of Contents
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Security Shares Value
Common Stocks Banks — 0.5% Sberbank of Russia PJSC (a)(b) ............................. 18,835,860 $ 2,183 TCS Group Holding PLC, GDR (a)(b)(c) ...................... 289,152 33 VTB Bank PJSC (a)(b) ...................................... 1,661,569 — 2,216 Broadline Retail — 0.0% Ozon Holdings PLC, ADR (a)(b) ............................. 106,824 12
Capital Markets — 0.1% Moscow Exchange MICEX-RTS PJSC (a)(b) ................. 4,737,800 549
Chemicals — 0.0% PhosAgro PJSC (a)(b) ...................................... 2,875 29 PhosAgro PJSC, GDR (a)(b)(c) .............................. 2 — 29 Consumer Staples Distribution & Retail — 0.0% X5 Retail Group NV, GDR (a)(b) ............................. 374,475 44
Interactive Media & Services — 0.0% VK Co. Ltd. (a)(b) ........................................... 393,252 46
Metals & Mining — 0.3% Alrosa PJSC (a)(b) .......................................... 7,486,250 868 Polyus PJSC (a)(b) ......................................... 891,290 10 Severstal PAO (a)(b) ........................................ 604,068 70 United Co. RUSAL International PJSC (a)(b) ................. 5,811,330 673 1,621 Oil, Gas & Consumable Fuels — 0.1% Rosneft Oil Co. PJSC (a)(b) ................................. 2,566,222 297
Security Shares Value
Wireless Telecommunication Services — 0.1% Mobile TeleSystems PJSC (a)(b) ............................. 2,776,444 $ 322
Total Long-Term Investments — 1.1% (Cost: $170,608,491) ................................................. 5 ,136
Short-Term Securities Money Market Funds — 95.3% BlackRock Cash Funds: Treasury, SL Agency Shares, 3.65% (d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 0,000 440,000
Total Short-Term Securities — 95.3% (Cost: $440,000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 440,000
Total Investments — 96.4% (Cost: $171,048,491) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 445,136 Other Assets Less Liabilities — 3.6% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,584
Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 461 ,720 (a) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. (b) Non-income producing security. (c) This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. (d) Affiliate of the Fund. (e) 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 Investmen t Company Act of 1940, as amended, were as follows:
Affiliated Issuer
Value at 08/31/25
Purchases at Cost
Proceeds from Sales
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: Treasury, SL Agency Shares . ...... $430,000 $ 10,000 (a) $ — $ — $ — $440,000 440,000 $16,352 $ —
(a) Represents net amount purchased (sold).
Fair Value Hiera rchy as of P eriod 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 infor mation 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 inst ruments 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ — $ 5,136 $ 5,136
Schedule of Investments
August 31, 2026
iShares MSCI Russia ETF (Percentages shown are based on Net Assets)
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Fair Value Hiera rchy as of P eriod End (continued)
Level 1 Level 2 Level 3 Total Short-Term Securities Money Market Funds ............................................................................................. $440,000 $ — $ — $440,000 $440,000 $ — $ 5,136 $445,136
A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the year in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobse rvable inputs were used in determining fair value:
Common Stocks Assets: ............................................................................................................................... ........................... Opening balance, as of August 31, 2025 ........................................................................................................................ $5,510 Transfers into Level 3 ............................................................................................................................... ........... — Transfers out of Level 3 ............................................................................................................................... ......... — Accrued discounts/premiums ............................................................................................................................... .... — Net realized gain (loss) ............................................................................................................................... ......... — Net change in unrealized appreciation (depreciation) (a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (374) Purchases ............................................................................................................................... ..................... — Sales ............................................................................................................................... .......................... — Closing balance, as of August 31, 2026 ......................................................................................................................... $5,136 Net change in unrealized appreciation (depreciation) on investment still held at August 31, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (374) (a) Included in the related net change in unrealized appreciation (depreciation) in the Statement of Operations. (b) Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investme nts still held at August 31, 2026 is generally due to investments no longer held or categorized as Level 3 at period end.
See notes to financial statements.
Schedule of Investments (continued) August 31, 2026
iShares MSCI Russia ETF
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iShares MSCI Russia ETF
ASSETS Investments, at value — unaffiliated (a) ............................................................................................................................... . $ 5,136 Investments, at value — affiliated (b) ............................................................................................................................... . . . 440,000 Cash ............................................................................................................................... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,912 Foreign currency, at value (c) ............................................................................................................................... . . . . . . . . . . 311 Receivables: Dividends — affiliated ............................................................................................................................... . . . . . . . . . . . . . 1,361 Total assets ............................................................................................................................... . . . . . . . . . . . . . . . . . . . . . . . . . . 46 1,720 Commitments and contingent liabilities
NET ASSETS ............................................................................................................................... . . . . . . . . . . . . . . . . . . . . . . . . $ 46 1,720
NET ASSETS CONSIST OF Paid-in capital ............................................................................................................................... . . . . . . . . . . . . . . . . . . . . . . . . $ 55 9,001,162 Accumulated loss ............................................................................................................................... .................... (558,539,442) NET ASSETS ............................................................................................................................... . . . . . . . . . . . . . . . . . . . . . . . . $ 46 1,720
NET ASSET VALUE Shares outstanding ............................................................................................................................... .................. 13,750,000 Net asset value ............................................................................................................................... . . . . . . . . . . . . . . . . . . . . . . $ 0.03 Shares authorized ............................................................................................................................... ................... 1 billion Par value ............................................................................................................................... . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.001
(a) Investments, at cost — unaffiliated ............................................................................................................................... $ 170,608,491 (b) Investments, at cost — affiliated ............................................................................................................................... . . $ 440,000 (c) Foreign currency, at cost ............................................................................................................................... . . . . . . . . . . $ 272
See notes to financial statements.
Statement of Assets and Liabilities
August 31, 2026
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iShares MSCI Russia ETF
INVESTMENT INCOME Dividends — affiliated ............................................................................................................................... . . . . . . . . . . . . . . . . . . . $1 6,352 Interest — unaffiliated ............................................................................................................................... . . . . . . . . . . . . . . . . . . . 236 Total investment income ............................................................................................................................... . . . . . . . . . . . . . . . . . . . 16,588
EXPENSES Investment advisory ............................................................................................................................... . . . . . . . . . . . . . . . . . . . . . 2,412 Excise tax ............................................................................................................................... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 711 Total expenses ............................................................................................................................... . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,123
Less: Investment advisory fees waived ............................................................................................................................... . . . . . . . . (2,412) Reimbursement of excise tax ............................................................................................................................... . . . . . . . . . . . . (711) Total expenses after fees waived ............................................................................................................................... ........... — Net investment income ............................................................................................................................... . . . . . . . . . . . . . . . . . . . . 16,588
REALIZED AND UNREALIZED GAIN (LOSS) Net change in unrealized appreciation (depreciation) on: Investments — unaffiliated ............................................................................................................................... . . . . . . . . . . . . (374) Foreign currency translations ............................................................................................................................... . . . . . . . . . (3) (377) Net realized and unrealized loss ............................................................................................................................... . . . . . . . . . . . . (377) NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $16,211
See notes to financial statements.
Statement of Operations
Year Ended August 31, 2026
S TATEMENT OF O PERATIONS NM1026U-6054798-6/24 6
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iShares MSCI Russia ETF Year Ended 08/31/26
Year Ended 08/31/25 INCREASE (DECREASE) IN NET ASSETS
OPERATIONS Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 16 ,588 $ 215,816 Net realized loss ............................................................................................................................... . . . — (223,522,146) Net change in unrealized appreciation (depreciation) ............................................................................................... (377) 271,091,943 Net increase in net assets resulting from operations ................................................................................................... 16,211 47,785,613
DISTRIBUTIONS TO SHAREHOLDERS (a) From net investment income ...................................................................................................................... — (215,816) Liquidating distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (4 7,654,190) Decrease in net assets resulting from distributions to shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (47 ,870,006)
CAPITAL SHARE TRANSACTIONS Net increase in net assets derived from capital share transactions ..................................................................................... — —
NET ASSETS Total increase (decrease) in net assets ............................................................................................................... 16,211 (84,393) Beginning of year ............................................................................................................................... . . . . 445,509 529,902 End of year ............................................................................................................................... .......... $461,720 $ 445,509
(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
Statements of Changes in Net Assets
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iShares MSCI Russia ETF
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES Net increase in net assets resulting from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 16,211 Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: Net purchases of short-term securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10, 000) Net change in unrealized (appreciation) depreciation on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 374 (Increase) decrease in assets: Receivables: Dividends — affiliated ............................................................................................................................... . . . . . . . . . 197 Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,78 2
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES Net cash provided by financing activities ............................................................................................................................ —
CASH AND FOREIGN CURRENCY Net increase in restricted and unrestricted cash and foreign currency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,782 Restricted and unrestricted cash and foreign currency at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,441 Restricted and unrestricted cash and foreign currency at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 15,223
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY ATTHE END OFYEAR TO THE STATEMENT OF ASSETS AND LIABILITIES Cash. ............................................................................................................................... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 14,912 Foreign currency, at value ............................................................................................................................... . . . . . . . . . . 311 $ 15,223
See notes to financial statements.
Statement of Cash Flows
Year Ended August 31, 2026
S TATEMENT OF C ASH F LOWS NM1026U-6054798-8/24 8
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iShares MSCI Russia ETF Year Ended 08/31/26
Year Ended 08/31/25
Year Ended 08/31/24
Year Ended 08/31/23
Year Ended 08/31/22
Net asset value, beginning of year ................................................................... $0.03 $ 0.04 $ 0.04 $ 0.04 $ 45.29 Net investment income (a) ........................................................................... 0.00 (b) 0.02 0.01 0.00 (b) 0.86 Net realized and unrealized gain (loss) .............................................................. 0.00 (b) 3.45 0.57 (0.00) (b) (44.38) (c) Net increase (decrease) from investment operations .................................................... 0.00 (b) 3.47 0.58 0.00 (b) (43.52)
Distributions (d) From net investment income ........................................................................ — (0.02) (0.01) — (1.70) Liquidating distribution .............................................................................. — (3.46) (0.57) — (0.03) Total distributions ..................................................................................... — (3.48) (0.58) — (1.73)
Net asset value, end of year ......................................................................... $0.03 $ 0.03 $ 0.04 $ 0.04 $ 0.04
Total Return (e) Based on net asset value .............................................................................. 3.66% (f) 147,073.78% (f) 8,908.28% (f) 0.64% (f) (99.85)%
Ratios to Average Net Assets (g) Total expenses ....................................................................................... 0.69% 0.59% 0.59% 0.59% 0.58% Total expenses after fees waived (h) .................................................................... 0.00% 0.00% 0.00% 0.00% 0.50% Net investment income ................................................................................ 3.65% 5.07% 5.33% 3.94% 4.01%
Supplemental Data Net assets, end of year (000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 462 $ 446 $ 530 $ 488 $ 485 Portfolio turnover rate (i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0% 0% 0% 0% 7%
(a) Based on average shares outstanding. (b) Rounds to less than $0.01. (c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the t iming of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. (d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (e) Where applicable, assumes the reinvestment of distributions. (f) The Fund's Total Return figures include the impact of proceeds from the sale of certain investments, which were previously being fair valued at a nomin al value consistent with other local Russian equities and Russian exposed ADR and GDR securities and were calculated based on certain assumptions required under generally accepte d accounting principles that did not occur for the years ended August 31, 2026, August 31, 2025, August 31, 2024, August 31, 2023 as the Fund is in liquidation (i.e., the reinvestment of distributions in newly issued fund shares), and thus Fund investors did not experience the performance shown during such periods. See Plan of Liquidation section in the Notes to the Financial Statements for more information. (g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (h) Effective March 3, 2022, BFA implemented a voluntary waiver of its investment advisory fee for the Fund which was applied to management fees starting w ith February 1, 2022 for the years ended August 31, 2022, August 31, 2023, August 31, 2024, August 31, 2025 and August 31, 2026. (i) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
Financial Highlights
(For a share outstanding throughout each period)
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1. ORGANIZATION
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investme nt company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.
These financial statements relate only to the following fund (the “Fund”):
iShares ETF
Diversification Classification MSCI Russia ............................................................................................................................... . . . . . . . . . . . . . Non-diversified
2. PLAN OF LIQUIDATION
Russia launched a large-scale invasion of Ukraine on February 24, 2022, creating circumstances that have significantly impacted the Fund's operati ons. The United States, and many other countries, imposed economic sanctions on certain Russian individuals and Russian corporate and banking entities, including banning Russia from global payment systems that facilitate cross-border payments. In response, the Russian government imposed capital controls to restrict movements of capi tal from entering and exiting the country and has closed trading sessions for local Russian equities to non-residents. In addition, trading of depository receipts for Rus sian-based companies halted on primary trading platforms subsequent to Russia’s invasion.
The consequences of Russia's invasion and unprecedented market and policy responses of various governments and regulators precipitated the absenc e of a functioning or orderly market to facilitate the liquidation and repatriation of securities for any Russian-based company held by the Fund. As a result, the fair va lue of Russian securities and currency experienced significant declines.
Additionally, from February 24, 2022 throughAugust 2022, the following events occurred: (i) the Fund suspended new creations of its shares; (ii) NYS EArca, Inc. announced a trading halt of the Fund; (iii) BFA wrote down the value of all Russian equity securities to a nominal investment value; (iv) BFA implemented a volunta ry waiver of its investment advisory fee for the Fund; (v) Russia signed into law a requirement of Russian issuers to terminate deposit agreements related to their dep ository receipt program, with holders receiving local shares of most Russian issuers in place of the depository receipts; (vi) the Fund was removed as a borrower from t he line of credit facility as the trading halt by NYSE Arca, Inc. resulted in technical default under the Syndicated Credit Agreement; (vii) the Fund’s underlying inde x, the MSCI Russia 25/50 Index, was discontinued by the index provider, (viii) the Fund suspended redemptions pursuant to an order of the SEC; (ix) NYSE Arca, Inc. delisted the Fund.
On June 15, 2022, the Board unanimously voted to close and liquidate the Fund, contingent on receiving any necessary relief from the SEC, due to the disc ontinuation of the MSCI Russia 25/50 Index and ongoing restrictions relating to Russian securities. On August 3, 2022, the SEC granted exemptive relief to the Fund pe rmitting the Fund to suspend the right of redemption with respect to shares of the Fund. On August 17, 2022, the Fund made an initial liquidating distribution to sharehol ders of available cash, less a reserve estimated to meet the Fund’s expected transaction costs associated with the liquidation. The Fund has been able to dispose of certain Ru ssian investments in accordance with applicable sanctions laws since entering into liquidation. The Fund has also made liquidating distributions to shareholders of a vailable cash, less a reserve estimated to meet the Fund's expected transaction costs associated with the liquidation. During the period, the Fund did not dispose of any ad ditional Russian investments.
On December 5, 2025, the Board unanimously voted to continue to have the Fund managed pursuant to the plan of liquidation through December 31, 2026, and BFA intends to recommend to the Board that the Fund remain in liquidation through December 31, 2027 (absent significant market developments), to allow the Fund to sell its securities, if conditions permit. There are no assurances that the securities will become liquid during that time. If the Fund's Russian securities have not been s old or are unable to be converted as of the date the Fund is terminated, the Fund's remaining portfolio assets will be permanently written off, in each case as determined by BFA FA and approved by the Board. The Fund may be terminated sooner if all of the Russian securities have been sold before that date (or they cease to represent valid interests in their issuers). While the Fund is in the process of liquidating its portfolio, the Fund will hold cash and securities that may not be consistent with the Fund's investme nt objective and prior investment strategies. As a result of the delisting by NYSE Arca, Inc. the Fund is no longer considered an exchange-traded fund.
3. SIGNIFICANT ACCOUNTING POLICIES
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), wh ich may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of c ontingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the repor ting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guid ance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain dis tributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, including amortiz ation and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.
Certain Russian securities held by the Fund declared dividends during the period. However, there is no assurance these dividends can be collected by t he Fund due to restrictions imposed by the Russian government. As a result, the Fund has not recognized investment income associated with these Russian securities . Any future
Notes to Financial Statements
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recognition of these dividend payments, or other dividends of Russian securities declared in prior periods subject to the same or similar restrictio ns imposed by Russia or other government agencies, could have a material accretive effect on the Fund’s net asset value per share.
Foreign Currency Translation: The Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sale s of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
The Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for f inancial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statement of Operations from the effects of c hanges in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. The Fund reports realized cu rrency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are ge nerally treated as ordinary income for U.S. federal income tax purposes.
Cash: The Fund may maintain cash at its custodian, which at times may exceed United States federally insured limits. The Fund may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Fund is obligated to repay the custodian for any ov erdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the St atement of Operations.
Distributions: Dividends and distributions paid by the Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot b e automatically reinvested in additional shares of the Fund.
Indemnifications: In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with an y certainty.
Segment Reporting: The Chief Financial Officer acts as the Fund’s Chief Operating Decision Maker (“CODM”) and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment st rategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presente d within the Fund’s financial statements.
Federal Excise Tax: For the year ended August 31, 2026, the Fund did not distribute income to meet the full minimum distribution requirement as a regulated investment company due to the operational cost of the immaterial distribution. Instead, the Fund accrued a $711 federal excise tax liability, which was voluntar ily reimbursed by BFA. As a result, the $711 accrual is included in excise tax on the Statement of Operations and BFA’s reimbursement is included in reimbursement of excise ta x on the Statement of Operations.
4. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS
Investment Valuation Policies: The Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to s ell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Directors of the Company (the “Boa rd”) of the Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, as the valuation designee for the Fund. The Fund determi nes the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflec ting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial inst ruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of the Fund’s assets and liabilities:
• Equity investments (except ETF options, equity index options or those that are customized) traded on a recognized securities exchange are valued at t hat day’s official closing price, as applicable, on the exchange where the stock is primarily traded or, if a reported closing price is not available, the last tr aded price on the exchange or market on which the security or instrument is primarily traded at the time of valuation or last available bid (long positions) or ask (short positions) price.
• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s net asset value (“NAV”).
If events (e.g., market volatility, company announcement, war or a natural disaster) occur that are expected to materially affect the value of such in vestment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such in vestment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with BFA’s policies and procedures as reflecting fair value ( “Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach . Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in dete rmining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that the Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available fa ctors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.
Notes to Financial Statements (continued)
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Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, whi ch in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
During the period, the Valuation Committee determined that the local Russian equities and Russian exposed ADR and GDR securities did not have a market for which the Fund could transact and deemed them illiquid.As ofAugust 31, 2026, the securities are being fair valued at a nominal value using a discount of 99% or hig her due to illiquidity and uncertainty measures.
Fair Value Hiera rchy: Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• Leve l 1 – Unadjusted price quotations in active markets/exchanges that the Fund has the ability to access for identical assets or liabilities;
• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
• Leve l 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee’ s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) an d the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments ca tegorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hie rarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 ha ve significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by priv ately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial inst ruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securit ies.
5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Company, BlackRock Fund Advisors (“BFA”) manages the investment of the Fund’s assets. BFA is a California corporation indirectly owned by BlackRock, Inc. (“BlackRock”). Under the Investment Advisory Agreement, BFA is respons ible for substantially all expenses of the Fund, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio tran sactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the i ndependent directors).
For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, base d on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
Aggregate Average Daily Net Assets Investment Advisory Fees First $2 billion ............................................................................................................................... . . 0.7400% Over $2 billion, up to and including $4 billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6900 Over $4 billion, up to and including $8 billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6400 Over $8 billion, up to and including $16 billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5700 Over $16 billion, up to and including $24 billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5100 Over $24 billion, up to and including $32 billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4800 Over $32 billion, up to and including $40 billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4500 Over $40 billion ............................................................................................................................... 0.4275
Expense Waivers: Effective March 3, 2022, BFA implemented a voluntary waiver of its investment advisory fee for the Fund, which was applied to management fees for the year ended August 31, 2026.
This amount is included in investment advisory fees waived in the Statement of Operations. For the year ended August 31, 2026, the amount waived in inve stment advisory fees pursuant to this arrangement were as follows:
iShares ETF Amounts Waived MSCI Russia ............................................................................................................................... . . . . . . . . . . . $ 2,412
Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for the Fund. Pursuant to the distribution agreement, BFA is responsible for any f ees or expenses for distribution services provided to the Fund.
Directors and Officers: Certain directors and/or officers of the Company are directors and/or officers of BlackRock or its affiliates.
Other Transactions: During the year ended August 31, 2026, the Fund received a reimbursement of $711 from an affiliate, which is included in reimbursement of excise tax in the Statement of Operations.
Notes to Financial Statements (continued)
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The Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash in vestments is shown as dividends – affiliated in the Statement of Operations.
6. PURCHASES AND SALES
There were no purchases and sales transactions for the year ended August 31, 2026.
There were no in-kind transactions for the year ended August 31, 2026.
7. INCOME TAX INFORMATION
The Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is the Fund’s policy to comply with the requi rements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income t o its shareholders. Therefore, no U.S. federal income tax provision is required.
Management has analyzed tax laws and regulations and their application to the Fund as of August 31, 2026, inclusive of the open tax return years, and doe s not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements. Management’s analysis is b ased on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possi bly with retroactive effect, which may impact the Fund’s NAV.
U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These rec lassifications have no effect on net assets or NAV per share. As of August 31, 2026, permanent differences attributable to nondeductible expenses were reclassified to the following accounts:
iShares ETF Paid-in Capital
Accumulated Earnings (Loss) MSCI Russia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (711) $ 7 11
The tax character of distributions paid was as follows:
iShares ETF
Year Ended 08/31/26
Year Ended 08/31/25 MSCI Russia Ordinary income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ 21 5,816 Liquidating distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 47,654,190 $ — $ 47,870,006
As of August 31, 2026, the tax components of accumulated earnings (loss) were as follows:
iShares ETF
Undistributed Ordinary Income
Non-expiring Capital Loss Carryforwards (a)
Net Unrealized Gains (Losses) (b) Total MSCI Russia ............................................................................. $ 17,299 $(378,878,184) $(179,678,557) $(558,539,442)
(a) Amounts available to offset future realized capital gains. (b) The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales.
As of August 31, 2026, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if an y) for U.S. federal income tax purposes were as follows:
iShares ETF Tax Cost
Gross Unrealized Appreciation
Gross Unrealized Depreciation
Net Unrealized Appreciation (Depreciation) MSCI Russia ........................................................................... $180,123,731 $ — $ (179,678,595) $(179,678,595)
8. PRINCIPAL RISKS
In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities sub ject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securitie s or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or glo bal political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or pric e fluctuations. Local, regional or global
Notes to Financial Statements (continued)
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events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a signifi cant impact on the Fund and its investments. The Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a partic ular industry or industries. The Fund may invest in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or d isposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Fund m ay experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely ove r short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cau se the Fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests. The Fund’s ability to value its investm ents may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.
The price the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund’s valuation of the investment, particul arly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to s ignificant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly im pact the resulting fair value and therefore the Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by the F und, and the Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.
Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Fund’s portfolio are disclosed in its Schedule of Investments.
The Fund invests a significant portion of its assets in issuers located in a single country or a limited number of countries. When a fund concentrates it s investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impa ct on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncert ainty in the markets and as a result adversely affect the Fund's investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial report ing standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subjec t to governmental supervision not typically associated with investing in U.S. securities.
The Fund invests a significant portion of its assets in securities of issuers located in Russia or with significant exposure to Russian issuers or coun tries. Russia launched a large-scale invasion of Ukraine on February 24, 2022. Governments in the U.S. and many other countries have imposed economic sanctions on certain Ru ssian individuals and Russian corporate and banking entities. Jurisdictions have instituted broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border payments. The extent and duration of the military action, resulting sanctions and resulting future market disruption s, including declines in Russia's stock markets and the value of the ruble against the U.S. dollar, are impossible to predict, but have been, and may continue to be, significant. Any such disruptions caused by the Russian military action or any response to such activity from the international community may negatively impact Russia's economy and Russian i ssuers of securities in which the Fund invests.
The Fund invests a significant portion of its assets in securities within a single or limited number of market sectors. When a fund concentrates its inv estments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and co uld affect the income from, or the value or liquidity of, the Fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.
9. CAPITAL SHARE TRANSACTIONS
On March 1, 2022, the Fund suspended new creations of its shares. On August 3, 2022, the SEC granted exemptive relief to the Fund permitting the Fund to su spend the right of redemption with respect to shares of the Fund. Refer to Note 2 for more information.
10. SUBSEQUENT EVENTS
Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
Notes to Financial Statements (continued)
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To the Board of Directors of iShares, Inc. and Shareholders of iShares MSCI Russia ETF
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of iShares MSCI Russia ETF (one of the fu nds constituting iShares, Inc., referred to hereafter as the "Fund") as of August 31, 2026, the related statement of operations and cash flows for the year ended August 3 1, 2026, the statement of changes in net assets for each of the two years in the period ended August 31, 2026, including the related notes, and the financial highligh ts for each of the five years in the period ended August 31, 2026 (collectively referred to as the “financial statements”). In our opinion, the financial statements pre sent fairly, in all material respects, the financial position of the Fund as of August 31, 2026, the results of its operations and its cash flows for the year then ended, the changes i n its net assets for each of the two years in the period ended August 31, 2026 and the financial highlights for each of the five years in the period ended August 31, 2026 in conf ormity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial stat ements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be i ndependent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commis sion and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform t he audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, an d performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the fi nancial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall p resentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2026 by correspondence with the custodian and trans fer agent. We believe that our audits provide a reasonable basis for our opinion.
Emphasis of Matter
As discussed in Note 2 to the financial statements, due to the Russia invasion of Ukraine, the Board unanimously voted to close and liquidate the Fund, a nd management is in process of executing its liquidation plan.
/s/ PricewaterhouseCoopers LLP Philadelphia, Pennsylvania October 21, 2026
We have served as the auditor of one or more BlackRock investment companies since 2000.
Report of Independent Registered Public Accounting Firm
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The Fund hereby designates the following amount, or maximum amount allowable by law, of distributions from direct federal obligation interest for th e fiscal year ended August 31, 2026:
iShares ETF
Federal Obligation Interest MSCI Russia ............................................................................................................................... .......... $ 7,711
The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state incom e tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.
The Fund hereby designates the following amount, or maximum amount allowable by law, as interest income eligible to be treated as a Section 163(j) inte rest dividend for the fiscal year ended August 31, 2026:
iShares ETF Interest Dividends MSCI Russia ............................................................................................................................... .......... $ 17,024
The Fund hereby designates the following amount, or maximum amount allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended August 31, 2026:
iShares ETF
Interest-Related Dividends MSCI Russia ............................................................................................................................... ............ $ 17,054
Important Tax Information (unaudited)
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Electronic Delivery
Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com . Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
• Go to icsdelivery.com . • If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.
Changes in and Disagreements with Accountants
Not applicable.
Proxy Results
Not applicable.
Remuneration Paid to Directors, Officers, and Others
Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Fund, subject to certain exclusions as provided fo r therein, BFA pays the compensation to each Independent Director for services to the Fund from BFA's investment advisory fees.
Availability of Portfolio Holdings Information
A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Pros pectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets, when available, at iShares.com .
Additional Information
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iShares MSCI Russia ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company's Board of Directors (the “Board”), including a majority of Boa rd Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consid er the approval of the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a y ear-long process whereby the Board and its committees (composed solely of Independent Board Members) assess the services of BFA and its affiliates to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreemen t. At meetings held on May 11, 2026 and May 21, 2026, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, m et with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. P rior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agr eement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on Ju ne 10-11, 2026, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other inform ation provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to t heir review. The Independent Board Members considered that: (i) the Fund no longer offers its shares for purchase and is currently in the process of liquidation, subje ct to a Board-approved Plan of Liquidation, exemptive relief granted by the Securities and Exchange Commission in 2022, and other relevant law and regulation; (ii) BFA bega n voluntarily waiving management fees paid pursuant to the Advisory Agreement, which was applied to management fees beginning on February 1, 2022 (the period from and after February 1, 2022 is the “Waiver Period”); and (iii) as a condition of the exemptive relief, BFA, its affiliates and their associated persons will not receive any fe e for managing the Fund. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various other fa ctors to the extent relevant in light of the liquidation process, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the servi ces provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related b enefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.
The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed differ ent weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Ind ependent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed information related to the liquidation status of the Fund, and the ongoing arrangement for BFA to provide management services without a fee from the Fund. The Board concluded, based on this review and the other relevant factors and information considered a t the meeting that the current arrangement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares ETF product line and platform and BFA’s business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminu tion in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered the circumstances related to the Fund’s liquidation (as described above) and noted the attention to and support for the Fund that BFA and its affiliates have provided during the Fund’s Waiver Period. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA FAreports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occa sions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provi de further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as wel l as the resources available to them in managing the Fund through its liquidation. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding, among other things, matters related to BFA’s portfolio compliance program and other compliance programs and services.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of serv ices provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, noting that BFA was providing its services to the Fund for no fee. The Board reviewed BlackRock’s methodology for calculating est imated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology (including refinements to the methodology from prio r years) and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waive rs by BFA, the types of funds managed, expense allocations and business mix.
Based on this review, the Board concluded that the information considered with respect to the costs of the services provided as well as the other factor s considered at the meeting, including the absence of a management fee being charged to the Fund, supported the Board’s approval of the continuance of the Advisory Agreem ent for the coming year.
Board Review and Approval of Investment Advisory Contract
B OARD R EVIEW AND A PPROVAL OF I NVESTMENT A DVISORY C ONTRACT NM1026U-6054798-18/24 18
Page 19
Economies of Scale: The Board noted the factors surrounding the Fund’s liquidation (as described above) and its impact on potential realization of economies of scale in managing the Fund. In particular, the Board noted that the Fund is no longer offering its shares and has ceased operations as an exchange-traded fund . The Board concluded that this review of factors related to potential economies of scale and the sharing of related benefits, as well as the other factor s considered at the meeting (including the liquidation factors described above), supported the Board’s approval of the continuance of the Advisory Agreement for the co ming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board noted the exemptive relief condition for BFA to provide services to the Fund without receiving fees, and that, as a result, information regarding the investment advisory/management fee rates for o ther funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, was not relevant.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or oth er services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund’s expenses that are borne by BFA under its Advisory Agreement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in resp onse to a changing market environment. The Board also noted the revenue received by BFAand/or its affiliates pursuant to an agreement that permits a service pr ovider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board furthe r noted that certain index providers pay a fee or reimburse a portion of the costs of BFA and/or its affiliates of certain co-marketing activities that promote products and strat egic initiatives that incorporate the index providers’ logos and branding. The Board noted that BFA generally does not use soft dollars or consider the value of research or o ther services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indir ect and intangible benefits to BlackRock as a result of its advisory relationship with the Fund, including without limitation, BlackRock’s potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.
The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with resp ect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement (which is being waived in its entire ty in connection with the Fund’s liquidation) does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rende red and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
Board Review and Approval of Investment Advisory Contract (continued)
19 2026 I S HARES A NNUAL F INANCIAL S TATEMENTS AND NM1026U-6054798-19/24 A DDITIONAL I NFOR NM
A M1026U60547
DDITIONAL 8
I 19/24
NFORMATION
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Portfolio Abbreviation
ADR American Depositary Receipt GDR Global Depositary Receipt PJSC Public Joint Stock Company
Glossary of Terms Used in these Financial Statements
G LOSSARY OF T ERMS U SED IN THIS R EPORT NM1026U-6054798-20/24 20
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Want to know more?
iShares.com | 1-800-474-2737
This report is intended for the Fund’s shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.
©2026 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
NM1026U-6054798-24/24
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"text": "Short-Term Securities"
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"text": "Money Market Funds \u2014 95.3%"
},
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},
"id": "a5e5cfe1-fdbb-4dec-8e00-719691251094",
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"text": "BlackRock Cash Funds: Treasury, SL Agency Shares,"
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"text": "3.65%"
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"x": 564,
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"text": "(d)(e)"
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"id": "edcb7415-2c40-470d-80f6-bb209aa26c23",
"page_number": 3,
"text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44"
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"text": "0,000 440,000"
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"id": "2faab3af-e099-48b7-97ad-fb5004ce2002",
"page_number": 3,
"text": "Total Short-Term Securities \u2014 95.3%"
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"text": "(Cost: $440,000)"
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"x": 621,
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"id": "df9987a8-ea02-414d-b387-f62fa9900a0f",
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"text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 440,000"
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"id": "12d845c5-7252-4eac-be24-98ea9533dde9",
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"text": "Total Investments \u2014 96.4%"
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"text": "(Cost: $171,048,491)"
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"text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 445,136"
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"id": "5c7726ac-8aa7-44d2-815f-5175a43e0960",
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"text": "Other Assets Less Liabilities \u2014 3.6%"
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"text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,584"
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"id": "8aa91348-3952-4f57-948b-c0bdd5cf2681",
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"text": "Net Assets \u2014 100.0%"
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"x": 631,
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"id": "1c02c8ab-ff43-48a3-b15a-e786616460b7",
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"text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 461"
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"text": ",720"
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"text": "(a)"
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"text": "Security is valued using significant unobservable inputs and is classified as Level 3 in the"
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"text": "fair value hierarchy."
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"id": "3bc7f493-db9a-42a9-bb93-2c7843de15c6",
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"text": "Non-income producing security."
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"text": "This security may be resold to qualified foreign investors and foreign institutional buyers"
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"text": "under Regulation S of the Securities Act of 1933."
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"text": "Affiliate of the Fund."
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"text": "(e)"
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"text": "Annualized 7-day yield as of period end."
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"id": "735563d0-2527-4355-a075-1dda26f14604",
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"text": "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 Investmen"
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"text": "t Company Act of"
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"text": "1940, as amended, were as follows:"
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"text": "Affiliated Issuer"
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"text": "Value at"
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"text": "Purchases"
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"text": "Proceeds"
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